Business
Top headlines: LIC files for IPO, Reliance could spark another telco battle
The government will sell its 5% stake in Life Insurance Company (LIC). Reliance Industries will enter the satellite broadband business. More stories from this morning’s headlines.
The government will sell its 5% stake in Life Insurance Company (LIC) through an initial public offering (IPO), of which 100% will be a tender offer. LIC filed its draft Red Herring Prospectus (DRHP) with market regulator the Securities and Exchange Board of India (Sebi) on Sunday, setting the stage for the country’s largest-ever IPO.
Market regulators are expected to approve the LIC IPO within three weeks, according to the sources. The Federal Government has frequently reiterated that the public offering of the LIC will take place within the current financial year (FY22).
It is understood that Tata Sons, the holding company of the Salt-to-software group, may remove the age limit for nominees to the Tata Trusts board. So far, nominees to the trust must retire from the Tata Sons board at age 70, although unlike independent directors, the position has never had a fixed term.
The latest changes mean that nominees to Tata Sons’ board will have permanent seats unless Tata Trust is recalled, sources said. No trustee or nominee shall serve on the board of any other Tata Group company.
Satellite broadband services are heating up. Reliance Industries ended months of speculation a few weeks ago when Jio Satellite Communications, a subsidiary of Reliance Jio, applied to the Department of Telecommunications (DoT) for a Global Mobile Personal Satellite Communications (GMCS) license.
The move will see Reliance lock the speakers in the telecom sweepstakes with its main rival, Sunil Mittal-backed OneWeb, which was the first to apply for the same license and is awaiting approval. For the uninitiated, such as the Unified Access Service License (UASL), which allows telcos to provide access to a range of terrestrial telecommunications services, GMCS provides satellite access services to customers. The only difference is that while UASL is for cities or “circles”, GMCS is for pan-India operations.
Complete News Source : Business Standard
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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