Business

Tata-owned Air India wants to acquire AirAsia India


Mumbai: Tatas-owned Air India plans to acquire no-frills carrier AirAsia India and has sought approval from the Competition Commission for the proposed deal. AirAsia India is majority-owned by Tata Sons Private Ltd with a shareholding of 83.67 per cent and the remaining stake is with AirAsia Investment Ltd (AAIL), which is part of Malaysia's AirAsia...

India’s biggest ever LIC IPO opens on May 4


Mumbai: The Life Insurance Corporation's (LIC) public issue offer is finally here, with the long-awaited initial public offering (IPO) to open on May 2 for anchor investors and from May 4 to May 9 for the general public, the insurance behemoth confirmed at its press conference. Beginning of "LIC 3.0", says LIC Chairman M R...

Tesla loses $125 billion in market value as Musk buys Twitter


San Francisco: With Elon Musk acquiring Twitter for $44 billion, the stock of his electric car company Tesla tanked, and at least $125 billion were wiped out from its market value over some obvious risks. According to media reports, Musk could face conflict with China over free speech, which is a key market for Tesla...

Gautam Adani becomes world’s fifth-richest, beats Warren Buffet


Mumbai: Adani Group chairman Gautam Adani has become the world's fifth-richest person overtaking legendary investor Warren Buffett. According to Forbes estimates, the net worth of 59-year-old Adani surged to $123.7 billion, while Warren Buffett's net worth stood at $121.7 billion. Buffett is 91 years old. Adani's estimated $123.7 billion net worth makes him the...

Musk willing to boost personal Twitter investment to $15 billion


San Francisco: Tech billionaire Elon Musk is reportedly willing to invest between $10 billion and $15 billion of his own cash to take the micro-blogging site Twitter private, media reports say. Musk, who disclosed ownership in Twitter in a filing with the Securities and Exchange Commission (SEC) earlier this month, has a 9.1 per cent...

Indian agency attaches assets of Amway worth Rs 757 crore


New Delhi: The Enforcement Directorate (ED) has attached assets worth Rs 757.77 crore belonging to Amway India Enterprises Private Limited -- a company accused of running a multi-level marketing scam, in connection with a money laundering case. The attached properties include land and factory building of Amway in Tamil Nadu's Dindigul district, plant and machinery,...

IMF cuts India’s 2022 growth prospects


Washington: The International Monetary Fund has further slashed India's economic growth prospects for 2022 to 8.2 per cent from its earlier projection of 9 per cent, which in itself was lowered from 9.5 per cent.  The global economy will suffer significantly from the war in Ukraine, the fund further projected in its World Economic Outlook. "Notable...

Zoom to set up second tech center in Chennai


Video conferencing and chat app Zoom on Apr.5 said it is setting up a second technology center in India, as it ramps up hiring in the country this year.  The new technology center in Chennai will supplement the existing technology center in Bengaluru, in addition to the two data centers in Mumbai and Hyderabad. The Chennai...

HDFC announces merger with HDFC Bank, shares surge


New Delhi: Housing loan major Housing Development Finance Corporation (HDFC) said its Board has approved merger of its wholly owned subsidiaries HDFC Investments and HDFC Holdings with HDFC Bank. Upon the merger scheme becoming effective, the subsidiaries or associates of HDFC will become subsidiaries or associates of HDFC Bank, it said in a regulatory filing...