The business wrap: Essar and Bhushan Steel to face bankruptcy proceedings, and 6 other top stories
Other headlines: Flipkart and Snapdeal’s merger is at risk as PremjiInvest raises objection, and the Centre named 30 cities in the third Smart Cities list.
A look at the headlines in this sector right now:
- SBI, other lenders initiate bankruptcy proceedings against three steel companies: Bhushan Steel, Essar Steel and Electrosteel Steels together have almost Rs 1 lakh crore of bad debt.
- Flipkart, Snapdeal merger at risk after PremjiInvest objects to payouts for founders, investors: The snag could reduce Snapdeal’s valuation from a previously agreed-upon $1 billion.
- Thiruvananthapuram, Bengaluru, Patna and Jammu on Centre’s third Smart Cities list: Union minister Venkaiah Naidu announced a proposed investment of Rs 57,393 crore in this batch of 30 cities.
- The government will act on privatising Air India within six months, says Niti Aayog: The Niti Aayog vice chairman said the airline’s debt was ‘simply not sustainable’.
- Isro launches ‘eye in the sky’ Cartosat 2 satellite along with 30 others: Its photos and videos will be used for rural and urban development projects, military operations and map-making.
- Passports will now be issued in both Hindi and English, says Sushma Swaraj: The external affairs minister also announced a 10% slash in the fee for applicants who are under eight and over 60 years of age.
- Infosys CEO Vishal Sikka believes the Donald Trump administration is business-friendly: He said Indian IT firms are not facing challenges under the new government.