Ajay Singh's consortium raises offer for Go First by ₹100-150 crore, says report
The consortium, which includes budget carrier SpiceJet's managing director Ajay Singh and Busy Bee Airways, increased the bid amount between 1 billion rupees ($12.06 million) and 1.5 billion rupees, one of the sources said. Key Points
mintWill this ₹7,000-crore rescue plan save Go First?
SpiceJet boss Ajay Singh and Busy Bee Aviation have submitted a joint ₹7,000 crore rescue plan for bankrupt airline Go First. Go First's committee of creditors on Friday discussed the bid, as well as a rival bid from Sky One. Key Points
mintAhmedabad may bid to host 2026 Commonwealth games after Australia pulls out over cost concerns
The Gujarat government is reportedly exploring the possibility of bidding to host the 2026 Commonwealth Games in the wake of Australia's Victoria withdrawing its offer to host the event due to rising costs. The authorities had earlier planned to prepare Ahmedabad for the 2030 Commonwealth Games, but now believe they can complete all infrastructure projects by 2026. Key Points
Economic TimesSBI sells loan of Atibir Industries to CFM Asset Reconstruction Company
The all-cash sale indicates a recovery of 73 paise on a rupee of the principal amount outstanding for SBI. The bank had informed interested bidders that it would auction the loan under the Swiss challenge method based on an anchor bid. CFM ARC made the anchor bid and there were no counter bids, two people close to the development said. Key Points
Economic TimesPalm Beach Road plot fetches record price, but 18 CIDCO plots receive no bid
A plot of land in the prime location of Palm Beach road in Navi Mumbai has been auctioned for a record bid of ₹6.46 lakh per sqm. This rate is close to that of prime land in Mumbai and highlights the unprecedented demand for land in the area. Despite the high bid, there were no bids for 18 other plots in the auction, which industry sources blame on the high base price set by CIDCO and current market conditions. CIDCO earned a total of ₹1,170.80 crore from the sale of the plots. | Mumbai news Key Points
Hindustan Times
Ineos’s bid values Manchester United at more than 5 billion pounds: The Times
Ineos is the only bidder to have valued the club higher than 5 billion pounds ($6.29 billion), the report added. Key Points
The Indian ExpressLenders to open bids for Go First today
Bids for bankrupt airline Go First will be opened on Friday. Ajay Singh, SpiceJet owner, and Nishant Pitti, co-owner of EaseMyTrip, are front runners with a bid of Rs 600 crore. SkyOne, owned by Jaideep Mirchandani, also placed a bid. Financial creditors have claims of around ₹4,300. Pratt & Whitney compensation is being pursued in a Singapore court case. Key Points
Economic TimesPatanjali enters race with all-cash offer of ₹830 crore to acquire Rolta India
Patanjali Ayurved has made a late bid to acquire debt-laden Rolta India with an all-cash offer of approximately ₹830 crore. This bid comes after Ashdan Properties was declared the highest bidder by banks last week. Patanjali Ayurved approached the National Company Law Tribunal in Mumbai, requesting lenders to consider its offer. The tribunal has put the onus on the committee of creditors to decide whether to entertain the bid since it emerged after the completion of the bidding process. Key Points
Economic TimesShree Cement plans to bid in India's lithium auction - source
India's Shree Cement (SHCM.NS) plans to bid for lithium mining rights under a government plan to secure critical minerals production through auctions that are expected to raise more than $5 billion. Key Points
ReutersReliance ARC files plea against Vidarbha Industries’ debt sale
In its petition, Reliance ARC has raised concerns over the Swiss Challenge Auction process, according to a lawyer source. The concern is that when an ARC makes a bid to buy a troubled asset or a nonperforming asset (NPA), it automatically becomes an initial bidder and this gives the ARC the exclusive right to match any bid that comes in during the Swiss Challenge Process, the lawyer explained. Key Points
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Exclusive: Trucking firm prepares long-shot bid for Yellow, seeks US Treasury support
One of the largest U.S. privately owned auto transport companies is quietly mounting a long-shot bid - with increasing help from the Biden administration - to rescue trucking giant Yellow Corp (YELLQ.PK) from bankruptcy liquidation and bring back some 30,000 union jobs, according to multiple sources familiar with the discussions. Key Points
Reuters5 terrorists killed in foiled infiltration bid in J&K Kupwara district
The incident occurred in the Machhil sector of Kupwara district. Vijay Kumar, Additional DGP of Kashmir, said that out of the 5 terrorists killed, 3 or more could be associated with Let. Key Points
ThePrintCFM ARC raises offer for Vidarbha Industries
In a meeting held today lenders asked CFM ARC to improve the bid amount to ₹1,265 crore from ₹1,220 crore and close the transaction, said a bank source. CFM ARC has deposited the entire amount in two tranches by the end of the day. Key Points
Economic TimesAdani Realty wins bid for ₹30,000 crore Bandra Reclamation redevelopment contract in Mumbai
Adani Realty has emerged as the 'preferred bidder' for the redevelopment of the Bandra Reclamation land parcel, offering 22.79% revenue to MSRDC, surpassing Larsen and Toubro's bid. The final approval is pending. Key Points
mintIPL title rights base price set at ₹1,750 crore
On December 12, the BCCI released a tender for title sponsor rights for the IPL seasons 2024-2028. The tender will be available for purchase until January 8. However, insiders noted that another way to look at the right-to-match clause is that the BCCI intends to do price discovery as Tata Sons might not be inclined to pay more than the base price. Key Points
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AustralianSuper rejects Brookfield offer to join $10.5 bln Origin takeover
Australian pension fund AustralianSuper said on Monday it had rejected an "eleventh hour" offer from a Brookfield-led consortium and its partner EIG to drop opposition to their $10.5 billion bid for Origin Energy and join the takeover. Key Points
ReutersWadia group looking for partners to bid for Go First
The resolution professional of Go First has invited Expression of Interest (EoI) in the company from investors. The EoI allows a company or a consortium to bid for the airline by August 9. Key Points
Economic TimesApex Capital Trust submits bid to acquire Paramount Global for up to $43 billion
(Reuters) - (Reuters is withdrawing this story pending further investigation about the legitimacy of the bid. More reporting will follow.) July 31 (Reuters) - STORY_NUMBER: L4N3JN201 STORY_DATE: 31/07 Key Points
ThePrintStocks in news: Paytm, Sula Vineyards, ZEE, Omaxe, SpiceJet
Zee Entertainment has alleged that Star India has not acted in accordance with the agreement between them over the sharing of the TV broadcast rights of ICC cricket matches and has sought a refund of Rs 68.54 crore from the Walt Disney-owned firm. Key Points
Economic TimesStarc, Cummins slam records: How have IPL's costliest buys performed so far?
Mitchell Starc and Pat Cummins breached the INR 20 crore mark in the IPL 2024 auction, with Starc becoming the costliest player (INR 24.75 crore to KKR). | Cricket Key Points
Hindustan Times
Iranian gets death penalty for adultery
Tehran: An Iranian court has sentenced a woman to death for adultery, the state media said. The woman worked as a trainer in a gym for women. It said her husband contacted the police in 2022 when he found her with another man at their house. Under Iranian law, she can appeal and courts can reduce de Key Points
The Tribune IndiaIndian cricket domestic media rights: Can BCCI breach 1 billion dollar mark with 21 games against Australi
The Board of Control for Cricket in India (BCCI) expects to surpass $1bn in revenue from selling TV and digital rights for India's cricket games played at home until March 2028, following the invitation of separate bids for the rights. Experts noted that digital rights are likely to outstrip TV rates, with Disney Star and Reliance Viacom and possibly the Zee-Sony conglomerate to submit the bids when the auction takes place in the first week of September. Key Points
Economic TimesIOC scraps maiden green hydrogen tender after bidders cry foul, move court
Industry players cited tender document skewed in favour of IOCs JV with L&T & Renew Power; 50 prospective bidders participated in pre-bid meet but eventually opted out, only 1 bid submit by IOCs JV co. In a cancellation corrigendum issued on February 21, IOCL said, the tender stands cancelled. The company did not reply to an email sent till press time. Key Points
Economic TimesInfiltration bid foiled along LoC in Poonch as Army, terrorists exchange fire
An exchange of fire took place between terrorists and army officials along the LoC in Jammu and Kashmir's Poonch. Additional forces have been rushed to the area. Key Points
India TodaySmall companies can now chase India's giant AI dreams
Sunil Gupta, chief executive of Yotta Data Services, which has placed a purchase order of 16,000 H100 GPUs from Nvidia and went live with 4,000 H100 GPUs a few months ago, concurred. “By lowering turnover thresholds and introducing greater flexibility in AI compute infrastructure requirements, the govt has made it easier for a diverse range of players including and especially the startups in the AI services space to contribute to this mission.” Key Points
Economic TimesNCLT approves Hinduja Group firm IndusInd International Holdings' resolution plan for Reliance Capital
Mumbai, Feb 27 (PTI) The National Company Law Tribunal on Tuesday approved Hinduja Group firm IndusInd International Holdings’ Rs 9,650-crore resolution plan for Reliance Capital. The Mumbai bench of the NCLT approved the plan submitted by IIHL (IndusInd International Holdings Limited) in June 2023 in the second round of bidding for the debt-laden company. A […] Key Points
ThePrintAmic Forging, Graphisads among 6 SME IPOs set to hit the Street this week. Check details
Dalal Street is gearing up for another busy week in the primary market as six small and medium enterprises (SME) IPOs to hit the primary market this week. However, Swashthik Plascon has already opened for subscription and will close this week. The Rs 31.73 crore initial public offering of Amic Forging will open for subscription on Wednesday Key Points
Economic TimesL&T, Spain's Navantia to jointly bid for $5-bln India submarine tender
Engineering and construction major Larsen & Toubro (LART.NS) on Monday said it struck an agreement with Spanish shipbuilder Navantia to bid for a submarine tender by the Indian Navy likely valued at more than 4.8 billion euros ($5.26 billion). Key Points
ReutersMankind Pharma IPO Day 1: Issue subscribed 14%, HNIs subscribed one-third of quota
Qualified institutional buyers (QIBs) subscribed for 8% of their reserved portion. Retail investors bid 14,39,737 times of the shares reserved for RIIs. Key Points
FinancialexpressRCap’s 2nd e-auction slated for April 4
IIHL’s confirmation saves RCap from a possible liquidation process. In case of no interest from bidders, the former Anil Ambani group company would face liquidation that would deplete the value of its assets. Key Points
Financialexpress
Prasar Bharati earns over ₹1K cr from auction of DD free dish slots
Experts say that the change in auction methodology has paid rich dividends for Prasar Bharati. The pubcaster had allowed channels from different genres to bid for slots that were earlier reserved for specific genres. Earlier, channels could only bid for slots in their respective genres. Key Points
Economic TimesGoFirst loses a suitor as EaseMyTrip's founder Nishant Pitti withdraws bid
EaseMyTrip's CEO, Nishant Pitti, announced the company's decision to withdraw its bid for airline GoFirst, citing a focus on their core strengths. This move comes after the Delhi High Court's recent order allowing lessors to deregister and repossess Go First's planes, which impacted hopes of favorable valuation for the defunct airline's creditors. Previously, Pitti's EaseMyTrip, along with SpiceJet promoter Ajay Singh, had jointly bid for Go First. Key Points
Economic TimesGermany, Spain join Mazagon Dock, L&T in contest for Rs 40,000 crore Indian submarine deal
Indian officials are currently evaluating competing bids to build six of the vessels in the country, senior Indian officials aware of the developments said, asking not to be named because discussions are private. One bid is from Germanys Thyssenkrupp AG along with Mumbai-based Mazagon Dock Shipbuilders Limited, with the other was submitted by Spains Navantia in partnership with private shipyard Larsen & Toubro, the people said. Key Points
Economic TimesE-buses tender: SC dismisses plea by Tata Motors challenging Bombay HC order on disqualification
The Supreme Court dismissed Tata Motors' plea against the Bombay High Court's decision upholding the disqualification of the automaker from a tender process for the supply of 1,400 electric buses. The court ruled that Tata Motors had deviated from the material and essential term of the tender process. The automaker had argued that its technical bid was unfairly rejected in favor of Hyderabad-based company Evey Trans. Key Points
Economic TimesHinduja Group firm emerges highest bidder with Rs 9,650 cr offer for Reliance Capital in second auction
The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. Key Points
Economic Times
NCLAT allows Reliance Capital lenders' plea for another round of bidding
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. Key Points
Economic TimesGo First crisis: EaseMyTrip’s Nishant Pitti withdraws bid for beleaguered airline
The move comes weeks after the DGCA de-registered 54 GoAir aircrafts, impacting valuation of the defunct airline. The now defunct airline owes its creditors more than Rs 6,200 crore. Key Points
Business TodayOn target: Auction of 6-7 multi-modal logistics parks
According to senior road, transport and highways ministry officials, 6-7 MMLPs will be bid out next fiscal with each entailing private investment upwards of ₹700-1,000 crore. Roughly 200 km of critical infrastructure gap projects for port connectivity via road are going to be executed in the fiscal 2023-24, a senior government official told ET, adding that these are being implemented under the larger vision of lowering India's logistic costs. Key Points
Economic TimesBronfman's Paramount bid could keep Shari Redstone involved, CNBC reports
(Reuters) -Former U.S. media executive Edgar Bronfman Jr. is open to Shari Redstone remaining involved with Paramount Global if its special committee accepts his consortium's bid for the company's Key Points
ThePrintWas sick during debate: Joe Biden
US President Joe Biden has dismissed concerns about his health and doubts about his re-election bid in November. He brushed off his poor performance in the... Key Points
The Tribune India
Lowballed, banks may seek better offer for Go First; liquidation a possibility
Lenders may ask bidders to improve offers in the resolution process for the airline. Liquidation is an option. SpiceJet consortium and SkyOne are front runners. Lack of information hampers bid conditions. Previous attempt to sell failed due to lack of information and protracted delays. Key Points
Economic TimesAdani Realty gets MSRDC's 24-acre Bandra Reclamation redevelopment project
Adani Realty, a subsidiary of the Adani Group, has emerged as the top bidder for the redevelopment of the Maharashtra State Road Development Corporation's (MSRDC) 24-acre land at Bandra Reclamation near the Bandra-Worli Sea Link, outbidding Larsen & Toubro, the only other eligible bidder. Adani Realty offered a 23.15% revenue share, surpassing Larsen & Toubro's 18%. The final decision rests with the MSRDC Board next week. Key Points
Economic Times