CRISIL upgrades ratings for IPCL debt plan.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Union leaders said RIL's bonus offer of Rs 33,000 was not acceptable to them. Last year it was Rs 40,000.
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
The capital market regulator has accused Reliance Petroinvestments of buying shares of Indian Petrochemicals Corp Ltd in early 2007 just before it declared an interim dividend and announced the merger of IPCL with RIL.
Kanpur looks set to host the third One-Day International between India and West Indies after Baroda Cricket Association expressed it's inability to get the IPCL stadium ready in time, for the match on November 27.
A brave batting performance from India's lower order couldn't prevent World champions Australia from snatching a four-run victory in the first One-Day International at the IPCL stadium in Vadodara, on Sunday.
India's practice session woes continued as opener Gautam Gambhir was struck on the head by a quick bouncer from Munaf Patel in Vadodara on Saturday.
The Ambani brothers on Saturday reached a settlement to split between themselves, assets of India's largest private sector conglomerate, with over Rs 97,000 crore (Rs 970 billion) in revenues, founded by their late father Dhirubhai.
Sachin Tendulkar scored his 41st ODI hundred as India beat the West Indies by 160 runs in the fourth and final match to win the series 3-1.
Members of the India and West Indies teams arrived in Vadodara on Sunday evening amid tight security for the fourth and final ODI match to be played on January 31.
Virtually turning down the request of Reliance Group company IPCL for reconsidering his resignation as vice chairman and director, Anil Ambani, engaged in a war of attrition with elder brother Mukesh, on Saturday sought resolution of issues, includin
The BCCI officially allotted Kanpur to host the third One-day international between India and the West Indies, after the Baroda Cricket Association expressed its inability to get the IPCL stadium ready in time for the November 27 match.
'What you are seeing now is the process that we had started. We gave the chance at Indore (against England) to Uthappa and Kaarthick and they are showing their worth now," the former India stumper said.
The benefit to the retail investor in the government's divestment programme is the fact that investors are allotted the shares at 5 per cent below the offer price finally arrived at through the book-building process.
On the eve of the Board meeting of the Reliance group company IPCL, Anil Ambani has stepped up pressure against Anand Jain, a close associate of his elder brother Mukesh, by demanding an 'independent' report on Jain's business dealings with the compa
The divestment commission on Thursday recommended privatisation of Kolkata-based conglomerate Andrew Yule and Co and favoured offering 40 per cent stake in Indian Vaccine Corporation to IPCL.
Baroda scored a four-wicket victory over Mumbai in the opening match of Ramakant Desai Trophy (West Zone) limited-oves tournament.
Let us analsze the various factors, which have resulted in the uptrend in the petrochemicals cycle.
Sri Lanka dropped Sanath Jaysuriya for the final ODI against India in Baroda.
Reliance Industries Ltd vice chairman Anil Ambani on Wednesday fired another salvo at his elder brother Mukesh, accusing a key director of one of the group companies of sullying the group's image.
The markets opened in the positive terrain after seeing a flat close yesterday
The divestment ministry on Tuesday favoured discounts to retail investors in the forthcoming public issues in six companies beginning with public float of IPCL on February 20.
Buoyed by the overwhelming response to the public offer for its stake in Maruti, the government on Thursday decided to sell its remaining shares to public in the five privatised companies.
In reply, Railways were tottering at 84 for eight in their second innings on the third day of the Elite 'A' group Ranji Trophy match.
His maiden century enabled Baroda post 196 for 4 on the second day of the Elite Ranji Trophy match against Kerala.
Punjab were 323 for eight, still needing 47 more runs to surpass the Baroda first innings total on the third day of the Ranji Trophy Elite Group 'A' cricket match.
Former Ranji champions Railways scored a 57-run win over Baroda to move into the knockout stage.
Following-on, they were 69 for 4 in their second innings, still needing 155 runs to save the Ranji Trophy match against Uttar Pradesh.
A fine knock by Suresh Raina enabled UP post 232 for 4 on day one in the Ranji Trophy match against Baroda.
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