Mumbai: Maharashtra Chief Minister Prithviraj Chavan on Tuesday met Chinese Premier Li Keqiang in Mumbai and invited the neighbouring country's industrialists to invest in the state. "During the meeting, the Chinese Prime Minister evinced keen interest in investing in the infrastructure and pharmaceutical sectors in the state," an official spokesperson said after the meeting.
Li sought information from Chavan on Maharashtra government's efforts to develop Mumbai as a global city, the spokesperson said. Chavan, during the meeting here this evening, assured creation of special investment zones for Chinese companies investing in the state.
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03:31 AM, May 22, 2013
Kolkata: With the Mamata Banerjee government in West Bengal coming up with a draft textile policy to attract investment to revive the sector, leading industry lobbies have expressed hope that the policy roadmap would help the industry to grow significantly. States like Maharashtra and Gujarat unveiled their new textile policies in 2012 to woo investors. "A policy was necessary. It will surely help Bengal's textile sector grow rapidly. The roadmap...
04:54 AM, May 20, 2013
New Delhi: Overseas investors have poured in nearly Rs 12,000 crore (about USD 2.2 billion) into the Indian equity market so far this month. With this, the total foreign investment in the country's equity market has reached Rs 73,029 crore (USD 13.5 billion) since January. During May 2-17, foreign institutional investors (FIIs) were gross buyers of shares worth Rs 37,997 crore, while they sold equities amounting to Rs 26,005 crore...
11:58 AM, May 19, 2013
New Delhi: The panel looking into retail major Walmart's lobbying activities with American lawmakers for its entry into the Indian market is likely to submit its report to the government in a day or two. The one-man committee, headed by former Chief Justice of Punjab and Haryana High Court Mukul Mudgal, has finalised the report. Sources said the report is expected to be submitted to the government "this week". The...
02:20 PM, May 18, 2013
Bhubaneswar: More than a fortnight after CNN-IBN exposed that Odisha-based Seashore Group had duped over 1.5 lakh investors of Rs 1700 crore, the state's crime branch on Saturday sealed the headquarters of the group in Bhubaneshwar. The company had reportedly offered investors 24 per cent interest per annum. While the chairman of Seashore Group Prashant Das has yet not been arrested, the police had earlier detained over a hundred staff...
12:21 PM, May 18, 2013
Tokyo: India and Japan on Friday agreed to further strengthen investment and trade ties by ensuring faster implementation of ongoing projects. Both the countries have agreed to support planned initiatives and projects in this year designed for strengthening business partnership to be organized by Japan External Trade Organization (JETRO) and New Energy and Industrial Technology Development Organization (NEDO), a joint statement by Indian Commerce and Industry Minister Anand Sharma and...
05:35 AM, May 18, 2013
Patna: Bihar Chief Minister Nitish Kumar defended on Thursday his repeated demand for special status to the state saying it (the status) will boost private investment in a big way to accelerate its industrial development. "I am pushing for grant of special status to Bihar only to bring private investment in a big way to expedite industrialisation process for generation of employment opportunities," he said in a function at Pataliputra...
12:20 AM, May 17, 2013
Bhubaneswar: In a major crackdown on chit fund companies and other non-banking financial institutions, Odisha Police on Friday launched statewide raids and arrested as many as 110 people involved in the trade. "Our sleuths raided 185 places and 97 cases have been registered. This is for the first time that a statewide raid is conducted on a single day," said Additional Director General (ADG), Crime Branch, BK Sharma. Stating that...
03:09 AM, May 11, 2013
New Delhi: The government on Tuesday said it has cleared 17 foreign direct investment proposals totalling Rs 262.56 crore, including that of Sanofi-Synthelabo (India). The proposals were cleared following recommendations by Foreign Investment Promotion Board (FIPB) headed by Department of Economic Affairs Secretary Arvind Mayaram, an official statement said. Sanofi-Synthelabo's proposal was regarding acquisition of a pharma company through internal accruals. The company proposes to bring in FDI worth Rs...
08:55 PM, May 07, 2013
New Delhi: Describing the decision on 49 per cent FDI in aviation as one which will transform the sector, Civil Aviation Minister Ajit Singh said on Friday the government envisages investment of $12.1 billion in the sector in the 12th Plan period (2012-2016). Singh said the rapidly expanding air transport network and opening up of infrastructure to the private sector have fuelled the growth of air traffic in India. "Indian...
05:57 AM, May 04, 2013
New Delhi: The government on Thursday allowed Swedish furniture major IKEA to invest Rs 10,500 crore - the biggest ever FDI proposal in single brand retail - for setting up home furnishing stores in the country. "Whatever proposal of IKEA was there has been cleared," Information and Broadcasting Minister Manish Tewari told reporters after the application was cleared by the Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan...
09:30 PM, May 02, 2013
Bhubaneswar: A scam as big as the chit fund fraud in West Bengal has been exposed, but this time it is in Odisha. A CNN-IBN exclusive shows how fraudulent investment companies are duping investors in the state. Investors have been swindled off nearly Rs 20,000 crore by 40 finance companies in Odisha. Seashore Group, one of the companies being probed by Odisha police, has duped over 80,000 investors and collected...
06:38 PM, May 01, 2013
New Delhi: Rejecting the Defence Ministry's view on foreign direct investment, a Parliamentary committee has recommended enhancement in FDI limit to attract foreign companies as it would benefit the Indian defence sector in the long run and save precious foreign exchange. The Standing Committee on Defence took note of the divergent views within the Ministry over the issue. While the Department of Defence Production opposes FDI, the DRDO favours it,...
02:45 AM, Apr 30, 2013
Patna: Stating that Bihar has treasure trove of all religions, Chief Minister Nitish Kumar on Monday said there is tremendous scope to develop religious tourism in the state and exhorted industrialists to invest in the sector, particularly in hotel and transport sectors. "Bihar has many religious and historic tradition which people from across the world wish to see," Kumar said addressing a convention of industrialists at Rajgir. He mentioned Buddhist...
01:46 AM, Apr 30, 2013
Bangalore: Indian IT bellwether Infosys became Environmental Tracking (ET) carbon ranking leader in 2013 for its greenhouse gas emissions and disclosure practices. "As part of the selection process, the Environmental Investment Organisation (EIO), a London-based climate change and finance think-tank, ranked Infosys among top five of the 300 large firms it assessed for carbon footprint," the global software major said in a statement here on Monday. The company's carbon reduction...
11:59 PM, Apr 29, 2013
Kolkata: The West Bengal chit fund is getting bigger each day. It has now turns out that ponzi schemes in the state financed not just media houses but Tollywood films as well. In the past four years, at least one in three films has been produced by groups that run ponzi schemes. Rose Valley, a deposit-taking company which is now under the MCA scanner, has produced 18 films including three...
08:42 AM, Apr 29, 2013
New Delhi: Overseas investors pumped USD 823 million into the stock markets in the month of April, taking the total investment tally to over USD 11 billion in 2013 so far. Foreign institutional investors (FIIs) infused a net amount of USD 823 million (about Rs 4,450 crore) in Indian stock market in March taking the total inflows to USD 11.2 billion (Rs 60,072 crore) in less than four months of...
01:50 PM, Apr 28, 2013
Rome: Italian centre-left politician Enrico Letta named a coalition government on Saturday, making one of Silvio Berlusconi's closest allies deputy prime minister and ending two months of damaging political stalemate. Letta has said his priorities would be the economy, unemployment and restoring faith in Italy's discredited political institutions as well as trying to turn Europe away from austerity to focus more on growth and investment. An inconclusive general election in...
06:35 AM, Apr 28, 2013
Kolkata: Debjani Mukherjee, who went from being a receptionist in the Saradha group to becoming an executive director, has now been arrested for defrauding investors. Her story is a fairy tale that ended badly. Debjani Mukherjee is known as 'Madam' by the employees of the Saradha group. She is a mystery woman whose rise up the corporate ladder was staggering - from a receptionist to the executive director of the...
10:08 AM, Apr 27, 2013
New Delhi: Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and Northeastern states have become a hotbed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO (Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the...
01:54 PM, Apr 26, 2013
