1. Govt Prepares for India’s Largest Spectrum Auction: Livemint
On Wednesday, the Union government cleared the runway for the largest auction of telecom spectrum in Indian history. The spectrum is valued at a base price of Rs 5.66 trillion.
The auction of the seven spectrum bands, for the first time, will offer the highly efficient but expensive 700 megahertz (MHz) frequency.
While the receipts from the auction will boost the Union government’s exchequer, the availability of the spectrum will expand the bandwidth and the ability of telecom companies to service consumers and address the problem of call drops.
In the event of aggressive bidding, the balance sheets of telcos, already overburdened by debt, will come under greater pressure.
Read: Cabinet Clears Base Price for Largest Spectrum Auction Ever
2. Metropolis Healthcare Plans to Raise Rs 1,000 Crore Through IPOs: Livemint
One of the largest diagnostic healthcare firm in India, Metropolis Healthcare is seeking to raise Rs 1000 crore by selling shares in an initial public offering (IPO). According to Livemint, Metropolis has decided to walk down this road after successful share sales by Dr Lal PathLabs Ltd and Thyrocare Technologies Ltd.
An IPO would give existing private equity investor Carlyle Group an opportunity to make a part exit from Metropolis, whose promoters, the Shah family, will sell a small minority stake, said two people aware of the development.
The Shah family – chairman Sushil Shah and his daughter Ameera Shah, managing director and chief executive officer – holds a 63 percent stake and Carlyle owns 37 percent in Metropolis.
3. Don’t Write Me off Yet: Raghuram Rajan
Outgoing RBI governor Raghuram Rajan, on Wednesday, said that he was not gone yet and will be here for around two and a half months. He made the statement at an ASSOCHAM event held at Bengaluru.
I feel like in the last few days I’ve read lot of my obituaries and I’m still here for 2-and-a-half months in this job... After that I’ll be still around somewhere in the world, probably a lot in India so don’t write me off.Raghuram Rajan, RBI Governor
Rajan’s announced on Saturday that he’s going back to academia and won’t be around for a second term. Since then, he’s been hitting back at critics, often cheekily and with his trademark humour.
4. Good News For Startups: Cabinet Okays Rs 10,000 Crore Corpus
The government on Wednesday approved Rs 10,000 crore ‘Fund of Funds for Startups’ to support them with an aim to generate employment for 18 lakh persons.
The fund is expected to generate employment for 18 lakh people on full deployment. A corpus of Rs 10,000 crore could potentially be the nucleus for catalysing Rs 60,000 crore of equity investment and twice as much debt investment.Official Statement
The decision was taken in the Union Cabinet meeting chaired by Prime Minister Narendra Modi. This is in line with the ‘Startup India Action Plan’ unveiled by the government in January.
Read more on The Quint.
5. Ola Records Loss of Rs 796 Crore for FY15: ET
App-based cab service provider Ola recorded a whooping loss of Rs 796 crore in the financial year 2015, according to an Economic Times report. The regulatory filing by the Bengaluru-based company revealed that the firm spent nearly double the amount of money it earned in a bid to maintain its lead over other competitors in market like Uber.
In the same period, the company earned total revenue of Rs 421 crore, an eight-fold increase over the previous year, according to the most recent disclosures filed with the ministry of corporate affairs earlier in June.
Ola, which is backed by Japan’s SoftBank, has moved aggressively to establish its market lead over the San Francisco-based Uber, which has said that a significant portion of its most recent fund raise of $3.5 billion will be used to expand its Indian operations.
6. Govt Announces Rs 5,500-Cr Textile Policy, Aim to Boost Export by $30 Bn: HBL
The Centre for Textiles and Garments Sector has announced a wide array of fiscal sops, flexible labour laws and reforms in employee provident fund (EPF). The intention, is to achieve a cumulative increase of $30 billion in the exports.
According to The Hindu Business Line, the package was approved by Union Cabinet on Wednesday. It includes an increase in subsidy under the amended-TUFS (technology upgrade fund scheme) from 15 percent to 25 percent for the garment sector and enhanced duty drawback coverage for exporters that will include state levies that were not refunded before
EPF will also be made optional for employees earning less than ₹ 15,000 per month. This shall leave more money in the hands of the workers and also promote employment in the formal sector.
7. LIC Chairman SK Roy Resigns Two Years Before End of His Term: BS
Life Insurance Corporation of India (LIC) Chairman SK Roy has requested the government to relieve him of his duties from 29 June 2016. According to Business Standard, Roy wrote to the government to allow him to quit the office two years ahead of the actual ending of his term.
The reasons of his resignation are unknown. Roy, who took charge as chairman of the country’s largest insurer on the same date in 2013, had a five-year term.
The approval of his request for being relieved of his duties will be subject to consent of the Cabinet Committee on Appointments.
8. SEBI May Scrap Planned Listing Platform for Start-Ups: Livemint
Market regulator Securities and Exchange Board of India (SEBI), is reworking its plan for capital-raising platform targeted at start-ups, according to Livemint. The plan, which was conceptualised in 2015, failed to take off.
Now, SEBI is considering sweeping changes to the listing framework for technology-focused start-ups that will allow them to trade publicly on regular stock exchange platforms. The changes could involve amendments to as many as 10 SEBI regulations.
Taking note of the concerns, SEBI’s primary market advisory committee (PMAC), in a meeting on 30 May, recommended that the regulator give up on the idea of an alternative listing platform
9. Can UK Come Back to EU Even After Brexit?
The European Union Commission President Jean-Claude Juncker on Wednesday said, “Out is Out”. The message to Britain was clear. The process of “Leave’ is irreversible.
But what if UK could remain in EU even after voting for “Leave” in referendum? Some experts are wondering whether Britain can ever really free itself from the European Union – even if voters strongly endorse hitting the eject button. Others say it’s not out of the question that Brits could find themselves going back to the ballot box in a few years’ time if buyer’s remorse sets in.
In theory, a two-year countdown goes into effect after a European country formally notifies its partners of its intention to quit the union, but complex international negotiations routinely run on for years and the parties involved could let the deadline lapse as talks drag on, perhaps even past Britain’s 2020 parliamentary elections.
What if voters’ minds change between now and then? And even if the negotiations over Britain’s departure were concluded on time, what would happen if the U.K. were presented with unfavourable terms?
(With inputs from AP.)
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