Briefly Business

Sep 28 2013, 04:30 IST
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SummaryVodacom Group is in talks to buy Tata Communicationsí stake in South African telecoms operator Neotel for more than 5 billion rand ($500 million).

Vodacom in talks to buy Tataís Neotel for over $500 mn

JOHANNESBURG: Vodacom Group is in talks to buy Tata Communicationsí stake in South African telecoms operator Neotel for more than 5 billion rand ($500 million), Bloomberg reported on Friday. Vodacom is the South African unit of Vodafone Group. India Tata owns more than 60 per cent of Neotel. The talks are set to become exclusive. REUTERS

Govt clears 15 FDI proposals

New Delhi: The finance ministry has approved 15 foreign investment proposals totalling Rs 2,000.5 crore and recommended two FDI applications, including that of US drug major Mylan, for final Cabinet clearance. PTI

Forex reserves jump to $277 billion

Mumbai: Indiaís foreign exchange reserves rose by $2.03 billion to $277.38 billion in the week ended September 20 on a healthy increase in the core currency assets, Reserve Bank of India said in a release. PTI

Fitch says bad loans may peak by FYí16

Mumbai: Rating agency Fitch on Friday said bad loans in Indiaís banking system are likely to peak in FYí16, but stopped short of putting a number. Fitch had earlier forecast the date would be middle of FYí14. PTI

M&M to hike prices by up to R20K from Oct

New Delhi: Mahindra & Mahindra said it will hike the prices of its passenger cars and commercial vehicles by Rs 6,000 to Rs 20,000 from October 1, to offset higher input costs. PTI

FIPB likely to consider Tata-SIA proposal

New Delhi: The Foreign Investment Promotion Board (FIPB) may consider the proposal of Tata Group and Singapore Airlines for a new joint venture on October 18. PTI

Air Costa gets permit from DGCA

HYDERABAD: Vijayawada-based Air Costa received Air Operatorís Permit from DGCA, clearing the way to start its scheduled flight operations. ENS

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