P N Dhoot wins 'Man of Electronics' award
A special court in Mumbai on Saturday remanded ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the custody of the Central Bureau of Investigation (CBI) till December 26 in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The Kochhars were arrested by the probe agency on Friday night after a brief questioning session. The CBI has alleged that they were evasive in their response and did not cooperate in the investigation.
Expressing dissatisfaction over the RBI decision to keep interest rates unchanged, India Inc today said rate cuts were needed to make the industry invest more and drive economic growth.
Consumer electronics major Videocon on Monday said it is in talks with foreign entities for a 26 per cent stake sale in its telecom subsidiary Videocon Telecommunications and that a deal would fructify "very soon".
India Inc has expressed disappointment over the Reserve Bank of India's decision to keep interest rates unchanged. This, according to various industry associations, would result in huge capital inflows leading to further appreciation of the rupee.
Thomson holds 10 per cent stake in Videocon Industries through global depository receipts listed on the Luxembourg Stock Exchange. Thomson had acquired 13.5 per cent in Videocon in 2005 for Rs 1,250 crore (Rs 12.5 billion) of which 10 per cent was locked in for three years.
One of India's leading industry bodies - the Associated Chambers of Commerce and Industry - on Friday urged the government to bring sugar, textiles and tobacco products under value added tax.
The new company would be named Videocon Aviation Limited and the parent firm would make an investment of Rs 100 crore (Rs 1 billion) in the Special Purpose Vehicle and rest of the funds would be generated from FIIs, public and foreign collaborators. Videocon had made a bid for the Delhi Airport as well, but it was rejected by the government as there was no airport operator in the consortium.
Consumer durables major Videocon Industries has acquired Planet M, the music and entertainment retail arm of media house Bennett, Coleman & Co, for Rs 200 crore. The acquisition has been done by NEXT, Videocon's retail chain for consumer electronics and home appliances. Videocon Chairman V N Dhoot said Planet M, which has a huge brand equity, fits in well with the group's retail ambitions. Dhoot said the group plans an over six-fold increase in Planet M's turnover.
The Videocon group will directly acquire land from the farmers with the West Bengal government assistance for its special economic zones in the state.
A delegation of about 100 chief executive officers from several national and multi-national companies will be visiting Kashmir to explore the business possibilities in the region as well as some leisure time.
Videocon will set up an LCD manufacturing unit at Shenzen, China, at an investment of 1.5 billion dollars, to tap the Chinese market as well as exporting to other countries.
Videocon Industries on Tuesday said a well drilled to confirm an oil discovery in its Brazilian offshore block has struck 200 feet of high-quality hydrocarbon zone.
The industry urged the central bank to consider a rate even before the next monetary policy review on July 30.
Wishlist for new PM includes growth boosters, reining in inflation, faster project clearance and reversal of Land Acquisition Act
Yuan depreciation will make imports in China more expensive, depressing demand, especially for commodities.
Industry chamber Federation of Indian Chambers of Commerce and Industry said the Reserve Bank of India should intervene and cut interest rates.
'That will affect the economy, employment, agriculture, and ultimately, youngsters, the working class and job opportunities.'
India Inc expects the RBI to cut interest rates by early next year.
Recent investigations into the telecom spectrum and coal scams have made bureaucrats very wary of taking decisions.
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