11843 stories by IPA Staff
Rane looking for buys in aerospace, Defence sector
Chennai, May 2: The Rane group is scouting for acquisitions in Defence and aerospace. “In the next couple of years, we are looking to make one or two acquisitions especially in the areas of mechanical and electronic systems for Defence and aerospace,” says Mr L. Ganesh, Chairman. Rane is...
RBI may allow costlier FCCBs for pre-payment
MUMBAI/NEW DELHI: Facing huge redemption pressure on funds raised via foreign currency convertible bonds (FCCBs), India Inc has requested the Reserve Bank of India (RBI) to allow companies to offer higher interest rates on fresh foreign currency loans or bonds, the proceeds of which will be used to pre-pay existing...
Basel-III To Push Up Capital Needs By Rs 1.5 Lakh Crore
MUMBAI: The Reserve Bank of India has laid out a six-year road map to make Indian banks safer and avoid recurrence of the 2008 crisis, but it will need an estimated Rs 1.5 lakh crore in capital at a time it is scarce. The central bank has raised the...
Sliding Rupee Knocks Off $9 Billion From FIIs' India Holdings
MUMBAI: Foreign institutional investors (FIIs) battling uncertainty about tax liabilities are facing troubles on yet another front – the sliding Indian currency. The value of international investors’ holdings in the Indian market has eroded by $9 billion in the past month when the rupee slid 4% against the US...
Telecom Companies Take Up Cudgels Against TRAI With Govt
NEW DE:HI: A power-packed delegation of the country’s top telecom chiefs, including the global heads of two leading mobile phone companies on Wednesday met finance minister Pranab Mukherjee, telecoms minister Kapil Sibal, home minister P Chidambaram, representatives from the Prime Minister’s Office and four other key policy makers to...
Power Tariffs To Be Linked To Fuel Costs
NEW DELHI: The power ministry will allow producers to raise tariffs if fuel costs of new projects rise, and will not oppose a hike in domestic gas prices. The move would hurt consumers but rescue large private investments that are threatened by uncertainty over fuel and tariffs. Linking tariffs...
Government May Waive Penalty On Past Voda-Like Deals
NEW DELHI: The government is considering waiving penalties on past cross-border deals that will come under the scanner of tax authorities once a contentious proposal allowing it to tax transactions retrospectively is cleared by Parliament. The proposal will pare the tax dues of British mobile giant Vodafone Plc to...
Sachin In Rajya Sabha Is A Welcome Move
By Kalyani Shankar Should the cricket legend Sachin Tendulkar reject his Rajya Sabha nomination? Was there any politics behind the super cricket star’s nomination? Should he have got Bharat Ratna instead? Will Sachin join politics? These are some of the questions, being debated after the “Little master” has been...
May 7 Elections Crucial For Syria
By Rashmi Saksena DAMASCUS: It is spring time inSyria. Juicy oranges heaped in ‘souks’ (markets) are being sold at Rs 5 a kg. The olive trees are weighed down by fruit and almonds are being served by the plateful in the coffee houses that dot every lane in Damascus....
Sonia Not Opposed To Pranab For President
By Nora Chopra Union Defence Minister AK Antony is Congress President Sonia Gandhi’s new hatchet man. It seems Sonia Gandhi has found a replacement for Pranab Mukherjee.Antonyis all set to be the leader of Lok Sabha and can even be made deputy PM if Pranab-Da moves over to Rashtrapati...
Companies Ask Govt To Relax 25% Public Shareholding Deadline
NEW DELHI: With the Securities and Exchange Board of India (Sebi) talking tough on enforcing the 25 per cent shareholding deadline, companies facing the heat have started turning to the finance ministry for an extension. Senior finance ministry officials confirmed the development but strongly declined the possibility of extension...
Exports Fall For The First Time Since 2009
NEW DELHI: Exports fell for the first time since the 2009 global financial crisis in March this year, as demand weakened in the US and Europe. Exports dropped 5.7 per cent to $28.6 billion from the same period a year earlier. Commerce Secretary Rahul Khullar warned in January that...
Shifting Focus: Pharma MNCs Now Look To Tie-Ups With Indian Firms
HYDERABAD: In June 2008, when Japanese drugmaker Daiichi Sankyo acquired Ranbaxy Laboratories, Daiichi’s chief executive Takashi Shoda said, “Acquisitions are more attractive than alliances,” setting the stage for more Indian companies to be taken over by their powerful European and American counterparts. But, today, Big Pharma thinks otherwise. With...
Government To Ease India Inc’s FCCB Woes
MUMBAI: The government and Reserve Bank of India are working on changing rules to give corporates more leeway in repaying foreign currency convertible bonds (FCCBs) that have turned into millstones in a dismal market. With stocks of many companies trading well below the conversion price, the authorities are revisiting...
India Stepping On The Gas To Finalise TAPI Pact
NEW DELHI: India is speeding up its efforts to sign an agreement for importing gas through the US-backed $10-billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. At the same time, it is going slow on the Iran-Pakistan-India (IPI) project that would have moved huge quantities of gas from the south Pars field...
Govt In A Bind Over Cairn Plea To Sell Crude To RIL Refinery In SEZ
NEW DELHI: Cairn India has sought government’s permission to sell crude oil to Reliance Industries’ refinery in the special economic zone (SEZ), putting the oil ministry in a fix because such supplies are regarded as deemed exports, which are forbidden by the production sharing contract. The oil ministry has...
GSPL, 3 Oil PSUs Ink Pact For Cross-Country Gas Pipelines
AHMEDABAD: Gujarat State Petronet Ltd (GSPL) and three public sector oil companies — Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — have entered into joint venture agreements for setting up three cross-country natural gas transmission pipelines. According to a statement...
National Fertilizers Plans Open Tender For Additional Capacity
NEW DELHI: State-owned National Fertilizers Ltd (NFL) plans to float an open tender for the additional gas capacities it requires to upgrade three plants, two officials independently said. Both the officials—one from the fertilizer ministry and the other from NFL—declined to be identified. NFL plans to float the tender...
