Following the two-tranche disinvestment, the government and the company would get Rs 8,000 crore (Rs 80 billion) each, Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs.
The government also sought approval from Parliament for equity infusion worth Rs 2,345 crore into struggling Air India and another Rs 1,300 crore for Air India Asset Holding.
The government is planning an extensive exercise to map a "hazard line" along the country's 7,500 km coastline, from Gujarat to West Bengal. This marks the first time environmentally sensitive coastal areas will be clearly demarcated. The Rs 1,156-crore project, known as the Integrated Coastal Zone Management (ICZM) project, was approved by the Cabinet Committee on Economic Affairs (CCEA) on Thursday.
Volatility in investments concern for RBI.
Russia says cash shortage is affecting the functioning of its embassy in New Delhi.
The reconstituted Group of Ministers on the Bhopal gas tragedy will meet on Friday, Home Minister P Chidambaram said on Tuesday, a day after Prime Minister Manmohan Singh asked the panel to submit its report to the Cabinet in 10 days.
At present, a project with investment of more than Rs 600 crore in sectors routed through the Foreign Investment Promotion Board has to be referred to the Cabinet Committee on Economic Affairs.
Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, official sources said.
The government's disinvestment programme made a muted re-start with the Cabinet Committee on Economic Affairs approving the part-sale of its stake in two power companies -- NTPC and Satluj Jal Vidyut Nigam -- but postponing a decision on the overall disinvestment policy.
"As FM, I granted approval in the normal course of business," he said in a statement.
The government's decision to divest its stake in power PSU NTPC would be delayed as the Cabinet Committee on Economic Affairs could not meet on Thursday due to pre-occupation of key ministers.
Prime Minister Manmohan Singh has asked the Cabinet Committee on Economic Affairs to decide on a Planning Commission proposal to allocate a portion of power generated from Centrally-owned utilities for open access to large consumers.
India says it gives equal treatment to foreign companies on tax matters, not special consideration.
According to a decision taken by the Cabinet Committee on Economic Affairs, the Commission on Agricultural Costs and Prices will consider the above elements while recommending the MSP. The CACP, an advisory body under the agriculture ministry, recommends MSPs of over 20 crops, including wheat and rice.
Currency notes of lower denomination of Rs 100 and Rs 50 will continue to be the legal tender
India sked to provide name of the bank and other specific details.
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
The government planned to borrow 10-15 per cent of the total borrowing offshore. That works out to at least Rs 71,000 crore, or about $10.4 billion at Friday's exchange rate.
The Cabinet Committee on Economic Affairs last evening gave OVL, the overseas arm of the state-run explorer, approval to invest its share of $204 million in the oilfield. Over and above these, the two have committed a minimum exploration investment of $165 million and an additional optional exploration expenditure of $235 million.
After sixty years of Congress misrule, India has most of the world's poor people, and some of the worst health and nutrition indicators, even worse than much poorer sub-Saharan Africa. This is truly a crime and a national shame.
A meeting of the CCEA, chaired by Prime Minister Manmohan Singh, approved 'splitting of the production sharing contract for Block AA-ON/7 in two parts, to consider separate exploration period of Nagaland part of the block,' an official statement said.
The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh allowed ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation, to invest $167.84 million in taking 8.35 per cent stake in the pipeline.
The fuel price hike for the last 16 days had caused inconvenience and disappointment among the general public.
The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors.
Ahead of the G-20 Summit, Planning Commission Deputy Chairman Montek Singh Ahluwalia will lead a delegation to a preparatory meet on March 11 in London where deliberations on issues like liquidity crunch and reforms in international financial institutions are likely be taken up.
The Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce has called a meeting on July 10 to discuss the foreign direct investment (FDI) policy in the cigarette industry.
Be it bad loans resolution or his uncanny focus on inflation fighting which earned him criticism of being a policy hawk, Acharya was at the centre of it all and deftly steered the policy machinery.
The new rules for foreign investment issued by the Cabinet committee on economic affairs have two specific problems. Both lie in the new provision that any company which has an Indian majority shareholding and Indian control will be treated as an Indian company.
For the second time since Press Note 2 and 4 were issued in February 2009, the Department of Economic Affairs in the finance ministry has raised questions on their implementation, this time over an application before the Foreign Investment Promotion Board.
The ones chosen for operation, management and development through a public-private partnership model are Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati.
Government hits back, tells rating agency to introspect on processes.
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
The government on Friday approved the acquisition of drug company Ranbaxy Laboratories by Japanese pharma major Daiichi Sankyo envisaging foreign investment of around Rs 21,500 crore (Rs 215 billion).
The government wants the RBI to part with most of its profit as dividend.
Internship Programme, 2008 formulated by the Department of Economic Affairs.
The shift was sudden, quite unlike Shukla's departure from North Block, which had been anticipated for some months even before Singh''s first Budget.
China is on the offensive. Long a bystander in international economic affairs, Beijing has in recent weeks announced a string of initiatives for remoulding the global financial system. And they all have one target - knocking the US dollar off its perch.
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
Industrial output rose to nearly three-year high of 6.4% in August.
There are 'troubling similarities' between US President Barack Obama's financial actions with those of policymakers during the Great Depression in 1930's, a new study has claimed, warning the country's policies might have the potential to consign it to a similar fate as Argentina.
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