Verizon to acquire AOL for $4.4 billion

Bengaluru

Telecom giant Verizon Communications Inc on Tuesday said it would buy AOL Inc in a deal valued at about $4.4 billion. The offer of $50 per share is a premium of 17.4% to AOL’s Monday close of $42.59. The transaction will be completed this summer and will take the form of a tender offer followed by a merger, after which AOL will become a wholly owned subsidiary of Verizon, the company said. — Reuters

New Delhi

LNG subsidy auction ends; lowest price bid at Rs 1.42/unit

Fierce bidding for receiving government subsidy to import LNG for restarting stranded gas-based plants concluded with the lowest price bid of Rs 1.42 per unit on Tuesday. Power firms like GMR, GVK, Lanco were in fray for the government subsidy. The bidding round concluded with as many as three participants submitting the lowest price bid of Rs 1.42 per unit. PTI

Mumbai

DBS seeks RBI nod to set up subsidiary in India

The Singaporean lender DBS on Tuesday became the first foreign bank to seek the RBI’s nod to set up a local subsidiary. Last year, RBI had made it mandatory for all foreign lenders with over 20 branches to gradually go the wholly owned subsidiary route. PTI

New Delhi

India to grow at 7.5% in FY16, says Moody’s

India growth story received an impetus on Tuesday when rating agency Moody’s said it will grow at 7.5% in 2015-16, the highest among G20 economies. PTI

New Delhi

Google adds Indian Railways to its maps

Google on Tuesday added Indian Railways to its maps, which will allow users to check schedules and routes across eight cities in India.  PTI