The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Issues related with intellectual property rights, including piracy of films and software, figured prominently during the India-US CEO Forum in New Delhi attended by Prime Minister Narendra Modi and US President Barack Obama.
On the pricing issue, Eric Trappier said that the present aircraft are cheaper by 9 per cent.
DoT had raised the demand on December 22 and asked RCom to pay within a month.
The Supreme Court ordered state-run power producer NTPC on Friday not to disconnect power supplies to distribution companies in the capital New Delhi until March 26, averting a potential blackout next week.
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The existing shareholders will get one RPL share for each RCom share (of Rs 130 market price) held.
The old guard is still involved in broad corporate decision-making, but quite a few new business heads have started making their mark at the group
Largest bidder says FTIL not following correct process and MCX not extending cooperation; FTIL and MCX say cooperating fully
The scrutiny is expected to be over this month itself.
The meeting will focus on how to make the crisis an opportunity for India.
If the deal is indeed being considered, this will be the first time that Ambani will be putting his money in a print media venture since he and his younger brother, Anil Ambani, split businesses to form their own groups
Samvat 2070 was a great year for top Indian conglomerates in the stock markets.
The big beneficiaries of this move will be the big three -- Bharti, Vodafone and Idea.
Ambani said, in the telecom space, the focus will be on debt reduction, and the virtual merger did away with the need for major capex and will help towards this
Exit from Delhi Metro's airport express line
The one common theme across companies that have rewarded shareholders is consumption.
Deal to help RCom reduce debt, Sun gain subscribers in new markets
Production in India would be open for companies other than HAL
India Inc is ready to diversify into unchartered areas.
For the last four days Mumbai has been seized of a whodunnit of another kind. After a speeding Aston Martin owned by Reliance Ports mowed into two cars on the posh Peddar Road on Sunday night the identity of the driver remains unclear, and the police is treading carefully in the matter, reports Prasanna Zore.
The idea that technology and startups with newer business models will not disrupt traditional businesses has been thrown out the window.
In last few years, a number of global players have exited the Indian mutual fund business.
Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
As record stock market rally continues, the value of shares directly owned by next-generation business leaders at 20 major corporate houses has soared over 18 per cent to Rs 17,000 crore.
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The anger against land acquisition is not only among landowners.
During campaigning, P Chidambaram has been addressing villagers, explaining his efforts to improve life in the constituency and blaming the state government for not supporting him. He has also been introducing his son in the 10 villages across 250 km.
RIL says Sebi has not asked for revision of offer price, expecting clearance soon.
The broader markets, however, outperformed their larger peers.
'If your paper writes something you don't agree with, will you criticise it?' Nitin Gadkari asks Aditi Phadnis when quizzed about demonetisation.
Prime Minister Narendra Modi on range of issues -- from Rafale deal to Ram temple and triple talaq.
Irked by India's status as the world's biggest arms importer, Modi wants to build an advanced defence industry
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
As debt piles up, Anil Ambani's ability to see the asset sale plan through will be crucial
Fast cars, marathons, golfing and shooting - nothing stops these high-power tycoons from pursuing their passion.
Top leaders from India Inc may be busy throughout the year, but they too have a very strong social life beyond work.
Executives would analyse information and pass it to seniors.
Execs of RIL, Essar, Cairn India, Jubilant Energy, ADAG detained.
L&T chairman AM Naik is worried about few things.
Global retail behemoths seem to have read the signals right.
