Billionaire Mukesh Ambani's Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi state energy giant Adnoc and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi. A company statement said an agreement has been signed for Reliance to invest in the project but did not give details. Unconfirmed reports put the investment at about $1.5 billion.
FDI into the country increased by 30 per cent to $21.62 billion during April-September this fiscal.
China supplied more than $20 billion worth of arms to Pakistan. These include 20 J-10CE and JF-17 Block III fighter aircraft, Wing Loong drones, frigates, submarines, Hongqi HQ-9P surface-to-air missiles, 240 PL-15E air-to-air missiles, LY-80 air defence systems, ZDK early warning aircraft and other weapons.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
Talks gain ground of strategic stake sale to foreign investor.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
Putin made these remarks on Thursday at a forum in Moscow organised by Russia's Agency for Strategic Initiatives (ASI).
'India enjoys conventional superiority, but nuclear deterrence imposes clear boundaries.'
Bigger companies are signing equity JVs with global investors.
Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
Equity supply may hit Rs 6 trillion soon.
Intermediaries, TPAs will also benefit, but investments will be under 26% FDI cap
The talks for a free trade agreement (FTA) between India and Canada may have taken a pause but will resume once the political row between the two countries is resolved as the pact has economic benefits for both the nations, trade experts and exporters said on Friday. However, they said that India may not hurry for the trade agreement as 60 per cent of New Delhi's exports are already entering Canada at zero duty. Earlier this month, India and Canada paused the negotiations for the agreement due to political reasons.
Prime Minister Narendra Modi will pay a two-day working visit to the US from February 12 during which he will meet President Donald Trump, the external affairs ministry announced. The visit will give further impetus and direction to India-US bilateral relationship. Prior to his US visit, Modi will be in France from February 10-12 to co-chair the AI Action Summit with French President Emmanuel Macron. He will also visit Cadarache, the site of the International Thermonuclear Experimental Reactor of which India is a partner. During his visit to France from February 10-12, Modi and Macron will also address the India-France CEOs forum. The prime minister and Macron will travel to Marseille where they will inaugurate the Consulate General of India. The leaders will also visit the war cemetery and pay tribute to the sacrifices made by Indian soldiers in World War 1. Modi and Macron will visit Cadarache, the site of the International Thermonuclear Experimental Reactor (ITER). There has been a very close rapport between Trump and Modi, dating back to the US leader's first term. There is a clear convergence of interests between the two countries in several areas, including trade, investment, technology, defense cooperation, counterterrorism, Indo-Pacific security, and people-to-people relations.
In 2016, (till April 22), 64 proposals have been received.
Says allow companies with up to 49% FDI to invest in restricted sectors.
FIPB has deferred 18 proposals.
Foreign direct investment (FDI) in India grew 40 per cent to USD 51.47 billion during April-December 2020-21, according to government data released on Thursday.
She said that she had apprised BJP president Nitin Gadkari of her plan of action.
India Inc has expressed strong displeasure over the Delhi government's decision to withdraw approval to FDI in multi-brand retail, saying the move was likely to hinder foreign investments flowing into the country.
The Foreign Investment Promotion Board has made it clear that Press Notes 2 and 4 issued in February 2009, which changed the way indirect foreign equity would be treated in calculating foreign investment levels in Indian corporations, cannot take effect retrospectively for proposals before the board.
Defending the new foreign investment guidelines released this week, commerce and industry minister Kamal Nath said on Friday the norms would not distinguish between different forms of foreign capital.
CPI leader D Raja also attacked govt for going back on its assurance to hold consultations with all stakeholders.
In a major relaxation of foreign investment rules in the pharma sector, a special group set up under the finance ministry has suggested it could consider permitting up to 49 per cent FDI (foreign direct investment) in the automatic route for brownfield investments in case the company's control remained in Indian hands.
The data will be released in coordination with the Reserve Bank, which has so far been the sole agency for compiling information on the outward FDI.
A bench of Chief Justice N V Ramana and Justice Manmohan issued notice to Civil Aviation Ministry, DGCA and others and sought their response by October 30.
Hinduja Brothers are keen to invest in Indian Infra projects.
The investment limit for news and current affairs TV channels has been retained at 26 per cent.
At the end of the day, for many worldwide, the ongoing mutual attacks between Israel and Iran would seem a contest devoid of any moral high ground and only a bout between two ordinary adversaries, one that nevertheless risks spinning out of control into a larger conflagration, notes Shyam G Menon.
During November, FDI flows into China, the largest recipient of foreign investment through this route, fell for the 10th time in 11 months, as labour costs rose and an economic slowdown dragged growth down for seven quarters in a row.
Minister of State for Commerce and Finance Nirmala Sitaraman, in Mumbai to address election rallies, took time out to talk about the economy, foreign investment and trade facilitation.
Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board.
Gadkari said, infrastructure sector including highways, airports, inland waterways, railways, logistic parks, broad gauge and metro, apart from MSMEs can attract large scale foreign investment.
Finance Minister Arun Jaitley presented the Budget in the Parliament on Thursday.
Chaturvedi said the highest ever FDI flows received by the country were in FY12 at $35.12 billion while in four months of this fiscal alone we have crossed $10.75 billion.
As funding from foreign private equity and venture capital firms is the lifeline for most online retailers, the restriction on foreign direct investment is threatening to block any fresh investment into the sector.
India's current account deficit narrowed to $1.3 billion or 0.2 per cent of GDP in the January-March quarter of FY23, mainly due to moderation in the trade deficit and a robust increase in services exports, RBI data showed on Tuesday. However, for the 2022-23 fiscal, the current account balance recorded a deficit of 2 per cent of GDP compared to 1.2 per cent in 2021-22. "India's current account deficit (CAD) decreased to $1.3 billion (0.2 per cent of GDP) in Q4:2022-23 from $16.8 billion (2.0 per cent of GDP) in Q3:2022-231, and $13.4 billion (1.6 per cent of GDP) a year ago [Q4:2021-22]," as per the RBI's 'Developments in India's Balance of Payments during the Fourth Quarter (January-March) of 2022-23'.
The Delhi high court on Friday sought the stand of news portal NewsClick and its editor-in-chief on a plea by the Enforcement Directorate (ED) seeking vacation of an earlier order granting them protection from coercive action in a money laundering case.
The new government's challenge would be to reverse the tide in FDI, boost manufacturing and come up with an e-commerce policy that is fair to all investors.
