Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, The <keyword id="6362177" type="COMPANY" weightage="20" keywordseo="Union-government">Union Government</keyword> plans to sell 10% stake in Rashtriya Chemicals and Fertilisers Ltd (RCFL) through the offer for sale (OFS). The Department of Investment and Public Asset Management has sought bids from law firms to act as legal advisers and assist the government in the process. A domestic law firm will act as the legal adviser to the transaction and submit proposals in a consortium with an international law firm of repute, with similar experience and expertise in public offerings or OFS in capital markets, <keyword id="6470244" type="COMPANY" weightage="20" keywordseo="dipam">DIPAM</keyword> said in a notice. The <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> currently holds 75 per cent stake in the public sector undertaking (PSU). The notice said: "The GoI intends to disinvest 10 per cent paid-up equity capital of RCFL out of its shareholding of 75.0006 per cent, through 'Offer for Sale (OFS) method of shares by promoters through the stock exchanges' as per Securities and Exchange Board of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) Rules and Regulations." The government is also considering allotting shares to eligible and willing employees of the RCFL at a discount on the issue or discovered price up to a maximum of certain percentage of the OFS size subsequent to completion of the transaction under OFS. The percentage and extent shall be decided in due course. The notice also said that merchant bankers or selling brokers will be required to render such assistance. Rashtriya Chemicals &amp; Fertilisers Ltd is a Mini-Ratna fertiliers and chemicals manufacturing company under the administrative control of the Ministry of Chemicals and Fertilisers. It has two operating units, one at Trombay in Mumbai and the other at <keyword id="1314206" type="COMPANY" weightage="20" keywordseo="Thal">Thal</keyword> in Maharashtra's Raigad district, about 100 km from Mumbai. RCFL manufactures urea, complex fertilisers, bio-fertilisers, micro-nutrients, 100 per cent water-soluble fertilisers, soil conditioners, and a wide range of industrial chemicals. The authorised share capital of the company is Rs 800 crore and the paid-up equity capital is Rs 551.69 crore as on March 31, 2020.

Centre plans to sell 10% stake in Rashtriya Chemicals via OFS

New Delhi, Jul 3 () The government will focus on strategic stake sales to meet the Rs 1.20 lakh crore CPSE disinvestment target in the current fiscal, DIPAM Secretary Tuhin Kanta Pandey said on Friday. The government has already invited bids for strategic sale of national carrier Air India and oil major BPCL. However, their bid deadlines have been extended amid the COVID-19 pandemic. For BPCL, in which the government is selling 52.98 per cent stake, the deadline has been extended till July 31. For 100 per cent stake sale in Air India, the deadline for bid submission is now August 31. Speaking at a webinar on Bharat Bond ETF, Pandey said the Department of Investment and Public Asset Management (DIPAM) has minority stake sales of CPSEs on its table but the emphasis is on strategic disinvestment. "Many of our strategic transactions are going on and moving forward. There was little bit of disruption due to COVID and extensions given in terms of EoI (Expression of Interest) but the government has clarified that we are very much on the same track of aggressively pursuing strategic disinvestment. More focus on that. "Of course, there will be OFS (offer for sale), buybacks...(but) it will be more focused on strategic disinvestment," he said. For the 2020-21 fiscal, the government has set a disinvestment target of Rs 2.10 lakh crore. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sales in financial institutions, including life insurance behemoth LIC. The strategic sales being pursued right now include Air India, BEML, Scooters India, Bharat Pumps Compressors, and some units of steel major SAIL, among others. The government had in May announced that a maximum of four public sector companies will be present in strategic sectors, while state-owned firms in other segments will be privatised. This is part of a new coherent Public Sector Enterprises Policy to be formulated to push reforms in Central Public Sector Enterprises (CPSEs). Under the policy, a list of strategic sectors will be notified where there will be at least one, and a maximum of four, public sector enterprises, apart from private sector companies. In other sectors, CPSEs will be privatised depending upon the feasibility. JD AA ABM ABM

Govt to focus on strategic stake sales to meet disinvestment target: DIPAM Secretary

Two aborted missions, three different ministers, multiple rule changes and two decades later, Indian taxpayers will no longer have to pay ₹20 crore per day to keep the loss-making <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> flying. While opposition Congress expectedly attacked the decision as selling the family silver, DIPAM Secretary Tuhin Kanta Pandey said what Tata is getting is not a cash cow but an airline which is bleeding where money needs to be pumped in to refurbish obsolete aircraft and dust up strangled ones while being unable to touch any employee for one year and only be able to resize staff after paying a VRS. "It won't be a very easy task there. Only advantage is they (new Air <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> owner) are paying the price which they think they can manage. They are not taking the excessive debt accumulated to fund years of losses. We are continuing it as an ongoing concern.... This process has also saved huge amount of taxpayers money going forward," Pandey told PTI. Earlier this month, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, to pay ₹2,700 crore cash and takeover ₹15,300 crore of the airline's debt. As on August 31, Air India had a total debt of ₹61,562 crore. About 75 per cent of this debt or ₹46,262 crore will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to the Tata Group. <keyword id="6360721" type="General" weightage="20" keywordseo="tatas" source="Orion">Tatas</keyword> would not get to retain non-core assets such as the Vasant Vihar Housing colony of Air India, Air India Building at Nariman Point in Mumbai, and Air India Building in New Delhi. "We have only allowed (Tata group) for use for two years, but within two years we have to work out a monetisation plan for it to be sold so that the money can be used to set off AIAHL liabilities," Pandey said. Of the 141 Air India aircraft that Tatas would get, 42 are leased planes while the remaining 99 are owned. Tata will also take over the capitalised lease liability on account of operating leases of Rs 9,185 crore. Besides, some of these 141 planes are grounded due to lack of engine and other maintenance. Also the obsolescence factor is there are many as not fuel efficient. "We want to finish the handover quickly, because we are paying Rs 20 cr /day to run the airline. The new owner will need to put in a lot of capital because they have to do capital expenditure to improve aircraft, refurbish and give new orders for obsolete aircraft. Only then they may be able to turnaround. Also conditions have been put that you cannot resize employees for 1 year, and thereafter in the second year, you have to give VRS," Pandey said. The government is divesting its 100 per cent ownership of Air India and Air India Express along with its 50 per cent stake in ground-handling company AISATS. The government will, however, transfer about Rs 16,000 crore of unpaid current liabilities, in excess of current and non current assets, such as fuel bills and other pending dues that Air India owes to suppliers, to Air India Assets Holding Ltd (AIAHL). A Letter of Intent (LoI) has been issued to Tatas on October 11 confirming the government's willingness to sell its 100 per cent stake in the airline. Tatas have now to accept the LoI, post which the Share Purchase Agreement (SPA) will be signed. Conditions precedent to the transactions would need to be satisfied by Tatas before they actually can take over the operations. Normally within 14 days of acceptance of LOI, the SPA is signed. While this will be the first privatisation since 2003-04, Air India will be the third airline brand in the Tatas' stable - it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd. Air India will give it access to a fleet of 117 wide-body and narrow-body aircraft and Air India Express Ltd another 24 narrow-body aircraft besides control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas such as London's Heathrow. Tatas beat the ₹15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of ₹12,906 crore set by the government for the sale of its 100 per cent stake in the loss-making carrier. Air India was first put on the block under the Atal Bihari Vajpayee government when the newly created disinvestment ministry led by <keyword id="47167" type="General" weightage="20" keywordseo="arun-shourie" source="Orion">Arun Shourie</keyword> offered 40 per cent of the government stake in the airline for sale. Foreign airlines, including Lufthansa, Swissair, Air France-Delta, British Airways, Emirates and Singapore Airlines (SIA) expressed interest in buying the airline but they pulled out after the government-mandated taking a local partner. Among the two domestic majors in fray, Hindujas, who were embroiled in the Bofors scam, was disqualified while Tata's partner, SIA, pulled out citing 'adverse climate and opposition to privatisation'. The privatisation plan was revived under Finance Minister <keyword id="42575" type="General" weightage="20" keywordseo="arun-jaitley" source="Orion">Arun Jaitley</keyword> in 2017 when the government offered for sale 74 per cent in the airline. But the decision of the government to hold 26 per cent in the airline and auction rules saw no bidder turning up. With 4 years of uncertainty over privatisation, Air India struggled with dipping employee morale and rising inefficiencies within the organisation. When <keyword id="6354642" type="General" weightage="20" keywordseo="modi" source="Orion">Modi</keyword> took over with a decisive mandate for the second time, Air India privatisation was revived in 2020, under current Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, with an offer to completely sell a 100 per cent stake. A new decision-making mechanism was worked out. The government sweetened the deal for Air India buyers, giving them flexibility to decide on the amount of Air India debt they want to absorb. The bids were invited on the enterprise value of the company, which includes debt as well as cash on the company's balance sheet. Air India started suffering losses every year since its merger with Indian Airlines in 2007-08. A Turnaround Plan (TAP) as well as a Financial Restructuring Plan (FRP) were approved for Air India by the previous UPA regime in 2012. However, the TAP did not work out and Air India continued to reel under losses with the government giving Rs 20 crore/day to keep the airline afloat. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-avenue-supermarts-hcl-tech-and-other-stocks-to-watch-out-for-on-october-18/slidelist/87098001.cms">HDFC Bank, Avenue Supermarts, HCL Tech and other stocks to watch out for on October 18</a>

'We want to finish the handover quickly, because we are paying ₹20 crore a day to run the airline,' says DIPAM Secretary on privatisation of Air India

<ul><li>Strategic divestments in <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword>, BPCL and Container Corporation are "unlikely" to be completed in FY20.</li><li>The ministry has budgeted to garner Rs 1.05 lakh crore from divestments during the fiscal.</li><li><keyword id="6470244" type="UNKNOWN" weightage="20" keywordseo="dipam">Dipam</keyword>'s joint secretary Anuradha Thakur said the government is working hard with the regulators in order to ensure that the bond market gets maximum traction. </li></ul> In what can potentially hurt the fiscal math for the ongoing fiscal, a senior government official said strategic divestments in Air India, BPCL and Container Corporation are "unlikely" to be completed in FY20.
 Work on all these companies is on and the process is facing delays due to "surprises" encountered once the wheels have begun moving, the official from the Department of Investment and Public Asset Management (Dipam) said.
 The ministry has budgeted to garner Rs 1.05 lakh crore from divestments during the fiscal. The government has already breached the budgeted fiscal deficit gap and the extent of the gap stands at 115 per cent with four months to go.
 The official declined to comment on the impact of such events on the fiscal math.
 When asked if the strategic divestment in the <keyword id="156368" type="DOMAIN" weightage="20" keywordseo="Bharat-Petroleum-Corporation">Bharat Petroleum Corporation</keyword> (BPCL) -- which can alone fetch the government over Rs 60,000 crore if it were to sell its entire 53 per cent stake -- will be completed this fiscal, the official said, "unlikely". "We are not saying that for ourselves and our timelines are such that it should happen. But we know that the process throws up surprises," the official said speaking on the sidelines of an event here.
 Similarly, on Container Corporation (Concor) and Air India as well, the official said that the sales will not go through in the current fiscal ending March 31.
 The official said the government is preparing the financial statements and getting the data room ready for the sales, suggesting that such aspects take time.
 Till now, the industry has shown "excitement" over the companies which are being floated, the official said, adding that there are additional details which may be sought by potential bidders.
 When asked about the strategic sale in Shipping Corporation of India (SCI), the official said the sale is at a certain stage and going strong.
 The government, which had exceeded the budgeted divestment target last fiscal, has mopped up only Rs 12,359 crore of the Rs 1.05 lakh crore target as of September. According to media reports, the stake sale in SCI can fetch it Rs 2,000 crore and over Rs 13,000 crore can accrue from Concor.
 Meanwhile, Edelweiss Mutual Fund's Bharat Bond Exchange Traded Fund listed on the National Stock Exchange on Thursday with a marginally down opening.
 Dipam's joint secretary Anuradha Thakur said the government is working hard with the regulators in order to ensure that the bond market gets maximum traction.
 The next step for the stakeholders is to ensure that there is trading in bonds in the secondary market which will ensure liquidity for investors, she said.
 Rashesh Shah, the chairman and chief executive of Edelweiss, said the corporate bond exchange-traded fund (ETF) is the culmination of years of efforts by government, regulators and his group, and also added that it provides stability for investors as it includes only AAA-rated public sector bonds.

Indian government might not be able to close Air India BPCL divestments this fiscal

New Delhi, Feb 14 () The government expects to complete sale of national carrier Air India in the first half of the next fiscal, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Friday. During an interaction with financial sector experts to discuss the Union Budget, Pandey also said disinvestment strategy has shifted from minority stake sale in public sector units to strategic sale, and a lot of privatisation would happen in the next fiscal. In November, he said the government decided on big ticket disinvestments while referring to sale of stakes in BPCL, CONCOR, and Shipping Corporation of India. "I think our movement has been very swift. Even the Expression of Interest (EoI) for Air India is in the public domain... We intend to complete these transactions in the first half of financial year 2020-21," he said. The next financial year starts from April 1. Last month, the government issued a preliminary information memorandum for 100 per cent stake sale in Air India. The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services (AISATS) would also be sold. The deadline for submitting the EoI is March 17. This is at least the third time that the government is attempting disinvestment of Air India, which has been in the red since merger with Air India Express in 2007. The first attempt for stake sale, when Air India and Indian Airlines were separate entities, was done in 2001-2002 period when the NDA government was in power. In 2018, the government proposed to offload 76 per cent stake as well as transfer the management control but there were no bidders. Air India has more than Rs 60,000 crore debt. About proposed stake sale in LIC, Pandey said it was a "big thing" and lot of value would be unlocked. According to him, disinvesment in the public sector insurance company would be done, keeping in mind the interest of all stakeholders. Department of Economic Affairs (DEA) Secretary Atanu Chakraborty, who was also present at the session chaired by Finance Minister Nirmala Sitharaman, sought suggestions from the industry on direct listing of Indian companies on foreign bourses. He said the government was working on a scheme towards it as many companies want to get listed both in India and abroad at the same time. The discussions are at an advanced stage, he added. Currently, Indian companies can list their shares through depository receipts abroad, while foreign companies need to go through the Indian Depository Receipt route for listing of equities. A high-level panel has already recommended to markets regulator Sebi to allow direct listing of Indian companies on overseas bourses and of foreign firms on Indian exchanges. NKD CS RAM

Air India sale expected in first half of next fiscal: DIPAM Sec Pandey

The Central government on Monday received a huge <keyword id="56600" type="General" weightage="20" keywordseo="dividend" source="Orion">dividend</keyword> tranche of ₹5,001 crore from the Maharatna company <keyword id="6354737" type="General" weightage="20" keywordseo="ONGC" source="Orion">ONGC</keyword>. This was informed by the Secretary of the Department of Investment and Public Asset Management (DIPAM), <keyword id="3969017" type="General" weightage="80" keywordseo="tuhin-kanta-pandey" source="Orion">Tuhin Kanta Pandey</keyword>. On November 11, the government received about Rs 690 crore from <keyword id="6594329" type="General" weightage="80" keywordseo="bharat-petroleum-corporation-limited" source="Orion">Bharat Petroleum Corporation Limited</keyword> (<keyword id="44555" type="General" weightage="80" keywordseo="bpcl" source="Orion">BPCL</keyword>) as a dividend tranche. A dividend is the distribution of a company's earnings to its shareholders and is determined by the company's board of directors. Dividends are often distributed quarterly and may be paid out as cash or in the form of reinvestment in additional stock. Common shareholders of dividend-paying companies are eligible to receive a distribution as long as they own the stock before the ex-dividend date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nifty50-hit-new-all-time-highs-bharat-petroleum-reliance-industries-surge-metal-stock-drag/articleshow/95822928.cms">Sensex, Nifty50 hit fresh all-time highs – Bharat Petroleum, Reliance Industries surge</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ten-major-trade-unions-boycott-pre-budget-meeting-with-fm/articleshow/95825047.cms">Ten major trade unions boycott pre-budget meeting with FM</a>

Centre receives ₹5,001 crore as dividend from ONGC

The <keyword id="6356303" type="General" weightage="20" keywordseo="centre" source="Orion">Centre</keyword> has begun the non-core asset monetisation of telecos — <keyword id="30351" type="General" weightage="20" keywordseo="bsnl" source="Orion">BSNL</keyword> and <keyword id="28256" type="General" weightage="20" keywordseo="mtnl" source="Orion">MTNL</keyword>. Accordingly, DIPAM (Department of Investment and Public Asset Management) has begun auction of BSNL and MTNL assets. The monetisation commenced with the auction of first set of six properties belonging to the telecos. "Non core asset monetisation commences with the first set of six properties of BSNL/MTNL bid out on the MSTC portal," DIPAM Secretary Tuhin Kanta Pandey tweeted on Saturday. As per DIPAM website, asset monetisation involves creation of new sources of revenue by unlocking of value of hitherto unutilised or under-utilised public assets. SEE ALSO: <a class="list-title-link" href="https://www.businessinsider.in/investment/news/binances-ceo-is-buying-his-1st-home-in-crypto-friendly-dubai-and-confirms-its-us-affiliate-will-close-a-multi-million-dollar-funding-round-soon/articleshow/87807571.cms">Binance's CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon</a> <h2 style="margin-bottom: 8px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.5; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; order: 3; color: rgb(17, 17, 17); background-color: rgb(255, 255, 255);"><a class="list-title-link" href="https://www.businessinsider.in/thelife/news/tesla-app-outage-that-led-to-hundreds-of-drivers-being-locked-out-of-their-cars-is-being-resolved-elon-musk-says/articleshow/87817784.cms">Tesla app outage that led to hundreds of drivers being locked out of their cars is being resolved, Elon Musk says</a></h2>

Centre begins auction of BSNL, MTNL assets

The week-long pre-budget consultation meetings for budget 2023-24 chaired by Union <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> and Corporate Affairs Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> concluded on Monday. The meeting was held in virtual mode between November 21 and 28. According to the Ministry of Finance, more than 110 invitees representing seven stakeholder groups participated in eight meetings scheduled during this period. The stakeholder groups include representatives and experts from the agriculture and agro-processing industry; industry, infrastructure and climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations and economists. Union Ministers of State for Finance <keyword id="2528510" type="General" weightage="50" keywordseo="pankaj-chaudhary" source="Orion">Pankaj Chaudhary</keyword> and Bhagwat Kishanrao Karad, Finance Secretary TV Somanathan; Secretary, DEA, Ajay Seth; Chief Economic Advisor V Anantha Nageswaran; Secretary, DIPAM, Tuhin Kanta Pandey; Secretary, Financial Services, Vivek Joshi; Secretary, Corporate Affairs, Manoj Govil; <keyword id="299369" type="General" weightage="50" keywordseo="osd" source="Orion">OSD</keyword>, Revenue, <keyword id="301743" type="General" weightage="50" keywordseo="sanjay-malhotra" source="Orion">Sanjay Malhotra</keyword>, and senior officers from Ministry of Finance were also present during the meetings. Secretaries of other Ministries/Departments concerned participated through online mode. The Finance Ministry statement said the representatives of the stakeholder groups made a number of suggestions for the forthcoming budget that included a mechanism for green certification to help MSMEs (Micro, Small and Medium Enterprises), an urban employment guarantee programme to boost employment generation in urban areas, rationalisation of income tax, creation of innovation clusters, schemes for improving domestic supply chains, reduction of taxes on an electric vehicle, the introduction of EV policy, measures to promote India as a hub for green hydrogen, Social Sector Entrepreneurship Fund for Social Impact Companies, Training and Accreditation of Care Economy Workers, portable social benefit for children, National Regulatory Authority for water and sanitation, coverage of unorganised workers under ESIC, the continuation of Public Capex, fiscal consolidation and lower customs duties, among others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ten-major-trade-unions-boycott-pre-budget-meeting-with-fm/articleshow/95825047.cms">Ten major trade unions boycott pre-budget meeting with FM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/traders-body-seeks-printing-of-indian-nutrition-rating-on-food-packets/articleshow/95830252.cms">Traders' body seeks printing of Indian Nutrition rating on food packets</a>

FM concludes week-long consultation meetings for Budget 2023-24

The <keyword id="6380521" type="General" weightage="100" keywordseo="gmr" source="Orion">GMR</keyword> Group (co-owners of Delhi Capitals) and Microsoft chairman &amp; CEO <keyword id="276564" type="General" weightage="80" keywordseo="satya-nadella" source="Orion">Satya Nadella</keyword> and GMR Group-led consortium have bagged the rights to own and operate a team in Major League Cricket (<keyword id="6382182" type="General" weightage="80" keywordseo="mlc" source="Orion">MLC</keyword>), a new T20 franchise league in the USA, which is scheduled to be launched this July. In a media release issued on Thursday night, the MLC confirmed that the franchise would be called <keyword id="64863" type="General" weightage="80" keywordseo="seattle" source="Orion">Seattle</keyword> Orcas. Notably, Orcas, killer whale native to the ocean waters around Seattle, is considered a symbol of power and strength. Other than <keyword id="2045946" type="General" weightage="80" keywordseo="nadella" source="Orion">Nadella</keyword> and GMR, the other investors in the Orcas franchise comprise Soma Somasegar (managing director of Madrona Ventures), Samir Bodas (co-founder and CEO, Icertis), Ashok Krishnamurthi (managing partner, GreatPoint Ventures) and Sanjay Parthasarathy (a former senior executive at Microsoft and Avalara). "We see America as the new frontier for cricket's growth globally, and the Pacific Northwest provides an incredible opportunity for us to bring the resources of GMR Sports to the region and help the Seattle Orcas build a team competing for championships," said Kiran Kumar Grandhi, Managing Director, and CEO of GMR Group, a Co-Owner of Delhi Capitals. The Pacific Northwest is a hotbed for American cricket, with a vibrant youth scene and the current reigning Minor League Cricket champions, the Seattle Thunderbolts, hailing from the area. It's going to be exciting to see the Seattle Orcas build on that platform and compete in the inaugural Major League Cricket championship this summer," said Justin Geale, MLC Tournament Director. Meanwhile, other IPL franchises Mumbai Indians and Chennai Super Kings have also bought stakes in MLC. MI, who also have teams in the SA20 and the ILT20 apart from the IPL, will run the New York franchise while Super Kings, who also owns a team in the SA20 will run the Dallas franchise in Texas along with local investors Anurag Jain and Ross Petrot Jr. Notably, Kolkata Knight Riders were the first IPL franchise to enter the MLC circuit, associating themselves with Los Angeles. The arrival of three others means four out of the six teams in MLC overall will be helmed by IPL franchises, The two other franchises in the league are based out of Washington DC and San Francisco. The Washington DC franchise -- to be called Washington Freedom -- is owned by local American investor Sanjay Govil, who has tied up with New South Wales Cricket, to provide the operational expertise including helping set up the squad and putting a cricketing structure in place. A similar strategic tie-up has been struck between the San Francisco franchise, owned by Anand Rajaraman and Venky Harinarayan, and Cricket Victoria. The inaugural season of MLC will be played between July 13 and 30 at the newly renovated facility in the Dallas suburb of Grand Prairie, Texas, with the player draft for local US players scheduled to be on March 19 at the NASA Johnson Space Center in Houston. The squad size will comprise a minimum of 15 and a maximum of 18 players, of which nine can be overseas players. At least six players in the playing XI will need to be from the USA. The overseas players will be direct signings by the franchises, not part of the draft. It is understood that teams will have a purse of USD 800,000 for overseas signings and USD 300,000 for the US-based players. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/idbi-bank-privatisation-on-track-says-dipam-secretary/articleshow/98726442.cms">IDBI Bank privatisation on track says DIPAM secretary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/microsoft-introduces-ai-powered-copilot-for-word-outlook-and-more-heres-what-it-means/articleshow/98727634.cms">Microsoft introduces AI-powered 'Copilot' for Word, Outlook and more — here’s what it means</a>

Satya Nadella, GMR group bag rights for a team in US' T20 franchise Major League Cricket

<ul class="p-rich_text_list p-rich_text_list__bullet"><li>A media report said that DIPAM Secretary confirmed the withdrawal of its decision of sharing revenue from convenience fees.</li><li>The government had yesterday asked <keyword id="65866" type="General" weightage="20" keywordseo="irctc" source="Orion">IRCTC</keyword> to share 50% of revenue coming from service charts on e-ticketing, i.e., convenience fees.</li><li>Shares of IRCTC, which had slipped more than 25% on Friday morning, recovered on this news.</li></ul>The Indian government has reportedly withdrawn its decision of asking 50% of Indian Railway Catering and Tourism Corporation’s (IRCTC) revenue from convenience fees. CNBCTV-18 reported that the secretary at the department of investment and public asset management (DIPAM) confirmed the withdrawal of its decision of sharing revenue from convenience fees. Shares of IRCTC recovered after a sharp fall on Friday morning trade on the announcement of sharing half of its <a href="https://www.businessinsider.in/business/corporates/news/government-asks-irctc-to-share-half-of-its-convenience-fees-revenue/articleshow/87338962.cms">convenience fees </a>with the government. On October 28, after the railway company informed stock exchanges of the government’s decision, many investors had criticised the move on social media portals. Shares of Indian Railway Catering and Tourism Corporation recovered after losing more than 25% in the early trade on announcement of government asking IRCTC 50% of revenue coming from service charts on e-ticketing, i.e., convenience fees, with the government. The move came as a big shock to investors as it meant IRCTC would have to share a chunk of its revenue with the government. In FY21, IRCTC earned ₹299 crore from this segment, which is almost 40% of its revenue from operations of ₹783 crore. At 11:11 a.m. shares of the company were trading 4% lower at 875.95 per share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/irctc-infosys-interglobe-aviation-and-other-trending-stocks-on-october-29/slidelist/87352424.cms">IRCTC, Infosys, InterGlobe Aviation and other trending stocks on October 29</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/zerodha-founders-rakesh-jhunjhunwala-zohos-radha-vembu-akshay-kumar-and-more-donate-up-to-50-crore-in-fy21/slidelist/87340238.cms">Zerodha founders, Rakesh Jhunjhunwala, Akshay Kumar and more donate up to ₹50 crore in FY21</a>

IRCTC stock recovers losses as government reportedly withdraws decision on convenience fee revenue share

The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial pub<keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">lic</keyword> offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the <keyword id="8699517" type="General" weightage="20" keywordseo="ipo-of-lic" source="Orion">IPO of LIC</keyword>," DIPAM Secretary Tuhin Kanta Pandey tweeted. The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of Life Insurance Corporation (LIC). The Department of Investment and Public Asset Management (DIPAM) is also in the process of appointing a legal adviser for the stake sale and the last date for putting bids is September 16. Actuarial firm Milliman Advisors LLP India has already been appointed to assess the embedded value of LIC ahead of the IPO, which is likely in the January-March quarter of 2022. The government is also mulling allowing foreign investors to pick up stakes in the country's largest insurer LIC. As per Sebi (Securities and Exchange Board of India) rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer. However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> with Sebi norms regarding foreign investor participation. The Cabinet Committee on Economic Affairs had last month cleared the initial public offering proposal of Life Insurance Corp of India. The ministerial panel known as the Alternative Mechanism on strategic disinvestment will now decide on the quantum of stake to be divested by the government. "The potential size of the IPO is expected to be far larger than any precedent in Indian markets," the department had said. The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March). So far this financial year, Rs 8,368 crore has been mopped up through minority stake sales in PSU and the sale of SUUTI (Specified Undertaking of the Unit Trust of India) stake in Axis Bank. PTI JD SHW SHW

LIC IPO: Government picks 10 merchant bankers including Goldman Sachs, Citigroup Global and Nomura

As the day for the presentation of <keyword id="6360189" type="General" weightage="80" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2023-24 nears, Finance Minister Nirmala Sitharaman and her team of officials are burning the midnight oil to unveil the nation's record of income and expenses on February 1. IANS takes a look at the nine individuals who are the brains behind the annual exercise. <ul><li>Nirmala Sitharaman, Finance Minister</li></ul> Nirmala Sitharaman will be presenting her fourth Union <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> on February 1. She has helmed the Finance Ministry during the two tumultuous years of the Coronavirus pandemic and has piloted several economic relief packages, to help tide over the challenges posed by the pandemic. Sitharaman is now negotiating the risks to the domestic economy from the prevailing tricky global geopolitical situation as well as problems being posed by the ever-depreciating rupee. The forthcoming Budget would test her mettle, as she would have to come up with solutions to the various economic challenges being faced by the nation's economy. <ul><li>T.V. Somanathan, Finance Secretary</li></ul> The 1987-batch IAS officer from the Tamil Nadu cadre was earlier a Joint Secretary in the Ministry of Corporate Affairs and with the Prime Minister's Office (PMO) from 2015 to 2017. Under him, capital expenditure has surged and efforts are also on to boost the capex of states. Somanathan holds a doctorate in economics and is also a qualified chartered accountant (CA), cost accountant and company secretary. <ul><li>Ajay Seth, Economic Affairs Secretary</li></ul> The Karnataka cadre 1987-batch IAS officer is one of the most significant members of the Finance Minister's team, as the budget division, which collates all data, is under his watch. Seth also has the additional responsibility of co-chairing the G20 central bank and finance minister's meetings. <ul><li>Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM)</li></ul> The Government in recent years has tempered its disinvestment targets, and even the Coronavirus pandemic has hit its plans. However, Tuhin Kanta Pandey can be credited for overseeing the Air India sale under his watch. <ul><li><keyword id="301743" type="General" weightage="80" keywordseo="sanjay-malhotra" source="Orion">Sanjay Malhotra</keyword>, Revenue Secretary</li></ul> A 1990-batch IAS officer of the Rajasthan cadre, Sanjay Malhotra was recently shifted to the revenue department from the department of financial services. He faces the arduous task of balancing revenue expectations, especially those related to GST compensation. <ul><li>Vivek <keyword id="6157" type="General" weightage="80" keywordseo="joshi" source="Orion">Joshi</keyword>, Secretary, Financial Services</li></ul> A new face in the ministry which governs the banking sector, Vivek Joshi came as a successor to Sanjay Malhotra in October last year. A 1989-batch IAS officer of the Haryana cadre, Joshi has a MA and PhD in international economics from the Geneva Graduate Institute. <ul><li>V. Anantha Nageswaran, Chief Economic Advisor</li></ul> V. Anantha Nageswaran became the Chief Economic Advisor (CEA) just days before the Budget for 2022-23 was presented. He will pilot the drafting of the economic survey for 2022-23, which will be tabled in the Parliament on January 31. Nageswaran has a PhD in finance from the University of Massachusetts Amherst and an MBA from the Indian Institute of Management (IIM), Ahmedabad. <ul><li>Nitin <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword>, Chairman of CBDT</li></ul> Nitin Gupta is a 1986-batch Indian Revenue Service (IRS) officer, who heads the Central Board of Direct Taxes (CBDT), the administrative body of the income tax department. Gupta is currently serving as a member (investigation) in the CBDT. <ul><li>Vivek Johri, Chairman, CBIC </li></ul> Vivek Johri is the Chairman of the Central Board of Indirect Taxes &amp; Customs (CBIC) and special secretary to the Government of India.A An IRS (Customs &amp; Indirect Taxes) officer of the 1985 batch, Johri has served in a number of roles encompassing the entire gamut of indirect tax administration, especially in policy formulation. His tenure as a member (GST) saw many important changes carried out in GST law and procedure, both for easing the compliance burden on taxpayers and tighter enforcement for tackling tax evasion. He also played an active role in laying the policy foundation for rolling out GST and was instrumental in drafting the Constitution (115th Amendment) Bill, 2010 which laid the foundation for GST in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-session-of-parliament-from-january-31-to-april-6/articleshow/97061098.cms">Budget Session of Parliament from January 31 to April 6</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gold-prices-hit-life-time-high-amid-looming-recession-hope-that-fed-will-slow-its-rate-hikes/articleshow/97061060.cms">Gold prices hit life-time high amid looming recession &amp; hope that Fed will slow its rate hikes</a>

Finance Minister & the other brains behind the Union Budget who are burning the midnight oil

The mega IPO of Life Insurance Corporation of India (<keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>) will be out by the end of the current fiscal, a senior Central government official said on Monday. According to Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), the IPO plan is on course. "Some media speculation doubting the feasibility of <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> this fiscal year is not correct. It is reiterated that plan is on course for the IPO in the last quarter of this fiscal," the Secretary tweeted. The IPO is expected to become the biggest one in India and it may fetch the government around Rs 1 lakh crore. Post the Union Budget FY22, the government has taken several legislative and executive steps to pave way for the mega IPO. The LIC, a statutory Corporation constituted under the LIC Act 1956, is a leading life insurer of India wholly owned by the government. It has three branches outside India - in the UK, Fiji and Mauritius, a wholly-owned subsidiary in Singapore and Joint Ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia, and Bangladesh. Its subsidiaries in India include LIC Pension Fund Ltd, and LIC Cards Services Ltd. Its associates include the IDBI Bank Ltd, the LIC Mutual Fund and the LIC Housing Finance Ltd. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms">Why is the stock market falling so sharply today?</a>

LIC IPO to be launched between Jan-Mar 2022

Mumbai, <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">Shares</keyword> of <keyword id="6370462" type="DOMAIN" weightage="20" keywordseo="tata-communications">Tata Communications</keyword> plunged over 6% on Wednesday after the government announced to sale its entire 26.12% stake in the company. At 12.10 p.m., its shares were trading at ₹1,060.65, lower by ₹69.30 or 6.13% from its previous close. In a notice Department of Investment and Public Asset Management (DIPAM) said that the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> intends to disinvest its entire shareholding of 26.12% of paid up equity capital in Tata Communications, erstwhile Videsh Sanchar Nigam Ltd (VSNL), through OFS by promoters through the stock exchanges and thereafter to the strategic partner as per <keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>'s norms. DIPAM has invited proposals from eligible merchant bankers to assist and advise the government in the process. VSNL, a central public sector enterprise was privatised in 2002 by disinvesting 25% shareholding along with transfer of management control to Panatone <keyword id="3777368" type="DOMAIN" weightage="20" keywordseo="finvest">Finvest</keyword> Limited, the strategic partner (SP). Subsequent to the strategic disinvestment, the name of the Company was changed to Tata Communications Limited (TCL). <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> holds 14.07% stake in the company. On Tuesday, Tata Communications reported a four-fold growth on a year-on-year basis in its consolidated net profit for the quarter-ended December at ₹309.4 crore. However, compared to the July-September quarter, its net profit was down 19.6%. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/why-indigo-paints-1000-crore-ipo-is-a-hit-even-before-it-opened-for-subscription/articleshow/80357759.cms?upcache=2">Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why</a> <a href="https://www.businessinsider.in/international/news/jack-ma-the-billionaire-founder-of-alibaba-and-ant-group-resurfaced-after-he-went-missing-in-china/articleshow/80360004.cms">Jack Ma resurfaces – Alibaba founder makes his first public appearance after he was feared to be “missing” for nearly two months</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphone-deals-and-discount-on-amazon-great-republic-day-sale/articleshow/80358909.cms">Best smartphone deals and offers on Amazon Great Republic Day Sale</a>

You Searched For "dipam" and got 14 results

Centre plans to sell 10% stake in Rashtriya Chemicals via OFS

IANS

Govt to focus on strategic stake sales to meet disinvestment target: DIPAM Secretary

PTI

'We want to finish the handover quickly, because we are paying ₹20 crore a day to run the airline,' says DIPAM Secretary on privatisation of Air India

PTI

Indian government might not be able to close Air India BPCL divestments this fiscal

PTI

Air India sale expected in first half of next fiscal: DIPAM Sec Pandey

PTI

Centre receives ₹5,001 crore as dividend from ONGC

IANS

Centre begins auction of BSNL, MTNL assets

IANS

FM concludes week-long consultation meetings for Budget 2023-24

ANI

Satya Nadella, GMR group bag rights for a team in US' T20 franchise Major League Cricket

IANS

IRCTC stock recovers losses as government reportedly withdraws decision on convenience fee revenue share

Bhakti Makwana

LIC IPO: Government picks 10 merchant bankers including Goldman Sachs, Citigroup Global and Nomura

PTI

Finance Minister & the other brains behind the Union Budget who are burning the midnight oil

IANS

LIC IPO to be launched between Jan-Mar 2022

IANS

Tata Communications stocks plunge 6% as govt plans to off-load its stake

IANS

Popular Keywords

Buying Guides