Deals Buzz: Indian Oil waits for approval for raising Rs 20,000 crore via debentures
IOC plans to approve issuance of debentures through private placement at its annual general meeting on 29 August
Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Indian Oil waits for approval for raising Rs 20000 crore via debentures
Indian Oil Corp. Ltd, the country’s largest oil marketing company, has sought shareholder approval to raise up to ₹20,000 crore through a private placement of debentures in 2018-19, Mint reported, citing two people aware of the development. The company plans to approve issuance of debentures through private placement at its annual general meeting on 29 August, it said in its annual report for 2017-18. Indian Oil plans to double capacity and invest Rs 1.75 trillion for expansion, Press Trust of India had reported earlier this month.
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Troubled Jet Airways gets $300 million in lease incentives and debt
Jet Airways Ltd, which reported a loss of Rs 1323 crore this week for the last quarter, has received liquidity support of $300 million for lease incentives and bank borrowings, from domestic banks, Press Trust of India reported, carried by Mint and Economic Times. CFO Amit Agarwal stated the same in an analysts’ call. Mint reported this week that the airline is drafting a revival plan after it reported the loss and delayed its earnings announcement. Mint has also reported today that the airline is looking to cut fuel costs by 12-15% in the next 2 years. Airlines in India have struggled with profitability this quarter because of rising oil prices. Read more here.
Google ready for e-commerce Diwali debut with Google Pay
Google’s payments platform- Tez is now Google Pay, with additional features and is aimed at being a one-stop shop for payments and loans, which will debut in India this Diwali, Business Standard reported. Mint first reported the development on Tuesday afternoon, stating that Using the Google Pay app, customers will soon be able to get loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. The Business Standard report says a pre-approved loan limit will be given to people, based on their banking records so far. This could prove a challenge to Amazon and Flipkart, India’s marquee e-commerce players who have also been bullish on their payments game with Amazon Pay and PhonePe respectively. Read more here.
Goyal Gases is highest bidder for Avantha Power unit at Rs 2350 crores
New Delhi-based industrial gases producer Goyal MG Gases Pvt. Ltd has emerged as the highest bidder for Jhabua Power Ltd (JPL), a unit of Gautam Thapar-promoted Avantha Power and Infrastructure with Rs 2350 crores, Mint reported, citing two people aware of the development said. Goyal Gases, a late entrant in the race, outbid rivals such as Adani Power, Resurgent Power Ventures Pte Ltd, Edelweiss Asset Reconstruction Co. (ARC) and Phoenix ARC. JPL was put up for sale in the first week of May. Mint had reported on 24 April that Edelweiss ARC and Phoenix ARC (part of Kotak Mahindra group) were in talks to buy close to ₹ 4,300 crore of loans of JPL from the lenders’ consortium.
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Berkshire Hathaway invested in Paytm after 1 meeting, 2 phone calls
Berkshire Hathaway’s investment in One97 Communications, which runs Paytm, happened after just one meeting and two phone calls, Mint reported in an interview with Paytm’s founder Vijay Shekhar Sharma. Mint was the first to break the news on Monday. The story delves into the details of the meeting, the where, when, how and what the investment means for both companies and what their expectations are. Read more here.