Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
State Bank of India is planning to set up an information technology company for which it is scouting for a joint venture partner, Arun Kumar Purwar, chairman, SBI, has said.
Power equipment supplier Bharat Heavy Electricals Ltd plans five joint ventures in the nuclear sector and locomotive manufacturing. The company has decided to invest Rs 1,000 crore in a castings and forgings joint venture, Chairman and Managing Director K Ravi Kumar said.
The two companies in a joint statement said that they have entered into exclusive negotiations to combine T-Mobile UK, an arm of Deutsche Telekom, and Orange UK in a new 50:50 joint venture company. The new joint venture would create the country's leading mobile operator with a combined mobile customer base of around 28.4 million, representing about 37 per cent of subscribers in the UK, the statement said.
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.
JSL Ltd (formerly Jindal Stainless) had last year entered into a joint venture with the mining firm PT Antam to build a 20,000-tonne ferro-nickel plant and 3-lakh-tonne stainless steel slab unit in Indonesia. However, with prices of nickel, a vital input for producing the alloy, dipping sharply, the Indian firm has decided to drop the project.
Indian Oil Corp (IOC), nation's largest oil firm, is likely to sign a joint venture agreement with Nuclear Power Corporation of India (NPCIL) this month to foray into nuclear power generation.
Russia will acquire 19.8 per cent stake in Sistema Shyam Teleservices Ltd, a joint venture between Sistema of Russia and Indian entity Shyam Group, for $676 million (around Rs 3,150 crore).
The Rail Budget will announce introduction of AC suburban trains in Mumbai.
ONGC and Mittal had in July 2005 come together to form two joint ventures -- ONGC Mittal Energy Ltd and ONGC Mittal Energy Services Ltd.
The EoI and the share purchase agreement would be issued in January itself for the bidders. While Air India's net loss in 2018-19 was around Rs 8,556 crore, its current total debt is around Rs 80,000 crore.
Indian fertiliser companies are planning to invest around $5 billion (Rs 21,000 crore -- Rs 210 billion) in overseas joint ventures over the next three years. These companies are in negotiations for 19 such ventures, said government officials. These joint ventures are aimed at sourcing nitrogenous, phosphatic fertilisers and other raw materials.
Talking to reporters at Tiruchirapalli on Wednesday, Raj Kamal Rao, member (mechanical) Railway Board, said the joint ventures were for passenger coach manufacturing facility at Rae Bareilly in Uttar Pradesh, a diesel locomotive manufacturing unit at Madora in Bihar and for production of electric locomotives at Modepura in Bihar. The railway was in the process of producing stainless steel goods wagons instead of the mild steel ones, he said.
This is the second deal between Peugeot and the C K Birla group. Last month, the two groups entered a "long-term" partnership, with an initial investment in capital expenditure of close to Rs 700 crore, for vehicle and power-train manufacturing in Tamil Nadu.
The merged entity will have a combined market share of 6.4 per cent in the non-life insurance industry with 308 branches in the country. The deal is subject to regulatory approvals and the entire process is expected to be completed in nine months.
The subsidiary will become operational by the end of the second quarter and cater to Indian corporates and expatriates in Malaysia. In the joint venture, BOB will hold 40 per cent stake, IOB 35 per cent, while Andhra Bank will hold the rest 25 per cent. Initial investment is pegged at Rs 405 crore (Rs 4.5 billion).
BJP leader Subramanian Swamy on Friday moved the Delhi High Court seeking an order restraining the Centre from granting any approval to AirAsia for its operations in India.
Going by the current market cap of Rs 83,451.15 crore, 7.33 per cent stake in BPCL is expected to be valued around Rs 6,117 crore.
Ranbaxy's investment in the six-year-old joint venture for the 50 per cent stake is estimated at Rs 30.5 crore (Rs 305 million). Industry sources said the deal was unlikely to impact Ranbaxy's financials as revenues and investment in the joint venture was not significant. Sources said revenues from NPI were only $25 million in 2007 through the sale of four generic products.
Market leader Maruti Suzuki is putting finishing touches to its plan of finding its feet in what is being hailed as a battle of epic proportions in India's fastest-growing passenger vehicle segment, reports Arindam Majumder.
Keeping in view the serious threats posed by terror groups, the government has promulgated an Ordinance under which Central Industrial Security Force could be deployed at private and joint venture industrial units.The ordinance known as the CISF (Amendment) 2009 has come into effect since Sunday, an official spokesman of the Home Ministry said on Monday.
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With its Mitsubishi JV beginning operations this quarter, analysts expect meaningful revenue addition
"We are disengaging from the joint venture, but the project (to manufacture CVs) will continue to exist and be run by Daimler. The reason for the move is the current economic slowdown and we will not like to commit such big investment in these circumstances," said Sunil Kant Munjal, chairman, Hero Corporate Services.
Fourteen unions representing over 30,000 employees of the National Aviation Company Ltd have threatened to go on strike in Mumbai from Tuesday to oppose the government's decision to set up a ground-handling services joint venture with Singapore Airport Terminal Services (Sats).
Star India is close to forming a joint venture with Kerala-based television broadcaster Asianet to launch a bouquet of regional channels. The deal comes after the failure of Star's joint venture with Ekta Kapur-controlled Balaji Telefilms to operate regional channels last April to get off the ground. Sources at Star said the broadcaster will hold a majority stake in the joint venture.
Participant Media led by Jeff Skoll and Entertainment One, a leading US-based media company, are also part of the joint venture.
The approval to bring in the FDI is subject to compliance with RBI and SEBI guidelines, besides subjected to approval of the relevant high courts for the demerger of distribution business of Volvo India. The finance ministry had already approved the FDI proposal of Volvo to invest $30 million (Rs 123 crore) for induction of foreign equity up to 8.1 per cent by way of acquisition of shares in EML.
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.
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.
This is the largest single dose of equity infusion into the joint venture since its launch in January 2015.
The JV was expected to open 56 exclusive high-end stores for the four focus brands, Miss Sixty, Energie, Killah & Murphy&Nye, in the top 10 cities in the first three years. As per the original plans, Darshan Mehta president and chief executive of Reliance Brands, was to spearhead the JV with separate business heads for each of the four brands.
Anil Ambani's $1.5 billion joint venture with celebrated film maker Steven Spielberg to set up a film studio in Hollywood will be operational in January next year.
Bankrupt Infrastructure Leasing & Financial Services (IL&FS) has sold the entire stake in the waste management arm IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro), an arm of the PE major Everstone Group, the companies said in separate statements. Though the value of the deal was not specifically disclosed, the crippled IL&FS -- which is under bankruptcy proceedings in NCLT -- said the sale will reduce its overall debt by Rs 1,200 crore, which is the combined debt of entities under the group's environment businesses. IL&FS Environmental Infrastructure & Services (IEISL) is one of the leading integrated waste management companies that is into municipal solid waste management apart from presence across various segments including construction and demolition, collection and transportation and waste to energy and currently manages over 8,400 tonnes per day solid municipal waste.
India and Bahrain firms have formed a JV to provide solutions for telecom infrastructure.
Tata Sons has started the process of due diligence of state-owned Air India and its subsidiary Air India Express. Sources said the group has appointed Bain and Company and Seabury Group for this purpose. Once complete, a financial bid will be submitted and a deal to take over the airline is likely to fructify by end of this year or even earlier, people involved in the process said. Simultaneously, the group has brought in veterans in the aviation business from Delta and United Airlines to prepare a plan for post-merger integration of Air India with its existing airline ventures. Tata Sons operates Vistara - a 51:49 percent joint venture with Singapore Airlines and Air Asia India, in which Tatas hold 83.67 per cent stakes.
The missile hit a sinking ship with deadly accuracy and the test-firing produced desired results.
Television broadcaster Star TV and Kerala-based broadcaster Asianet are signing a joint venture deal to launch regional channels. The move comes close on the heels of Star's JV with Balaji to launch regional South Indian channels being called off on Tuesday.
Just days after entering into a joint venture with Marks & Spencer, Reliance Retail has joined hands with Office Depot, a leading international office products and services provider with annual sales of $15.5 billion, for another joint venture. Office Depot will hold 51 per cent stake in the venture with Reliance holding the rest.
The Planning Commission has recommended that the private company in 50:50 joint sector infrastructure projects should be selected through competitive bidding.
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