Reliance Retail plans to launch IPO by June. Government releases draft e-commerce policy. India to opt-out of WTO e-commerce talks. Mahindra launches its new app-based e-mobility service Glyd. Adani Group wins bids to operate 5 AAI airports.
Now to Today's Top Business News Stories in Our End Of Day Wrap Up:
Reliance Retail plans to launch IPO by June.
Betting Big: Reliance Retail Ventures, the retail unit of Reliance Industries (RIL), is planning to IPO by June this year.
RIL is betting on the company’s consumer businesses—Reliance Retail and Reliance Jio to double sales in about seven years, expecting them to contribute nearly as much to overall earnings as its energy and petrochemical arms.
Second to None: Reliance Retail already operates more than 9,900 stores in over 6,400 cities across India. This is more than the stores of all other organized retailers put together.
New Synergies: Last month, Chairman Mukesh Ambani announced that Reliance Retail and Reliance Jio will partner up to launch a new e-commerce portal.
Government releases draft e-commerce policy. India to opt-out of WTO e-commerce talks.
New Plan: The government released a draft e-commerce policy on Saturday.
The policy addresses six broad issues including data, infrastructure development, e-commerce marketplaces, regulatory issues, stimulating domestic digital economy and export promotion.
Breaking it Down:
Also: The Indian government has decided not to participate in the e-commerce discussions with WTO scheduled to begin in March.
The decision comes on the back of concerns that WTO talks would favor richer nations, and hence it is better to have an in-house starting point.
Adani Group wins bids to operate 5 AAI airports.
Fly High: The Adani group has won bids to upgrade and operate 5 out of 6 airports that the Airports Authority of India (AAI) had put out for bids, marking its foray into aviation.
The airports that the group has won are Lucknow, Jaipur, Ahmedabad, Mangalore & Trivandrum. Bids for sixth airport - Guwahati - have not been opened yet.
…And Higher: The group is also in talks with GVK for a possible acquisition of 23.5% stake in Mumbai International Airport.
A Hurdle Race: The GVK Group, however, is planning to exercise the right of first refusal to stall the Adani group’s entry.
The GVK group owns 50.5% in the Mumbai International Airport. 13.5% stake is held by Bidvest and 10% held by Airports Company South Africa (ACSA). AAI holds the remaining 26% stake.
Mahindra launches its new app-based e-mobility service Glyd.
Gliding All The Way: Mahindra & Mahindra ventures into app-based taxi market to rival established players like Ola and Uber with the launch of its e-mobility service, Glyd.
Glyd will run 10 e-Veritos on select routes in Mumbai.
This is the second foray by the Mumbai-based SUV specialist into the aggregator play after having entered into app-based cargo aggregator business in 2015 through the brand SmartShift.
True Blood: Glyd will have only Mahindra branded vehicles in its fleet.
See For Yourself: Glyd will offer a premium in-commute experience to office going executives, powered by several connected car features such as web-conferencing, curated entertainment and music content from selective partners.
Accounts of IL&FS and group companies not to be declared as NPAs without NCLAT nod. GST Council cuts tax rates for under-construction flats to 5%, affordable homes to 1%.
A Breather: As per NCLAT, no bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as NPAs without its permission.
The announcement comes as IL&FS is working towards a debt resolution plan.
Good Living: The GST Council has slashed tax rates for under-construction flats to 5%, affordable homes to 1% in bid to boost demand.
Presently, GST is levied at 12% with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale. For affordable housing units, the existing tax rate is 8%.
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