The fund is being set up in association with two off-shore partners -- HSH Nordbank, (HSH) Germany and Noor Financial Investment Company of Kuwait. HSH Nordbank is a major financier in the transportation sector especially in shipping and aviation. In India, it has participated in debt financing for the modernisation of the Delhi airport. Noor is the financial arm of NIG Group, a conglomerate.
State-owned Bharat Sanchar Nigam Ltd (BSNL) is likely to exit the consortium comprising Delhi-based Vavasi Group and Malaysia's Al-Bukhary to acquire 46 per cent in Kuwait's Zain Telecom.Talks, which have been on for two months, have fallen through over valuations, and Vavasi is expected to announce a new consortium partner in a week or two. Vavasi Group Managing Director Farid Afruddin declined to comment on this information.
Kerala top the list of state-wise break-up of repatriation requests with 25,246, followed by 6,617 from Tamil Nadu and 4,341 from Maharashtra. A total of 3,715 people from Uttar Pradesh requested for evacuation, 3,320 from Rajasthan, 2,796 from Telangana and, 2,786 from Karnataka.
With competitive pressures increasing at home, Bharti is making a third attempt to gain a foothold in the African market.
It also had other suitors like French company Vivendi, Egyptian company Etisalat and even MTN.
A consortium led by Delhi-based Vavasi group has sent feelers to China Mobile, the world's largest telecom company, for a possible joint bid for Zain Telecom, adding another element of complexity to the battle for the Kuwait-based company that involves India's two state-owned telecom service providers.
Churchill Brothers put up a spirited fight before crashing out of the AFC Cup after losing 1-2 to Kuwaiti powerhouse Al Qadsia in the single-leg pre-quarterfinal match in Kuwait City.
The S&P BSE Sensex surged 364 points to end at 24,607 and the Nifty50 soared 107 points to close at 7,476.
Prime Minister Narendra Modi expressed happiness that the city has been recognised as a World Heritage Site.
In yet another evidence which proves the involvement of Pakistan-based terror groups in the November 2008 Mumbai terror attacks, five out of ten Internet Protocol (IP) addresses used for the ghastly act has been identified to be located in that country.
East Bengal slumped to their fourth straight defeat in the AFC Cup after a 1-4 drubbing at the hands of Al Qadsia in their away match in Kuwait City.
Zain Telecom on Wednesday said it would earn $3.3 billion from sale of its African assets to Bharti Airtel for $10.7 billion even as the Indian operator said the deal is well-priced.
The loans in rupees would cover any associated transaction costs. Standard Chartered Bank, State Bank of India and Barclays are the major contributors to this debt portfolio.
Telecom giant Bharti Airtel on Tuesday said it would pay about $9 billion (nearly Rs 42,000 crore) to buy African assets of Kuwait-based Zain, announcement of which pulled down Indian firm's share prices by 13 per cent in two days.
India on Wednesday said even 'a few steps' by Pakistan in the Mumbai terror attacks probe will satisfy it and help in resuming the composite dialogue process.External Affairs Minister S M Krishna said India will be 'quite satisfied' with 'a few steps' by Pakistan in the course of the 26/11 investigations. This, he said, will "certainly make it easier for India to carry on normal business with Pakistan". Pak has been strongly advocating the resumption of the Indo-Pak talks.
India, along with 10 other countries, was on Tuesday provisionally cleared to participate in next year's AFC Champions League.
The Zain deal raises much speculation about Arifuddin's money and clout. Who is backing him? What is his relationship with politicians? Is he merely a front man for big players in telecom?
Gulf Cooperation Council member countries will see their gross domestic product grow at 5.2 per cent in 2010 on the back of rising oil revenues, the IMF has said.
Essar group, which is buying out the Uganda and Congo assets of Warid Telecom -- a joint venture between the Abu Dhabi Group and Singtel and is present in Kenya, has also reportedly been sounded out by Zain shareholders. A company spokesperson, however, declined to comment on the issue.
First look of US First Lady trying on the Islamic headscarf
Aims to save time in entering infotech retail The MobileStore, the Esaar group's mobile phone retail chain, has announced the acquisition of the operations of Impact Retail Pvt Ltd for an undisclosed amount.
Asked if BSNL is looking to approach Zain directly, he said "no further progress as far as this proposal on Zain is concerned".
With the global financial crisis affecting Indians in the Gulf region, Vice President Hamid Ansari has said the Indian government was mulling steps to ensure the welfare of expatriates reeling under the meltdown.
Vavasi group, a New Delhi firm with diverisifed interests, on Wednesday said it would approach government-owned BSNL and MTNL to join in doing due diligence of Kuwait's Zain Telecom.
Out of contention for a spot in the next round, India scored a consolation 4-1 win over Afghanistan in their AFC Under-19 Championship qualifiers Group C match at Arbil, Iraq.
An Indian firm Vavasi Telecom is trying to rope in Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited to pick up a stake in Zain.
The plucking of dussehri, which will hit the shelves next week at 50% premium, started late this season, because of poor crop and adverse weather conditions, including hailstorms, in the orchards of Malihabad.
The airline would leave Mumbai at 7.30 pm and arrive in Riyadh at 9.15 pm. The same plane would then leave Riyadh at 10.15 pm and arrive in Mumbai at 4.20 am.
BSNL, MTNL respond to Vavasi despite advice to the contrary
According to the latest data revealed by GulfTalent.com, the number of expats employed in the kingdom rose by 2.4 per cent in the fourth quarter of 2009.
Jet Airways has suspended all its flights between the United Arab Emirates and India after almost half of its pilots did not report for duties protesting against sacking of two of their colleagues.
Al Ittihad of Syria rode on a double strike by Abdulfatah Alagha and pumped in two goals in the dying minutes to drub East Bengal 4-1 in their Group D AFC Cup opening match at the Salt Lake stadium in Kolkata on Wednesday.
The airline has daily flights from Mumbai and Delhi to Dubai. With the launch of the new flights, the carrier will have a total of four daily flights to Dubai from three Indian metros, it said in a statement.
Hosts Australia have been named top seeds for the 2015 Asian Cup ahead of next week's draw and will avoid being drawn in the same group as defending champions Japan.
Reigning Australian Open boys' champion Yuki Bhambri has pulled out of the French Open due to the ankle injury he sustained while playing doubles in an ITF Futures event in Kuwait last week. Yuki, who became the first Indian to win the Australian Open boys' singles and fourth from the country to claim a junior Grand Slam, said he had been advised by doctors to take rest for at least 15 days to recover from his injury.
The sound of leather against willow will be heard for the first time at an Asian Games next year after the Olympic Council of Asia (OCA) announced that cricket had been added to the programme on Wednesday.
The sound of leather against willow will be heard for the first time at an Asian Games next year after the Olympic Council of Asia (OCA) announced that cricket had been added to the programme on Wednesday.
Along with the pilots, 434 cabin crew too have evaded the mandatory breath analyser test, which is to be taken both before and after operating a flight
Gulf nations have postponed the six-year residency cap on foreign unskilled workers.
In a statement, the terror group said, "In continuation of the blessed operations that Islamic State is conducting against the protector of the cross, Turkey, a heroic soldier of the caliphate struck one of the most famous nightclubs where the Christians celebrate their apostate holiday."
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