Chidambaram clears holding company for insurance & mutual fund subject to RBI clearance.
The proposal was cleared by FIPB at its meeting on March 30, 2005.\n\n
Government on Wednesday cleared 29 FDI proposals worth Rs 147 crore (Rs 1.47 billion), including those of Hong Kong-based IBM Products and cosmetics major Nivea.
With response tepid so far from domestic investors, these funds might soon approach FIPB for approvals.
A combined 7.82 million shares representing 36% of free float equity of the private airliner have changed hands on BSE and NSE till 1500 hours.
The Foreign Investment Promotion Board will take up on March 20, the proposal of UK mobile giant Vodafone to acquire 52 per cent direct stake in Hutchison-Essar from Hong Kong-based Hutchison Telecom based on an enterprise value of $18.8 billion.
The Delhi high court directed the Centre and Foreign Investment Promotion Board on Friday to complete within two months, an inquiry into Hong Kong-based Hutchison Telecom allegedly holding more than the permissible 74 per cent stake in Hutch-Essar.
The case is related to the alleged irregularities in granting clearance by the Foreign Investment Promotion Board to INX Media, once owned by Peter and Indrani Mukherjea, for receiving overseas funds to the tune of Rs 305 crore.
Bharti Enterprises on Tuesday said it expected to start its life insurance venture with French major Axa by June end.
Japanese car major Toyota Motor Corporation plans to set up an engine assembly plant in the country and has sought government approval for the proposed venture.
The government is believed to have permitted Japanese major Sony to undertake cash and carry wholesale trading in India for a range of hi-tech products.
Coca-Cola's proposal for giving Indian shareholders differential voting rights is believed to have come up for discussion at Foreign Investment Promotion Board's meeting held on March 13, sources said in New Delhi on Friday.
The Supreme Court on Monday allowed Congress MP Karti Chidambaram, who is facing criminal cases that are being probed by the Enforcement Directorate and the Central Bureau of Investigation, to travel abroad.
The court had also directed Chidambaram to cooperate with the investigation in both the cases as and when required.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
Swedish firm Astra Pharmaceutical will buy out the remaining less than 10 per cent stake in its local arm Astrazeneca Pharma India by next year following approval from the Foreign Investment Promotion Board.
The United States-based communication services provider Avaya International will pick up to 25 per cent stake in Tata Telecom following clearance from the Foreign Investment Promotion Board.
The next FIPB meeting slated for July 5, however, does not have a Jet proposal on its agenda.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
The court extended the interim protection granted to Chidambaram and his son, Karti, till December 18.
Japanese tyre maker Bridgestone Corporation's Rs 66.6-crore proposal for hiking equity in its Indian arm to 100 per cent was among the 23 proposals worth Rs 92 crore cleared by the Government Monday.
The court directed Tihar authorities to provide Chidambaram with medicines, western toilet, security and separate cell.
US major Procter & Gamble Company plans to increase its stake in the Indian arm, which sells brands like Vicks Vaporub, to 71 per cent by purchasing 2.65 per cent equity of P&G Hygiene and Healthcare.
Any reduction in the customs duty on smartphone parts in the forthcoming budget will harm India's developing component ecosystem, discourage investment, increase imports, and make local firms uncompetitive, potentially resulting in job losses, think tank GTRI said on Tuesday. India's smartphone industry is a 'Make in India' success story, with 2023-24 production reaching $49.2 billion and exports at $15.6 billion, making smartphones the fourth-largest export after diesel, aviation fuel, and polished diamonds.
Cheering the move, shares of Jet opened the day on a bullish note and further jumped 7.26 per cent to Rs 414.70 on the Bombay Stock Exchange.
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
Sources estimate there could be about 60 applications at the department of industrial policy and promotion for up to 49 per cent foreign direct investment in single-brand retail.
Tesco, which has sought the government's permission to buy 50 per cent stake in Tatas-owned Trent Hypermarket Ltd, will have to invest atleast $55 million in creation of fresh back-end infrastructure.
With the abolition of the Foreign Investment Promotion Board (FIPB), Amazon's proposal will now be vetted by the Department of Industrial Policy and Promotion (DIPP) under the commerce ministry.
Special Judge O P Saini issued notice to the agency and sought its response by October 8.
If convicted, the offences entail a maximum punishment of seven years.
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