An equal joint venture agreement between state-run SAIL and South Korean major Posco is likely to be inked during Steel Minister Beni Prasad Verma's proposed visit to Korea starting November 5.
The carrier has two-third Indian directors on board, as mandated.
A senior executive of GMR group confirmed that both the companies were keen to get out of the venture. Fraport has already closed its development office in India.
McDonald's has argued that the dispute with its Indian joint venture partner Vikram Bakshi should be referred to arbitration as per the clauses of their agreement.
Businesspersons who have the potential to contribute to the economy of a country are given a red carpet welcome by way of a start-up visa.
The Volvo Group, one of the world's leading heavy-duty commercial vehicle (CV) and diesel engine makers, is engineering a fresh push in India, one of the world's biggest growth markets for commercial vehicles.
Anil Ambani-led Reliance Group on Thursday signed an agreement with China's retail player Wanda Group to set up a joint venture for building integrated township projects in India.
The company has opened 7 cafes so far.
'I have never seen such chaos and cheating in Maharashtra politics. No one knows who is with whom, who is forming government'
Tata Starbucks Ltd, the 50/50 joint venture between Starbucks Coffee Co and Tata Global Beverages Ltd.
Created to develop special economic zones in the northern state, Reliance Haryana SEZ Ltd is a joint venture between Reliance Ventures Ltd, an RIL subsidiary, and Haryana State Industrial Investment Development Corporation.
The Reserve Bank on Friday extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to set up a small finance bank (SFB). "Taking into account the time required for completion of various activities involved in the process...the validity of the ...Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from July 1, 2021 to December 31, 2021, subject to review," the RBI said in a notification.
Debt-ridden Future Group on Friday said it will sell part of its stake in Amar Chitra Katha Pvt Ltd (ACKPL), which publishes Amar Chitra Katha comics, for Rs 13.62 crore. It has entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting to 18.58 per cent of the total paid-up share capital of ACKPL to Ramanaidu Daggubati and Spirit Media, according to a regulatory filing. Future Consumer Ltd (FCL), part of the Future Group, will be offloading the stake.
The transaction will be done through the stock market via block deals.
Top multi-system operators (MSOs, or large cable operators) are in talks to form a consortium to challenge the new distribution joint venture of STAR and Zee which was announced on Thursday.
Amazon had decided not to participate in the bidding as the company did not find it a viable option for growth in India
"The strategic divestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to M/s Talace Pvt Ltd along with management control," DIPAM secretary Tuhin Kanta Pandey said in a tweet. A new board, led by the strategic partner, takes charge of Air India, he added.
The joint venture agreement is likely to be signed before the end of the current year and once that is done, tendering for the plant and machinery will follow, he said, adding this might take place before the end of the current fiscal.
Indian fertiliser companies are planning to invest around $5 billion (Rs 21,000 crore -- Rs 210 billion) in overseas joint ventures over the next three years. These companies are in negotiations for 19 such ventures, said government officials. These joint ventures are aimed at sourcing nitrogenous, phosphatic fertilisers and other raw materials.
Talking to reporters at Tiruchirapalli on Wednesday, Raj Kamal Rao, member (mechanical) Railway Board, said the joint ventures were for passenger coach manufacturing facility at Rae Bareilly in Uttar Pradesh, a diesel locomotive manufacturing unit at Madora in Bihar and for production of electric locomotives at Modepura in Bihar. The railway was in the process of producing stainless steel goods wagons instead of the mild steel ones, he said.
To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
In yet another move to strengthen his association with the Sony Group, Spice Chairman B K Modi is in talks to buy stake in Sony BMG, the group's music subsidiary.
The two sides had formed the joint venture to produce the supersonic cruise missiles in 1998 and since then, all three wings of the Indian armed forces have ordered BrahMos for their inventory but the Russian side is yet to do so.
The Indian companies, however, invested a much lower $1.59 billion in overseas markets in the previous month May 2014.
Dr Reddy's Laboratories today said it will form a joint venture with Fujifilm Corporation to develop, manufacture and market generic drugs in Japan.
The share of slow-moving orders in the overall order book of Larsen & Toubro (L&T) is at a multi-year low. This has led to a renewed focus on fast-moving orders. A mix of factors such as commodity price fluctuations, robust order inflow and strong sectoral demand have put capital goods order book in the fast lane, analysts and company executives said. L&T, with its large presence in the capital goods sector, is often seen as the bellwether for trends in this space.
The companies are in talks with Shell, Petronet LNG to book capacity
The Tatas will have to either buy out the 26 per cent stake in its life insurance joint venture or rope in another partner if Prudential UK buys out the Asian life insurance business of American International Group (AIG).
The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
India and Saudi Arabia on Friday, agreed to increase investments in each other's country through joint ventures to enhance economic cooperation. Commerce and Industry Minister Anand Sharma and Saudi Arabian Minister of Commerce and Industry Abdullah bin Ahmed Zainal Alireza, agreed to regular exchange of business delegations to sensitise the businesspersons in both the countries.
N S Raghavan, one of the co-founders of Infosys, is expanding his presence in the hospitality sector.
A Russian skier died while six others, including a local guide, were rescued as an avalanche struck the ski slopes of Gulmarg in Jammu and Kashmir on Thursday, officials said.
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
A stake sale of Reliance's real estate portfolio would help it raise anything between $1-5 billion and could be one of the triggers for the company's shares to break out.
'As long as Amul was coming in with products it was not a problem because it was something value added and with a shelf life.' 'When it gets into the local market by procuring locally, it cuts into the market-share of local cooperatives.'
The two companies in a joint statement said that they have entered into exclusive negotiations to combine T-Mobile UK, an arm of Deutsche Telekom, and Orange UK in a new 50:50 joint venture company. The new joint venture would create the country's leading mobile operator with a combined mobile customer base of around 28.4 million, representing about 37 per cent of subscribers in the UK, the statement said.
But private Indian defence firms prefer to do business with the West. Indian CEOs say they encounter difficulties in obtaining full and timely payment from Russian partners.
Stating that there is no nomenclature for the three groups who have come together, Akato said they will approach the Centre for political talks.
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