Singapore Airlines first approached the Tatas, its old choice for a venture in India, and was aware of AirAsia negotiations.
Tata is separating management from shareholding control.
Mistry will work with Ratan Tata over the next year and take over from him when he retires.
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.
Both groups warn of initiating strict actions, issue public notices.
Tatas may look at selling part of its stake in couple of investments
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.
Vistara starts flying in India.
Vistara'a launch, the steel plant at Kalinganagar and e-commerce venture are the ones most awaited for
Kumar will hold responsibility for strategy at the group level.
'I'm a little fuzzy on the details, but I know that everyone is behaving as if they've just discovered that their favourite grandfather is a peeping tom,' says Mitali Saran.
Leverage ratio falls to under 1; but group heavily dependent on TCS & Tata Motors.
The 50-share NSE Nifty settled lower by 76.05 points, or 0.88 per cent, at 8,615.25
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The RBI has accepted the application withdrawal request, according to the statement.
Cyrus Pallonji Mistry, 43, currently the Deputy Chairman of Tata Sons has been a director of Tata Sons since 2006.
We have to move from E-governance to M-governance. M-governance does not mean Modi governance. It means Mobile governance, the PM said.
Let's take a look at 30 companies named after people.
'The competition between the two is definitely going to be of great interest to the Indian market.'
Batting for greater transparency, a Sebi panel said sound corporate governance helped companies generate "significantly greater returns".
Prime Minister Narendra Modi is not taking along an industry delegation to the US but top representatives of India Inc are likely to travel to New York and Washington to be part of the power-packed business meetings and receptions being hosted for him.
PM promised a tax regime that is predictable and competitive
Tatas plan to revive, not sell the Port Talbot steel plant. The investment could be as much as $500 million.
In the last couple of months, the Prime Minister has visited Japan and the US and launched the Make in India campaign to lure foreign investments into manufacturing sector.
There is no word yet on the progress of rescue operations for the accommodation barge SS-3 and the Sagar Bhushan oil rig.
Only 10,059 tourists have visited the state this month compared to around 90,000 in July
The objective of the council is to provide strategic and operational support to the group chairman.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
Faced with steep fall in sales of Nano, Tata Motors said it will reposition the budget car as `a smart city car' with added features such as power steering, apart from introducing a CNG version.
Infosys needs to be more innovative and disruptive with its product and services, keeping its focus on growth.
On the other hand, the group's two traditional cash cows, TCS and Tata Motors' subsidiary Jaguar Land Rover, are slowing as other businesses pick up pace
Age and experience not less relevant but firms are gradually moving towards younger leadership teams
The meeting will focus on how to make the crisis an opportunity for India.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
Ambani brothers on Wednesday showered lavish praises on Prime Minister Narendra Modi saying, India has now got a decisive and visionary leader.
Perhaps, the group's leadership position and potential in the retail segment prompted Tata Sons Chairman Cyrus Mistry to identify retail as one of the group's four growth clusters in his recent Vision 2025 statement.
India Inc is either shutting loss making businesses or is hiving off allied verticals to enhance revenues.
Days before Narendra Modi arrives in the US to speak at the UN, meet Barack Obama, gupshup with the likes of Nadella, Pichai, Zuckerberg, and address desis in Silicon Valley, his ministers will help set the commercial and strategic tone for the prime minister's visit.
The Confederation of Indian Industry will organise a round table on investment.
Prime Minister Narendra Modi said India and the United Kingdom are economically made for each other.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
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