Reliance Industries subsidiary acquires 85% stake in NowFloats in a INR142cr deal. Govt to sell 100% stake in Air India. Huawei secures commitment to build part of Germany's 5G infrastructure. Saudi Aramco hits $2tr target valuation.
Changing Hands: The government is set to sell 100% stake in debt-ridden national carrier Air India under the proposed disinvestment process, said Union Minister Hardeep Singh Puri.
Air India's net loss in 2018-19 is provisionally estimated to be INR8,556.35cr. ToI
In Other News...: Reliance Industries Ltd (RIL) has announced that its wholly-owned subsidiary Reliance Strategic Business Ventures Ltd (RSBVL) has acquired 85% stake in NowFloats Technologies for a cash consideration of INR141.63cr in a bid to strengthen the group's digital and new commerce initiatives.
RSBVL proposes to make a further investment of up to INR75cr, subject to achieving agreed milestones, and is expected to be completed by December 2020, it added. Post the additional investment, the shareholding of RSBVL in NowFloats will increase to 89.66%. Business Today
Stop Only At The Summit: In early trading on Thursday, energy giant Saudi Aramco's share price rose 8% to $10.30, giving it the coveted market capitalization of $2tr, up from the $1.7tr valuation set during the company’s IPO. ET Markets
Huawei Technologies has secured a commitment from Telefónica SA, one of three major mobile operators in Germany to build part of the country's 5G infrastructure, subject to Huawei equipment meeting government security standards.
The deal, if finalised, will strengthen Huawei's position in Europe’s largest economy despite calls from lawmakers to bar the Chinese company. CNN Business
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