Japanese investment giant SoftBank is close to acquiring an additional 10-12 per cent stake in ANI Technologies, the parent company of Ola, to increase its holding in the ride-hailing firm to around 50 per cent ahead of its planned investment in global rival Uber. SoftBank will pay between $400 million and $500 million to Tiger Global, the second-largest backer of Ola, to give the US firm a partial exit, people familiar with the development told Business Standard on condition of anonymity. Read more
Reliance Industries, Adani, REC issue $1.7-billion bonds
Reliance Industries, Adani Abbot Point Terminal, and Rural Electrification Corporation (REC) on Monday launched bond issues overseas worth $1.7 billion in order to reduce their finance costs. The bond issues follow last week’s upgrade by Moody’s of India’s sovereign rating from the lowest investment grade Baa3 to a notch higher at Baa2. The agency has also upgraded the ratings of several public sector companies such as State Bank of India, Indian Oil Corporation, Oil and Natural Gas Corporation, and NTPC as well as those of private sector lender HDFC Bank. Read more
Vijay Mallya's extradition trial confirmed from December 4
Vijay Mallya, 61, the beleaguered Indian businessman facing an extradition demand from the Indian government in a British court, will fight the attempt to drag him back to India not just on the issue of poor prison conditions in India, but on the alleged demerits of New Delhi’s argument. Read more
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