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September 9 | Updated on September 08, 2021

New York Life to sell Bharti Cellular Stake

New York Life International Fund Mauritius Ltd (NYLIFML) will sell its holding in Bharti Cellular Ltd, controlled by the Mittals. NYLIFML is an associate company of New York Life International Inc of the US which has recently started life insurance business in India in collaboration with the Max group of companies. The stake will be taken over by Bharti Tele-Ventures Ltd (BTVL), the single largest shareholder of Bharti Cellular. This will increase Bharti Tele-Venture's stake in the company to 56 per cent.

FIs asked to find buyers for Dabhol foreign stake

The Government has asked domestic financial institutions (FIs) to open talks with prospective buyers for the foreign equity component in Dabhol Power Co (DPC). At a meeting chaired by the Finance Secretary, Mr Ajit Kumar, here, the domestic lenders have also been directed to revert to the Government with a blueprint for revival of the DPC which has been mired in controversy. The institutions have been given three weeks time to come up with a concrete plan for resolving the issue.

Ustad ad brews storm in the small tea cup

Owners of regional tea brands like Girnar, Society, along with eight others, have strongly criticised the recent advertisement campaign of Hindustan Lever's (HLL) Taj Mahal tea packets featuring the tabla maestro, Zakir Hussain. Mr P.O. Desai, Chairman of the Federation of All India Tea Traders' Associations' (FAITTA), an apex tea trader body in western India, told presspersons here that HLL was making "tall claims". Better quality tea compared to that of Taj Mahal may well be available in the market.

Published on September 08, 2021

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