IndiGo headed for NCLT as differences arise between promoters. US escalates battle against Huawei Technologies. Places Huawei and 70 affiliates on US trade blacklist. Donald Trump set to overhaul immigration system, to propose merit-based immigration. GDP likely to grow at around 7% in FY20, as per CEA Krishnamurthy Subramanian. RBI releases 'Vision 2021' for payment systems for a 'cash-lite' society. Tata Chemicals to transfer food and beverages business to Tata Global. RIL-BP makes its first bid for an oil and gas exploration block in more than a decade.
Moving on to the top Business news of the day.
Tata Chemicals to transfer food and beverages business to Tata Global. RIL-BP makes its first bid for an oil and gas exploration block in more than a decade.
Big Plans: Tata Group has announced the demerger of its consumer products business of Tata Chemicals into Tata Global Beverages.
The move is a part of a larger mandate to bring food and beverages under one unit.
Only Change Is Constant: Tata Global will be renamed Tata Consumer Products after the demerger and will see its turnover rise 25% to INR9,099cr with Ebitda of INR1,154cr. The market capitalisation of the new entity will be INR18,000cr at the current share price of Tata Global, which is an increase of nearly INR5,800cr over its Wednesday’s market capitalisation, which stood at INR12,500cr.
Under the demerger process, 114 shares of Tata Global will be issued for every 100 shares of Tata Chemicals, taking the latter’s post-demerger share base to 920 million from 631 million now.
An Offer You Cannot Refuse: RIL-BP has made its first bid for an oil and gas exploration block in more than a decade. The combined entity made an offer for one block off the east coast.
A total of 32 blocks were up for auction in the OALP-II and III bid rounds. Mining major Vedanta put in as many as 30 bids, ONGC bid for 20 areas. Oil India Ltd (OIL) bid for 15.
Under the open acreage licensing policy or OALP, companies are allowed to put in an Expression of Interest (EoI) for prospecting of oil and gas in any area that is presently not under any production or exploration licence. The EoIs can be put in at any time of the year but they are accumulated twice annually.