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Top 10 business news: From Vijay Mallya’s Kingfisher House and DLF sale to Indian Railways

Fri March 18 2016, 10:26 am
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    Air Asia: Ending months of speculations, AirAsia India on Thursday said Amar Abrol will replace Mittu Chandilya as its CEO with effect from next month. Mittu Chandilya would continue with the airline until the end of April to ensure a smooth transition of the CEO role. Abrol, who has over 20 years of experience, was most recently the CEO of Tune Money, a startup that aims to deliver low-cost financial products in South East Asia. (AP)

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    Kingfisher House: Auction for Vijay Mallya’s Kingfisher House in Mumbai ended on Thursday with lenders failing to get any bids. The base price for the property was set at Rs 150 crore and the e-auction opened on Thursday. The property, with a built-up area of over 17,000 sq ft in Vile Parle area, is being auctioned by SBICAPS Trustee, a subsidiary of SBI Caps through an e-auction. The auction was conducted on e-auction property platform, AuctionTiger. (Reuters)

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    Tata Motors: Tata Motors' newly appointed chief Guenter Butschek on Thursday said that the company will undertake a transformation exercise, which would include a relook at brand positioning, revamping products and increasing its global footprint, in order to be "future ready". "Tata Motors will undergo a major transformation process in order to get future ready...We would like to effectively review the entire setup of Tata Motors as far as its structure is concerned, as far as the processes are concerned and when it comes to manufacturing, as far as the equipment and tools are concerned," he told reporters in his maiden media interaction. (Reuters)

  • DLF: India's largest realty firm DLF on Thursday sold its shopping mall at Saket in the national capital to its wholly-owned subsidiary for Rs 904.5 crore as part of its strategy to consolidate and monetise the rental assets. This is in line with the strategy to structure ownership of existing assets in order to facilitate potential monetisation either through REITs or otherwise in future, subject to necessary regulatory and statutory approvals, the company said in a filing to the BSE. (Reuters)

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    Indian Railways: Surat and Rajkot in Gujarat are among the cleanest train stations in India while Mughalsarai in Uttar Pradesh and Pune are among the dirtiest, a survey has found. The station at Bilaspur in Chhattisgarh was third among the 75 A1-category railway stations followed by Solapur and Mumbai Central in Maharashtra, Chandigarh, Bhubaneshwar (Odisha) and Vadodara (Gujarat), said the preliminary report of the survey, which was released by Railway Minister Suresh Prabu opn Thursday. (Reuters)

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    Vijay Mallya: Liquor baron Vijay Mallya today sought time till April for making a personal appearance before the ED, virtually making it clear he would not present himself before the anti-money laundering agency pursuant to summons issued by it in the IDBI bank loan default case. Officials said the beleaguered businessman has informed the Enforcement Directorate's investigating officer that he would not be able to keep tomorrow's date and sought time till April. (Express photo)

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    ICICI Bank: The country's largest private lender ICICI Bank on Thursday said it plans to raise funds to finance infrastructure and affordable housing by issuing long-term bonds via debentures. (Reuters)

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    MphasiS Ltd: Blackstone Group LP is nearing a deal to acquire HP Inc’s controlling stake worth about $940 million in Indian IT outsourcing services provider MphasiS Ltd, according to three sources directly involved in the deal. HP owns roughly 60.5 percent stake in MphasiS, and the U.S.-based parent had been looking to exit from the Indian venture to shore up its capital, as it struggles with weak demand for PCs and printers. (Reuters)

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    Eveready Industries: Continuing with its diversification drive, battery major Eveready Industries today announced its entry into the home appliances segment with a target of cornering 4-5 per cent market share over the next five years.The company had expanded its brand to electrical appliances and LED lighting in the recent past, after batteries and flashlights.

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