 "Top headlines: MoS IT meets laptop makers, delays likely in IDBI stake sale")
Tender process for large projects is broken: L&T chairman A M Naik
The tendering process for awarding construction contracts by the government is broken and needs to be fixed urgently to reduce cost overruns to the tune of trillions of rupees, said Anil M Naik, outgoing chairman of Larsen & Toubro (L&T), India’s largest construction and engineering conglomerate. Read more
'Simple' licensing norms in the works; MoS IT meets PC, laptop makers
Minister of State for Electronics and Information Technology Rajeev Chandrasekhar on Tuesday met with top laptop, tablet and personal computer (PC) makers and assured them that the government would come up with an import licensing procedure that would be “simple and easy” to comply with. Read more
India's startups add gains of $400 mn to SoftBank's Vision Fund in Q1
Japanese investment firm SoftBank’s Indian portfolio startups — Zomato, Paytm, Delhivery, and PB Fintech — collectively contributed gains of over $400 million to the SoftBank Vision Fund (SVF) during the quarter ended June 2023. During the quarter, Paytm boosted the Vision Fund’s gains by $200 million, while Zomato and Delhivery each added $100 million to the fund, as indicated in SoftBank’s financial filings. However, there were no gains or losses recorded in the first quarter (Q1) from SoftBank’s investment in PB Fintech. Read more
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India July inflation likely breached RBI's 6% upper tolerance level: Reuters poll
India's retail inflation likely accelerated to 6.40 per cent in July on surging food prices, breaching the upper end of the Reserve Bank of India's 2 per cent-6 per cent tolerance band for the first time in five months, a Reuters poll of economists found. Read more
Procedural delays likely in IDBI Bank stake sale; bids expected in Q3
The strategic sale of government and state-owned Life Insurance Corporation (LIC) of India stakes in IDBI Bank might encounter procedural delays, potentially pushing the timeline for expected financial bids to the third quarter of the current financial year (2023-24, or FY24), according to sources familiar with the development. Read more