Godrej to focus more on own brands as the licensing agreement with Sara Lee ends in two years.
The Air India Group has started vacating its offices, which are currently being operated from government-owned properties, from this month, as part of its strategy to consolidate workspaces across the country. The loss-making Air India and its international budget arm Air India Express were taken over by the Tata Group on January 27 this year, after successfully winning the bid for the airline on October 8, last year. Besides these two airlines, Tata Group also holds a majority 51 per cent stake in Vistara, its joint venture airline with Singapore Airlines (SIA), and a 83.67 per cent stake in budget carrier, AirAsia India.
Tata Motors, India's largest automobile company, on Monday said it has entered into a joint venture with Thailand's Thonburi Automotive Assembly Plant Co to build, assemble and sell pick-up trucks in that country.
A day after announcing withdrawal from its chip-making JV with Indian conglomerate Vedanta, Foxconn on Tuesday said it is working on plans to apply for incentives under semiconductor and display fab programme, as the contract manufacturer pledged its commitment to India. The Taiwanese electronics manufacturing giant said it has been actively reviewing landscape for optimal partners. The comment assumes significance as Foxconn has pulled out from the $19.5 billion semiconductor JV with Vedanta.
Clarifying norms for single brand retail trading, government on Tuesday allowed foreign investors to conduct business through more than one joint venture in India.
The approval to bring in the FDI is subject to compliance with RBI and SEBI guidelines, besides subjected to approval of the relevant high courts for the demerger of distribution business of Volvo India. The finance ministry had already approved the FDI proposal of Volvo to invest $30 million (Rs 123 crore) for induction of foreign equity up to 8.1 per cent by way of acquisition of shares in EML.
ITDC/Aldeasa, a joint venture between state-owned Indian Tourism Development Corporation and Spanish company Aldeasa, had bagged the contract for duty-free operations at Mumbai airport for Rs 571 crore (Rs 5.71 billion) in February. Operations were to start in June. Instead, two weeks ago, Aldeasa wrote to MIAL saying that the contract value should be reduced to Rs 250 crore (Rs 2.5 billion).
Air India will purchase 220 planes from Boeing for $34 billion, with an option to buy 70 more aircraft that could take the total transaction value to $45.9 billion, a deal that US President Joe Biden described as a "historic agreement". While announcing the Boeing-Air India deal on Tuesday, Biden also asserted that together with Prime Minister Narendra Modi, he was looking forward to deepen the ties between India and the US. As per an announcement from the White House, Boeing and Air India have reached an agreement under which the airline will purchase 190 B737 MAX, 20 B787, and 10 B777X for a total of 220 firm order valued at $34 billion at list price.
Indian Oil Corp (IOC), nation's largest oil firm, is likely to sign a joint venture agreement with Nuclear Power Corporation of India (NPCIL) this month to foray into nuclear power generation.
Ranbaxy's investment in the six-year-old joint venture for the 50 per cent stake is estimated at Rs 30.5 crore (Rs 305 million). Industry sources said the deal was unlikely to impact Ranbaxy's financials as revenues and investment in the joint venture was not significant. Sources said revenues from NPI were only $25 million in 2007 through the sale of four generic products.
Pawar posted on X, formerly known as Twitter, pictures of him and Adani cutting a ribbon of the factory.
Keeping in view the serious threats posed by terror groups, the government has promulgated an Ordinance under which Central Industrial Security Force could be deployed at private and joint venture industrial units.The ordinance known as the CISF (Amendment) 2009 has come into effect since Sunday, an official spokesman of the Home Ministry said on Monday.
The 50:50 venture is likely to be signed on Tuesday during the visit of Viacom CEO and President Phillipe P Dauman, who is arriving in India late on Monday, industry sources said.
Indian auto major Mahindra & Mahindra has set up a joint venture with American manufacturer Navistar International to produce and market light, medium and heavy commercial vehicles for Indian and export markets.\n\n
Fourteen unions representing over 30,000 employees of the National Aviation Company Ltd have threatened to go on strike in Mumbai from Tuesday to oppose the government's decision to set up a ground-handling services joint venture with Singapore Airport Terminal Services (Sats).
Nissan, which has entered into a tripartite joint venture with Renault and Mahindra and Mahindra for setting up a plant in Chennai, is almost certain to have 25 per cent stake in the venture, while it plans to launch premium sedan Teana in India.
The subsidiary will become operational by the end of the second quarter and cater to Indian corporates and expatriates in Malaysia. In the joint venture, BOB will hold 40 per cent stake, IOB 35 per cent, while Andhra Bank will hold the rest 25 per cent. Initial investment is pegged at Rs 405 crore (Rs 4.5 billion).
Indian apparel brands are looking at China as the new retail destination.
Russia will acquire 19.8 per cent stake in Sistema Shyam Teleservices Ltd, a joint venture between Sistema of Russia and Indian entity Shyam Group, for $676 million (around Rs 3,150 crore).
The JV was expected to open 56 exclusive high-end stores for the four focus brands, Miss Sixty, Energie, Killah & Murphy&Nye, in the top 10 cities in the first three years. As per the original plans, Darshan Mehta president and chief executive of Reliance Brands, was to spearhead the JV with separate business heads for each of the four brands.
Tatas have tied up with Israel Aerospace Industries to manufacture missiles, pilotless drones, electronic warfare systems and other defence equipment.
Anil Ambani's $1.5 billion joint venture with celebrated film maker Steven Spielberg to set up a film studio in Hollywood will be operational in January next year.
ONGC and Mittal had in July 2005 come together to form two joint ventures -- ONGC Mittal Energy Ltd and ONGC Mittal Energy Services Ltd.
Bharti Tele Ventures on Tuesday said the groups' foray into the retail segment, through a joint venture, would be finalised in the next three-four months.
"We are disengaging from the joint venture, but the project (to manufacture CVs) will continue to exist and be run by Daimler. The reason for the move is the current economic slowdown and we will not like to commit such big investment in these circumstances," said Sunil Kant Munjal, chairman, Hero Corporate Services.
'Maharashtra, Telangana and Karnataka were competing for the Foxconn-Vedanta semiconductor manufacturing plant'
However, this was subject to conditions like substantial ownership and effective control of the airline being vested in Indian nationals.
With new added technologies, including the control system, the missile was test-fired from the Integrated Test Range (ITR) launch pad-III at Chandipur around 10.45 am, said a source at the Defence Research and Development Organisation.
Annual capacity will be in excess of 100,000 cars.
Television broadcaster Star TV and Kerala-based broadcaster Asianet are signing a joint venture deal to launch regional channels. The move comes close on the heels of Star's JV with Balaji to launch regional South Indian channels being called off on Tuesday.
NDTV Imagine, the entertainment wing of Prannoy Roy-promoted NDTV Network, is close to forming a 50:50 joint venture with Manmohan Shetty - the former promoter of Adlabs - to enter film production.
Navistar International Corporation through its subsidiary International Truck and Engine Corporation signed a joint venture agreement with the company to manufacture diesel engines for medium and heavy commercial trucks and buses in India, M&M said in a communique to the Bombay Stock Exchange. The joint venture, to be named Mahindra International Engines Ltd, would be owned 51 per cent by the Mahindras and 49 per cent by Navistar, the company added.
Indian billionaire industrialist Anil Ambani has joined up with the family of Amitabh Bachchan, the Bollywood actor, to set up a joint venture to make films.
Adani Enterprises, the flagship company of the Adani group, on Monday said it had entered into a 50:50 joint venture (JV) with EdgeConnex, a leading global data centre operator, to develop and operate data centres across India. The idea behind the JV, AdaniConneX, was to leverage the two partners' complementary expertise and capabilities, it said. In addition to full-scale data centres, AdaniConneX will also develop a portfolio of Edge data centres strategically located across the country to address the need for more proximate capacity.
The joint venture firm will be fully operational by the end of August this year.
'We would love to have more players entering the market because that is how the business will grow.'
Tatas agreed to a joint venture, competed with it, later walked out and are now filing 'frivolous' petitions against it, Birlas told Supreme Court in reply to Tata Industries' plea for arbitration on mobile firm Idea Cellular.
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