Exporters involved in legal disputes with several private sector banks over foreign exchange derivative deals are now accusing the latter of violating the Foreign Exchange Management Act guidelines. Around 50 exporters in various states including Tamil Nadu, Andhra Pradesh, Karnataka and Punjab have taken private banks like ICICI Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank and HDFC Bank to court over foreign exchange derivative deals.
The Coimbatore-based sugar manufacturer had taken Axis Bank (formerly UTI Bank) to court for selling exotic forex derivative products.
K Raghavendra Rao, the promoter and the managing director of Chennai-based Orchid Chemicals and Pharmaceuticals Ltd, has managed to garner the support of large institutional investors to thwart a takeover attempt.Solrex (believed to be a company of the Ranbaxy promoter group), is known to have bought 12 per cent in Orchid so far, which is being seen as the first steps towards a hostile takeover of the company.
Decision comes weeks after the company pulls out of a joint venture with Renault and Nissan for a facility there. Commercial production at Chakan is expected to start in two years, about the same time Renault and Nissan will launch production at the Chennai unit. Pawan Goenka, president (automotive sector), M&M, told Business Standard that the company is committed to invest in the south, where a new plant will be set up near Chennai.
Boeing is eyeing commercial aircraft orders worth over $40 billion in the next 20 years and defence sales of another $15 billion over the next ten years from India and has drawn up ambitious plans to source products and services from India to stay competitive globally. In a little over one year, Boeing has inked five agreements with top IT and engineering companies, which will result in key components for its civilian and military aircraft being manufactured in India.
Japanese car maker Mitsubishi Motors Corporation has decided to manufacture its sports utility vehicle Outlander in India, through its Indian joint venture with Hindustan Motors, a C K Birla Group company. The Indian JV currently manufactures the Lancer range of sedans, sells Montero, a premium segment sedan, and imports completely built SUV Pajero. The company had earlier considered the option of importing Outlander as a fully-built unit for the Indian market.
Sun Network has shifted its regional news depts to respective state capitals and is also planning to shift its HQ, following a fallout with DMK party.
Firms like Global Adjustments are offering support services to foreign executives in India.
Two wheeler sales dropped in the past quarter as leading banks put two wheeler finance under high risk category.
Leading banks have raised the down payment for two wheelers to 30% and put them in high risk category. This move has dire consequences on two wheeler makers.
The two-year old alliance between Fiat and Tata Motors has done little to improve the former's domestic sales.
In a little over a year, Mahindra & Mahindra's (M&M) all-Indian utility vehicle, Scorpio, will enter the quality-conscious US market, which is also the largest in the world with 15 million vehicles in annual sales. The company already has firm orders for 45,000 units of Scorpio for the first year, which is more than the 40,000 it sold in India in the last financial year.
Ever since the Chinese-owned Apache SEZ went into full-scale production exactly a year ago, a lot has improved for Tada and its 100,000-plus inhabitants.
In the seven months between April and October this year, the Chevy Spark has managed to sell less than 12,000 units, or an average of 1,700 units a month, while its peers Alto and WagonR (Maruti Suzuki) , Indica (Tata Motors) and Santro (Hyundai) have had average monthly sales of 10,000-18,000 units.
Indian businessmen in Uganda are waking up to a new threat: China. As the new age Great Game unfolds in natural resources-rich Africa, they have started to feel the heat of the dragon.
Renault waited 14 years after India's automotive sector was opened up to foreign investment to enter the country, about a decade behind General Motors, Ford and Daewoo. However, once in, Ghosn has moved quickly to sew up six ventures in India in a mere 33 months.
The fact that Ratan Tata is lurking around the corner with his Rs 1 lakh car will not make Nakanishi's job any easier, or less public.
The airport's owner, the Sri Sathya Sai Central Trust, which manages the religious and philanthropic assets and work of Sri Sathya Sai Baba, has invited bids for it and put the floor price at Rs 600 crore. One big attraction of this airport is that it is only 70 km from the Bangalore International Airport, coming up in Devanahalli. The vantage location will allow airlines to feed the southern sector, which currently has 30 major and minor airports.
A clutch of innovators, entrepreneurs and researchers are heralding a revolution that combines the academic and the real world within the IIT Madras campus.
Market sources say the new model will be called Atos, the name under which Santro was sold in some parts of Europe. Codenamed Pa, it has been tested by the company on the Chennai-Bangalore route. The company said the new car may be priced between Santro, which costs Rs 2.70-4.74 lakh (ex-showroom, New Delhi) and Getz (Rs 4.90-5.25 lakh).
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