Banks have Rs 10 trillion in stressed assets - Rs 7.8 trillion of bad loans and Rs 2.2 trillion of restructured ones.
The amount is penalty charged on the Mukesh Ambani-led company for failing to develop the C-66 plot in G Block, named as One BKC.
Move over Sydney Opera House, Theatre Royal Drury Lane, Mumbai has a new entertainment venue that will rival many a global address.
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.
Rohit Sharma showed no signs of the finger injury that kept him out of action for more than two months as he hammered the visiting Sri Lanka bowlers making 142 off 111 balls, said India A coach Sanjay Bangar after his team won the warm-up game.
Le Pain Quotidien (LPQ), a global restaurant chain started in Belgium in 1990 has managed to transform a little part of Mumbai into Europe itself, says Harnoor Channi-Tiwary
'He has the mental strength and skill to play anybody and any attack.' 'He is a fearless cricketer.'
Shankar Prajapati, a 57-year-old potter in Dharavi, has given up hope of getting a bigger house for his family. He lives cheek by jowl in a hutment measuring 200 square (sq.) feet (ft) in the nondescript shanty town. "We have surrendered to our fate. We cannot wait forever for better accommodation. "Perhaps we are not meant to dream big," despairs Prajapati. Raju Korde, president, Dharavi Redevelopment Committee, and a local resident, agrees with Prajapati.
Bryan Adams sent Ronjita Kulkarni and several hundred Mumbaikars to Heaven!
As the industrial era wanes, the network era looms, notes Ajit Balakrishnan.
The largest e-commerce entity of China is setting up its first India office -- an indication that it intends to capture a pie of the growing e-commerce market here. Raghavendra Kamath & Alnoor Peermohamed report.
A total of 3,006 session sites across all states and union territories will be virtually connected during the launch at 10.30 am by Prime Minister Narendra Modi and around 100 beneficiaries will be vaccinated at each session site.
The FoBs were constructed by the Army Engineers in a record 117 days.
Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
A summary of Friday's Super League matches in the Mushtaq Ali T20 tournament.
Carnival group buys project in Chandigarh from L&T for Rs 1,785 cr.
Ever thought vegetable jalfrezi & murg malai tikka would be available at the South Pole?!
'His expression was like a million dollars!'
'Me and my family along with Sarfaraz have given our entire life towards this dream.'
The National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
References to the stock market occur in popular discourse only when the market is overheated and normal middle class people are entering stocks with an unhealthy short-term perspective, says Devangshu Datta.
As the bull-run in Dalal Street gathers pace, people keen on riding it are looking to arm themselves with new tools and techniques.
Cinema screens bring in over 60% of the Rs 19,100 crore that Indian films earned in 2019. The reception a film gets in theatres impacts the price of every other revenue stream -- TV, OTT, overseas. Vanita Kohli-Khandekar explains why the theatre business is not doomed and why OTT won't become the first window of release.
Wankhede is set to host 10 IPL games this season from April 10-25. The first match at the Mumbai stadium is slated to be played on April 10 between Delhi Capitals and Chennai Super Kings.
Former president Sharad Pawar may have made a comeback in the Mumbai Cricket Association after being elected unopposed on Friday, but the Union Minister for Agriculture announced that he has no plans to return to the Board of Control for Cricket in India set-up.
Australian MasterChef runner-up Sarah Todd can't get over India.
Thomas Cook, which is looking to shift its offices to one of the places such as Lower Parel, Dadar, Bandra Kurla Complex or Andheri, is likely to take a decision in the next three to four months.
The Kanagna Ranaut-Hrithik Roshan fight rages on.
Prasanna D Zore/Rediff.com reports from Shivaji Park and the MMRDA ground to sense the mood of Shiv Sena workers -- from the Uddhav Thackeray and Eknath Shinde camps.
Keeping in mind the bitter backdrop in which the two Sena factions are likely to come face-to-face with each other on October 5, the Mumbai police, along with the Maharashtra administration, are leaving nothing to chance.
The BEST workers' union went on strike to press for their demands, including timely payment of salaries.
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
The duo of Vyas and Desai took the opposing bowlers to the cleaners throughout the innings while stitching a massive first-wicket partnership of 282 runs.
With projections suggesting the number of cases in the city will touch 75,000 by the end of May, civic authorities are working overtime to add to the number of beds.
Prime Minister Narendra Modi on Saturday warned of ruin for the dishonest after the expiry of December 30 deadline for depositing scrapped currency and said they should not underestimate the mood of the country against corruption.
While farmers in Gujarat are rejecting the compensation package, farmers in Maharashtra say they do not wish to part with their land for a project that largely benefits Gujarat.
Everything about Narendra Modi's Maha Garjana rally in Mumbai on Sunday is humongous, reports Prasanna D Zore.
GVK Skycity's 20-million sq ft commercial space will be bigger than that in BKC; bids invited for first phase.
With the cyclone set to make landfall on Wednesday, Maharashtra and Gujarat activated their disaster response mechanism, deploying NDRF teams and evacuating people from areas likely to be hit.
