Plan and Policy

Plan & Policy

DHFL to raise Rs 2,000 cr from NCDs

New Delhi

Housing finance firm DHFL on Thursday said it plans to raise Rs 2,000 crore through non-convertible debentures (NCDs) to fund business growth.

The company proposes to issue secured redeemable NCDs amounting to Rs 1,500 crore plus a Greenshoe option of up to Rs 500 crore on private placement basis, DHFL said in a regulatory filing to stock exchanges.

It will carry a coupon rate of 9.27 per cent per annum, it said.

DoT told to okay Airtel-Tikona merger before clearing dues

Telecom tribunal TDSAT on Thursday asked the department of telecommunications (DoT) to approve the Airtel-Tikona merger on the basis of an undertaking instead of insisting on payment of dues prior to the approval.

The DoT had asked Bharti Airtel to pay in cash and through a bank guarantee a total of Rs 1,626.89 crore to clear its merger with Bharti Digital Networks--formerly known as Tikona Digital Networks. Airtel has, however, approached the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) seeking a stay on the DoT demand, sources said.

Rahul charges PM of ‘deal’ with Ambani, Jaitley cries falsehood

The political dogfight over the controversial Rafale fighter jet contract intensified on Thursday with Rahul Gandhi asking what is the “deal” between Prime Minister Narendra Modi and industrialist Anil Ambani while Finance Minister Arun Jaitley accused the Congress chief of resorting to falsehood.

Cap on solar tariffs may threaten capacity addition plans

Any cap on solar power tariffs in future auctions could dampen free market sentiment and prove to be an Achilles heel for the plans of the ministry of new and renewable energy (MNRE) to achieve the solar power capacity target of 100 GW by 2022, India Ratings and Research (Ind-Ra) said on Thursday.

:Confusion over applicable safeguard duty, increased project cost due to the depreciating Indian rupee against the US dollar and a lower margin of safety (due to highly competitive tariffs) remain the key challenges to the solar power industry’s growth,” Ind-Ra said in a statement.

OYO launches upscale resort Palette

OYO Hotels has forayed into upscale hotels category, starting with a range of resorts christened as Palette. The resorts will offer exclusively designed staycations for those in search of intuitive experiences at competitive prices.

After gaining a strong ho­ld in the budget and mid-ma­rket categories, OYO is now set to add value to the experience of millennials, family vacationers and wanderlusters looking for a distinct, premium and curated experience, the firm said.

Link airfares to inflation, do away with dynamic pricing, say MPs

Some of the members of a parliamentary panel have suggested that the government should look at linking airfares with inflation instead of dynamic pricing system and also cap the ticket prices, sources said.

Some members of the parliamentary standing co­m­mittee on transport, tour­ism and culture made the suggestions during a meeting with senior officials of the civil aviation ministry on Wednesday. There have be­en persisting concerns about steep fluctuations in air ticket prices during festival seasons and calamities.

GoAir to start international flights from October 11

Riding high on rising passenger demand, Wadia Group-promoted budget carrier GoAir plans to launch international flights this October with maiden operations to popular tourist hotspot Phuket.

The airline chief executive officer Cornelis Vrieswijik on Thursday said flights on foreign routes would start from October 11.

The inaugural flights will operate to Phuket from New Delhi and Mumbai. The airline will also launch flights to Male in the Maldives from Mumbai and Delhi on October 14.

India pitches for rating upgrade with S&P

India on Thursday pitched for ratings upgrade with S&P as the US-based agency discussed macro economic situation with the finance ministry here against the backdrop of depreciating rupee and widening current account deficit (CAD), according to an official.

Rising oil prices, their impact on government finances and increasing GST collections figured in the discussions between the finance ministry officials, led by economic affairs secretary Subhash Chandra Garg, and representatives of the global credit ratings firm.

FM reels out numbers to defend DeMo

The larger purpose of demonetisation was to move India from a tax non-compliant society to a compliant one, and invalidation of non-deposited currency was not its only objective, finance minister Arun Jaitley said on Thursday.