RCom-Aircel merger collapses, doubts on debt repayment rise
Reliance Communications Ltd (RCom) has called off the merger of its wireless services business with Aircel Ltd, citing regulatory delays and opposition from some creditors, in a development that will further impede its efforts to pare its huge debt. RCom said it is now looking at alternative ways to reduce its debt, including sale of real estate assets and “optimization of spectrum”, the company said in a filing to stock exchanges on Sunday.
Jet fuel price hiked by 6%, LPG cylinder gets costlier by Rs1.50
Jet fuel or aviation turbine fuel (ATF) price was hiked on Sunday by a steep 6% on firming international rates, the third straight increase in rates since August. ATF will now cost Rs53,045 per kilolitre (kl) in Delhi, Rs3,025 per kl more than Rs50,020 previously, according to a price hike notification by Indian Oil Corp., the nation’s biggest fuel retailer.
Honda to recall 245,000 cars in China over faulty Takata airbags
Honda will recall more than 245,000 cars in China over concerns about airbags made by troubled Japanese giant Takata, Chinese authorities said Sunday, dealing another blow to Takata’s largest client. The Japanese car maker and its Chinese joint venture partner Guangqi Honda will start withdrawing vehicles fitted with the potentially faulty airbags beginning 23 October and will include Accord, Fit, City, Cross tour and Everus S1 models, China’s top consumer watchdog said.
L&T Infotech bags $100-mn govt contract to nab tax evaders
The ambitious initiative to use social media analytics to identify tax non-compliance is a $100-million project for the info-tech arm of engineering giant Larsen & Turbo, according to a company official. Since the note ban last November, the government has been putting in lots of efforts to plug the loopholes in the taxation system using advanced technology and the attempt got an added focus since the Reserve Bank in June had admitted that as much 99 per cent of the banned banknotes had returned to the system, negating the stated intent of cancelling 87 per cent of the notes in circulation.
Good News! Reliance Jio extends its festive offer; price cut massively; check out details
In some good news for customers, Reliance Jio extended its festive season offer for the sale of its 4G wi-fi device JioFi on Sunday morning. The news was confirmed by the company on its official Twitter handle. “The festive celebration continues! Get your JioFi for a reduced price of Rs.999. Buy now- http://bit.ly/__offer,” Reliance Jio’s official handle @reliancejio said on Twitter. Under this offer, the JioFi device which is originally priced at Rs 1,999, is available for Rs 999 after a discount of Rs 1000. The offer which started on September 20 was about to end on 30th September but Jio has given you one more chance to avail it.
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