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Friday, April 13, 2018

Govt to list NEEPCO, MSTC, invites bids from merchant bankers
The government has invited bids from merchant bankers for managing the listing process of two PSUs NEEPCO and MSTC.

The government currently holds 89.85 per cent stake in trading firm MSTC and the balance 10.15 per cent is held by the members of the Steel Furnace Association of India and Ispat Industries Ltd.

North Eastern Electric Power Corporation Ltd (NEEPCO, which meets about 35 per cent of the energy requirement of the North-East region, is wholly-owned by the government. The listing would entail disinvestment of a portion of paid-up equity of NEEPCO and MSTC through a prospectus based Initial Public Offer (IPO) in the domestic market, the Department of Investment and Public Asset Management (DIPAM) said while inviting bids from merchant bankers.

"A part of the public offering will be reserved for employees of the company. The eligible employees and retail investors will be offered shares at a discount on the issue price," the DIPAM said.

RIL, JM Financial bid jointly for Alok Industries
Reliance Industries Ltd (RIL) said today that it has bid jointly with JM Financial Asset Reconstruction Company to acquire the debt ridden textile manufacturer Alok Industries.

In a clarification to stock exchanges, RIL said it is awaiting the outcome of the process.

"Our Company evaluates various opportunities on an ongoing basis and in this process has submitted a bid jointly with JM Financial Asset Reconstruction Company Limited for resolution of Alok Industries Limited in terms of the IBC code," said RIL.

It added: "We are awaiting the outcome of the bid and accordingly there is no disclosure required by us at this stage." In July 2017, the Ahmedabad bench of the National Company Law Tribunal, had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code. The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.

TDSAT has asked DoT to clear Airtel-Telenor merger without BG: Bharti
Telecom tribunal TDSAT has asked DoT to grant approval to Airtel-Telenor merger without any bank guarantee, according to a Bharti spokesperson.
The Department of Telecom on April 3 had asked Bharti Airtel to submit bank guarantee of around Rs 1,700 crore before approving its merger with Telenor India. The guarantee included Rs 1,499 crore for one-time spectrum charge for the radiowaves allocated to Airtel without auction, and over Rs 200 crore for spectrum payment which Telenor has to make. DoT has also sought undertaking from Airtel that the company will be liable to any pending dues with respect to merger of the two companies and all demands which may be raised by any wing of the department for Telenor India. The merger will bolster Airtel's spectrum footprint in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band. Telenor India runs operations in seven circles-- Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.

Paris Motor Show eyes big participation by Indian start-ups
As the Paris Motor Show gears up to hold its 120th edition in October, its organisers are turning their eyes to Indian start-ups for strong presence at its technology pavilion. The organisers are seeking to establish a platform to connect Indian technology start-ups with French and European automobile manufacturers besides hoping for more visitors from here. “India is a big player in the information technology segment. It has many many start-ups and is known for electronics and IT strength. I am hoping that the Indian start-ups will have a big presence at the show," Mondial Paris Motor Show Commissaire General Jean-Claude Girot told PTI here.

JSW Steel, AION Capital win bid to acquire bankrupt Monnet Ispat
JSW Steel led consortium has won the bid to acquire bankrupt Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction.

The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on Tuesday approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel along with AION Capital.

"The consortium has been declared as the successful resolution applicant by the Committee of Creditors of MIEL on April 10, 2018, and has received a Letter of Intent (LoI) dated April 12, 2018," JSW Steel said in a statement. JSW Steel Limited and AION Investments Private II Limited (AION) had submitted a bid for MIEL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.

"The consortium has accepted the terms of the LoI. The closure of the transaction shall be subject to obtaining necessary regulatory approvals, including from the National Company Law Tribunal and the Competition Commission of India," JSW Steel said.

Uptick in eco growth positive for Indian asset backed loans: Moody's
The pick-up in economic growth in India is positive for asset-backed securities (ABS), as it supports the ability of borrowers to earn income and repay their loans, Moody's Investors Service said .

"Auto ABS delinquency rates will remain stable at current levels through 2018, but delinquency rates for small and medium size enterprise ABS backed by loans against property will continue to rise, despite the higher economic growth in India," Moody's Analyst Vincent Tordo said.

Moody's expects that the Indian economy to grow at 7.6 per cent in 2018 compared to 6.2 per cent in 2017. "The stronger growth will support the ability of borrowers to earn income and repay loans backing ABS deals, including auto loans and loans against property to micro, small and medium enterprises (MSMEs)," Moody's said.

Startups with up to Rs 10-cr investment to get tax concession
Giving major relief to budding entrepreneurs, the government allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.

As per a notification by the commerce and industry ministry, an angel investor picking up stakes in a startup should have a minimum net worth of Rs 2 crore or should have an average returned income of over Rs 25 lakh in the preceding three financial years. Several startups have raised concerns to taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity. As many as 18 startups have got notices from tax authorities.

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