The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.
The Supreme Court on Monday dismissed a petition filed by the Kerala government against the state high court verdict rejecting the pleas challenging the Centre's decision to lease out Thiruvananthapuram International Airport to Adani Enterprises Ltd.
Divestment-bound Air India is looking to sell securities of its two provident trusts AIEPF and IAEPF, and has sought applications for transaction advisors to help with the proposed sale of the securities. The Air India Employees Provident Fund (AIEPF) trust and Indian Airlines Employees Provident Fund (IAEPF) trust are governed by the Provident Fund Trust Act, 1925. The two trusts' investments together amounted to Rs 4,500 crore as of August 31, 2021, according to the tender document, seeking RFPs for the appointment of the transaction advisors.
In order to achieve $5 trillion GDP by FY'25, India needs to spend about $1.4 trillion over this period on infrastructure, according to the Economic Survey. During financial years 2008-17, India pumped in about $1.1 trillion on infrastructure. However, the challenge is to step up infrastructure investment substantially, the Economic Survey 2021-22 said.
Shankar Prajapati, a 57-year-old potter in Dharavi, has given up hope of getting a bigger house for his family. He lives cheek by jowl in a hutment measuring 200 square (sq.) feet (ft) in the nondescript shanty town. "We have surrendered to our fate. We cannot wait forever for better accommodation. "Perhaps we are not meant to dream big," despairs Prajapati. Raju Korde, president, Dharavi Redevelopment Committee, and a local resident, agrees with Prajapati.
Four companies - Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy - are eligible for receiving benefits under the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage, the heavy industries ministry said on Thursday. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms, the ministry said, will receive incentives under India's Rs 18,100 crore programme to boost local battery cell production.
Distribution yields could rise, but risk of Covid, higher interest rates remain.
The government is looking to sell shares of Reliance Industries (RIL) held through Specified Undertaking of the Unit Trust of India (SUUTI) and is soon going to appoint an intermediary to manage it. The plan is to sell about 8 lakh shares of RIL that will help the government garner around Rs 180 crore. The Department of Investment and Public Asset Management (DIPAM) will appoint an intermediary that will act as a custodian of these shares. The intermediary, based on its market analysis, will offload these shares at the best price, said an official. A final approval on the proposal is expected soon.
The Department of Space (DoS) plans to realise entirely-built rockets -- GSLV-Mk III and SSLV -- from Indian industry partners, in addition to PSLV, according to a top official of its commercial arm NSIL.
In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
The Ahmedabad Urban Development Authority (AUDA) on Wednesday invited proposals from consultants to conduct a 'gap analysis' to assess the existing infrastructure in the city and to state what more is needed to make it a potential venue for the Olympic Games.
As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank. These firms would make a virtual presentation before the Department of Investment and Public Asset Management, which is handling the sale process, on August 10, according to a notice by DIPAM. The firms that have bid for acting as transaction advisor are Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.
The Centre's push to sell Air India on priority has led to delays in other strategic divestment proposals, such as privatising United India Insurance, as well as ongoing transactions, such as Shipping Corporation of India (SCI) and Bharat Petroleum Corporation (BPCL), revealed multiple officials involved in the process. The Department of Investment and Public Asset Management (DIPAM) is yet to take new privatisation recommendations of the NITI Aayog to the core group of secretaries on disinvestment (CGD) headed by the Cabinet secretary, said one of the officials. The priority now is to ensure all approvals for Air India are in place since the government intends to hand over the national carrier as early as this month.
The fast interceptor craft delivered can patrol the coastline at a scorching speed of 45 knots.
The Vice Chief of Air Staff, Air Marshal Harjit Singh Arora took part in one such operation along with HAL test pilot, Wing Commander Subash P John (retd) recently by taking-off from high altitude location to a forward area for a simulated attack on a high altitude target, the Bengaluru-headquartered company said in a statement.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
The RBI has shelved its plan for polymer notes more than a decade after it invited interest from global manufacturers for one billion pieces of Rs 10 denomination polymer banknotes, reveals Tamal Bandyopadhyay.
The naval version of Tejas light combat aircraft is in development stage. Officials said the successful "arrested landing" of the prototype of the naval version of Tejas on the deck of INS Vikramaditya is expected to speed up development of the jet for the Indian Navy.
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.
Building 6 conventional submarines is one of the Indian Navy's most important weapon construction programmes.
On Saturday, the aircraft made its first landing on the deck of INS Vikramaditya which was also a major milestone. Both the landing and take off by the aircraft put India among a select group of nations having the capability to design such a jet which can operate from an aircraft carrier.
The BCCI Apex Council met, on Friday, to decide on a number of issues including apparel sponsorship, which is a significant if not huge income for BCCI.
The estimated cost of the project is around Rs 1,642 crore.
The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, it has to lower its stake in the company to 75 per cent.
The 'request for proposal' for the indigenous construction of the six submarines will be issued soon, they added.
The defence ministry has already shortlisted two Indian shipyards and five foreign defence majors for the project, being billed as one of biggest "Make in India" ventures.
'The equipment that you make for us must be the best in the world so that it complements the Indian soldier who is without doubt the very best in the world.'
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
Pressing ahead with its policy to promote domestic military industry, the government has cleared procurement proposals worth over Rs 21,000 crore and also okayed a project for the production of transport aircraft which is open only to Indian private sector companies.
Pressing ahead with its policy to promote domestic military industry, the government has cleared procurement proposals worth over Rs 21,000 crore and also okayed a project for the production of transport aircraft which is open only to Indian private sector companies.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
Its effort to stave off bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals.
The promoter-brothers, distant cousins to IndiGo's Rahul Bhatia, are eyeing Air India's ground handling subsidiary to augment their aviation services business even as they make a big play in EVs.
A person in the know of the PIM details said an entity can put in bid for Air India on the "strength of its parent", which was not there before. A consortium can participate in the disinvestment process, provided each partner has at least 10 per cent stake as well as 10 per cent of the Rs 3,500 crore net worth requirement, according to the bid document. The lead member of a consortium should have at least 26 per cent stake. Individuals are allowed to bid as part of consortium.
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
The panel, chaired by Prime Minister Manmohan Singh, decided that the authority to make any other minor change in the request for proposals would be delegated to the Ministry of Information and Broadcasting.
As the government has adopted ascending e-auction for radio waves, there is a danger that players might end up overbidding.
According to plans, the new structure will be more energy efficient, fitted with all modern amenities like multilevel parking facility, centralised air conditioning systems and solar panels, reports Arnab Dutta/Business Standard.
'The air force continues to be short of planes.' 'So, more than a decade after the last selection round got under way, the same process is about to start again for the same kind of aircraft, naturally with the same likely bidders,' points out T N Ninan.
Govt expects to award contract to the lowest bidder by February.
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