Top headlines: GST Council meet to begin today, Vedanta turns to LIC & more

The two-day Goods and Services Tax (GST) Council meeting, which begins today in Chandigarh, is likely to be action-packed

At a time when higher US interest rates have made it expensive for Indian firms to tap foreign bond markets, mining major Vedanta Limited is likely to have struck a direct transaction with Life Insurance Corporation of India (LIC) to raise Rs 4,809 crore through 10-year bonds. Airbus SE has emerged as the front-runner to win an aircraft order worth as much as $5.5 billion from Jet Airways India, people familiar with the matter said, solidifying the European planemaker’s hold in the world’s fastest-growing aviation market. 

GST Council meeting to begin on Tuesday with action-packed agenda

The two-day Goods and Services Tax (GST) Council meeting, which begins on Tuesday in Chandigarh, is likely to be action-packed. Shrimi Choudhary explains the issues that the Council is likely to take up: 

Compensation extension

Issue: While the Centre has in-principle agreed to extend the compensation cess until March 2026 for repaying debt, many states are seeking at least two-year extension of the regime citing revenue shortfall. Read more
 

Vedanta turns to LIC for Rs 5,000 cr as offshore borrowing gets costlier

At a time when higher US interest rates have made it expensive for Indian firms to tap foreign bond markets, mining major Vedanta Limited is likely to have struck a direct transaction with Life Insurance Corporation of India (LIC) to raise Rs 4,809 crore through 10-year bonds, multiple sources told Business Standard. “It’s a structured transaction with LIC which they (Vedanta) are doing. They (Vedanta) are AA-rated. It’s a 10-year paper. It’s a direct trade with non-coupon bidding; it is open bidding,” said a senior treasury official. Read more

SC asks Uddhav govt not to disqualify rebel Shiv Sena MLAs till July 11

Moving against rebel Shiv Sena MLAs, Maharashtra Chief Minister Uddhav Thackeray on Monday took away portfolios of nine ministers who have jumped ship, while the dissident MLAs took their fight to the Supreme Court, which kept in abeyance the disqualification proceedings against them before the Assembly Deputy Speaker till July 11. Read more

Airbus close to winning $5.5-bn order from Jet Airways: Report

Airbus SE has emerged as the front-runner to win an aircraft order worth as much as $5.5 billion from Jet Airways India, people familiar with the matter said, solidifying the European planemaker’s hold in the world’s fastest-growing aviation market. The talks are for A320neo jets and A220 planes, the people said, asking not to be identified because the deliberations are private. Read more

NMDC's steel plant sale may fetch enterprise valuation of up to $4 bn

Bankers and shareholders of mineral firm NMDC are set to clear the demerger of the steel plant on Tuesday, paving the way for its sale. Some of India's top steel companies are expected to participate in the sale process of the demerged entity, which could fetch an enterprise valuation of up to $4 billion as the competition will be intense due to its access to iron ore mines in Chhattisgarh, say bankers. Read more