Across India, decades of mismanagement and political meddling have left utilities selling electricity below cost and turning a blind eye to rampant theft.
At the current market price of the stock, that stake would be valued at about $1.5 billion.
A total of 41 companies had applied for the permit
The spike at private sector lenders like ICICI Bank and Axis Bank follows a push to grab market share from India's dominant state banks.
Reliance Industries Ltd plans to sell a 3.1 per cent stake, worth $32 million at the current market price, in unit Network18 Media & Investments.
India's $100 billion push into solar energy over the next decade will be driven by foreign players as uncompetitive local manufacturers fall by the wayside, no longer protected by government restrictions on the sector.
The push to connect India and drive a national fibre optic network, first approved by the last government in 2011, has made slow progress
All the existing microfinance businesses of the company and clients will be transferred to the bank
The shareholders will also get one redeemable preference share in Vedanta Ltd
The government plans to transfer all subsidies including food, fertiliser and kerosene, potentially taking direct payments to more than $60 billion.
Bad debt rules are steps in right direction.
State Bank of India expects decent growth in FY16.
Despite Indian economy recovering, there is very little room for loan growth, say bankers.
RIL has been talking to groups including Gionee, Huawei and Xiaomi
Facebook Inc is launching an open platform for online content and application developers to join its Internet.org service.
Axis Bank has reported a better-than-expected 18.4 per cent increase in quarterly net profit.
ICICI Bank puts up a good show in Q4.
Infosys has been making bets on automation and other high-margin services like artificial intelligence to regain some ground
India is the world's third-largest smartphone market.
Banks are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.
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