Top 10 biz headlines: RIL vs Amazon, RCom-Ericsson case, & more

Mukesh Ambani's plan to take on Amazon to Aircel dues, Business Standard brings you top 10 business stories that made news on Monday

TPG Capital, Etihad, NIIF likely to bid for cash-strapped Jet Airways

Abu-Dhabi based Etihad Airways, a 24 per cent shareholder in Jet Airways, is evaluating its options to participate in a pre-bid process for the troubled airline as part of a bank-led resolution plan, sources in the know said. Besides Etihad, there are other potential bidders, too. San Francisco-based private equity investment firm TPG Capital, with an estimated $75 billion, is in the race to bid for Jet Airways, which is left with a fifth of its original fleet and has an accumulated debt of over Rs 8,500 crore. Atlanta-based airline Delta is in the reckoning as well. Read on...

CAG raps I-T dept for spending Rs 1,000 cr on rent despite having own land

The income-tax department, grappling with tax slippages, seems to be also lagging when it comes to optimum utilisation of its own assets. The department’s spends on office spaces in Mumbai — considered to be the most expensive real estate market in India — have been objected to by the Indian Audit and Accounts Service. The audit office, a department of the Comptroller and Auditor General of India, in its draft report, has highlighted that the tax department spent Rs 1,000 crore on rentals despite possessing a huge land bank at Nariman Point since the 1990s, sources said. Read on...

Banks to lead earnings growth in Q4; Nifty50 firms' profit may grow by 23%

Brokerages are expecting a sharp uptick in corporate earnings during the January-March 2019 quarter on the basis of a turnaround in commercial banks such as State Bank of India and Axis Bank. The combined net profit of Nifty 50 companies is expected to grow by 23.6 per cent year-on-year (YoY) during Q4 FY19 against 4.4 per cent growth in the corresponding period a year ago and 7.3 per cent growth in the December 2018 quarter. Read on...

One deal at a time: How Mukesh Ambani is trying to take on Amazon in India

A $2.5 billion spending spree involving more than two dozen deals provides some insight into how Mukesh Ambani is piecing together a strategy to take on Amazon.com Inc. in India. Asia’s richest man is sharpening his focus on e-commerce with a string of tiny acquisitions and stake purchases to face the world’s largest online retailer, after shaking up India’s telecommunications industry with cheap data and free calls. Read on...

Lenders may take 90% haircut on Aircel dues; ARC offers to pay Rs 2,000 cr

The lenders of bankrupt wireless telephony firm Aircel are staring at a massive haircut of 90 per cent after they received just one bid from UV Asset Reconstruction Company (ARC). The ARC has made an offer of Rs 2,000 crore to the lenders, against Rs 20,000 crore dues of the company. Lenders are expected to vote on UV ARC’s proposal in the last week of April. Results are expected by mid-May, said a source close to the development. If the offer is not accepted by banks, the company will go into liquidation, according to the Insolvency and Bankruptcy Code (IBC) norms. Read on...

Investment boost: World Bank says India GDP to grow 7.5 per cent this year

India's GDP growth is expected to accelerate moderately to 7.5 per cent in the 2019-20 fiscal year, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said. The real GDP growth is estimated at 7.2 per cent in 2018-19, the World Bank said in its latest report on South Asia on Sunday, ahead of the spring meeting of the World Bank and the International Monetary Fund (IMF). Read on...

Ericsson will have to refund Rs 550 cr if RCom insolvency proceeds: NCLAT

Ericsson India Private Limited will have to refund the entire amount of Rs 550 crore it got from Reliance Communications Limited (RCom) if the stay placed by the National Company Law Appellate Tribunal (NCLAT) on May 30 last year is vacated by it, a two-judge bench led by Chairperson Justice S J Mukhopadhaya observed. Read on...

Taxman to go after 65,000 non-filers for 2016-17

The Income Tax Department will initiate recovery of tax along with penalty from approximately 65,000 assessees who deposited Rs 10 lakh or more in their bank account during demonetisation, but did not file return for the assessment year 2017-18 (financial year 2016-17). After getting notice from the tax department, nearly 2.1 lakh filed their return by March 31, 2018, while other nearly 25,000 only responded after that, according to a news report in the Hindu Business Line.

Samsung plans new strategy to take on Chinese rivals

Facing pressure in television segment from Chinese brands, South Korean electronics giant Samsung is expected to widen its market share lead this year in the Indian market by launching products targeting the millennial consumer base, reported The Economic Times.

Ikea finds mattresses score over bookcases in India

Ikea, a Swedish do-it-yourself (DIY) furniture retailer, which opened its first Indian store in August last year, has been mostly selling cutlery, home interiors and tool kits – according to a news report in the Livemint. Unlike the company’s Billy Bookcase, which is sold somewhere in the world every five seconds, it is the mundane items such as mattresses and cutlery that are the most popular at its sole Indian store in Hyderabad.