QBiz: Microsoft to Invest in Ola; PM Modi’s Saudi Investment Push
Top business news on The Quint.
1. Microsoft Set to Invest $200 Mn in Ola, Boost Connected Car Tie-Up
Ride-hailing company Ola is set to unveil a connected car project in partnership with Microsoft Corp., which will also invest around $200 million in Ola’s parent, ANI Technologies Pvt. Ltd, two people aware of the deal said.
Microsoft will acquire around 4.5% in ANI Technologies as part of the deal, one of the two people said on condition of anonymity. News agency PTI first reported the fundraise on Tuesday.
2. Modi Invites Saudi Investment, Says India to Spend $100 Bn on Energy Infra
India will invest $100 billion in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years, Prime Minister Narendra Modi said on Tuesday as he sought investment from oil kingpin Saudi Arabia and other nations to boost supplies.
Speaking at Saudi Arabia’s annual investment forum, also known as “Davos in the desert”, Modi promised a stable, predictable and transparent policy regime to catalyse foreign investments.
3. Govt Raises Relief Hopes for Telcos, Sets Up Panel
A government panel will examine the problems faced by telecom operators and suggest ways to revive their financial health, amid plunging industry revenues and mounting debt.
A committee of secretaries (CoS) under the cabinet secretary will consider the demands of telcos and suggest ways to alleviate their financial stress and create a favourable investment environment, said a person with direct knowledge of the matter.
4. Immediate Payment of Dues May Cripple 5G Bids by Telcos, Warns Fitch
Any immediate payment of dues by telcos following the Supreme Court order on adjusted gross revenue (AGR) would leave them with limited financial flexibility to bid for 5G spectrum thus delaying its auction, Fitch Ratings has said.
"The Supreme Court's acceptance of the DoT's definition of AGR is a setback to the telecom industry. The quantum and timing of cash outflow is uncertain as over 60 per cent of outstanding dues include taxes and penalties. If Vodafone Idea were to pay $4 billion immediately, it would cause a severe stress on their balance sheet. Also an immediate payment of such dues could delay the 5G spectrum auction as incumbents would have limited financial flexibilities to bid for 5G spectrum auctions," Nitin Soni, Director - Corporates, Fitch Ratings told IANS.
5. Tata Consortium to Tweak Investment in GMR Airports, Reduce Stake by 5 Percent
The Tata group will restructure its proposed investment in GMR Airports to comply with a policy clause which prevents airline groups from exceeding a 10 per cent stake in Delhi International Airport (DIAL).
Tatas, which hold a majority in two airlines Vistara and Air Asia India, have now decided to reduce their holding in GMR Airports to 15 per cent from 20 per cent planned earlier to steer clear of any regulatory violation.
6. Bharti Airtel Delays Q2 Results, Sees 28% Surge in ARPU to Rs 128
Bharti Airtel on Tuesday reported a 28 per cent jump in average revenue per user (ARPU) at Rs 128, driven mainly by the expanded data customer base, for the quarter ended September 30.
The company had posted an ARPU of Rs 100 in the corresponding period of the last financial year (2018-19).
7. RBI Imposes Rs 1 Crore Fine on Bandhan Bank
The Reserve Bank of India has imposed a fine of Rs 1 Crore on private sector lender Bandhan Bank for not complying with the central bank’ promoter shareholding norms.
The RBI has also imposed a fine of Rs 1 crore on Janata Sahakari Bank and Rs 25 lakh on Jalgaon peoples Co-operative Bank, it said in a separate statement.
8. Petronet Net Nearly Doubles on Lower Corporate Tax Rate
Petronet LNG Ltd, the country's biggest importer of liquefied natural gas, on Tuesday reported a near doubling of net profit in September quarter as it derived benefit of lower corporate tax rate.
Net profit in July-September at Rs 1,089 crore was 90 per cent higher than Rs 572.89 crore net profit in the same period, company CEO and Managing Director Prabhat Singh told reporters in New Delhi.
9. Competition Comm Orders Probe Against MakeMyTrip – GoIbibo, OYO
Fair trade watchdog CCI has ordered an investigation against online travel agents MakeMyTrip-GoIbibo and hospitality services provider OYO after finding that prima-facie they have violated competition norms.
For the case, the Competition Commission of India (CCI) assessed the allegations on the basis of two relevant markets. In the case of MakeMyTrip-GoIbibo (MMT-Go), it is the 'market for online intermediation services for booking of hotels in India', and for OYO, it is the 'market for franchising services for budget hotels in India'.
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