Top headlines: EPFO to pay in instalments, Silver Lake to invest in RIL

Topics EPFO | Reliance Retail | KKR

KKR & Co. is in advanced talks to invest at least $1 billion in the retail business of Indian billionaire Mukesh Ambani, according to people familiar with the matter
EPFO to pay 8.5% interest for FY20 in two instalments, cites Covid impact
The Employees’ Provident Fund Organsation (EPFO) decided on Wednesday to credit interest rate to formal sector workers for 2019-20 in a staggered manner, citing the coronavirus pandemic’s impact on its income. The EPFO will credit 8.15 per cent to its subscribers for 2019-20 for now: significantly lower than 8.5 per cent it had decided upon in March. Read More...

Silver Lake's Rs 7,500 cr investment in Reliance Retail sets stage for more
The Rs 7,500-crore investment by private equity (PE) firm Silver Lake in Reliance Retail and a likely Rs 11,000-crore investment by KKR in the coming weeks, sets the stage for more stake sales by the company, informed sources have told Business Standard. Reliance Retail has given the option to investors in Jio Platforms to consider backing the former as it unlocks value, following the acquisition of Future group retail assets last week, persons in the know said. Read More...

KKR in advanced talks to invest $1 billion for stake in Reliance Retail
KKR & Co. is in advanced talks to invest at least $1 billion in the retail business of Indian billionaire Mukesh Ambani, according to people familiar with the matter, in what could be another U.S. investment in the unit following Silver Lake’s deal. KKR is in discussions for a stake in Reliance Retail Ventures Ltd., a unit of the largest retailer in India, said the people, who asked not to be identified because the information isn’t public. The private equity firm could invest as much as $1.5 billion and an announcement could come as soon as this month, one of the people said. Read More...

Fitch says BPCL privatisation is 'event risk' over little info on bidders
Fitch Ratings on Wednesday said the potential privatisation of BPCL is an "event risk" as there is little information about bidders and potential transaction structure. The rating agency affirmed Bharat Petroleum Corporation Ltd's (BPCL) long-term foreign-currency issuer default rating (IDR) at 'BBB-'. The outlook is 'Negative'. Read More...

SC asks Centre to clarify over refund for air tickets booked amid lockdown
The Supreme Court Wednesday asked the Centre to clarify whether it is willing to give complete refund of air tickets booked for travel during the COVID-19 lockdown. A bench headed by Justice Ashok Bhushan referred to a recent affidavit filed before it by the Director General of Civil Aviation (DGCA) saying that ticket booked for travel during the lockdown period will be refunded. Read More...


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel