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QBiz: Jet to Decide on Interim Funding; TaMo Plans Electric Cars

1. Jet Airways Lenders Shortlist 4 Suitors, Yet to Decide on Interim Funding

Etihad Airways PJSC, India’s National Investment and Infrastructure Fund (NIIF) and private equity firms TPG Capital and Indigo Partners were shortlisted on Monday, 15 April, to place binding bids for Jet Airways (India) Ltd, although there is no clarity on the eligibility of founder Naresh Goyal to bid for a stake in the cash-strapped airline.

Two people aware of the ongoing Jet Airways stake sale process said a final decision on Goyal’s eligibility was expected by Tuesday, when the cash-strapped airline's lenders were also expected to formally declare the names of all eligible bidders.

(Source: Livemint)

Also Read: Banks Refuse Funding, Jet Cancels Overseas Flights Till Thursday

2. SpiceJet Laps up Overseas Routes Vacated by Jet Airways; To Fly to 7 New Cities

Suspension of Jet Airways’ international operations have attracted other carriers to lap up the vacant slots on some of the key routes, including Mumbai-Colombo, Mumbai-Kathmandu, Mumbai-Hong Kong, Mumbai-Bangkok, etc.

Budget carrier SpiceJet announced on Monday that it will begin services on these routes next month onwards. Other destinations to which SpiceJet will start or add services from Mumbai are Dhaka, Riyadh, Dubai and Jeddah.

(Source: The Indian Express)

3. TaMo Plans to Drive in More Electric Cars Soon

After outbidding Mahindra & Mahindra in government tenders for electric vehicles, Tata Motors now plans to expand its offering in the passenger vehicle space with the widest portfolio.

Tata Motors plans to add Altroz EV, based on its premium hatchback and H2X, small SUV EV, to complement Tiago and Tigor EV. All these will address the different price points and buyer profiles in the sub-₹15-lakh bracket, ET has learned.

(Source: The Economic Times)

Also Read: Ford & Mahindra Sign Pact to Build New SUVs and Electric Cars

4. Elections 2019: Lucknow Emerges as Entrepreneurs’ Hub but Corruption Remains a Concern

Gaurav Lath, 33, founder of Tank-Up Petro Ventures Llp, represents young India in Lucknow, the capital of the biggest state, Uttar Pradesh.

Lath, who hails from Mihinpurwa village in Bahraich district, is the quintessential example of making it big. Having started many businesses in the oil and energy industry, Lath is the chairman of Confederation of Indian Industry’s Young Indians, Lucknow chapter, and a part of NITI Aayog’s Champions of Change programme.

(Source: Livemint)

5. Nestlé India to Seek Shareholders’ Nod on Royalty Schedule

Nestlé India, the local unit of the Swiss food giant, said it will seek shareholder approval for royalty payments every five years after investors and proxy advisory firms raised concerns over an earlier resolution that sought a one-time sanction from them.

The resolution pertaining to royalty payment was revised after receiving feedback from shareholders and other stakeholders, a Nestlé spokesperson said.

(Source: The Economic Times)

6. Firms With Turnover Over Rs 2 CR Can Now Start Filing GST Audit Reports for FY18

Businesses with an annual turnover of over ₹2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal.

The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by 30 June.

(Source: Livemint)

7. Mass Production of iPhones to Start in India, a Shift From China

Foxconn Technology Group Chairman Terry Gou said the iPhone will go into mass production in India this year, a shift for the largest assembler of Apple Inc.’s handsets that has long concentrated production in China.

Gou said that Prime Minister Narendra Modi has invited him to India as his Taiwanese company plans its expansion in the country.

(Source: Livemint)

Also Read: Now There’s An iPhone App Which Erases Your Social Media History 

8. Will Mindtree Fourth-Quarter Results Impact L&T’s Open Offer?

Independent directors of Mindtree should ensure that the company presents the true picture while announcing the quarterly numbers and resist any move to influence the open offer made by L&T, proxy advisory firms say. Mindtree will announce fourth quarter results on 17 April.

“Irrespective of any merger, acquisition or open offer independent directors are duty-bound to approve or suggest in the best interest of the company and one that fits the law and governance standards,” said JN Gupta, former ED SEBI and founder promoter, Shareholder Empowerment Services, a proxy advisory firm.

(Source: Business Line)

Also Read: Mindtree Board Evaluating ‘Several Options’ to Stave off L&T Bid

9. India's March Exports Pick Up, Help Contain Trade Deficit

India's goods exports picked up in March, boosted by the weaker rupee despite a slowdown in global trade growth, helping the country to contain its trade deficit despite a surge in oil imports.

Merchandise exports rose 11.02 percent to $32.55 billion in March from a year earlier, while imports were up 1.44 percent to $43.44 billion during the same period, a statement by the trade ministry said on Monday, 15 April.

(Source: Livemint)

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