Governor Banwarilal Purohit administered the oath of office and secrecy to 68-year old Stalin, for whom this would be the first stint as CM
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, it has to lower its stake in the company to 75 per cent.
The Covid pandemic has left a question mark on how the central government manages its staff.
"Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," DIPAM Secretary Tuhin Kanta Pandey tweeted.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
'The Modi-Xi and Modi-Obama meetings, with an interval of just 12 days, are juxtaposed superbly at a crucial point in the prime minister's life. Can Modi carve out a win-win situation with the superpower and the emerging superpower at the same time?'
The railways heritage lines that are part of the UNESCO-accorded sites list include Darjeeling Himalayan Railway, Nilgiri Mountain Railway, and Kalka Shimla Railway.
The government has notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets, ahead of the national airline's takeover by the Tata Group. The government had in October last year, inked the share purchase agreement with the Tata Group for the sale of national carrier Air India for Rs 18,000 crore. The Tata Group is expected to take full control of the airline, it founded in 1932, on Thursday. The cash component of the deal would come once the handover process is completed. The Tata Group would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Processes are at an advanced stage for a number of assets of the Centre and central public sector enterprises (CPSEs) to be monetised. The assets include office space, apartments, factories, land, power transmission assets, sports stadia, gas pipelines, and telecom assets.
'We are a country of amazing ability and the way we have responded to the pandemic is evidence.'
The government will transfer about Rs 16,000 crore of unpaid fuel bills and other pending dues that Air India owes to suppliers, to a special purpose vehicle before handing over the loss-making airline to the Tata Group, a senior official said. Air India Assets Holding Ltd (AIAHL), which will hold non-core assets of Air India such as land and building, will also be saddled with 75 per cent of the airline's debt that the Tata Group is not taking over. Besides the debt, the excess liability going to AIAHL comprises unpaid fuel bills to oil companies, airport operators and vendors, said Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management - the department running the privatisation programme of the government.
Conformity assessment procedures will be put in place to verify that goods and services sold on e-commerce platforms meet required standards and technical regulations, according to the draft e-commerce policy. The policy, which is under discussion, also stated that actions and things which cannot be done by the online platform entities "can also not be done" by any of its associates and related parties. Government may, from time to time, notify parties which fall in the definition of associates and related parties, it said.
The challenges before the coming Budget are more daunting than those in 2021, reveals A K Bhattacharya.
The government has revised its divestment target downwards from Rs 2.1 trillion, as its ambitious privatisation programme has been deferred to next year.
However, the number of renewals has grown by only 0.4 per cent, which means only high value and ticket size renewals are coming.
The private college and hospital has been in the thick of controversy following irregularities and fraud, raising questions on why the Chhattisgarh government wants to acquire the debt-ridden institution by paying double the amount of its valuation.
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
The government in January restarted the divestment process of Air India and invited bids for selling 100 per cent of its equity in the state-owned airline, including Air India's 100 per cent shareholding in AI Express Limited and 50 per cent in Air India SATS Airport Services Private Ltd.
Doubts over implementation of a Cabinet-approved strategic sale policy are puzzling.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
A panel led by the secretaries of the DEA and the DIPP would conduct a quarterly review on the pending proposals.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
The sale is key to meeting the government's disinvestment target of Rs 2.1 trillion in the financial year 2020-21. So far, the disinvestment exercise has fetched the government Rs 34,845 crore during the current financial year.
Salt-to-software conglomerate Tata group was among "multiple" entities who on Monday put in preliminary bids for buying the government's stake in loss-making carrier Air India.
'In a serious fiscal situation like this, an ostrich-like focus on annual budgeting, event management and defensive rhetoric will only make matters worse,' warns Rathin Roy.
The IPL uses this system for players' auction.
'Washington appears to be playing the long game, and making the argument to India that over the longer term, Russia -- sanctioned, cash-strapped, isolated by the West -- will no longer be a viable defence partner for India'
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd (IGL) to help its new owner avoid making an open offer for the two gas companies. BPCL holds 12.5 per cent of the shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.
Monetising real estate assets is part of the overall relief package that would be used to retire debts, upgrade networks, and offer VRS aimed at reducing the telcos' employee strength by half.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
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