The health ministry plans to oppose the application from Japan Tobacco International Ltd, the world's third largest tobacco company, to the Foreign Investment Promotion Board to raise its stake in its Indian venture from 50 to 74 per cent. The application is slated for consideration in the FIPB meeting on Tuesday.
The $100-million fund, which has the option to raise a further $200 million, will benefit small and medium enterprises engaged in defence production.
A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud allowed Karti to be accompanied by a lawyer at the CBI headquarters during the questioning.
Chambal Fertilizers & Chemicals Ltd said it has not received any communication from the government on the company's application to Foreign Investment Promotion Board.
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.
Tesco was the first global retailer to apply for multi- brand retailing in India.
The proposals were considered by the Foreign Investment Promotion Board at its meeting held on July 4.
US-based coffee retail chain Starbucks on Friday said it was withdrawing its application to operate single-brand retail stores in India, thus delaying its entry into the country.
The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the finance ministry. The Lafarge's proposal was cleared as per the order of Bombay high court, a finance ministry statement said.
Karti and Mukerjea were brought face-to-face and questioned by the CBI team for about four hours.
The statements of the Mukerjeas were recorded by the Enforcement Directorate, which is probing the money laundering angle in the case, while the CBI had only recorded Indrani's statement before a magistrate as per section 164 of the CrPC, they said.
The Centre on Thursday cleared 14 Foreign Direct Investment proposals worth Rs 1,257 crore, including those of Mauritius-based Essar Telecom Holdings Ltd and US-based Goldman Sachs Asset Management. The proposals include induction of foreign equity worth Rs 500 crore by Essar Telecom Holdings and Rs 200 crore from GSAM. The investment proposals were cleared by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board.
A major chunk of this FDI would flow through induction of foreign stake in telecom infrastructure provider Aster Infrastructure Ltd. The Secunderabad-based company plans to hike foreign stake to 72.5 per cent for Rs 232.58 crore (Rs 2.32 billion).
Starbucks Coffee International, the world's biggest coffee chain is finally entering India.
The Foreign Investment Promotion Board, the nodal body for approving foreign direct investment in the country, has given its nod to a proposal from Germany-based Deutsche Bank to buy a 5 per cent stake in the Delhi Stock Exchange.
Danish beer giant Carlsberg is looking at increasing investments in manufacturing and distribution in India.
The Central Bureau of Investigation had registered an FIR on May 15, 2017 alleging irregularities in the Foreign Investment Promotion Board clearance granted to the media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as finance minister.
Reworks proposal submitted to Foreign Investment Promotion Board.
DaimlerChrysler plans to buy 26% of the bus body builder Sutlej Motors. The two companies will then jointly manufacture buses for the Indian roads.
The proposals, approved by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, also included the application of Images Multimedia, which would bring in Rs 33.37 crore (Rs 333.7 million) in the country, according to an official release. NYSE Euronext would infuse Rs 281 crore (Rs 2.81 billion) in India for acquiring 5 per cent equity in Multi-Commodity Exchange. This amount includes premium as well.
Tesco proposal entailing investment of $110 million has been cleared, sources said after the FIPB meeting held in New Delhi.
Top seed Arvind Bhat and unseeded Sachin Ratti set up a title clash on a day of upsets that saw the women's top seed crash out in the 1st Tata Open All India Badminton Tournament in Mumbai on Wednesday.
Chidambaram, 74, was arrested by the Central Bureau of Investigation on August 21 and is lodged in Tihar jail under judicial custody in the corruption case.
Tata Motors is likely to have one more achievement to cheer about as it gets into the new financial year, when Thailand's Board of Investment (BoI) approves the company's proposal to make an eco-car. A BoI official in Bangkok told Business Standard that the internal approval meeting, scheduled for April 2, 2008, was likely to give its nod to India's third largest passenger car maker to manufacture the eco-car.
FIPB rejected the proposal on the grounds that it did not comply with the 26 per cent cap on foreign direct investment in insurance ventures, government sources said.
The proposal for setting up a National Tourism Promotion Board seems to have become unviable with stakeholders showing reluctance in accepting a parallel authority when Department of Tourism was doing the same task.
Bid to plug loopholes that surfaced in Hutch Essar case.
Independent Mobile Infrastructure Mauritius Ltd, a telecom infrastructure provider, has sought the Foreign Investment Promotion Board's approval for investing up to Rs 3,000 crore ($674 million) in India.
The 10.5 billion-euro Italian oil major ENI is entering the Indian lubricants market through a technology transfer agreement with a Mumbai-based firm to manufacture and sell various products.
The government on Friday cleared British telecom firm Vodafone's application for buying a majority stake in India's fourth-largest mobile operator Hutch-Essar Ltd.
The Foreign Investment Promotion Board has expressed dissatisfaction with the replies given by Hutchison Essar, its Hong Kong-based parent Hutchison Telecom International
The Bombay Stock Exchange has agreed to sell 41 per cent stake to a clutch of domestic and foreign investors for about 385 million dollars, subject to regulatory approvals.
Opening another line of inquiry into the Hutch-Essar shareholding structure, the Foreign Investment Promotion Board (FIPB) is looking into the call options that would together give Vodafone a further 15.03 per cent proportionate indirect equity owner
The FIPB referred the matter to the law ministry today.
After acquiring brands such as Yardley from Procter & Gamble and Finesse and AquaNet from Unilever, Lornamead , the UK-based personal care products company, betting big on India.
Shabaz, representing Petroleum Sports Promotion Board, trounced Shravan of Maharashtra 82-38 54-67 54-20 65-26 while Andhra Pradesh's K Someswara Rao thrashed Druv Sitwala of PSPB 58-1 49-27 61-73 39-58 43-34 in the Senior Snooker draw of the ongoing National Billiards and Snooker Championship in Hyderabad.
FIPB split over Bates' Sercon stake buy. Ravi Shastri's firm alleges violation of Press Note 1.
Commerce and Industry Minister Suresh Prabhu is slated to meet senior executives of Apple on the sidelines of the World Economic Forum in Davos later this month.
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