Mumbai: Tata group, Bharti Enterprises to explore joint front in telecom and DTH
The Tata group and Bharti Enterprises have held talks to explore and estimate mega alliance involving their telecom, overseas cable and enterprise services and direct to home (DTH) TV business, reportsEconomic Times. The discussions are still at a preliminary stage and there is still an uncertainty about the deal.
The development follows the settlement reached by Tata Sons and Japanese telecom major NTT Docomo, earlier this year, in which Tata group entities agreed to buy 21.63% stake of Docomo in Tata Teleservices. In June 2016, an international arbitration court had ordered Tata Sons to pay $1.17 billion to Docomo for breach of contract concerning the latter’s exit from their joint venture Tata Teleservices.
IDFC and Shriram Capital enter talks for a mega merger
IDFC Ltd and Shriram Capital Pvt. Ltd are in talks to merge their businesses to create a financial service behemoth with combined revenue of more than $4 billion, reports Mint, citing three people directly aware of the talks. The entire lending business of Shriram Capital will be merged with IDFC Bank, while its insurance businesses will go to IDFC.
IFC puts $103 million in L&T arm’s green bonds
International Finance Corp (IFC), a member of the World Bank Group, on Thursday said it has bought green bonds worth Rs667 crore ($103 million) sold by L&T Infrastructure Finance Co. Ltd, a subsidiary of L&T Finance Holdings Ltd, reports Mint. This is the first such sale after the Securities and Exchange Board of India (Sebi) on 30 May notified rules for issuing green bonds.
IPO financing to continue to grow in 2017-18, says Icra
Initial public offering (IPO) financing in India is expected to continue witnessing a healthy grip in the current fiscal year. This was supported by favourable capital markets coupled with a line-up of prominent IPOs in a diverse range of industries including financial services and insurance,reports Mint, citing rating agency Icra Ltd.
Financial advisory start-up Upwardly raises seed fund from senior finance industry executives
Financial advisory start-up Upwardly (Triskaidekaphillia Solutions Pvt. Ltd) has raised an undisclosed amount in seed funding from some senior finance industry executives to fuel growth, reports Mint.
In the coming months, Upwardly will facilitate investments in gold, equities, real estate, crypto currency and bond papers, apart from introducing a complete portfolio management service,the report added.
SBI New York sells entire loan exposure in Jyoti Structures’ US unit
State Bank of India New York (SBI New York), a subsidiary of the nation’s largest lender, has sold its entire loan exposure in the US unit of Jyoti Structures Ltd for an undisclosed sum, reports Mint, citing two people directly aware of the development. With this, SBI New York, which had restructured Jyoti Americas Llc’s loans in 2014, has completely exited the firm before its parent goes into bankruptcy proceedings in India, the report added.