Corporates

Jet Airways chairman Naresh Goyal told the airline's pilots on Monday he needed "a further short time" to finalise a rescue deal for the cash-strapped carrier as the process is complex, reported news agency Reuters. Mr Goyal's letter comes at a time when the carrier is reeling with a heavy debt of one billion dollars. In a letter, Mr Goyal said he was "committed to have the process completed as soon as possible and restore much needed stability" to the airline's operations, and that he would make it a top priority to settle delayed salary payments for pilots and some other staff once a deal is finalised.

The NCLT had approved the resolution plan on March 8 but the matter went to the appellate tribunal, following an appeal filed by Essar's promoters

Industrialist Anil Ambani-led Reliance Communications Ltd (RCom) said on Monday it terminated a deal to sell its telecom assets to Reliance Jio Infocomm, the mobile telecom firm controlled by Anil's elder brother and Asia's richest man, Mukesh Ambani. The announcement comes at a time when Anil Ambani's Reliance Group, a diversified business empire, is facing falling valuations of group companies and a loss of goodwill, sparking heavy selling of pledged shares.

Naresh Goyal also said that talks for the rescue deal with the airline's biggest shareholder, Etihad Airways, and lenders are ongoing.

The company will sell four Leela hotels at Bengaluru, Chennai, Delhi and Udaipur and its property in Agra to Brookfield

RCom owes a total Rs 571 crore to Ericsson, including a one-time settlement of Rs 550 crore and interest payments of Rs 21 crore.

Jet Airways has delayed payments to its pilots, suppliers and lessors for months and defaulted on loans.

LIC holds 51 per cent stake in IDBI Bank under a specific permission from Irdai, but under the condition that it will bring it down.

In 2018, the company failed to find any suitors during the last and the only attempt by the government to divest its stake in the airline business.

Besides, the Singh brothers have been asked not to associate themselves with the affairs of REL and RFL till further directions.

The move comes even as a fresh petition was filed before NCLAT by Essar executives seeking to set aside ArcelorMittal's winning bid approved by NCLT

Reliance Infrastructure Ltd said on Thursday it signed an agreement to sell its stake in special purpose vehicle (SPV) Delhi-Agra (DA) Toll Road.

The Supreme Court today asked former Fortis Healthcare promoters and estranged brothers Malvinder Singh and Shivinder Singh to inform it on how they plan to comply with a Rs 3,500 crore arbitration order passed against them by a Singapore tribunal. "You were the flag bearers of the pharmacare industry and it doesn't look good that you are appearing in court," the top court said. It asked the duo to consult their financial and legal advisors and submit the plan by March 28, saying "hopefully it will be the last time you are appearing in the court".

Six invoices issued by Godfrey showed billing of Rs 4.55 crore ($644,200) to Philip Morris between December 2013 and January 2018 for manufacturing-related charges.

Adani Enterprises will look after the operation and management of the airports, currently run by the AAI, for 50 years.