Top headlines: Govt's Rs 6.3 trn package, upGrad to join unicorn club

Business Standard brings you the top headlines on Tuesday

Top headlines of the hour: Govt announces 6.3 trillion package to spur growth, Suraksha group may face legal hurdle to take control of Jaypee, Edtech upGrad set to join unicorn club with $4-billion valuation

Govt announces 6.3 trillion package to spur growth

Union Finance Minister Nirmala Sitharaman on Monday announced the much-awaited fiscal package to revive the economy ravaged by the second pandemic wave. The Rs 6.28-trillion package included a new credit guarantee scheme for health, tourism and micro borrowers, besides expanding the Emergency Credit Line Guarantee Scheme (ECLGS) by half to Rs 4.5 trillion and extending the Aatmanirbhar Bharat Rozgar Yojana.

The new announcements include extending credit guarantees of Rs 2.6 trillion and schemes worth Rs 2.4 trillion, spread over the next two to four years. An additional allocation of Rs 2.32 trillion has been made to develop health facilities for children. Read more

Suraksha group may face legal hurdle to take control of Jaypee

Suraksha Group which acquired Jaypee Infratech by pipping government-owned NBCC India has been in the works for four years, will result in resolution of Rs 22,600 crore of debt given by Indian lenders to Jaypee Infratech, which was sent to bankruptcy court in August 2017.

With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai’s real estate market over the past year. Read more.

Edtech startup upGrad set to join unicorn club with $4-billion valuation

Temasek-backed edtech startup upGrad is in talks with global private equity and venture capital investors to raise $400 million at a valuation of $4 billion, according to sources.

The company is also planning to close two significant acquisitions—a global short-form course player and another in the executive education space--in the next two to three months. At the last fund raise earlier this year, upGrad was valued at close to $850 million. Read more

MSCI warns India, four other emerging markets against restrictive policies

Global index provider MSCI has warned India and four other emerging markets (EMs) against restrictive policies, and reiterated that any move that impedes overseas investment could lead to a downgrade.

MSCI’s popular indices such as the MSCI Emerging Markets Index and the MSCI Asia Pacific ex Japan Index are tracked by funds with trillions of dollars of investments. China, South Korea, and India are among the top markets in the EM basket. Read more

NCLAT declines US firm's plea against Piramal group's bid for DHFL

The appellate insolvency tribunal NCLAT on Monday declined a plea by US-based Prudential International Insurance Holdings (PIIHL) challenging an NCLT order approving the Piramal group’s bid for the debt-ridden Dewan Housing Finance Corporation (DHFL).

The NCLAT termed the plea “premature”, given that it approached the appellate tribunal without getting a decision on its petition filed before the Mumbai Bench of the NCLT, which is scheduled to hear the matter on Wednesday (June 30). Read more