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Reliance becomes promoter in SWREL, holds over 40% stake

Sterling and Wilson Renewable Energy Ltd (SWREL) on Monday said that Reliance New Energy Solar Ltd (RNESL) has become its promoter post payment of balance Rs 1,583 crore for acquisition of 25.90 per cent equity in it. With this transaction, RNESL and other group firms together hold over 40 per cent stake in SWREL. Earlier RNESL (acquirer), Reliance Industries Ltd (RIL) and Reliance Ventures Ltd (RVL) had made initial payment of Rs 259 crore for acquisition of 49,13,791 shares or 25.90 per equity stake in the SWREL, showed a BSE filing.

Bajaj Auto retail sales drop 3% in December; two-wheeler sales slip 6%

Bajaj Auto on Monday reported a 3 per cent fall in its total sales at 3,62,470 units in December 2021. The company had sold a total of 3,72,532 units in the same month of 2020, as per a statement. Domestic sales, however, grew 5 per cent to 1,45,979 units in the previous month as against 1,39,606 units in December 2020, the company said in the statement.

Canada court orders seizure of Air India, AAI dues on Devas investors' plea

A court in Canada has ordered seizure of amounts collected by the International Air Transport Association (IATA) on behalf of Air India and the Airport Authority of India (AAI). Separate orders were passed on November 24 and December 21 on pleas by shareholders of Devas Multimedia Private Limited, who have filed multiple petitions to enforce arbitration awards against the Indian government.

After announcing merger of financial services, Shriram working on superapp

Indian shadow lender Shriram City Union Finance Ltd. is building a so-called super app to offer various financial products on a single digital platform, joining other major non-bank finance companies in taking on growing competition from fintech firms. The move follows another major shadow lender Bajaj Finance Ltd., which has also been working on its consumer app, as the sector tries to play catch up after undergoing a crisis that saw a number of finance companies fold up. India’s central bank superseded the board of Reliance Capital Ltd., Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd. in recent months, citing governance concerns.

Edelweiss Financial Services raises over Rs 456 crore via NCDs

Edelweiss Financial Services Ltd (EFSL) on Monday said it has raised Rs 456.24 crore through the issuance of non-convertible debentures (NCDs). The company has allotted 45,62,472 NCDs of the face value of Rs 1,000 each, a press release said.

AT&T, Verizon reject US request to delay rollout of 5G wireless tech

Verizon and AT&T have rejected a request by the US government to delay the rollout of next-generation wireless technology. A joint letter Sunday from the telecommunications giants to US Transportation Secretary Pete Buttigieg and Steve Dickson, the head of the Federal Aviation Administration, sought to dismiss concerns brought by US airlines that a new 5G wireless service could harm aviation.

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