India's fiscal deficit
in the five months to end August stood at Rs 8.7 trillion ($117.98 billion), or 109.3% of the budgeted target for the current fiscal year, government data showed on Wednesday. Net tax receipts were Rs 2.84 trillion, while total expenditure was Rs 12.5 trillion, the data showed, indicating the government was facing a fall in tax receipts amid a rise in spending to combat the impact of the coronavirus. Read More...
Output of 8 core infra sectors contracts 8.5% in Aug, drops for sixth month
General Atlantic to invest Rs 3,675 cr in Reliance Retail for 0.84% stake
Contracting for the sixth consecutive month, the output of eight core infrastructure sectors dropped by 8.5 per cent in August, mainly due to decline in production of steel, refinery products and cement. The production of eight core sectors had contracted 0.2 per cent in August 2019, showed data released by the Commerce and Industry Ministry on Wednesday. Read More...
General Atlantic, a leading global growth equity firm will invest Rs 3,675 cr in Reliance Retail
Ventures Limited, RIL said in a BSE filing on Wednesday. General Atlantic's investment will translate into a 0.84% equity stake in RRVL. The deal values Reliance Retail
at a pre-money equity value of Rs 4.285 trillion, said RIL in a media release. Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited, and holding company of all the retail companies under the RIL Group. Read More...
Cash-rich developers are in a quandary about taking over stressed property projects. The reason: Opportunities to take over under the Insolvency and Bankruptcy Code
(IBC) process have dried up this year after IBC procedures were first suspended for six months, and then by another three months till December 31. Big developers are waiting for better deals to buy out stressed projects as leveraged developers made use of the six-month moratorium on loan payments, and effectively avoided loan defaults. Read More...
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