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Tata Group to replace Vivo as IPL title sponsor from this year

One of India's largest business conglomerates, the Tata Group, will replace Chinese mobile manufacturer Vivo as the Indian Premier League's title sponsor for the next two years. As per reliable sources, the Tatas will be paying around Rs 670 crore for two years of title sponsorship while Vivo will pay a total of Rs 454 crore for termination of contract, which makes it a winwin situation for the BCCI as it is set to earn a whopping Rs 1,124 crore for seasons 2022 and 2023 respectively.

Govt set to become largest shareholder of Vi, to own 35.8% stake

The government is set to become the largest shareholder of Vodafone Idea as it has opted to convert interest on deferred spectrum and adjusted gross revenue dues into equity. The Centre in its telecom reforms package last October granted telecom companies a four-year moratorium on spectrum and AGR dues. Companies were also granted an option to convert interest on deferred liabilities into equity.

On Monday, the telecom company’s board decided to exercise the option and approved the conversion of full amount of interest (with a net present value of around Rs 16,000 crore) into equity. The shares would be allotted to the government at par value of Rs 10 per share since the average price of company’s share was below the par value on the relevant date that was fixed by the government under the reforms package.

Tata Teleservices opts for equity conversion; govt may get 9.5% stake After

Vodafone Idea, Tata Teleservices (Maharashtra) on Tuesday said it will opt for conversion of the interest amount on AGR dues into equity and post conversion, the government's holding in the company is expected to be around 9.5 per cent. The announcement of Tata Teleservices (Maharashtra) came within hours of Voda Idea also deciding to opt for converting the interest amount on AGR dues into government equity.

Shriram Transport Finance raises $475 million through social bonds

Asset financing company Shriram Transport Finance Company (STFC) on Tuesday said it has raised USD 475 million (about Rs 3,500 crore) through Reg S Bond, having a tenor of 3.5 years and offering a coupon of 4.15 per cent. The proceeds from the STFC social bond would be used for employment generation, including through micro, small, and medium-sized enterprise (MSME) financing, the lender said in a release.

Aurobindo Pharma arm CuraTeQ expands scope of distribution pact with Orion

Aurobindo Pharma on Tuesday said its subsidiary CuraTeQ Biologics has expanded the scope of its marketing and distribution agreement with Orion Corporation (Orion) to commercialise its biosimilars pipeline to include the Baltic states in Europe. Earlier in 2020, CuraTeQ and Orion had entered into a licensing agreement, granting marketing and distribution rights for Indian company's biosimilar products under development in the Nordic states, Austria, Hungary and Slovenia. Under the terms of the agreement, Orion will be responsible for commercialization of CuraTeQ's biosimilar products, currently in various stages of development/filing for the partnered territories, Aurobindo Pharma said in regulatory filing.

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