India will lose up to $50 billion to $70 billion per annum in terms of financial and commodity trade services fees in the next 12-15 years, if it fails to open up its financial sector to competition.
The automobile companies, say analysts, would take the maximum hit as the hike in the loan rates could soak up the demand for cars and commercial vehicles and pull the growth rates down.
The move comes amid complaints that high returns are being promised by life insurers on ULIPs accompanied by non-existent guaranteed returns.
Insurance companies are expected to get greater leeway in investing policyholders' funds with the addition of mortgage-backed securities to the list of approved investments.
The move will result in Britannia and Wadia BSN, being dismantled.
Shishir Bajaj, the estranged brother of group patriarch Rahul Bajaj, and his son Kushagra have sought a 25 per cent share in the assets controlled by these trusts.
Shishir, Rahul factions dissent over all-important chairmanship.
The Aditya Birla group has set aside 6.5 per cent stake in Bachhraj & Co, the company that controls 24.54 per cent of Bajaj Hindusthan, for Kushagra Bajaj's wife, Vasavadatta, sources close to the development said.
As the debris of failed joint ventures piles up, experts quote the old adage of prevention being better than cure.
Soon standalone health insurance companies will be governed by separate regulations
Until 26 months ago, the laws governing cross-border joint ventures were loaded heavily in favour of the Indian partner.
A day after Vodafone announced its $11.1 billion acquisition of Hutchison's equity holding in Hutch-Essar, India's fourth largest mobile service provider, it received an unsolicited advice from the Egyptian CEO of Orascom, Naguib Sawiris.
The warring promoters of FMCG major Britannia - the Wadias and the French dairy giant Danone - are looking at sorting out intellectual property rights issues
BPL Mobile, one of Mumbai's oldest cellular phone operator, is looking at dropping its existing brand name as Essar's agreement with the TPG Nambiar-owned BPL on the use of its trademark expires by March-end.
Percy S Mistry, chairman of the high-powered committee on making Mumbai an international financial hub, has put in his papers following differences of opinion with other members.
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
The Ruias of Essar have rejected an offer by the Aditya Birla group's Idea Cellular to acquire BPL Mobile's Mumbai circle, which lost heavily on its valuations due to the corporate battle between its shareholders.
Domestic pharmaceutical major Cipla has dropped out of the race to acquire Merck's generics business citing expensive valuation as the reason.
India produced 97 million tonnes of dairy products in the year to March 2006 and Danone seeks an increased market share, especially in the speciality product portfolio.
ULIPs come on top with one-year returns between 34% and 45% compared with closed-end mutual funds and ELSS
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