QBiz: IndiGo to Add 400 Aircraft; Rishad Premji May be Inducted
Here are the top business stories for March 30, 2015
1. IndiGo gets government approval to add 400 more planes by 2025 - ET
IndiGo, India’s largest domestic airline carrier, in terms of the number of passengers flown, has received approvals from the government to induct 400 new aircraft into its fleet by 2025 taking the total number of aircraft in its tally to 550. Analysts believe this a sign that the airline plans to start international flights as such an order cannot be to just cater to the domestic market.
2. Essar, Sesa among big gainers from MMDR- FE
The Mines and Minerals (Development and Regulation) Amendment Bill, 2015, passed recently by Parliament and about to be signed into law by the President virtually saves a clutch of leading metal companies the task of traversing the auction route to convert their existing concessions into the new 50-year mining leases.
3. GMR Infrastructure to Raise Rs. 4,000 Crore in a Year by Selling Projects, Stake- ET
The Economic Times reports that GMR Infrastructure plans to raise 4000 crore rupees by the end of 2015. It plans to achieve this, the report, states by selling select assets.
GMR Infrastructure plans to raise Rs. 4,000 crore over the next one year through divestment of assets and share sale to reduce debt and ease cash flow, Group Chief Financial Officer Madhu Terdal told ET.
4. I-Bankers lap up 7,500 Crore Tata Motor Rights Issue- ET
Five global banks and three domestic investment banks have agreed to under-write more than half of Tata-Motors’ Rs 7,500 crore rights offer plan.
Economic Times reports that the banks include JP Morgan, Merrill Lynch, Kotak Mahindra and ICICI Securities.
Their commitment is the largest ever in India and would mean the issue will be fully subscribed as the remaining $500 million will be subscribed by Tata Motors’ parent and stakeholders.
5. High Flyers at Infy to get 20% pay hike- FT
India’s second largest IT services exporter is expected to hike the salaries of top performing employees by upto 20% while the average pay hike for all its Indian employees is expected to be around 6.5%
Infosys has witnessed certain churn in its employee headcount with attrition rates still remaining high at 20.4%. The expectation was that with Vishal Sikka taking over as the new CEO, it would be a more liberal on the salary front.
6. After Recent Rejig at Wipro, all Eyes on Rishad Premji- BS
India’s third largest information technology services company’s latest organizational restructuring has left the position of Chief Financial Officer (CFO) vacant, and is expected to be filled by Chairman Azim Premji’s elder son, Rishad.
According to sources within and outside the company, Wipro is going to elevate Chairman Azim Premji’s elder son, Rishad, chief strategy officer at present, into the board. An announcement is likely in the coming quarter.
7. TA Associates to grow Holding in BillDesk With Rs 450 cr Infusion- ET
Global private equity fund TA associates is planning to raise its holding in BillDesk, a online payment gateway solutions provider BillDesk, by 450 crore, two years after it bought a stake in it.
The company is looking at raising growth capital for its further expansion, It is in talks with several private equity funds... However, TA is unlikely to allow any other investor to come in. It will invest further in the company if need be
8. India at bottom of e-comm readiness pile- DNA
India has been ranked low on a new index compiled by the UN trade body UNCTAD for assessing the readiness of countries for electronic commerce and it has the fourth largest number of complaints made against companies selling online.
9. Nilekani to Advise, Fund Team Indus- ET
Nearly two years after launching an ambitious bid to land a robotic spacecraft on the moon, aerospace startup Team Indus has roped in Infosys co-founder and former UIDAI chairman Nandan Nilekani as an investor and adviser.
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