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ACRE to buy Union Bank's Rs 411 crore Visa Steel Loan

Asset Care and Reconstruction Enterprises (ACRE) is set to acquire a ₹411 crore loan of Visa Steel from Union Bank of India after no other bidders participated in the auction. ACREs upfront cash offer of ₹143 crore equates to a recovery of 35%. With this acquisition, ACREs share of debt in Visa Steel will increase to around 60%.
Orissa High Court Union Bank Punjab National Bank Reconstruction Enterprises Canara Bank Buy Union Bank

Woman guard rape: Body cremated, police await autopsy report

A 19-year-old woman security guard, who was allegedly raped by her supervisor, has died and been cremated in Ghaziabad. Her family accused the police of pressuring them to perform the cremation after sunset, but the police denied the allegation. The cause of death remains inconclusive. The supervisor has been arrested.
Uttar Pradesh Peeyush Khandelwal Vivek Chandra Yadav Representative Image Safdarjung Hospital Crossings Republik

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Philips to expand local manufacturing in India; adds mother and childcare products to the list, ET Retail

Royal Philips has announced plans to expand production of mother and childcare products in addition to its beauty and grooming range in India. The company will be expanding production at its co-manufacturing site in Baddi, Himachal Pradesh, and will also be producing sterilizers for the mother and childcare segment.
Dadra And Nagar Haveli Himachal Pradesh Deeptha Khanna Deepali Agarwal Silvassa Union Territory Philip Personal Health

Fashion retailers in India suffer sales pain as tomato, onion prices surge, ET Retail

Fashion Retailers: Prices for tomatoes have rocketed, at one point close to five times since June, while those for onions, another staple in Indian cooking, have risen 80% in some areas like New Delhi. Food inflation for July hit a staggering 11.5%, far more than 4.6% in June and marking a three-year high.
New Delhi Kaushik Das Madan Sabnavis Anjali Mohanty Deutsche Bank Euromonitor International

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