Top headlines: EPFO to pay in instalments, Silver Lake to invest in RIL

Business Standard brings you the top headlines of the day

EPFO to pay 8.5% interest for FY20 in two instalments, cites Covid impact

The Employees’ Provident Fund Organsation (EPFO) decided on Wednesday to credit interest rate to formal sector workers for 2019-20 in a staggered manner, citing the coronavirus pandemic’s impact on its income. The EPFO will credit 8.15 per cent to its subscribers for 2019-20 for now: significantly lower than 8.5 per cent it had decided upon in March. Read More...

Silver Lake's Rs 7,500 cr investment in Reliance Retail sets stage for more

The Rs 7,500-crore investment by private equity (PE) firm Silver Lake in Reliance Retail and a likely Rs 11,000-crore investment by KKR in the coming weeks, sets the stage for more stake sales by the company, informed sources have told Business Standard. Reliance Retail has given the option to investors in Jio Platforms to consider backing the former as it unlocks value, following the acquisition of Future group retail assets last week, persons in the know said. Read More...

KKR in advanced talks to invest $1 billion for stake in Reliance Retail

KKR & Co. is in advanced talks to invest at least $1 billion in the retail business of Indian billionaire Mukesh Ambani, according to people familiar with the matter, in what could be another U.S. investment in the unit following Silver Lake’s deal. KKR is in discussions for a stake in Reliance Retail Ventures Ltd., a unit of the largest retailer in India, said the people, who asked not to be identified because the information isn’t public. The private equity firm could invest as much as $1.5 billion and an announcement could come as soon as this month, one of the people said. Read More...

Fitch says BPCL privatisation is 'event risk' over little info on bidders

Fitch Ratings on Wednesday said the potential privatisation of BPCL is an "event risk" as there is little information about bidders and potential transaction structure. The rating agency affirmed Bharat Petroleum Corporation Ltd's (BPCL) long-term foreign-currency issuer default rating (IDR) at 'BBB-'. The outlook is 'Negative'. Read More...

SC asks Centre to clarify over refund for air tickets booked amid lockdown

The Supreme Court Wednesday asked the Centre to clarify whether it is willing to give complete refund of air tickets booked for travel during the COVID-19 lockdown. A bench headed by Justice Ashok Bhushan referred to a recent affidavit filed before it by the Director General of Civil Aviation (DGCA) saying that ticket booked for travel during the lockdown period will be refunded. Read More...