Newsmakers: ICICI Bank to sell stake in life insurance unit, exports fall and more

GDP to exceed 7.3% this fiscal: Arun Jaitley
The economic growth is expected to exceed 7.3 per cent in the current fiscal year and go higher still in the next one, Finance Minister Arun Jaitley said on November 16, 2015. "(The) Indian economy is expected to grow better than 7.3 per cent - the level achieved last fiscal year - and at an even higher level next year," Jaitley told an investment forum in Dubai.

Eight banks submit bids to manage $3.2 bn Coal India stake sale
Eight investment banks including HSBC and ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India, IFR reported, citing a person close to the deal. The stake sale, valued at about $3.2 billion at the current Coal India stock price, is part of the government's aim to raise Rs 69,500 crore ($10.52 billion) by March by selling minority stakes in government-owned companies.

DLF receives CCI approval for Rs 1,990-cr deal with GIC
India's largest realty firm DLF said it has received fair trade regulator CCI's approval for the joint venture with Singapore's sovereign wealth fund GIC, which is investing Rs 1,990 crore in two projects in New Delhi. The realty firm would use this fund to boost cash flow and reduce debt, which stood at Rs 22,520 crore as on September 30.

Exports fall 17.53% in Oct; trade deficit narrows
Contracting for the 11th month in a row, India's merchandise exports fell 17.53 per cent in October to $21.35 billion, mainly due to a steep fall in shipments of petroleum products, iron ore and engineering, amid a broader demand slowdown. The imports too shrank an annual 21.15 per cent to $31.12 billion in October, narrowing the trade gap to $9.76 billion, from $13.57 billion in the same month last year.

ICICI Bank to sell stake in life insurance unit to Temasek, Premji
ICICI Bank, country's biggest private sector lender by assets, said it agreed to sell a 6 per cent stake in its life insurance joint venture in two separate deals to billionaire Azim Premji and Singapore state investor Temasek. The stake sales will value ICICI Prudential Life Insurance Co Ltd at Rs 32,500 crore ($4.9 billion), the bank said in a statement. That would mean the deals would be worth a combined Rs 1,950 crore.