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Steel major JSPL Mauritius' arm makes $ 357-mn prepayment to lenders

Homegrown steel major JSPL on Sunday said its subsidiary in Mauritius has made a prepayment of USD 357 million to lenders. The prepayment will help clear the entire debt on Jindal Steel & Power (Mauritius) (JSPML), Jindal Steel and Power Limited (JSPL) said in a statement.

Wockhardt, Serum Institute of India tie up to make vaccines in UK

Mumbai-based Wockhardt and Serum Life Sciences, a subsidiary of Serum Institute of India (SII), have entered into a partnership to make 150 million doses of SII vaccinesin Wockhardt’s UK plant.

“This is a profit-sharing arrangement whereby we are setting up a new facility at Wrexham in North Wales. The investment on the facility is a joint venture between the two partners. It will be able to make 150 million doses of any SII vaccine for which they deliver the drug substance to us,” Habil Khorakiwala, chairman, Wockhardt,told Business Standard.

Reliance Retail Ventures acquires 89% stake in Clovia for Rs 950 crore

Reliance Retail Ventures (RRVL) has acquired 89 per cent equity stake in Purple Panda Fashions, which owns and operates the Clovia business, an industry leader in the bridge-to-premium intimate wear category, with an investment of Rs 950 crore through a combination of secondary-stake purchase and primary investment.

The founding team and management will own the balance stake in the company, which include Pankaj Vermani, Neha Kant, and Suman Choudhary, who launched Clovia in 2013.

SBI lines up 12 NPA accounts for sale to recover dues of over Rs 820 cr

Country's largest lender SBI has lined-up a dozen non-performing assets (NPAs) on sale to recover loan dues of over Rs 820 crore, as per the bank's notifications.

In terms of the bank's policy on sale of financial assets, in line with the regulatory guidelines, SBI said it has placed these accounts for sale to asset reconstruction companies (ARCs)/ banks/ Non-Banking Financial Companies (NBFCs)/ financial institutions (FIs), on the terms and conditionsindicated there against.

In various notices on its website, State Bank of India (SBI) has put up a total of 12 bad assetsfor sale during this month to April 13.

HDFC Bank to give a digital push to small business loans

'Small' is big business for India's most valuable bank. After the regulator eased all curbs, HDFC Bank has decided to create a dedicated app for momand-pop storesto push merchant loans.

The bank now clocks at least ₹1,000 crore in merchant loans every month and is looking to triple the run rate. HDFC Bank will also launch an application 'AutoFirst' that will offer fully automated auto loans. "We don't want to wait for the most perfect product to launch, we will put together a minimum

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