Korean car maker Hyundai Motors India Ltd said it will have to lay off 2,000 temporary workers, about one-fourth of its labour force, to tide over a decline in car sales. The company employs over 8,400 workers, of which around 3,300 are temporary.
This is the second project in the country in which a metro rail project is being undertaken through a PPP model after the 71-kilometre Hyderabad metro project was won by Maytas Infrastructure. According to industry sources, infrastructure major Larsen & Toubro had also initially shown interest for the project, but backed out finally.
This is the first time Hill & Knowlton, part of the WPP group that has several joint ventures in advertising, is venturing into India in this area. The Hong Kong-based company has presence in more than 41 countries across the globe. The PR business has been attracting the attention of international agencies and many have already set up JVs or signed partnerships with Indian players.
Days after NTT DoCoMo of Japan announced that it will buy 26 per cent in Tata Teleservices for $2.7 billion, NRI businessman C Sivasankaran has decided to put on the block his eight per cent stake in the company.
After 11 years of hanging like a sword on PepsiCo India Holdings Ltd, the government's condition that the company must dilute its equity in fully-owned downstream ventures is close to being waived.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal by Tata Investment Corporation (TIC) to issue zero coupon convertible bonds (ZCCBs) with detachable warrants to its shareholders.
The government and Reserve Bank of India are working on measures that include relaxing norms for Non-Performing Assets (sticky loans) and prudential lending to kick-start key infrastructure projects.
The government is discussing a number of policy measures to insulate India from the impact of the global financial crisis including further banking reform, industrial de-control, auctioning all loss-making public sector units, foreign investment in retail, amending labour laws and notifying important pending legislation like the Delhi Rent Control Act.
A-Star, Suzuki's new world car that will be made only by its Indian subsidiary, Maruti Suzuki India, will have four different names in markets across the world, which will indicate the role it is expected to play in the Japanese car maker's stable as well as of compatriot Nissan Motor.
Singur divided between those who want Tata back and those who just want their land.
The programme in India takes in 25-odd executives who have already worked for a few years. Upon passing out, they are expected to be future 'growth' leaders at GE, which earns about $2.6 billion (Rs 12,135 crore) in India a year and employs over 14,500 people across the country.
The regulator has suggested that all spectrum will be auctioned as opposed to the current policy of bundling it with a 2G licence. A beginning has been made with the auctioning of spectrum for 3G services, which is due later this year. Trai has also suggested that licences for any telecom service should be auctioned as opposed to the current policy, where it is given on a first-come-first-served basis. The new policy is expected to be ready by the end of December this year.
At least three major broadcasting companies have held discussions on forming a combine, the first of its kind, to counter the might of media buying houses in dictating commercial air-time rates.
India will be one of the key centres for design and development of the A350 aircraft, European aircraft manufacturer Airbus' answer to the Boeing 787 Dreamliner.
It is not clear, however, whether the two players are considering a majority stake or would be content as investors with 26 per cent.
To add to company's 'three-screen' strategy of mobile phones, IPTV and broadband.
However, operators said the chief beneficiary would be the state-owned Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd, which have already been given the spectrum for 3G services, as well as Reliance Communications, which is still to roll out its 2G GSM network.
The Rs 1,808-crore modernisation and expansion plan for Chennai airport, which was recently cleared by the Public Investment Board and expected to begin this September, may not be sufficient to cope with projected growth in passenger traffic.
Talks have failed between the Dhoots of the Videocon group and Mahendra Nahata of Himachal Futuristic Communications Ltd to buy out the latter's 36 per cent stake in all-India mobile licence-holder Datacom Solutions.
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