The acquisition marks the first buy by billionaire Mukesh Ambani-owned Reliance Industries of an overseas retail brand.
The plan will mean the lenders will have a bigger holding than any other shareholder.
ArcelorMittal has bid 48 billion rupees ($673 million) to acquire Essar's 1200 MW power plant in central India, one of the most prized assets in the
Litigation has tied down some big restructuring deals and bankers are starting to sell bad debts at fire sale prices rather than wait for the system t
ITNL, the biggest subsidiary of IL&FS, houses some of the most valuable assets that could generate interest from investors.
The announcement potentially brings to a close a year long tussle for one of the most attractive assets under the new insolvency process in India.
The approval gives IL&FS a lifeline and time to sell some of its infrastructure assets and restructure its $12.55-billion debt pile.
In a few years, there may be only a few big companies and a few regional firms active in India's renewable sector.
IPOs & Markets
The move to float the unit is part of a government push to sell state-assets to raise funds.
Investors, private companies and consultants have said that GAIL's dominance in pipeline infrastructure across the country conflicts with its business
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