Aarohi Blog

Decks have been cleared for the biggest foreign acquisition ever in India. The completion of the $12.9-billion Essar Oil buyout by Russian government-owned Rosneft and other partners is expected to be announced on Monday. The deal, signed in October 2016, went through a lot of hiccups, with the lenders to the Ruia-controlled Essar group insisting on certain conditions. Among the last to approve the deal was Life Insurance Corporation (LIC) of India. The Mumbai-based Essargroup owed over Rs 2,300 crore to LIC, part of which has been repaid. Around Rs 1,200 crore is said to be pending. The Essar group had in October 2016, signed a deal with Rosneft, United Capital Partners and Trafigura group to sell 98 per cent equity in Essar Oil. The proceeds from the sale were expected to help the group reduce its debt, which stood at around $13.5 billion at the time of signing the deal. Essar Steel, another group company, is undergoing insolvency proceedings after the Ahmedabad be...

No steps have been taken for the introduction of Sharia-compliant mutual funds in India, the Reserve Bank of India (RBI) has said. Replying to an RTI application filed by a PTI correspondent, the central bank said the Government of India had sought its comments on the launch of Sharia-compliant mutual funds by State Bank of Indiain December 2014. The RBI submitted its reply the same month, The Islamic or Sharia-compliant financial system is based on the principles of not charging an interest on deposits, as it is prohibited under Islam. "The Reserve Bank of India has not taken any step for introduction of Sharia-compliant mutual funds in India," the reply said. The RBI was asked to provide details on the introduction of Sharia-compliant mutual funds in the country. The SBI had in 2014 announced the launch of the same.However, it was deferred to make it a better and more attractive fund in the future, according to an official communication. H A...