Mumbai, Sept. 11: The list of suitors for United Western Bank has narrowed down to Canara Bank and the Sicom-GOM-HDFC group trio. The Reserve Bank of India (RBI) is expected to decide on the troubled bank’s rehabilitation package this week. While the Maharashtra government and Sicom have managed to rope in the HDFC group, and together have proposed an infusion of Rs 350 crore, Canara Bank has also emerged as a strong contender for UWB.
Mumbai, Sept. 11: Tata Sons has increased its stake in Videsh Sanchar Nigam (VSNL) by 2 per cent to 7.64 per cent through open market purchases, thus taking the promoter group’s consolidated equity stake in VSNL to about 49 per cent.
New Delhi, Sept. 11: The government has approved in principle Reliance-ADA’s foray into the direct-to-home (DTH) service. Sources said the letter of intent was given today to Blue Sky Magic, a Reliance-ADA group company.
Bangalore, Sept. 11: The Reserve Bank of India has set up Banking Codes and Standards Board of India (BCSBI), a top official of the newly-formed board said. The BCSBI, promoted by the RBI and 11 public, private and foreign banks, addresses the systemic deficiencies in the banking system.
Chennai, Sept. 11: Merrill Lynch has offered to buy the truck portfolio from Shriram Transport Finance Company (STFL) for $200 million. STFL, a part of the Shriram group, is India’s largest truck finance company.
Mumbai, Sept. 11: Bombay High Court today adjourned till next week an arbitration petition filed by Jet Airways against the Sahara group regarding its failed deal to acquire Air Sahara.
Mumbai, Sept. 11: Natco Pharma will buy back its equity shares, amounting to a 5.72 per cent stake, from shareholders.
