Adani Ports and Special Economic Zone has begun the buyback of foreign currency bonds. It has bought back debt worth $130 million as the troubled conglomerate gamely pushes ahead with its effort to trim its gross debt that amounted to Rs 42,750 crore at the end of September last year. The company has offered to pay cash to buy back its 3.375%, Senior Notes that are due in 2024. The outstanding principal amount on these notes is $650 million. The group will buy back a same amount of debt in four tranches.The decision to purchase the Notes was taken at a meeting of the finance committee of the board which was held at 4 a.m. on Monday – and conveyed to the markets in Asia before they opened for trading.
PhonePe plans to take on Google Play Store
Walmart-backed Indian digital payments app, PhonePe, is gearing up to launch its new app store in India. Reportedly, the fintech giant is working on a localised app store for the Indian market. According to a TechCrunch report, PhonePe has confirmed that it will be launching an app store in India. Currently, Google’s Play Store dominates the Android app store segment in the country. The report states that PhonePe’s app store will offer a ‘premier experience’ for millions of users in India and will also provide support for 12 Indian languages and 24×7 live chat.PhonePe claims that the company is in talks with multiple Original Equipment Manufacturers (OEMs) or phone manufacturers. It said that phone-makers are ‘very receptive’ – especially after the recent CCI order. A Competition Commission of India (CCI) order had earlier said that Google exploited its dominant position in the Indian market and fined the search giant a whopping $161 million.
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