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Axis Bank set to buy Citi's India consumer business: Report

Private sector lender Axis Bank is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday. According to the sources, the deal, to be valued at USD 2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals.

In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.

Bain Capital to acquire 24.98% stake in IIFL Wealth for over Rs 3,679 cr

Global investment firm Bain Capital announced on Thursday that it has agreed to acquire a 24.98 per cent equity stake in wealth and asset management firm IIFL Wealth Management Limited from General Atlantic Singapore Fund Pte and FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax Holdings Corporation

Bain Capital proposed to acquire 22,155,000 equity shares of IIFL Wealth, with a face value of Rs 2, and constituting 24.98 per cent stake in the company at a price per share of Rs 1,661, which aggregates to a total consideration of Rs 36,799,455,000.

Hyundai, Saudi Aramco to jointly develop eco-friendly vehicle engine

Hyundai Motor Group said on Wednesday it will collaborate with Saudi Aramco and a Saudi Arabian university to jointly develop an environmentfriendly fuel and engine for vehicles. Hyundai, Aramco, and King Abdullah University of Science and Technology (KAUST) plan to develop an advanced fuel for ultra-lean burn, spark-ignition engines to lower a vehicle's overall carbon dioxide emissions, Hyundai said in a statement.

The two-year joint project aims to verify by how much greenhouse gas emissions can be reduced when e-fuel is used in hybrid electric vehicles instead of conventional fuel, it said

Sundram Fasteners gets GM honour; to invest Rs 350 cr in advanced tech

Sundram Fasteners Ltd (SFL)'s powertrain components division has been recognised as supplier of the Year by General Motors (GM) under its 30th Annual Supplier of the Year awards.

This is the ninth time the Chennai-based auto component major has received the coveted recognition, underscoring its consistent excellence in the quality and ability to meet global engineering benchmarks. Sundram Fasteners supplies key products to GM, including transmission shafts, radiator caps and more, which are seen across prestigious GM brands like Cadillac, GMC and Chevrolet. This comes close to the heels of the Ministry of Heavy Industries (MHA) approving the application submitted by the Company under the Component Champion Incentive Scheme of the PLI Scheme.

Google Pay launches Tap to Pay for UPI, in collaboration with Pine Labs

Google Pay in collaboration with Pine Labs on Wednesday announced the launch of Tap to Pay for UPI - a functionality that aims to bring the seamless convenience of Tap to Pay to UPI. So far, Tap to Pay was only available for cards. To complete a payment, all a user will need to do is tap their phone on the POS terminal and authenticate the payment from their phone, using their UPI PIN, making the process virtually instantaneous, as compared to scanning a QR code, or entering the UPI-linked mobile number.

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