China on Tuesday announced a major policy change for its crisis-ridden power sector by allowing coal-fired power plants to charge their industrial and commercial customers market-driven prices. The National Development and Reform Commission (NDRC) of China said the electricity generated by coal-fired plants would discover price in market trading "in an orderly manner" from October 15. This is being done to pass on the high costs of coal and is being held up as the boldest reform in the Chinese power sector.
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India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure
The ED, in its chargesheet, had alleged that Rs 200 crore was paid by Swan Telecom (P) Ltd promoters to DMK-run Kalaignar TV.
The country's second largest cellular services provider, Vodafone Essar, on Friday announced reduction in international roaming rates for its postpaid customers traveling to South Africa during the IPL Twenty20 cricket tournament beginning on Saturday.
Vodafone offers to buy out Hutchison Telecom's stake in India's Hutch-Essar at an enterprise value of $17 to 18 billion reports British daily Financial Times.
Union Textile Minister Dayanidhi Maran has come under the scanner in the 2G scam probe, with the Central Bureau of Investigation telling the Supreme Court on Wednesday that he had misused his office and forced C Sivasankran, the promoter of Chennai-based Aircel, to sell his firm to Malaysia-based Maxis Communications in 2006.
RIL, Essar, Adani have sounded bankers to raise funds abroad in the coming weeks
Hutchison Telecom International Ltd, the Hong-Kong based parent of Hutchison that operates the Hutch-Essar JV in India with Essar group, has said the termination of BPL Mobile Mumbai circle merger deal by its Indian partner was wrong.
The termination of the agreement for Mumbai does not affect the other three circles, for which a merger with Hutchison Essar has already been done.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Four companies, including India's largest private sector electricity generator Tata Power and infrastructure major Larsen & Toubro Ltd, chose not to bid for the Rs 16,000-crore ultra mega power project (UMPP) in Tilaiya in Jharkhand even as Reliance Power, Lanco Infratech and NTPC Ltd, the country's largest power producer, submitted their technical bids.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Continuing the efforts to strengthen its presence in telecom JV with Hutchison, Ruias' Essar Group is considering buying Max Telecom and IL&FS's 3.16 per cent stake in the Hutch-Essar joint venture.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Vodafone recently bought the 67 per cent stake held by Hutchison. The remaining equity is held by the Ruias.
Vodafone, which acquired controlling stake in India's Hutch Essar, will bring its brand to the subcontinent later this year, the company's chief executive officer Arun Sarin has said.
JSW Steel, Tata Steel, Steel Authority of India, Bhushan Steel, Essar Steel, Jindal Steel & Power, and Rashtriya Ispat Nigam are among the top producers of the alloy in the domestic market
The race for Hutch-Essar, the country's fourth largest mobile service provider, quickened on Wednesday with Hong-Kong based Hutchison Telecommunications International Ltd formally informing the 4 companies in the fray to submit their bids by Friday
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
The British teleco is bidding hard for cellular operator Hutchison Essar. At stake: the world's fastest growing mobile market-and Vodafone's reputation.
Vodafone, which is yet to announce the acquisition, has offered to partner Essar, on which the Indian conglomerate said, "We are at the moment evaluating all our options in the best interest of the Group."
Piramal-led company had announced the purchase of a 5.5 per cent stake in Vodafone Essar for $640 million.
As top bosses of Vodafone and Essar arrived in Hong Kong to negotiate a deal for acquiring Hutchison Telecom's Indian business, its parent company has indicated it will not consider any offer below $14 billion.
Reliance Communications, along with Malaysian telecom major Maxis, has confirmed its interest in picking up a stake in Hutchison Essar.
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
Finance ministry officials said they were scrutinising many deals, but the actual tax liability would depend on many factors, including the kind of payment (royalty, interest, stake sale) and the Double Tax Avoidance Agreement with the country where the foreign company was based.
Reliance Communications chairman Anil Ambani on Thursday met Finance Minister P Chidambaram and senior DoT officials, even as his company started examining the books of Hutchison Essar Ltd for a possible bid.
Bharti group chairman Sunil Bharti Mittal today asserted that the question of buying Hutchison's stake in its Indian joint venture Hutchison Essar Ltd would only arise after the Ruias had decided the future course of action.
"We have been importing 3 million barrels of crude oil per month from Iran. There is no change in that status... there has been no disruption in supplies... We continue to import same volumes (this month)," Essar Oil Managing Director and CEO Naresh Nayyar said.
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 manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
Private mobile service provider Hutch-Essar on Friday said its operations across 13 circles in the country have been consolidated under a single entity - Hutchison Max Telecom.\n
Even if the Paytm fiasco does not mark the end of the bull run, at least some sanity will return to the wild IPO market, observes Debashis Basu.
