Reliance Lifestyle is an arm of Reliance Retail, a leading domestic player in the organised retail space.
The revised version of the FDI policy, which will be released on March 31, is expected to do away with Press Note 1, 2005, to bring in the above-mentioned change.
India's foreign direct investment is expected to rise substantially from this month with the Reserve Bank of India incorporating many new components in the FDI basket in line with international practices.
Foreign direct investment into India increased to $7.5 billion in 2005-06, up 41.5 per cent from the previous fiscal's $5.3 billion.
With the Russia-Ukraine war roiling financial markets globally, the government may defer the mega IPO of LIC and wait for an opportune time to get the maximum value of its holding in the state-owned insurance behemoth, sources said. "It's a full blown war now so we will have to assess the situation for going ahead with the LIC IPO," a government source said. Finance Minister Nirmala Sitharaman, too, had indicated review of the IPO in view of the evolving geopolitical situation.
The Ministry of Home Affairs in the past has raised concerns on increasing FDI in telecom sector.
CAIT had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.
Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd's entire stake in two of India's leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. The group outbid Ultratech and JSW group to enter the cement industry and also emerge as the country's second-largest cement manufacturer, with 70 million tonnes of capacity annually.
CPI-M general secretary Prakash Karat also reminded the government that it should not think of bringing back FDI in retail sector after the winter session of Parliament and his party will unite with other forces to oppose any such move.
'If you are going to have only a handful of telecom players on whom the entire dream of Digital India rests, it's important they are financially sustainable.'
Reserve Bank Governor Shaktikanta Das on Wednesday said in the wake of appreciating US dollar, the movement of rupee has remained least disruptive as compared to its peers, and the size of foreign exchange reserve is comfortable. On a financial year basis (from April to October 2022), the rupee has appreciated by 3.2 per cent in real terms, even as several major currencies have depreciated, he said while announcing the latest set of bi-monthly monetary policy. "The story of the rupee has been one of India's resilience and stability," the Governor said while pointing out that the appreciation of the US dollar this year, which precipitated large-scale depreciation of all major global currencies including the Indian rupee, has drawn wide attention.
Foreign direct investment in India may erode sharply from the record $42 billion in 2008 with trans-national corporations going slow on expansion plans following the global financial meltdown, says an UNCTAD report.
'Continue with your SIPs to get the benefit of lower average prices in this challenging market environment.'
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
The government on Monday said it was considering a total of five foreign investment proposals, including that of Jagran Prakashan Pvt Ltd and Times Journal India, in the news and current affairs publications and technical and scientific journals.
The government has cleared 408 foreign direct investment proposals involving Rs 3,025 crore (Rs 30.25 billion) in the first half of this fiscal, the Lok Sabha was informed on Friday.
The government said on Thursday it will bring a legislation next month to increase foreign direct investment in insurance sector to 49 per cent from 26 per cent at present.
Whatever the critics may say, the numbers suggest that India continues to be a favourite destination for foreign investors.
A proposal by Damas LLC to set up a joint venture with Gitanjali Lifestyles for retail trading of jewelleries will bring in FDI of Rs 180 crore (Rs 1.8 billion), while Danone's plans for food products business do not have any definite FDI content as company for this purpose is yet to be incorporated.
The proposals were considered by the Foreign Investment Promotion Board at its meeting held on July 4.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
The FIPB rejected two proposals -- Nigeria's Mokeme Chiwetal Izuchukwu and Lanarth Developers Pvt Ltd.
'There is a certain irony embedded in this asymmetric geographical distribution of FDI because most state leaders have shed their inhibitions about promoting 'business' and have understood its virtues as a more cost-effective way of replacing the mai-baap welfarism that passed for economic policy till the early nineties', says Kanika Datta.
Kohler made the comments on aviation industry-wide speculation about New Delhi increasing FDI in defence sector to 49 per cent from the current 26 per cent, with some expecting an announcement in the near future.
Foreign companies eyeing the India's buoyant markets in a host of sectors such as retail would have to wait a little longer as the government has decided to postpone changes in FDI norms by about a month.
FIPB has deferred 18 proposals.
The cable industry, which reaches over 80 million out of India's 130 million TV-owning homes, is getting ready to strongly oppose the government's move to raise the foreign direct investment limit for direct-to-home service providers from 49 to 74 per cent without doing the same for cable companies.
The government expects foreign direct investment into India to cross $7 billion in 2005-06, with auto and mining sectors expected to attract huge funds.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate (ED) has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. When contacted, Flipkart said it is in compliance with Indian laws and regulations, including FDI regulations.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
The prime minister was speaking at an event to mark golden jubilee of the Aditya Birla Group's presence in Thailand.
John B Menzer, president and CEO of Wal-Mart International, today met Prime Minister Manmohan Si
The President said that for rapid creation of jobs in the manufacturing sector, the government will strategically promote labour-intensive manufacturing.
India is losing over $10.3 billion (about Rs 75,000 crore) in taxes every year owing to global tax abuse by MNCs and evasion by private individuals, a report said on Friday. The State of Tax Justice report said globally countries are losing a total of over $427 billion in taxes each year to international corporate tax abuse and private tax evasion. This is costing countries altogether the equivalent of nearly 34 million nurses' annual salaries every year -- or one nurse's annual salary every second.
The Centre plans to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction.
Walmart acquired Bharti's 50 per cent stake in the wholesale joint venture.
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