Reliance Industries (RIL), which raised Rs 2,675 crore (Rs 26.75 billion) through the sale of treasury shares on Monday, is looking to generate a similar amount over the next few weeks by selling more stock to institutional investors.
Steel trader Kunal Gandhi has stopped going to metal yards -- he now buys 80 per cent of his monthly steel requirement of 2,500 tonne from JSW Shoppe at Mumbai's Vile Parle, which opened three months back.
This follows a renewed effort by CBDT to seek clarification on the issue.
The Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation.
Reliance Industries Ltd (RIL), in its efforts to gain control over LyondellBasell, is looking to team up with the unsecured creditors and bond holders of the bankrupt Dutch petrochemicals giant.
Mukesh Ambani-controlled Reliance Industries is expected to buy out a fifth of LyondellBasell's $27 billion gross debt and seek a rollover of the balance after acquisition, as a step towards gaining the confidence of creditors in its plans to acquire the world's third largest petrochemical company, sources familiar with the developments said.
When United States-based drug major Merck bought Schering-Plough early this month, it decided to go off the beaten track. Instead of having one managing director for the merged entity, it decided to retain both: Naveen A Rao will continue to head Merck's subsidiary MSD Pharmaceuticals in India and K G Ananthakrishnan will retain his position as MD of Schering-Plough's subsidiary Fulford India.
Move aimed at expediting projects undertaken in collaboration with foreign technology providers
The Year of India in Russia - as 2009 is officially known - has helped India Inc get into a long bear hug with the Russian consumer. They are lapping up everything - from Ratan Tata's marquee cars to Vijay Mallya's whisky.
After two years of waiting, Tata Steel will get alternative land in Vietnam for building a 4.5 million tonne a year steel plant with an investment of $5 billion. Decision to allocate 725 hectares comes after a long delay.
The Ministry of Corporate Affairs wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator.
Ministry of corporate affairs directs Registrar of Companies to conduct quarterly scrutiny
India's largest private conglomerate is looking to integrate some of its smaller businesses with their respective flagship companies, with a view to leveraging the value of the entities and increase cost efficiency.
Sources said the major criteria for review will be the minimum paid-up capital of the bank, nature of new entities to be allowed in the banking sector, promoters' contribution in the paid-up capital, nature of promoters and corporate governance norms in the current scenario.
The Reserve Bank of India may de-license or leave it to banks to open branches in rural and semi-urban centres, in a step towards liberalising its branch authorisation policy.
Anil Agarwal-controlled Sterlite Industries has got a leg-up in its takeover battle for bankrupt copper miner Asarco in the United States. A district court in Texas has allowed Sterlite to argue for its amended bid of $2.56 billion, which was earlier rejected by a lower court.
The company feels valuations are low and the demand would later rise.
Taxmen are opposing proposals to cut personal income and corporate tax and scrap taxes on various transactions.
The Reserve Bank of India has said Indian companies merging with overseas firms will continue to be treated as entities resident in the country under the Foreign Exchange Management Act (FEMA). There is no provision for such a merger under the current Companies Act. But a Bill to amend the Act tabled in the Budget session of Parliament proposes to allow Indian companies to merge with overseas companies, under section 205, a move that could introduce greater flexibility in
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
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