News digest: LIC-IDBI Bank deal, anti-graft Bills, Bombay House, and more

From LIC-IDBI Bank deal to Bombay House, BS brings you top stories to keep up with the latest news

RBI gives in-principle nod to LIC for acquiring majority stake in IDBI Bank
 
The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said.
 
The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said. Read more here
 

Infosys loses 44% of its investment in Panaya, may see further erosion
 
Infosys, the country’s second-largest IT services company, on Thursday said the fair value of its subsidiary Panaya at the end of 2017-18 stood at $130 million, a sharp drop of 44 per cent of the investment the company had made in the Israeli automation company.

 
In a regulatory filing with the Securities and Exchange Commission (SEC), the regulator in the US, the company, basing itself on its negotiations with prospective buyers, said it might see a further erosion in Panaya’s fair value. Read more here
 
 Novelis to decide on Aleris buy today; investors jittery about $2.5-bn deal
 
The board of directors of Novelis, a subsidiary of Hindalco, is meeting on Friday to take a call on whether to go ahead with its proposed acquisition of Aleris Corp for $2.5 billion.
 
The acquisition of Aleris, a US-based aluminium rolling firm, if approved, will require additional fundraising, including via American depository receipts, by Novelis. “The board meeting will decide whether to go ahead with the transaction or not. The board will also decide how to raise funds for the acquisition. Whether to raise more debt or equity will be decided in the same meeting,” said a source close to the development. Read more here

 
Narendra Modi govt pushes anti-graft Bills ahead of trust vote
 
On the eve of the no-confidence motion in the Lok Sabha, the Narendra Modi government on Thursday built a narrative to showcase its efforts at curbing corruption, while the Opposition tried to punch holes in its claims.
 
Aware that opposition parties would demand answers on the government’s purported failure on the anti-corruption front — a plank that helped the Modi-lead Bharatiya Janata Party (BJP) sweep the 2014 elections — the government successfully pushed the Fugitive Economic Offenders Bill through the Lok Sabha, while the Rajya Sabha passed a Bill that seeks to amend the Prevention of Corruption Act, 1988. Read more here

 
After Rs 800 million makeover, Bombay House set to reopen on July 29
 
A Starbucks outlet and a Tata Experience Centre will soon welcome visitors to the newly refurbished Bombay House. The 94-year-old iconic building, the headquarters of India’s largest corporate house, the Tata group, is set to reopen on July 29, which will mark the 114th birth anniversary of JRD Tata and 150 years of the group.
 
Top executives of the group are scheduled to cut the ceremonial red ribbon. Close to 600 employees of Bombay House will step into a hi-tech new office that promises to have more open spaces and fewer cabins. The heritage building, which was shut in November 2017 for the first time, has undergone a thorough makeover of its interiors at an estimated cost of Rs 800 million, even as the façade retains the Edwardian neo-classical look. Read more here