Haldiram group has emerged as sole bidder for acquiring debt-ridden dairy firm Kwality with an offer of around Rs 130 crore in the ongoing insolvency, Livemint reported. After this month, the lenders are likely to vote on Haldiram’s bid, they added. Shailendra Ajmera, part of multinational consultancy which has been appointed as the resolution professional to conduct the insolvency proceedings, the insolvency process was started in December 2018 as the order was given by National Company Law Tribunal (NCLT). KKR, Global private equity player appealed insolvency against Kwality. Kwality had raised Rs 300 crore from KKR Indian Financial Services and also get an additional commitment of Rs 220 crore in 2016. For the expansion plans, the amount was raised and enter into consumer segment. On Wednesday, the Commi

Union minister Rajnath Singh held out hope for further tax rationalisation measures to invite foreign investment in the country. The defence minister is currently in France, to meet the heads of the French defence establishment on Thursday and invited them to participate in the ‘Make In India’ initiative. The minister was quoted as saying at the meeting by media, "Our government is ready to consider further tax rationalisation measures to encourage 'Make in India'." With the economic growth dropping to a five-year low, the government had recently eased the norms for Foreign Direct Investment to ensure the ease of doing business. The areas where norms were relaxed include single-brand retail, manufacturing sector and coal. A 100 per cent foreign investment was also allowed in coal mining and contract manufa

Air India stake will invite soon for bids by the government after potential buyers baulked at an initial attempt to divest a partial stake in the national carrier. A sale of Air India is key for the Union government to meet its ambitious disinvestment target of Rs 1.05 trillion for the year to 31 March. Meeting the target is crucial this year as the government estimates that its corporate tax rate cut will lead to a revenue loss of Rs 1.45 trillion. Air India has been surviving on a Rs 30,000 Crore government bailout and has ceded market share to private airlines such as IndiGo and SpiceJet. The ministerial panel to divest Air India, met first time on 19th September, headed by Home Minister Amit Shah to explore all options. It also includes Finance Minster Nirmala Sitharaman, civil aviation minister Hardeep Puri a

Piyush Goyal Commerce and Industry Minister has asked to Department for Promotion of Industry Internal Trade (DPIIT) to summon Amazon India and Flipkart which alleged over violation of Foreign Direct Investment (FDI) policy. On Wednesday meeting, the Confederation of All IndiaTrader(CAIT) to show him evidence pertaining for ‘deep discount and predatory pricing’ by Amazon India and Flipkart during their festive sales, said by reporters. Also, It further said that these firms were creating a competitive field. CAIT added that the government must ensure an audit on the functioning of e-commerce sites. CAIT's secretary-general Praveen Khandelwal had led the delegation to meet Goyal on Wednesday. Arvinder Khurana, president, All India Mobile Retailers Association, Dhairyasheel Patil, president, All India Consum

From today onwards Reliance Jio has started charging its customers  6 paise per minute for voice calls made to users of another telecom network. This would have no doubt come as a surprise for Jio subscribers who have been enjoying free voice calls so far. Jio, which entered the Indian telecom market with a bang a few years ago and created a major tariff war ever since said on Wednesday that it was ‘compelled’ to charge its users 6 paise/minute. Jio is doing this to recover the 6 paise/minute IUC (Interconnect Usage Charge) that the company pays other telcos to use their network during calls. Customers will have to pay IUC charges until TRAI brings the fee down to zero, which is expected to happen on January 1, 2020. The new regulation by Jio is already in effect, so here's a quick 10-point explainer of w

On October 23, Mark Zuckerberg, CEO of Facebook will testify before the US House of Representatives to discuss the concerns over his ambitious digital currency ‘Libra’ that has run into rough weather. Zuckerberg will be grilled by lawmakers and regulators during the Q&A session at the US House Financial Services Committee. The Facebook CEO will be the sole witness at the hearing, which is entitled, 'An Examination of Facebook and its impact on the Financial Services and Housing Sectors'. In July month Maxine Water (D-CA), Congresswoman and Chairwoman of the committee sent a letter to Facebook requesting an immediate moratorium on the implementation of facebook’s proposed cryptocurrency, Libra and digital wallet, Calibra. US lawmakers have attacked Facebook on its Libra project, calling it ‘delusion

To expansion plan of home services marketplace, UrbanClap on Wednesday announced the launch of operations in Australia, the second country outside of India, post a successful launch in UAE last year. UrbanClap will launch home care and personal care services including hair and beauty services, slated for November 2019. Australians value time spent with family and UrbanClap is all about helping customers get more free time while providing earning opportunities to the service providers. The gap between service providers and customers is a clear opportunity in a market like Australia. UrbanClap aims to bridge this gap and provide reliable services by matching quality service professionals with the service seekers. UrbanClap is all about helping customers get more fress time while providing earning opportunities t

After 31st January 2020, Google plans to make it compulsory to ship devices with Android 10 for all smartphone manufacturer. On this date, Google will only approve new devices running the latest Android version, Android 10 and the company will stop approving new devices running Android 9 Pie. GMS suite contains apps like the Google Play Store and Google Play Services and lack of GMS means devices won't come pre-installed with Google services. The approval process includes meeting the requirements in the Compatibility Definition Document (CDD) and the GMS Requirements document, passing automated test suites like the Compatibility Test Suite (CTS), Vendor Test Suite (VTS), and Google Test Suite (GTS). Read EquityPandit's Nifty Outlook for the Week