Editor’s comment: CCI approves sale of Reliance Infra’s Mumbai power business to Adani as part of the former’s debt reduction plan. Deal value estimated at INR13k cr.
Online food discovery and delivery platform Foodpanda plans to invest INR400cr to scale up technology and hire upto 25,000 delivery riders in the next 12-15m.
ArcelorMittal and Ruia-family backed Numetal Mauritius to be top contenders to acquire distressed Essar Steel. Numetal is a SPV with Russian bank VTB as the largest shareholder, aside from construction co TPE and Ruias as a other shareholders.
One of Middle East’s largest exchanges UAE exchange adopts cryptocurrency Ripple for its international payments.
Airbus halts deliveries of its popular A320 Neo aircraft due to concerns regarding a new engine glitch said to affect almost one third of its aircraft.
Alibaba’s payments affiliate Ant Financial to raise c.$5bn at $100bn valuation. Ant Financial is also expected to go for an IPO in the medium term seeking a dual listing.