The IPL uses this system for players' auction.
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.
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.
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 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.
'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.
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.
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
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 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.
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 changes are in view of the requests received from interested bidders and the prevailing situation arising out of COVID-19.
Future, even present, wars -- at least those involving such tech giants as China -- include hi-tech battlefields, which a Pakistan-obsessed India has not sufficiently prioritised. Today's generals plan on how to disrupt an enemy city's power supplies, rail networks, airports, ports, and government departments, not just by bombing or torpedoing them; they also examine the option of tripping up the computer networks that run these, notes David Devadas.
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.
State-owned companies have been set stiff targets to increase accountability as they get ready for divestment. Nikunj Ohri explains why meeting them will be challenging.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
Chidambaram has not been named as an accused in the FIR and the CBI is yet to file a chargesheet in the matter.
It is estimating that this would help monetise assets worth Rs 10,000 crore.
Only those who stick to the old I-T regime will get this benefit.
The government is considering a proposal to privatise some state-owned banks in phases.
This comes at a time when the COVID-19 crisis is expected to derail the government's revenue maths for 2020-21, hitting the mop-up from sources such as taxes and divestment.
'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'
The HC asked him to furnish a bail bond of Rs two lakh and a surety of like amount.
Personal competence, where it should have been acknowledged and appreciated, was sacrificed for that oft heard line: Party-is-supreme. It angered that at a time when lives are at stake amidst the pandemic, the government didn't deem continuity in leadership important for the health portfolio, observes Shyam G Menon.
If cleared, the ONGC arm will become the first subsidiary company of an existing Maharatna to get into this superior league among government-owned entities.
Move aimed at avoiding crowding of public issues during the Centre's mega disinvestments in coming months.
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
Coming from a family that has a 140-year history of growing coffee, Siddhartha, 59, initially dabbled in stock trading and wanted to work as an investment banker in Mumbai after completing his Master's in Economics from Mangalore University.
The government on Monday signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore. Earlier this month, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of the salt-to-software conglomerate, to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. Following that, on October 11 a Letter of Intenet (LoI) was issued to the Tata Group confirming the government's willingness to sell its 100 per cent stake in the airline.
Centre might move swiftly on its next round of strategic sales in CPSEs
Some overseas investors refuse to be part of roadshows, citing environment risks
The experts said that climate change is not only raising temperatures and making India's heatwaves hotter, but also changing weather patterns that further drive dangerous weather extremes.
The department of investment and public asset management is scouting for investment bankers and legal advisors to carry forward the transactions.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
After its unsuccessful bid to sell Air India in 2018, the government this time has decided to offload its entire stake.
A host of companies have been lined up by the disinvestment department as candidates for stake sale.
This was the one Budget that required radical departures on all these fronts, when it had none, asserts, Shreekant Sambrani.
The finance minister was speaking after launching the maiden IDF scheme of IIFCL Mutual Fund in New Delhi on Tuesday.
