Go Airlines India Ltd., a no-frills carrier controlled by the Wadia Group, has sought approval from India’s markets regulator to raise as much as 36 billion rupees ($490 million) through an initial public offering, Bloomberg News reported. The company may consider a pre-IPO share issue of as much as 15 billion rupees, the airline said in its prospectus Friday, adding the IPO size will be cut if the pre-IPO placement happens. Go Airlines, the second biggest customer for Airbus SE, is planning to use the proceeds for repayment of debt, and dues to Indian Oil Corp.
Read more
The dedicated bankruptcy court has admitted the insolvency petition against Cox & Kings Financial Services Limited (CKFSL) and appointed Pardeep Kumar Sethi as interim resolution professional (IRP) for the company, the Economic Times of India reported. YES Bank had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the company defaulted on its dues of over Rs 445 crore.
Read more
The National Company Law Tribunal’s (NCLT) Delhi bench has appointed an Interim Resolution Professional (IRP) to start a Corporate Insolvency Resolution Process (CIRP) against Ahluwalia Contracts (India) Ltd., the Hindu Business Line reported. This follows a prayer moved by New Delhi-based A2 Interiors Products Pvt Ltd, alleging pending payments of ₹14.10 crore for various civil and electrical works done for the Ahluwalia Contracts, a civil contractor in the construction industry.
Read more
India’s airlines are under renewed pressure to raise cash or face the risk of having to downsize, consolidate or have their planes repossessed by lessors as a surge of COVID-19 infections roils travel, Reuters reported. Passenger traffic fell by nearly 30% in April from a month before and has halved again so far in May, forcing even the country's biggest and most cashed-up carrier, IndiGo, to act.
Read more
Insurance Regulator and Development Authority of India (Irdai) has told insurers to communicate their cashless approvals for COVID-19 claims within an hour of submission of the request by the hospital and ensure that patients get discharged soon, The Times of India reported. In its order, the Delhi HC had told Irdai to issue immediate instructions to insurance companies to ensure that they communicate their approvals to hospitals within 30 to 60 minutes, in order to ensure that patient discharge is not delayed.
Restaurants, pubs, malls and retailers in India are once again staring into a dark abyss as more metros go into lockdowns, The Times of India reported. Many restaurants shut down last year after the painful two-and-a-half months of lockdown. More are expected to now follow suit, unable to bear losses for a second year on the trot. Restaurants across the country had seen sales pick up since opening before the festive season, and by December, footfalls were robust with weekends reporting near full capacity.
A consortium of Indian banks led by the State Bank of India (SBI) was back for a High Court hearing in London on Friday in pursuit of a bankruptcy order against embattled liquor tycoon Vijay Mallya, as they attempt recovery of debt from loans paid out to his now-defunct Kingfisher Airlines, Outlook India rep
There is currently race among large Indian retailers to bring tens of millions of small mom-and-pop stores, known as kiranas, into their supply chains, the Nikkei Asia reported. India's retail market was pegged at $793 billion in sales in the fiscal year ended March 2020 and is expected to grow to nearly $1.5 trillion by 2030, according to the latest report by retail consultancy Technopak Advisors and the National Association of Software and Services Companies. The country is home to about 20 million kiranas, which account for 88% of the brick-and-mortar market.
Read more
Bengaluru-based Prestige Estates Projects has stepped in to take over a project in Mumbai’s Mulund suburb by cash-strapped Ariisto Developers, which will benefit 350-400 homebuyers and lenders to the stuck project, the Times of India reported. The committee of creditors representing the lenders had approved a hybrid plan where Prestige will pay upfront cash of Rs 370 crore and provide the lenders with 8 lakh square feet built-up commercial area. This has led to the resolution of Rs 1,650 crore of debt of the approximately Rs 2,200 crore owed by Ariisto Developers.
Read more
A major index provider and some investors are distancing themselves from the marine-ports operator controlled by Indian conglomerate Adani Group over past business transactions with a company linked to the military regime in Myanmar, the Wall Street Journal reported. Financial data firm S&P Global Inc. last week said it would remove Adani Ports & Special Economic Zone Ltd. from its Dow Jones Sustainability Indices, which consists of various different regional indexes holding companies that rank highly on environmental and social affairs.
Read more