Sunday, October 11
Sumitomo Mitsui Banking Corporation (SMBC) is preparing to approach the Reserve Bank of India for a licence to operate a wholly owned subsidiary, said people with knowledge of the matter. The move by Japan's second-largest banking group is seen as part of a plan to acquire a controlling stake in the private sector lender. SMBC on May 9 signed a definitive agreement.This was for acquiring a 20% stake in Yes Bank from State Bank of India and a clutch of private banks for ₹13,483 crore through secondary market transactions. Once the Japanese bank gets approval to set up a wholly-owned subsidiary, SBI and the other banks are likely to sell their remaining stake-of nearly 14%-in accordance with the road map discussed with RBI by Yes Bank and SMBC, the people said.121555527SMBC operates four b
Mumbai: Tata Sons is injecting fresh capital of ₹30,000 crore ($3.5 billion) into its emerging ventures, including Tata Digital, Tata Electronics and Air India, as well as the defence and battery units. The investment will be through equity infusion, said people familiar with the matter. The defence business has recently been reaffirmed as a strategic priority, according to officials. The Tata Sons board approved the latest allocation at a meeting held on Thursday, said the people cited. This funding will be in addition to the $120 billion committed to new businesses in recent years."The capital infusion is considered part of the holding company's plan to meet requirements at the execution level, necessary to scale the new businesses for their next phase of growth," said a group executiv
