Morning Buzz: Sajjan Jindal and SAIC plan to take over MG Motor's operations in India; 80 percent of IT firms call employees back to office; and more

Sajjan Jindal, Managing Director of JSW Steel attends the first day of the three-day B20 Summit in New Delhi on August 25, 2023. (Photo by Sajjad HUSSAIN / AFP)

Sajjan Jindal, SAIC to take over MG Motor in India

After eight months of negotiations, Sajjan Jindal and SAIC plan to take over MG Motor’s operations in India. The announcement is expected later this month. The plan is to start the rollout of electric cars under the new brand by January 2024. Jindal will initially own 32 to 35 percent of the company, with SAIC owning 51 percent. 
(Economic Times)

Aircraft leases removed from the purview of the IBC

The government has exempted all transactions and agreements related to aircraft and their engines from the moratorium under Sec 14 of the Insolvency and Bankruptcy Code (IBC). The notification will allow lessors to promptly take their planes back from airlines. With the notification, India has adopted the Cape Town Convention that allows for lessors to promptly take back aircraft. 
(Times of India, Business Standard)

Residential real estate prices rise 5.4 percent

Pan-India residential prices increased by 5.4 percent quarter-on-quarter as demand outstripped supply. Home buyers continued to prefer spacious units—3BHK and above. Gurugram and Greater Noida led in terms of capital appreciation, while Kolkata and Bengaluru saw higher search volumes.
(Times of India, Business Standard, Financial Express)

80 percent of IT firms move to a five-day week in office

With attrition slowing, IT firms have decided to call employees back to the office five days a week. Employees still prefer the remote or hybrid options, but companies have decided to disallow them. The demand appears to be client-driven who have mandated that teams be in the office. IT companies say they are simply complying with the directive.
(Business Standard)