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GVK to acquire L&T stake in Bial

GVK Airport Developers Pvt Ltd, a wholly owned subsidiary of GVK Power and Infrastructure Ltd, is in the process of acquiring the 17% stake of Larsen & Toubro in Bengaluru International Airport Ltd.

India to release ‘green GDP’ data from 2015

In a bid to bring environmental concerns into mainstream growth accounting, the government plans to release green GDP data from 2015, environment minister Jairam Ramesh said on Friday.

Trai caps fee on mobile porting at a low Rs 19

Mobile users will pay at most Rs 19 to retain their old number each time they switch service provider. That’s the porting charge ceiling set by telecom regulator Trai on Friday in the run-up to the launch of mobile number portability in category A circles from January and the rest of the country by next March.

Indian proposals for WTO reforms on ministerial agenda

After the Doha Round impasse exposed the internal contradictions in the World Trade Organisation’s style of functioning, India has proposed a near-radical package for reforming the world body.

Industry okay with expat Tata leader, but swears by cultural fit

Proud Indians who were earlier boasting to the world about a Muslim President, Sikh Prime Minister and an Italian-born leader of the ruling coalition got another reason to coo about India’s diversity this week from Ratan Tata, chief of India’s second largest corporate group by market capitalisation.

EPFO slapped with tax notice; faces Rs 1,200-crore demand

The Central Board of Excise & Customs has slapped a penalty notice on the Employees’ Provident Fund Organisation for evading service tax, arguing that it provides employers fund management services. Fund management falls under the definition of banking & financial services, which are taxable.

Cornered Centre to review sugarcane price ordinance

Bowing to intense pressure from opposition parties and widespread criticism from farmers’ associations, Prime Minister Manmohan Singh late on Thursday indicated the government is willing to amend the controversial sugarcane ordinance that seeks to replace the statutory minimum price with a ‘fair and remunerative price.

31 unlisted PSUs could raise Rs 30k crore

By listing 31 profit-making public sector undertakings with 10% public floats, the exchequer will be richer by a handsome Rs 30,000 crore, according to FE analysis. This is based on a conservative, albeit realistic estimate of a 50% discount to the BSE PSE index, which means if the valuation norm for the index is applied, the earnings could double. And there are 19 other unlisted PSUs that also qualify for listing according to the criteria cleared by the Cabinet last fortnight.

Dubai chains X-cite and Jumbo look to exit Indian retail

Three years ago, retail was the happening thing for corporates. Everyone wanted a slice of the ‘future.’ Now, after months of downsizing and desperation, many are hurtling to the exit door.

Centre’s focus shifts to expenditure

The government plans to take up a series of expenditure reform measures as a part of its strategy to roll back the fiscal stimuli and to meet the medium-term fiscal consolidation goal.

Sebi mulls cutting IPO listing time to 7 days

The Securities and Exchange Board of India plans to shorten the time-frame for listing a share after the public issue to seven days.

Tata open to expat successor

After steering the Rs 3.25-lakh crore Tata group for the past 18 years, India’s iconic industry chieftain, Ratan Tata, is now looking for a successor—and the candidate could be from outside the family, even from overseas.

FII inflows not a concern: FM

Finance minister Pranab Mukherjee on Wednesday said India has mechanisms in place to handle foreign capital flows if they cause distortions in the financial system, indicating the government’s wariness about the destabilising nature of an unabated dollar influx and its readiness to counteract any threat. As reported earlier by FE, foreign institutional investor inflows have risen substantially this year. FIIs have pumped over $15 billion into Indian stocks so far, compared with a net outflow of around $12 billion in the same period last year, according to Sebi data.

CBDT feels tax code needs major rework

Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too.

Obama calls for stronger yuan, but Hu remains tight-lipped

US President Barack Obama called on Chinese counterpart Hu Jintao to make good on a commitment to allow the yuan to appreciate to help prevent trade imbalances that exacerbated the global economic crisis.

Rebound in hotel occupancy in metros

In what could be termed as the fastest turnaround for the hospitality sector, key metros in the country are once again facing a shortage of hotel rooms, compared with a 50% drop in occupancy at its peak last year.

Small savings surge bolsters revival

Small savings schemes turned the corner this fiscal with net inflows of Rs 10,997 crore in the first six months, compared with a net outflow of Rs 5,937 crore in the whole of 2008-09, indicating that the liquidity crisis is largely over and investment in the real economy could pick up.

Mukesh: RIL can be debt-free

Reliance Industries Ltd, India’s most valuable company, has the potential to become debt-free, chairman Mukesh Ambani said on Tuesday, and would be actively looking to acquire assets overseas. Speaking at the company’s annual general meeting, Ambani told shareholders, “Net debt is now at less than 21 months of cash flow. With a current cash balance of nearly Rs 19,421 crore, Reliance is among the financially strongest companies in emerging markets.”

Blueprint for green car development in works

By the time the Indian contingent leaves for the global climate change summit in Copenhagen next month, the government will be ready with a holistic strategy for promoting environment-friendly vehicles.

DoT’s 3G auctioneer is an advisor to Aircel

The 3G spectrum auctions, scheduled from January 14, could be headed for yet another controversy. The government-appointed firm for conducting the e-auctions, NM Rothschild, is an advisor to Aircel, the country's seventh largest mobile operator, to help it find a buyer for its tower business.

Nano short-circuit: owners still in the dark about check-ups

Despite three reported incidents of plastic cladding at the head of the steering column melting in the Tata Nano, worried owners are still clueless about the cause of the technical snag or what is being done to rectify it—and no one in the company is talking.

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