This year's IPL is scheduled to be performed from September 19 - November 10 within the UAE. The choice concerning the event was made within the IPL's Governing Council (GC) assembly on Sunday.
As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which is currently going through insolvency resolution process. Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL and April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group have again submitted their EOI, after the lenders of Future Retail decided to invite fresh bids after dividing FRL's assets into clusters. According to an update from FRL's Resolution Professional, the 49 players would be permitted to submit "resolution plan(s) for any/all such Clusters under Option II".
The Reserve Bank of India has rejected three applications, including that of West End Housing Finance, for setting up small finance banks. These applications were found not suitable for granting of in-principle approval to set up small finance banks, it said in a statement on Tuesday. RBI had received about a dozen applications to set up banks under the guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks (SFBs).
Reliance Industries Ltd will acquire German firm Metro AG's wholesale operations in India for Rs 2,850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector. "Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing adjustments," said a joint statement. Through this acquisition, Reliance Retail will get access to a network of Metro India stores located in prime locations across key cities, along with a large base of registered kiranas and other institutional customers, and a strong supplier network.
'With India's growing capabilities in the space sector, this creates promising opportunities for enhanced collaboration and market access.'
Tata Motors has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore, as it aims to bolster its passenger vehicle production capacity. As part of the deal, Tata Motors will get the entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement. The deal also includes the transfer of all eligible employees, it added.
Markets regulator Sebi has kept in abeyance the processing of Go Airlines' draft papers for an initial public offer worth Rs 3,600 crore. Go Airlines (India) Ltd, which has announced rebranding itself as 'Go First', filed preliminary papers for an initial share sale worth Rs 3,600 crore in May. The proceeds will be mainly used to repay dues. The "issuance of observations (has been) kept in abeyance", according to Sebi's latest update on processing status of Go Airlines' draft offer documents. The information was updated on June 25. In Sebi parlance, issuance of observations implies its go-ahead for the IPO.
US auto major Ford Motor Co will shut its two manufacturing plants in India and will sell only imported vehicles in the country as part of a restructuring exercise, according to people aware of the development. The company, which invested about USD 2.5 billion at its Chennai (Tamil Nadu) and Sanand (Gujarat) plants, will stop selling vehicles such as the EcoSport, Figo and Aspire which are produced from these plants. Going ahead, it would only sell imported vehicles like Mustang in the country.
Billionaire Gautam Adani's younger son Jeet on Friday married fiance Diva Shah at a small and intimate, traditional ceremony with a close group of friends and family in attendance.
Bharti Wal-Mart Pvt Ltd, the joint venture between Bharti Enterprises and retail giant Wal-Mart, opened its first cash-and-carry (wholesale) store in India at Amritsar in Punjab on Sunday.
Sebi on Wednesday imposed a total penalty of Rs 25 crore on Mukesh Ambani, Anil Ambani, other individuals and entities for non-compliance with takeover norms in a Reliance Industries case dating back to 2000.
Without disclosing other shareholders, Republic Media Network said the statement was being issued to "clarify the details of its promoter shareholding" in view of "misleading" media reports making "false and mala fide claims about the exact ownership of the consolidated network." It said Goswami through his personal investment and family owned around 84 per cent shareholding in ARG Outlier Media Pvt Ltd at the time of launch of the English news channel Republic TV in 2017.
Allocation to bank deposits -- fixed deposits, savings account deposits, and current account deposits -- came down.
The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's and its CEO and co-founder Raveendran Byju and seized 'incriminating' documents and digital data as part of a foreign exchange violation probe.
The Board of Control for Cricket in India on Thursday confirmed they have suspended the IPL title sponsorship deal with Chinese mobile giant VIVO for this year's Indian Premier League amid widespread anti-China sentiment in India.
The Enforcement Directorate (ED) has filed a chargesheet against Congress leaders Sonia Gandhi, Rahul Gandhi, and others on charges of money laundering in the National Herald case. The chargesheet, filed on April 9, names Congress leaders Sam Pitroda and Suman Dubey as accused persons. The case pertains to the alleged fraudulent takeover of properties valued over Rs 2,000 crore belonging to the Associated Journals Limited (AJL), the publisher of the National Herald news platform. The ED alleges that Young Indian, a private company "beneficially owned" by Sonia Gandhi and Rahul Gandhi, "acquired" AJL properties for a mere Rs 50 lakh, significantly undervaluing its worth. The case has been transferred to Special Judge Vishal Gogne's court for further proceedings.
According to the government, the additional chief secretary of the state housing department is designated to sign an agreement with the Union government for the land lease transfer.
The period of assessment of these defaulters range from 1989-90 to 2013-14.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
MetLife India Insurance Co Pvt Ltd is looking out for Channel Sales Officers.
Air India Express and AirAsia India have moved to a unified reservation system, whereby passengers can make bookings for both airlines through an integrated website. The move is part of the ongoing process of merging AirAsia India with Air India Express. The combined entity will focus on leisure-oriented and price-sensitive markets.
India is in dire need of cybersecurity professionals. With several recent incidents of data breach, India's cybersecurity journey so far proves this demand. But is the country ready to meet this demand and is it preparing a cybersecurity workforce for the unforeseen cyber future? A report titled "India Cybersecurity Services Landscape" by Nasscom-Data Security Council of India (DSCI) predicts that the Indian cybersecurity services industry would grow at a compound annual growth rate (CAGR) of about 21 per cent to touch $13.6 billion by 2025. And by 2022, the industry, which generated a cumulative revenue of about $4.3 billion in 2019, is expected to grow to $7.6 billion. However, around 3.5 million jobs in the cybersecurity space will remain unfilled by the end of 2021.
With his face crushed beyond recognition, Gaud was identified with a tattoo of the word 'Om' on one of his hands, his family said quoting Indian embassy officials.
Debt-ridden Future Group on Friday said it will sell part of its stake in Amar Chitra Katha Pvt Ltd (ACKPL), which publishes Amar Chitra Katha comics, for Rs 13.62 crore. It has entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting to 18.58 per cent of the total paid-up share capital of ACKPL to Ramanaidu Daggubati and Spirit Media, according to a regulatory filing. Future Consumer Ltd (FCL), part of the Future Group, will be offloading the stake.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
The Ministry of Information and Broadcasting has given its nod for temporary live uplinking of the 11th edition of the Indian Premier League, whose inaugural ceremony will be held on Friday.
The Enforcement Directorate has upgraded its Look out Circular (LC) issued against Byju's founder and CEO Byju Raveendran in connection with a FEMA probe, seeking to stop him for going abroad. The earlier such alert meant that immigration authorities had to just intimate the agency about his movements through various ports. Official sources said that the over an year old LC was revised sometime back in light of investors' concerns and ongoing adjudication of a FEMA contravention case against Raveendran and some others.
The company has said it will expand the production capacity at its contract manufacturing facility in Baddi (Himachal Pradesh). The company has just inked an agreement with its Baddi-based leading vendor Sarvotham Care Ltd for the purpose. Amway India is a wholly owned Indian subsidiary of the $8.2 billion Amway Corporation, Michigan, USA, one of the largest Direct Selling Companies in the world.
India Inc borrowed heavily in December.
The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notices over the petition filed by e-commerce major Amazon, challenging a recent order passed by the fair trade regulator CCI that suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). The appellate tribunal has directed the Competition Commission of India (CCI) and FCPL to file their reply in next 10 days and Amazon to file a rejoinder over it. It has directed to list the matter on February 2, for next hearing.
With a gradual rise in temperature and the start of heatwave, FMCG and dairy firms selling cola-based fizz drinks, juices, mineral water, ice creams and milk-based beverages expect a spike in sales and have ramped up their production and stocks to meet the anticipated consumer demand. The makers are launching new products keeping in mind the evolving consumer preferences and also investing substantially on promotions and expansion of the channels this season, company executives of beverage and ice cream makers said. Beverages major PepsiCo said summer months are naturally the most favourable season for its category and it is "optimistic" that its portfolio of brands will continue to delight consumers during the period.
TKM is also showcasing its Toyota Prius hybrid car in the biennial event in the national capital and is looking for its launch in the Indian market.
'His contribution not only elevates our institution but also serves as an inspiring example of how our alumni community continues to drive meaningful change.'
Russell Smith, chairman, SDD Global Solutions, explains what makes India such a hot legal outsourcing destination.
'It was the early days of my 5th standard school vacation, and my mother asked me, 'Robotics classes or swimming classes for the weekends?' I chose robotics classes because technology fascinated me.'
Moolchand Healthcare Pvt Ltd, the corporate entity formed by the group in 2006 with expansion in mind, is on an acquisition spree for hospital chains, IVF (in vitro fertilisation) clinics and pathological laboratories.
'We have to keep knocking on it before we get a response.'
The fresh negotiations with Israeli authorities concerned for procurement of the two Phalcon AWACS come in the midst of India's bitter border row with China in high-altitude eastern Ladakh.
