VMIL officials declined to comment on the development. According to sources close to the development, VMIL will sell stake to raise money for expanding Hungama, the content and mobile services arm. The Mumbai-based company has already held two to three rounds of meetings with these private equity investors. The company's valuation has been pegged at Rs 800 crore (Rs 8 billion). The funds raised would be used for Hungama's expansion.
In view of India's faster industrial growth and improved business confidence, UK-based Standard Chartered Bank (SCB) on Tuesday revised upwards its forecast for the country's economic growth to 8.1 per cent for the current fiscal.
IDFC is merging its Portfolio Management Services business with the newly-acquired Standard Chartered Mutual Fund to sell MF products targeting high net worth individuals. The company is also planning products that offer infrastructure as an asset to investors.
Standard Chartered, the UK-based emerging markets bank, and ArcelorMittal, the world's largest steel company, are considering listing in India using a domestic depositary receipt programme. The proposed listings are still at an exploratory stage.
For the first time since its inception eight years ago, the US $325,000 Standard Chartered Mumbai Marathon will be run on January 16 without the blessings of the Athletics Federation of India. 'They have been invited but there's what I will call a lack of response. But the marathon has the gold label status from the IAAF (international athletics body),' said race director Hugh Jones at a media conference in Mumbai on Tuesday.
Post the transaction, Tata Motors will own 40 per cent stake in Telcon, while Hitachi will have 60 per cent, the company said.
Bank FD rates are expected to go down in the near future. Lock in now if you want stability as well as returns
"The examination will cover several aspects, including standalone profiles of the Indian subsidiaries, our assessment of the strength and quality of parent support, and translation of global ratings to the Crisil scale," Crisil Ratings Senior Director Raman Uberoi said.
Images from the Mumbai Marathon, held on Sunday.
African runners are expected to steal the show in Sunday's $310,000 prize money 7th Standard Chartered Mumbai Marathon.
Daniel O'Brien, regarded as the greatest decathlete of the 1990s, says the marathon is similar to the decathlon when one completes it. 'It is a great feeling of accomplishment.'
The Indian market is very competitive because you have existing foreign banks, private banks, new foreign banks and public sector banks, says Mike DeNoma, executive director, StanChart.
The Supreme Court stayed the National Consumer Commission's order, which had capped the interest rate chargeable on credit card holders at 30 per cent. The verdict will allow banks to levy any interest rate they consider applicable to card holders. In their appeal, the banks said they were following the guidelines of the RBI, which was the only authority to regulate the fixing of the interest. The commission had no jurisdiction to pass an order directly to the banks.
It's good news for those who fly frequently. They can avail of some interesting offers from their credit card companies, including co-branded airline cards, zero per cent interest on ticket repayments and even free tickets in a few cases.
Telecom infrastructure major GTL Infrastructure will use its Rs 2,200 crore cash reserves to buy back foreign currency convertible bonds.
Earlier, the court had sought response from the Central government and K Nageshwar Rao, Special Director, ED, on the bank's petition seeking quashing of the Bombay high court order that refused to stay the proceedings.Earlier, the court had sought response from the Central government and K Nageshwar Rao, Special Director, ED, on the bank's petition seeking quashing of the Bombay high court order that refused to stay the proceedings.
Participants from Indian sub-continent expect their average wealth to grow to $9.07 million in 2010.
Plastic money that lets you buy almost everything by just swiping the card can also turn out to be your worst nightmare.
Having cleaned up their credit card portfolios and sensing a change in the economic environment, issuers such as SBI Cards, Standard Chartered and HSBC are seeing an increase in their credit card base at a marginal pace.
"Opening up will give us new opportunities such as greater freedom to open branches. On the inorganic side, there could be opportunities to take larger stakes in banks or to take management control. If anything of that happens, we will be interested," says Standard Chartered's regional chief executive for India and South Asia Neeraj Swaroop.
The Supreme Court on Monday admitted the appeals of Standard Chartered Bank, HSBC and Citibank challenging the order of the National Consumer Commission imposing restriction on charging credit card holders an interest rate in excess of 30 per cent.
India story, pressure to invest are driving spurt in PE activity.
Standard Chartered Plc's Rs 2,760-crore (Rs 27.60 billion) maiden Indian depository receipt (IDR) issue got a robust demand from investors on the final day of the offer on Friday and got subscribed a good 2.19 times with most of the bids coming in from qualified institutional buyers (QIBs).
Entries for the Standard Chartered event close on August 18.
India is set to emerge as the world's third largest economy by 2030.
Prime Minister Narendra Modi on Tuesday told Russian President Vladimir Putin that a solution to the Ukraine conflict is not possible on the battlefield and peace efforts do not succeed in the midst of bombs and bullets even as he flagged concerns over a missile strike on a children's hospital in Kyiv.
The ministry informed the tribunal that former head of ILFS Financial Services Ramesh Chandra Bawa withdrew/transferred Rs 1 crore and Rs 14 lakh from Axis Bank accounts in two instances which are in violation of the December 3, 2018 order of the tribunal which had frozen these accounts.
An official close to the development said the tender invited by the SUUTI closed in the second week of this month and 12 parties submitted their expressions of interest.
Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
Kenya's Denis Ndiso and Ethiopia's Bizunesh Mohammed won the men's and women's titles respectively in the $310,000 seventh Standard Chartered Mumbai Marathon on Sunday.
Even after the split, UTI Mutual Fund continues to hold the largest market share of 14.47 per cent closely followed by ICICI Prudential, HDFC Standard Life and Templeton in the over Rs 1,00,000 crore (Rs 1,000 billion) industry.
RBI has granted permission to Standard Chartered bank to buy American Express Bank for its American Express credit card biz.
Women marathon runners are likely to set a new course best in Sunday's Standard Chartered Mumbai Marathon, according to Elite Athlete co-ordinator Ian Ladbrooke. 'We have a strong field and I am very optimistic of a new record in the women's race by a big margin,' said Ladbrooke in Mumbai on Thursday, ahead of the US $310,000 prize-money run.
Ethiopia's Gashaw Melese was second and countryman Tariku Jufar third.
Finance Minister P Chidambaram asked Britain on Thursday to allow Indian banks to open more branches in that country.
According to an industry analyst, the telecom infrastructure sector needs over $20 billion, while the passive infrastructure segment needs an investment of over $12 billion.
Following the AMFI approval, these entities would be given the clearance by CDSL Ventures Ltd, the nodal agency for MIN issuances.
The high-profile bidding war for control of Hutch-Essar could intensify with reports in the British media suggesting that Indian partner Ruias have received funding pledges worth up to $25 billion to buy out foreign stakeholder Hutchison Telecom.
Kenyan pacesetter Gideon Kipketer won the men's race in an all-East African clean sweep of the podium by setting a new course record in the 13th Standard Chartered Mumbai Marathon on Sunday.
