Top Headlines: Final race for Metro AG; govt's bid for IDBI sale, and more

The Centre is looking to woo top global investors for the sale of its stake in IDBI Bank as a team of senior government officials visits the US this week. Read more in our top headlines

Reliance, Adani Group and Thailand's Charoen Pokphand are likely to be final race to strike a deal with Germany’s Metro AG for investing in its India unit. The Centre is looking to woo top global investors for the sale of its stake in IDBI Bank as a team of senior government officials visits the US for roadshows this week. Read more on these in our top headlines.

RIL, Adani in three-horse race to strike a deal with Germany's Metro AG

Three business houses are likely to be in the final race to strike a deal with Germany’s Metro AG for investing in its India unit -- Metro Cash & Carry. Industry sources in the know named Reliance, Adani Group, and Thailand’s conglomerate Charoen Pokphand (CP) as potential frontrunners to acquire a partial or full stake in the Gurugram-headquartered Metro Cash & Carry. Read more
 

Centre looks to woo top US investors for stake sale in IDBI Bank

The Centre is looking to woo top global investors for the sale of its stake in IDBI Bank as a team of senior government officials visits the United States for roadshows this week. DFS Secretary Sanjay Malhotra, DIPAM Secretary Tuhin Kanta Pandey, senior government officials, and LIC Chairman M R Kumar will be present in roadshows in the US from June 1-3. Read more 
 

Auto companies ring up higher net sales, profits in March quarter

Aggregate net sales and net profits of auto companies rose 12 per cent and 15 per cent, respectively, year-on-year in the quarter-ended March even as the chip shortage, a steep increase in raw material prices, and the demand slowdown facing a few segments have crimped margins. Automakers expect margins to remain under pressure because the chip shortage is unlikely to be resolved anytime soon and may prevent them from leveraging scale. Read more 
 

PM Modi may hold first in-person meet of NITI Aayog since 2019 soon

Prime Minister Narendra Modi and chief ministers of states may soon have an in-person interaction on a common platform for the first time since 2019. The seventh meeting of the Governing Council of NITI Aayog is likely to be held in late June or early July, Business Standard has learnt from sources in the Centre and a state. Read more 
 

Gujarat approves Tata Motors' takeover of Ford India's Sanand plant

The Gujarat government has given its green light to Tata Motors to take over Ford India’s passenger car plant in Sanand. “The state Cabinet has issued a no-objection certificate for the purpose. It is now up to the companies to work out the nitty gritties,” a senior government official told Business Standard. Read more