New Delhi: Describing the over Rs 2,000 crore business proposal between Jet and Etihad airlines as a win-win deal, Civil Aviation Minister Ajit Singh today said it will be beneficial for flyers. In the first Foreign Direct Investment (FDI) deal after India opened up the aviation sector, Jet Airways will sell a 24 per cent stake to Etihad Airways in a $379 million (Rs 2,058 crore) deal.
"It is a win-win deal, good for the flyers. It provides more competition and more connectivity and better efficiency," Singh told reporters outside Parliament. Asked whether the deal will escalate the fare war and competition in the market, the Civil Aviation Minister said, "Competition is always good for any industry."
About the possible impact on the national carrier, he said, "Air India has very limited operations today. If you do not allow other airlines to come wherever they want how will the passengers fly. Air India should look after themselves and gear up."
...
more
04:42 PM, Apr 25, 2013
Dhaka: Bangladesh on Saturday signed its biggest ever joint venture agreement with India involving investment $1.6 billion for 1,320 MW coal-fired power plant which is expected to be operational in the next five years. "This will be the largest investment Bangladesh ever had ... this will be cheapest source of energy (after hydropower) to accelerate the country s economic growth," Prime Minister's energy affairs adviser Tawfiq-e-Elahi Chowdhury said at the...
10:07 PM, Apr 20, 2013
The Coal India board has sought clarifications on draft agreement with the Limpopo government in South Africa on responsibilities to be shared between them while acquiring mines through a JV, a move that may delay the company's acquisition plans. The government of Limpopo, the northernmost province of South Africa, had approached Coal India Ltd (CIL) requesting it to form a joint venture with one of its public sector firms for...
10:55 AM, Mar 24, 2013
AirAsia Bhd's planned joint venture in India with Tata Sons could face some procedural problems, Aviation Minister Ajit Singh said on Wednesday, without elaborating. However, Singh said he does not see any other major hurdles for the venture in India. ...
12:30 PM, Mar 06, 2013
Hershey Co plans to buy the remaining 49 per cent in its Indian joint venture that it does not already own, giving it full control of a chocolate business in one of the world's biggest markets. Hershey said it will buy out its partner, Godrej Industries Ltd, and another minority shareholder. Hershey will assume about $47.6 million in debt, and will own the Maha Lacto and Nutrine candy brands and...
02:11 AM, Sep 08, 2012
New Delhi: The Company Law Board has allowed Unitech Ltd's plea to refer a dispute over its telecoms joint venture with Norway's Telenor for arbitration in Singapore, potentially delaying a resolution. Telenor said in a statement it was "surprised" by the Company Law Board's order and would challenge it in a higher court, adding its intention remained to establish a new venture in India. Telenor is seeking to scrap the...
04:01 PM, Apr 12, 2012
Mumbai: Unitech Ltd said it has applied to a local court seeking to restrain Norway's Telenor from investing in any new telecoms venture in India that would compete with companies' existing joint venture. Unitech, a property company, is also seeking an injunction against Telenor's plans to transfer the joint venture's business to a new company, it said in a statement on Friday, adding the move was aimed at protecting its...
02:50 AM, Mar 31, 2012
Chennai: Taking the state-owned Bharat Heavy Electricals Ltd. (BHEL) by surprise, Tamil Nadu Chief Minister J. Jayalalithaa on Friday scrapped the 1,600 MW power joint venture with it and announced that the government would fully fund the project itself. In a statement issued here on Friday, Jayalalithaa said there had been no progress in the Rs.8,000 crore power project after the Memorandum of Understanding (MoU) was signed in 2007 between...
06:03 PM, Feb 24, 2012
New Delhi: The government on Thursday approved Defence Ministry guidelines for its public sector units (PSUs) to establish joint ventures with private firms, a step that will increase opportunities to obtain advanced technologies from foreign sources. "The Union Cabinet today approved the guidelines for establishing Joint Venture Companies by Defence Public Sector Undertakings (DPSUs). The guidelines contain provisions for important matters that are critical from a national security perspective," an...
02:46 PM, Feb 09, 2012
Tokyo: Sony Corp has agreed to sell its nearly 50 per cent stake in an LCD joint venture with Samsung Electronics to Samsung for $940 million, the Korean firm said on Monday, as Sony struggles to staunch red ink at its TV business. The venture cut its capital by 15 per cent in July and industry sources had said Sony was negotiating an exit, aiming to switch to cheaper outsourcing...
01:54 PM, Dec 26, 2011
Tokyo: Sony Corp has agreed to end its LCD joint venture with Samsung Electronics and will sell its stake to the South Korean company, a source familiar with the matter said on Monday. The decision comes after Sony in November warned of a fourth straight year of losses, with its television unit alone set to lose $2.2 billion on tumbling demand and a surging yen. The Japanese TV maker at...
12:12 PM, Dec 26, 2011
Mumbai: French lender BNP Paribas (BNPP.PA) will pay Rs 405 million to buy out its Indian institutional broking business from local partner Geojit Financial Management Services, the Indian company said on Thursday. The joint venture, catering to domestic and foreign institutional clients, was set up after the French lender bought a strategic stake in the retail broking business of Geojit Financial Services, which is now Geojit BNP Financial Services (GEOJ.NS)....
09:40 AM, Dec 09, 2011
Mumbai: Reliance Industries has mutually agreed to end negotiations with Bharti Enterprises to buy its stakes in two insurance joint ventures with France's AXA, the two companies said on Friday. Reliance said the negotiations to acquire Bharti's 74 per cent stakes in the life insurance and general insurance joint ventures were terminated as it was "unable to reach agreement on the long-term vision and joint governance of the ventures" with...
09:08 PM, Nov 25, 2011
Chennai: The Centre's expert committee, set up to allay fears of locals over the controversial Kudankulam Nuclear Power plant, will meet on Monday. This will be the first time that the Centre's 15-member expert panel is meeting after anti-KNPP activists announced setting up of a 21-member committee, comprising scientists and others, to interact with state and central officials besides advising them on the future course of action. "It's a good...
12:50 PM, Nov 07, 2011
Tokyo: Sony Corp is in talks to buy Telefon AB LM Ericsson out of their 50:50 joint venture, a source with direct knowledge of the matter told Reuters on Friday. Another source had told Reuters in July that talks about a takeover were under way ahead of the end of the two firms' contract this month. Sony and Ericsson have been talking for weeks about the future of the venture...
09:52 AM, Oct 07, 2011
New Delhi: UK-based telecom major Vodafone Group today said it has exercised its option to acquire Essar's stake in their joint venture, Vodafone Essar, which will result in a cash flow of $5 billion for the Indian firm. "Vodafone Group announces that the Essar Group has exercised its underwritten put option over 22 per cent of Vodafone Essar Limited (VEL). Following the exercise by the Essar Group of its put...
02:57 PM, Mar 31, 2011
The 26-year long joint venture between the Hero Group and the Honda Group has come to an end. ...
10:12 PM, Dec 16, 2010
New Delhi: Breaking its 26-year old joint venture - Hero Honda, Munjals-promoted Hero Group, on Thursday, said it will buy the entire 26 per cent stake of its Japanese partner Honda in the company for an undisclosed amount. The Hero Group and Honda hold 26 per cent each in Hero Honda that started operations in 1984 to become the world's largest two-wheeler maker today. As part of a new licensing...
07:08 PM, Dec 16, 2010
New Delhi: The 25-year long joint venture between the Hero group and the Honda group is set to come to an end, sources said. According to sources, the board of Hero Corp has approved the joint-venture termination. Hero Corp will now acquire 26 per cent stake from Honda for $1-1.2 billion. The royalty likely to be paid is between Rs 2300 crore and Rs 2400 crore over three to four...
05:35 PM, Dec 15, 2010
The joint venture between Mahindra & Mahindra and Renault was established in 2005. ...
06:16 PM, Apr 16, 2010
