Anil Ambani’s Reliance MediaWorks is looking for foreign investors. The company has indicated it’s talking to investors about selling them a stake in the firm. It’s hoping the stake sale will net it Rs500-600 crore. Reliance Media-Works operates the BIG Cinema multiplexes, besides providing production and post-production facilities.
India’s largest bank has been put in charge of the massive Employees’ Provident Fund corpus. The labour ministry has given State Bank of India the job of managing the fund’s Rs3.3 trillion. EPFO’s top decision-making body, the board of trustees, unanimously agreed not to extend the term of the four existing managers. That group of four institutions includes SBI. Their term ends on 31 March. SBI’s appointment is temporary. The labour ministry hopes to hire new fund managers in the next three months.
Indian markets have risen for a seventh straight trading session. On Wednesday the Sensex shot up 169 points to 19,290. And the Nifty climbed 51 to 5,788.