People with knowledge of the matter said the reason is uncertainty over the survival of a cash-strapped Vodafone Idea.
Majority owned by Bharti Airtel, Infratel is awaiting the outcome of the next hearing in the Supreme Court on the AGR issue on March 17, that will take stock of payments by telecom operators including Vodafone Idea. The latter is pressing for the deal to be implemented at the earliest, so that it can monetise its 7 per cent in the merged entity for Rs 4,500 crore.
Max Group’s Singh said a deal would give a boost to the overall life insurance sector.
The proposed deal is aimed at building a strategic and long-term relationship with Axis Bank.
The Rs 400 crore project, with a built-up area of 700,000 square feet, will be the second investment of New York Life Insurance in Max Ventures and Industries in the past two years.
Apax Partners also approached; Hero Corp & Analjit Singh currently in exclusive discussions
The outstanding debt of the Jaiprakash Associates group company has reduced to less than Rs 6,000 crore, from more than Rs 11,000 crore, following the restructuring. The terms involve an interest write back of about Rs 2,000 crore that will help the company report a net profit this fiscal, people in the know said.
On the complete consummation of the deal over the next 24 months, PayU will have about 80% stake in the merged entity.
Vodafone Group's withholding tax case is being dubbed as the stumbling block. All three parties are now looking at revisiting their original plan.
The government approved the strategic disinvestment in BPCL last week, along with transfer of management control, but excluding the stake in Numaligarh Refinery, which will be carved out of BPCL before privatisation. Completion of the stake sale could help the government mobilise more than Rs 60,000 crore, or $8.4 billion, and narrow the fiscal deficit.
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