Top headlines: FRL turns down Amazon bailout offer; Maruti Q3 net falls 48%

Business Standard brings you the top headlines on Tuesday

FRL's independent directors accept Reliance's bailout offer, reject Amazon

Independent directors of Future Retail Ltd (FRL) have turned down Amazon's offer of financial support to the company through a deal with private equity firm Samara Capital, saying the offer is "plainly an attempt to buy the FRL assets on the cheap".

FRL's independent directors had last week asked Amazon if the e-commerce giant was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied that it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with Reliance. Read more

Maruti Suzuki Q3 net profit falls 48% to Rs 1,011 cr, but beats estimates

India's top carmaker Maruti Suzuki posted a bigger-than-expected 48% drop in third-quarter net profit on Tuesday, as a global chip shortage slowed production and high raw material costs squeezed margins.

Carmakers, which closed plants or operated at reduced capacities during the height of the pandemic, have found themselves competing against the consumer electronics industry for chips which are a critical component in electronic devices. Read more

BPCL to invest Rs 10,000 cr in six new city gas licences in next 5 years

Bharat Petroleum Corporation Ltd (BPCL) on Tuesday said it will invest Rs 10,000 crore over the next five years in setting up city gas distribution networks in the cities for which it secured licences in the latest bidding round.

BPCL won licences to retail CNG to automobiles and piped natural gas for cooking purposes in six geographical areas or GAs bid out in the latest 11th bidding round of PNGRB. Read more

No SC relief for NGOs that lost foreign funding licence

The Supreme Court on Tuesday declined to an pass interim order to protect around 6,000 non-governmental organisations (NGOs) whose registration had been cancelled or declined to be renewed by the Centre under the Foreign Contribution (Regulation) Act.

A Bench headed Justice AM Khanwilkar asked these NGOs to make representation to Central government, which would take decision as per law. Read more