- Jet Airways is all set to restart the services from summer 2021 If everything goes as per plan and the consortium receives the NCLT and regulatory approvals on time.
- The new promoters, Murari Lal Jalan and Kalrock Capital intend to start domestic and international operations with all the slots that were available to the airline before it stopped operations.
- The new promoters contemplated starting a new airline but chose to stick to the Jet brand due to the existing brand value and glorious history of over 25 years.
- Six scheme which is suspended by the Franklin India after supreme court order Franklin Templeton India Mutual fund will conduct the online voting process to decide the closure or continue the six scheme which is suspended.
- Money stuck in them will depend on the outcome of the vote. If a majority of the unit-holders vote in favour of winding up the schemes, Franklin would be able to return the money.
- Walmart had in May 2018 acquired a 77 percent stake in Flipkart for $16 billion. The Arkansas-based retailer in 2020 raised its stake to around 82 percent after a $1.2 billion financing round. But this US retail giant is looking to sell around 25 percent in Bengaluru-based Flipkart. Because they are preparing a USD 10 billion initial public offering (IPO) in the US and have hired Goldman Sachs to assist with the listing.
- Apple Co-founder Steve Wozniak start a new venture, more than four and a half decades. New venture is called Efforce and aims to use cryptocurrency and blockchain technology to make it cheaper and easier for companies to fund ‘green’ projects. The goal of Efforce is to “democratize” the USD 250 billion market for energy-efficiency projects.
- Walt Disney, Which owns 30% stake in Tata Sky, is considering multiple options to offload its holding.Firstly Disney offered tata to buy back its shareholding, which didn’t workout. Now they are working on an IPO option.If all goes well, filing for IPO is expected by mid to late next year. The two companies have also agreed on an option of Disney selling a partial stake to a strategic investor in the US.
- Tata Sons is seeking upto 1$ billion as oversea loans to set up a mobile phone and component contract manufacturing plant in Tamil Nadu that will start by making iPhone parts.It also benefits Apple who seek to diversify out of China. Tata partnership with Apple will be part of the Prime Minister Make in India push and will take advantage of the government production Linked incentive scheme.
- Kotak Mutual Launches India’s first international REIT fund of funds is an open-ended mutual fund scheme that will invest in units of SMAM Asia REIT Sun Trust fund.This mutual fund scheme will have diversified investment portfolio comprising of listed REITs which will invest in real estate , project like residential, office, data center, warehouse, retail and hospitality.
- Diversified conglomerate Vedanta Resources is set to raise up to $700 million by selling bonds to overseas investors to reduce debt of the company. Standalone debt on Vedanta is $7.3 billion as of the end of financial year 2020.
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