Future Retail Files New Case Against Amazon Over Deal
Kishore Biyani’s Future Retail has filed a fresh lawsuit against Amazon in the Supreme Court. Amazon owns a critical stake in Future Retail. Amazon won an arbitration order that stalled Reliance’s decision to acquire Future Group. Future Group has argued that if the deal with Reliance doesn’t go through, it would cause unimaginable damage to the group, It could mean possible job losses for 35,575 employees and risk Rs 28,000 crore in loans and debentures.
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Ami Organics IPO to Open Next Week
Specialty Chemical maker Ami Organics is set to launch its IPO next week on September 1, 2021. The company manufactures different types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical Ingredients (API). The company has three manufacturing plants in Gujarat situated at Sachin, Ankleshwar & Jhagadia, with an installed capacity of 6,060 MTPA. The company intends to raise Rs 570 crore through the IPO. The price band is set at Rs 603 to Rs 610 per equity share
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Airtel to Get Investment From Google
According to a TOI report, Google is now planning to invest money in telecom operator Bharti Airtel. It is reported that Google’s investment in Airtel could be substantially large running into several thousand crores of rupees. Google has invested a whopping Rs 33,737 crore and currently holds a 7.73% stake in rival platform Reliance Jio.
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EPF-Aadhar Link Mandatory From September 2021
The Employees’ Provident Fund Organisation(EPFO) has tweaked some rules regarding PF accounts. As per the latest update, your employer can credit money to your PF account only if your account is linked to your Universal Aadhar Number(UAN).
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Grasim to Invest Rs 5000 Crore in Paints Business
Aditya Birla Group’s Grasim Industries has approved a Rs 5000 crore CAPEX mainly towards its paint business. It has earmarked Rs 2600 crore CAPEX for the current financial year FY22. The proceeds would be mainly towards its viscose staple fiber (VSF) and chemicals business.
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FDI Equity Inflows Up 168% to Rs 1.3 Lakh Crore in Q1
Foreign direct investment (FDI) into the country increased twofold to Rs 1.3 Lakh Crore or USD 17.57 billion during April-June this fiscal. The rise is attributed to measures such as policy reforms and ease of doing business. The FDI in the same quarter last year was USD 11.84 billion or Rs 87,000 Crore.
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Jandhan Bank Accounts Rise to 43 Crores, Amount to Rs 1.46 Lakh Crore
As of August 18, 2021, Pradhan Mantri Jan Dhan Yojana accounts stood at 43 crores, totaling a Rs 1.46 crore balance in beneficiary accounts. Of this close to 55.47 percent (23.87 crores) Jan-Dhan account holders are women and 66.69 percent (28.70 crores) holders are in rural and semi-urban areas. Moreover, 36.86 crores or 85.6 percent are operative, and the average deposit per account is Rs 3,398, as per the statement
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