- Saturday, April 26, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy & business for Friday, March 17, 2023:
The Delhi high court on Friday sought response of the Indian government, Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) on a public interest litigation seeking to form a committee of experts to investigate the transfer of a stress asset portfolio of Rs 48,000 crore (£4.7 billion) from Yes Bank to JC Flowers Asset Reconstruction Company, PTI reported. In his PIL, former Rajya Sabha member Subramanian Swamy sought to direct the finance ministry, RBI and SEBI to formulate comprehensive guidelines in accordance with recommendations of the committee to check any such future agreements/ transactions and to regulate the arrangements entered into between banks/ NBFS or other financial institutions and Assets Reconstructions Companies.
Tata Consumer Products Ltd (TCPL), a fast-moving consumer goods major, has stopped acquisition talks with Bisleri International Private Limited, the Hindu BusinessLine reported. “In this regard, the company wishes to update that it has now ceased negotiations with Bisleri about a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter,” the company told the stock exchanges.
India Ratings and Research has revised the outlook on the Indian education sector to “improving” from “neutral” for upcoming financial year 2023-24, citing a recovery in enrolments post-pandemic and a continuous rise in enrolments in higher education, ANI reported. Demand, according to the rating agency, is mainly driven by medical and health allied courses. Further, citing union budget’s proposal to set up a National Digital Library for children and physical libraries for children at panchayat and ward level, it said it believes the government’s steps towards digitalisation will improve the approachability of learning content, leading to enhanced knowledge and skills, and ultimately better employment opportunities.
India’s largest gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain, PTI reported. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants. In a statement, GAIL said it has signed a memorandum of understanding with Shell Energy India to “explore opportunities for infrastructure development for ethane sourcing.”
Adani Transmission has incorporated an arm, Adani Electricity Nashik Ltd, for distribution business in the Nashik area of the western Indian state of Maharashtra, PTI reported. It is aimed at applying for a parallel distribution license in the city. “The company has incorporated a wholly-owned subsidiary company in the name of ‘Adani Electricity Nashik Ltd’ on 16th March, 2023,” it said in a regulatory filing.
