John B Menzer, president and CEO of Wal-Mart International, today met Prime Minister Manmohan Si
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.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
E-commerce players may soon rent out drones, so you can use them the way you book a cab on an app, and test viable use-cases for last-mile delivery.
The President said that for rapid creation of jobs in the manufacturing sector, the government will strategically promote labour-intensive manufacturing.
The opposition leaders also accused the government of violating Constitutional norms by not inviting President Droupadi Murmu to the event.
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.
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.
Walmart acquired Bharti's 50 per cent stake in the wholesale joint venture.
The prime minister was speaking at an event to mark golden jubilee of the Aditya Birla Group's presence in Thailand.
The government on Thursday cleared the Rs 30 crore (Rs 300 million) FDI proposal of a Chinese company, Haier Electrical Appliances to set up a 100 per cent subsidiary in India.
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.
The government on Thursday further liberalised the foreing investment regime by allowing Foreign Investment Promotion Board to clear proposals from overseas entities worth up to Rs 1,200 crore (Rs 12 billion), against the existing limit of Rs 600 crore (Rs 6 billion).
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.
Auchan and another French retailer, Carrefour, exited India in 2014
'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.'
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.
'Continue with your SIPs to get the benefit of lower average prices in this challenging market environment.'
The previous United Progressive Alliance government had permitted up to 51 per cent foreign direct investment in multi-brand retail but the current National Democratic Alliance government is opposed to it.
The Cabinet Committee on Economic Affairs has approved the proposal of GlaxoSmithKline Pte Limited, Singapore for acquisition of 24.33 per cent shares in existing Indian subsidiary company of GSK Group.
Insurance firms want more clarity before increasing foreign partner's stake.
South Korean steel giant Posco said on Wednesday that it had signed the memorandum of understanding with the Orissa government for a $12 billion Indian steel project.\n\n
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
Eight FDI proposals worth Rs 1,311.54 crore (Rs 13.11 billion), including that of Norwegian telecom firm Telenor, have been cleared by the government on the basis of FIPB approvals.
India's trade with Nordic countries stands at over USD 5 billion (2020-21) and a cumulative FDI of over USD 3 billion (April 2000- March 2021).
Virginia's Republican Governor, Bob McDonnell says the sky is the limit where the Indian market is concerned and "there's plenty of business for everybody."
India could attract as much as Rs 4,000 crore (Rs 40 billion) in foreign direct investment in real estate by 2010 if certain Acts pertaining to Urban Land Ceiling, Rent Control and Land Acquisition were repealed.
You will be part of fastest growing major global economy, India's ambassador to the US Harsh Vardhan Shringala told young American students.
The CBI had sought the sanction of the government to prosecute the international human rights organisation because of mandatory clause of Section 40 of the FCRA.
However, as compared to April last year, foreign direct investment in the first month of the fiscal 2009-10, was much lower.
India has invited Singapore to explore opportunities of investing in township development projects and mass rapid transit systems, where 100 per cent foreign direct investment is allowed.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
One of the biggest ways in which recent government actions have been seen as investor-unfriendly is New Delhi's decision to unilaterally revisit almost every Bilateral Investment Treaty it has signed with other countries, says Mihir S Sharma.
The e-commerce marketplace is like an information intermediary these days.
Speaking at a defence industry outreach seminar, PM Modi said India's self-reliance on defence capabilities will boost its standing of being a net security provider in the Indian Ocean and make it a defence supplier for many friendly countries, depending on strategic ties.
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