RBI allows oil marketing firms to raise $10 billion from overseas : Bulletin: Business Today
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RBI allows oil marketing firms to raise $10 billion from overseas

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October 4, 2018

Anil Ambani claims TDSAT nod for sale of spectrum; to pay Ericsson Rs 550 cr

Billionaire Anil Ambani-led Reliance Communications said on Wednesday that the telecom tribunal has allowed it to complete its planned spectrum sale, the proceeds from which will be used to pay Ericsson India and Reliance Infratel (RITL) minority investors. The debt-ridden firm said in a regulatory filing to the BSE that it will receive Rs 975 crore from sale of spectrum, and that it will pay Ericsson Rs 550 crore
 
RBI allows oil marketing firms to raise $10 billion from overseas

State-owned oil marketing companies have been allowed to raise $10 billion from overseas market to meet their working capital needs, a top finance ministry official said Wednesday. The move comes against the backdrop of rising crude oil prices in the international market which is near $85 to a barrel. As a result, petrol and diesel prices in the domestic market have also touched record high. Public sector oil marketing companies include Indian Oil Corporation, HPCL and BPCL.
 
India risks U.S. sanctions with $5-billion purchase of Russian missiles

According to a Reuters report, the United States has warned India against a planned purchase of S-400 surface-to-air missiles from Russia when President Vladimir Putin visits New Delhi this week, saying such an acquisition would attract sanctions under U.S. law. India's military wants the missile batteries, both as a deterrent against China and to gain an edge over traditional rival, Pakistan, as they are able to track and shoot down combat aircraft, even stealth planes, at unprecedented ranges. India and Russia will sign the missile deal, estimated at more than $5 billion, during Putin's visit for annual summit talks with Indian Prime Minister Narendra Modi beginning today.

Petrol touches Rs 84 in Delhi, diesel breaches Rs 80 mark in Mumbai; crude oil at 4-year high of $85.85

Petrol and diesel prices surged up to 23 paise on Thursday, showing no signs of respite to the common people. While petrol has touched Rs 84 per litre in Delhi, diesel prices were pushed a little further to Rs 75.45 per litre. In Mumbai, Diesel crossed the Rs 80 mark for the first time, recording 21 paise from the previous hike. Petrol is already being sold at over Rs 92 per litre in several districts of Maharashtra as well as Bihar. Despite a continuous price rise in fuel, the Centre and many state governments have refused to cut tax.

India's rescue of debt-ridden IL&FS may spell major losses for lenders say sources


India's move to take control of debt-laden Infrastructure Leasing and Financial Services (IL&FS) will only succeed if lenders agree to take substantial losses, government sources told Reuters.The government on Monday replaced the board of IL&FS, a major infrastructure financing and construction firm, after its failure to honour debt obligations sent shockwaves through Indian financial markets.The new six-member IL&FS board will prepare a revival plan, but it is becoming clear some of its lenders will need to suffer major losses, one finance ministry official said.

Softbank decides to provide free solar power to ISA of which India is also a member

Softbank, the biggest investor in many Indian start-ups, has decided to provide free solar power to International Solar Alliance (ISA), of which India is also a member, according to a report by the Financial Express. Softbank Chief Executive Officer Masayoshi Son has committed to providing free power to all members of the ISA after completion of 25 years of power purchase agreement (PPA) with them. Masayoshi Son also made a special presentation on Prime Minister Narendra Modi's aim of 100% household electrification.

Runway at Delhi airport to be closed for 13 days; around 200 flights to be affected

Flights are likely to be disrupted at the airport in the national capital as one of the runways will be closed for repair work for 13 days starting November 15, according to a communication. The Indira Gandhi International Airport (IGIA), operated by DIAL, is the busiest aerodrome in the country and has three runways. The airport handled 63.5 million passengers in 2017-18 and has around 1,300 flight movements every day.
 
Amazon invests Rs 590 cr in payments arm to take on Paytm, Google Pay

Amazon, the world's biggest online retailer, has invested ? 590 crore in its digital payments arm Amazon Pay (India) Private Limited as reported by the Hindu. The company is eyeing India's booming digital payments market and planning to take on rivals such as Flipkart's PhonePe, Paytm and Google's mobile payment service Google Pay [Tez]. The competition between ecommerce brands is revving up before the start of the festive season when sales on these platforms see a significant spike. Last month, Amazon Pay unveiled card-less EMIs for selected customers.

Compiled by Rashi Bisaria
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