The government has unveiled a mega plan to merge 10 public sector banks (PSBs) into four, thereby reducing the number of state-owned banks from 18 to 12. Under the consolidation process, the Oriental Bank of Commerce...
Orbo.AI raises $1.6 million in pre-Series A funding round
Orbo.ai, an AI-powered imaging and visual enhancement startup, has announced a pre-Series A funding of $1.6 million led by institutional funds YourNest Ventures and Venture Catalysts. The round saw participation from...
NCLAT grants three weeks’ time to Dighi Port promoters to settle claims with lenders
The National Company Law Appellate Tribunal (NCLAT) has granted three weeks’ time to the promoters of debt-ridden Dighi Port Ltd to negotiate with the company’s financial creditors to settle their claims. A...
SAIL reinvites EOIs to sell three loss-making units
In order to get rid of three operational loss-making units, Steel Authority of India (SAIL) has invited expressions of interest (EoIs) from potential bidders for outright sale of these units. A similar attempt in 2017...
Deutsche Bank’s $8 billion overall includes exit from global equities
Deutsche Bank AG will exit its equities business and post a net loss of 2.8 billion euros ($3.1 billion) in the second quarter as Chief Executive Officer Christian Sewing seeks to boost profitability and shrink the...
Next trade-war casualty may be mergers and acquisitions market
Already, one megadeal is at risk because of the US-China trade spat: a massive order by Chinese airlines for Boeing planes that may be worth more than $30 billion. A Bloomberg News story on Wednesday detailed how...
Oriental Bank of Commerce says no specific merger plan now
Oriental Bank of Commerce (OBC) on Thursday said that its board hasn’t approved any “specific proposal” on merging any other public sector lender with itself. The bank hasn’t sought the finance ministry’s approval on...
BoB proposes to raise Rs 11,900 crore through share sale in FY’20
State-owned Bank of Baroda (BoB) plans to raise Rs 11,900 crore during the current fiscal through share sale, including Employee Share Purchase Scheme to shore up capital for meeting business expansion requirement. The...
Private equity firm ADV Partners buys Tata DLT
Tata International and Sri Lanka-based Dutch Lanka Trailer Manufacturers (DLTM) are about to sell their 50-50 joint venture company Tata International DLT (Tata DLT) to Canyon Point Investment, a wholly-owned subsidiary...
NMDC mulls acquiring 100 percent stake in its Aussie arm-Legacy Iron
State-owned NMDC Limited is mulling owning 100 per cent stake in Australian arm Legacy iron by acquiring the remaining 24 per cent shares and delisting it from the Australian Stock Exchange (ASX), a senior official of...
AstraZeneca moves US court against Aurobindo Pharma on generic Daliresp
Pharma major AstraZeneca has filed a petition in a US court, alleging that Aurobindo Pharma is attempting to come out with the generic version of its patented drug Daliresp (Roflumilast Tablet 500 mcg). In a petition...
Adani keen on acquiring Jaypee Infratech assets, approaches RP, CoC
After failing to acquire debt-laden Jaypee Infratech earlier, Adani group has again evinced interest in taking over the cash-strapped real estate developer and has urged the committee of creditors (CoC) to allow it to...
