Daily Sector News Today – 30.11.2017
* AVIATION: The government proposes to transfer all of Air India's non-aviation assets and short-term loans of as much as $4.7 bln to a separate company, readying the airline for prospective buyers.
* CORPORATE: The Insolvency and Bankruptcy Board of India is expected to step up its drive against defaulters by allowing lenders to act against individuals who have given personal guarantees to corporate loan defaulters.
* ECONOMY: Public sector enterprises have begun asking their vendors to furnish an undertaking that they meet antiprofiteering norms and have passed on the benefits of the goods and services tax regime.
* FINANCE: The Securities and Exchange Board of India has pulled up SREI Multiple Asset Investment Trust and SREI Alternative Investment Managers for violating alternative investment fund rules.
* INSURANCE: Insurance Regulatory and Development Authority of India has cleared a proposal allowing private equity funds to become promoters of insurance companies through a special purpose vehicle with a lock-in period of five years.
* REAL ESTATE: Shriram Properties is looking to buy stressed residential projects with 50% of its portfolio in the coming years and is planning to float a 10-bln-rupee platform to acquire these assets in south India.
* STEEL: ArcelorMittal said its 29% equity stake in UTTAM GALVA STEELS will not impede them from participating in bidding for stressed steel assets in India.
* TELECOMMUNICATION: The telecom regulator has reiterated its suggestion to offer 100 MB data to users in rural and remote areas for free, but will focus on connectivity and local language content instead of affordability.
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* CORPORATE: The Insolvency and Bankruptcy Board of India is expected to step up its drive against defaulters by allowing lenders to act against individuals who have given personal guarantees to corporate loan defaulters.
* ECONOMY: Public sector enterprises have begun asking their vendors to furnish an undertaking that they meet antiprofiteering norms and have passed on the benefits of the goods and services tax regime.
* FINANCE: The Securities and Exchange Board of India has pulled up SREI Multiple Asset Investment Trust and SREI Alternative Investment Managers for violating alternative investment fund rules.
* INSURANCE: Insurance Regulatory and Development Authority of India has cleared a proposal allowing private equity funds to become promoters of insurance companies through a special purpose vehicle with a lock-in period of five years.
* REAL ESTATE: Shriram Properties is looking to buy stressed residential projects with 50% of its portfolio in the coming years and is planning to float a 10-bln-rupee platform to acquire these assets in south India.
* STEEL: ArcelorMittal said its 29% equity stake in UTTAM GALVA STEELS will not impede them from participating in bidding for stressed steel assets in India.
* TELECOMMUNICATION: The telecom regulator has reiterated its suggestion to offer 100 MB data to users in rural and remote areas for free, but will focus on connectivity and local language content instead of affordability.
