The Enforcement Directorate has been asked to investigate alleged violation of FDI regulations by e-commerce company Flipkart Online Services and cash & carry chain Bharti Walmart. References alleging that some companies are carrying out activities in violation of the FDI policy in retail market have been received, commerce and industry minister Anand Sharma in a written reply to the Lok Sabha has said. The RBI has informed that matters related to Bharti Wal-Mart/Cedar Support Services and Flipkart Online Services, respectively, have been referred to the Directorate of Enforcement for further investigations, Sharma said. He said violation of FDI regulations is covered by the penal provision of the Foreign Exchange Management Act, 1999.
Fortis Healthcare ties up with Majid Al Futtaim
Fortis Healthcare has entered into a strategic tie-up with Majid Al Futtaim Healthcare, the healthcare arm of Majid Al Futtaim Ventures, an investment arm of Dubai based conglomerate, MAF group to operate and manage its health care assets, starting with a day care specialty clinic in Dubai. This agreement is the first towards a long-term association that Fortis and Majid Al Futtaim Healthcare have committed to, in bringing advanced healthcare to this region, a Fortis statement said. With the day care specialty clinic expected to open in the first half of 2013, the broader strategy is to expand the business regionally.
Tata Housing sells 150 units for R350 cr in Gurgaon
Tata Groups realty firm Tata Housing Development on Tuesday said it has sold 150 luxury homes for R350 crore at Gurgaon within just two days of launch. In a statement, the company said it has sold the entire second phase of its 36-acre premium luxury housing project Primanti within two days of the launch. The phase II of the project comprised of 150 units spread across 4,50,000 sq ft and valued at R350 crore, it added. Tata Housing is a subsidiary of Tata Sons Ltd. Tata Sons holds 99.78% stake in the company. Tata Housing has 60 million square feet under various stages of planning and execution and an additional 19 million square feet in the pipeline.
Redington to distribute Smartlink motherboards
Redington (India) has been appointed as national distributor by Smartlink Network Systems (Smartlink) for its motherboards. Smartlink is an Indian company with more than three decades experience in motherboards manufacturing based on Intel and AMDs latest roadmap. It has introduced a new mother board under a brand name Digilite. The distribution tie up will strengthen the companys foot-hold in the motherboard segment, said a Redington filing to the stock exchanges.