A unit of Vedanta Resources
will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd., according to separate exchange filings from Vedanta and the U.S. hedge fund. India’s macroeconomic troubles have attracted a wave of global investors betting they can eke out profits from the rising number of capital-starved businesses struggling to stay afloat. Read more
Aviation Minister Hardeep Singh Puri
Tuesday said he foresees a slight extension of temporary suspension of passenger flights between India and the UK, where a new variant of the coronavirus has been detected. The Civil Aviation Ministry had last week suspended all flights between that country and India from December 23 to December 31 over the mutated variant of the virus. Read more
Industry body COAI
on Tuesday "strongly condemned" the sabotaging of telecom network infrastructure and disruption of services as a form of protest, after over 1,500 mobile towers were targeted during farmers' stir in Punjab. Terming telecom services as "lifeline" for lakhs of customers, COAI's Director General, SP Kochhar said disruption of telecom services is causing immense inconvenience to the common man, for whom mobile services are "essential". Read more
Two-wheeler exporters Bajaj Auto
and TVS Motor
are expected to be key beneficiaries of the production-linked incentive (PLI) scheme for the auto sector. At Rs 57,000 crore, the auto sector is expected to get the largest chunk of the incentive and would account for 29 per cent of the Rs 2 trillion package across sectors. While the government has announced details of the scheme for the pharma and electronic sector, it is expected to roll out the package for the auto sector shortly. Read more
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