New Delhi: In a major setback to the Sahara Group, the Supreme Court has directed Sahara to deposit over Rs 24,000 crore that it had collected through OFCD (optionally fully convertible debentures) with PSU banks. The court has granted Sahara India Real Estate Corporation and Sahara Housing Investment Corporation three months to deposit the amount. Sahara has been asked to give a list of all the investors to SEBI in...
11:05 AM, Aug 31, 2012
Kolkata: Pitching for foreign direct investment (FDI) in retail, former president APJ Abdul Kalam on Sunday said the country should build capacity for aggressively marketing its products at the global level. Averring that the factors separating the developed and the developing world were "aggressive marketing" and "competitiveness", Kalam said: "As long as we can build the capacity of aggressiveness in marketing and competitiveness, FDI is not a dangerous thing." Addressing...
11:46 PM, Aug 26, 2012
Chandigarh: Despite the recent violence and the complete shutdown at its Manesar unit, automobile giant Maruti-Suzuki will invest Rs 1,700 crore in a new plant of the Manesar unit, a Haryana minister said on Friday. State Industries Minister Randeep Singh Surjewala told the assembly that Maruti-Suzuki will invest Rs 1,700 crore for setting up the C-plant in its Manesar unit near Gurgaon, 45 km from New Delhi. He said that...
01:25 AM, Aug 25, 2012
New Delhi: India has approved Walt Disney's plans to invest Rs 1,000 crore in the country including in the broadcasting companies, a government statement said on Thursday. The approval is a part of the 10 foreign direct investment proposals worth Rs 1,200 crore. Finance Minister P Chidambaram cleared the proposal on the recommendation of Foreign Investment Promotion Board. ...
07:49 PM, Aug 23, 2012
New Delhi: Congress ally, the Trinamool Congress, has yet again forced the ruling coalition to put another of its key economic proposal envisaging 49 per cent FDI in aviation on hold. Trinamool Congress Chief Mamata Banerjee on Wednesday sought more consultations on the proposed plans, giving a big jolt to the government's effort to revive the civil aviation sector. The decision came as a setback to private airlines like Kingfisher,...
07:23 AM, Aug 23, 2012
New Delhi: Finance Minister P Chidambaram on Saturday said most of the country's economic problems will be solved once investment is revived. "Reviving investments is a key challenge for us. (Investor) sentiment is not the only issue...sentiment will change with other issues...once we get the investment engine started, I think many of our problems can get resolved," Chidambaram said after meeting chiefs of public sector banks. The finance minister reviewed...
04:42 AM, Aug 19, 2012
New Delhi: Finance Minister P Chidambaram on Saturday said most of the country's economic problems will be solved once investment is revived. "Reviving investments is a key challenge for us. (Investor) sentiment is not the only issue...sentiment will change with other issues...once we get the investment engine started, I think many of our problems can get resolved," Chidambaram said after meeting chiefs of public sector banks. The Finance Minister reviewed...
03:28 PM, Aug 18, 2012
Kolkata: Defence Minister AK Antony met West Bengal Chief Minister Mamata Banerjee at the Writers' Building in Kolkata to convince her over FDI in retail. Acting as the Prime Minister's emissary, Antony is likely to try and convince Mamata to agree to some of the economic reform bills like FDI in retail and forward trading. The UPA is trying to pass these bills in the current monsoon session of Parliament....
01:11 PM, Aug 18, 2012
New Delhi: A combination of power blackouts, uncertain tax rules and contracts that are not honoured make India a difficult place to do business, a senior Dell Inc executive said on Friday in unusually blunt comments by a foreign investor. India's economy is growing at its slowest pace in nearly a decade, with stubborn inflationary pressures and high interest rates. But what global firms often find hardest is the red...
11:29 PM, Aug 17, 2012
Mumbai: The beginning of festivals has hardly been encouraging for the jewellery business, as retailers blame the lack of demand on rising gold prices, which is ruling over Rs 30,000 per 10 grams. "Even as the festival season has begun the demand for jewellery is hardly there. The sudden spurt in prices to over Rs 30,000 is the main deterrent against the demand," Bombay Bullion Association president Prithviraj Kothari told...
10:08 AM, Aug 12, 2012
New Delhi: Expressing serious concerns over contraction in industrial production, industry on Thursday called for immediate policy measures to boost investments in the country. "The June IIP numbers are disappointing and are a cause for serious concern. Any further decline in GDP growth will have a deleterious effect on employment and on consumer demand," CII said in a statement. Echoing views, FICCI President RV Kanoria said: "This calls for immediate...
03:30 PM, Aug 09, 2012
New Delhi: Only four states and union territories have formally supported allowing foreign direct investment (FDI) in multi-brand retail, signifying little backing for the Indian government's move that would facilitate the entry of global chains like Walmart into the country. "Till date, written communications, indicating support for FDI in multi-brand retail trade, have been received from the governments of NCT of Delhi, Manipur, and from the union territory of Daman...
10:45 PM, Aug 08, 2012
New Delhi: Finance Minister P Chidambaram held his first press briefing after taking over the post saying the aim of the Ministry was to remove procedural burdens in making investments in India. "The key to restart the growth engine is to attract investment, both home and foreign. Our aim is to remove the procedural burdens in making investments in India." He added, "The food inflation is high. It can be...
03:58 PM, Aug 06, 2012
Bhabhua/Biharsharif: Bihar will have a chain of cement factories in the time to come in the backdrop of availability of abundance of raw materials like fly ash, Chief Minister Nitish Kumar said on Sunday. "There is abundance of fly ash and other raw materials required for production of cement... more fly ash will be generated from a number of power plants coming up across the state," he said at a...
01:49 AM, Aug 06, 2012
Colombo: Amid divergent views on opening of multi-brand retail to foreign investment, Commerce and Industry Minister Anand Sharma on Friday said the government will take the "next step" on this issue at an appropriate time. "We have been in democratic spirit working very openly and sincerely in strengthening the consensus. Each states has its own view. At the appropriate time, the Government will take the next step," Sharma told reporters...
04:13 AM, Aug 04, 2012
On November 23, 2010, Arvind Rao, the 53-year-old co-founder and CEO of OnMobile, bought approximately 6 lakh shares of his company from the open market, representing a little over 1 per cent of the company's total shares. Rao already owned over 10 per cent of the company's shares. At Rs 277 a share, he had to pony up nearly Rs 16.5 crore to acquire them. He still did it because...
12:29 PM, Aug 03, 2012
New Delhi: India on Wednesday decided to allow foreign direct investment from Pakistan in a move to boost bilateral economic relations. "The government of India has reviewed the policy...and decided to permit a citizen of Pakistan or an entity incorporated in Pakistan to make investments in India, under the government route, in sectors/activities other than defence, space and atomic energy," an official statement said. Sources said in order to address...
05:17 PM, Aug 01, 2012
New Delhi: Prime Minister Manmohan Singh will be meeting corporate leaders on Wednesday to discuss ways to improve the investment climate in the country. India Inc had requested for the meeting with the Prime Minister to take up macro economic issues and slowing investments. India Inc is pinning its hopes on the government to revive the slowing economy through administrative steps, after the Reserve Bank of India (RBI) left key...
09:58 AM, Aug 01, 2012
Patna: Bihar Chief Minister Nitish Kumar on Monday said it was not possible to accept Foreign Direct Investment (FDI) in multi-brand retail in the state "as it is converse to policy of growth with justice". "It is our considered view that as the domestic retailing is underdeveloped and is in a nascent stage, it is important that this sector is allowed to grow and consolidate first before any liberalisation," he...
05:42 PM, Jul 30, 2012
London: India has raised with the UK the issue of visa problems being faced by its professionals and the way they are impacting bilateral trade and investments. At a meeting with British Secretary of State for Business, Innovation and Skills Vince Cable, Commerce and Industry Minister Anand Sharma has said, "The bilateral trade and investment between the two nations is getting impacted by difficulties in obtaining visas." Sharma said India...
12:59 AM, Jul 28, 2012
