Rishi Agarwal of ABG Shipyard questioned by CBI in bank fraud case
NEW DELHI: Former Chairman and Managing Director of ABG Shipyard Ltd. Rishi Agarwal appeared before the CBI on Monday for questioning in connection with the Rs 22,848 crore alleged banking fraud, the biggest such case registered by the central agency, officials said. The CBI had questioned him last week as well and would continue to […]
LIC’s business plan change after IPO a threat to private firms: Report
NEW DELHI: Amendments to the surplus/profit distribution rules for IPO-bound LIC, which has already improved its margins by 700 bps to 9.9 per cent and will further rise to 20 per cent when the national insurer shifts its business mix to non-participating policies, can give nightmares to private players who have been thriving on this […]
India to expand Public Electric Vehicle Charging Infrastructure across the nation
NEW DELHI: The Ministry of Power recently issued the revised consolidated Guidelines and Standards for EV charging infrastructure on January 14, 2022. The Government of India has undertaken multiple initiatives to promote the manufacturing and adoption of electric vehicles in the country. With the considerable expansion in the public EV charging infrastructure, the electric vehicles […]
India UAE CEPA to create a minimum of 10 lakh jobs for Indian citizens
NEW DELHI: The Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal has termed the India UAE Comprehensive Economic Partnership Agreement (CEPA) is extremely beneficial for MSMEs, startups, farmers, traders and all sections of businesses. Addressing a press conference in Mumbai, the Minister asserted that the CEPA is […]
Godrej Properties commits $700-900 million investment in last 3 years; remains bullish on growth
NEW DELHI: Realty firm Godrej Properties Ltd has committed investments worth $700-900 million in the last three years and continues to be extremely bullish on the Indian real estate sector, a senior company official said. Addressing a CII-Anarock conference, Godrej Properties Ltd (GPL) MD and CEO Mohit Malhotra said the company is looking to form […]
HFCs’ bad loans jump by 70 bps following new asset quality norms: Report
NEW DELHI: Since the introduction of new asset quality norms last November that brought in shadow banks and housing financiers on par with banks, housing finance companies’ gross bad loans have gone up by 70 basis points (bps) even as their portfolio quality has improved, according to a report. The bad loan pile is expected […]
UAE, India sign historic trade pact,trade to touch $100 billion in five years
NEW DELHI: Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Executive Council, and Narendra Modi,Prime Minister of India held a Virtual Summit today. At the event, both the leaders laid out their future vision of the historic and friendly […]
Ambuja Cements to invest Rs 3,500 crore for raising cement grinding capacity
NEW DELHI: Ambuja Cements Ltd, part of Swiss building material major Holcim group (earlier LafargeHolcim), on Thursday announced an investment of Rs 3,500 crore for expansion of its cement grinding capacity. “The board has approved in principle an investment of Rs 3,500 crore for a cement grinding expansion plan of potential 7.0 million tonnes across […]
CBI questions former ABG Shipyard CMD Rishi Agarwal: Report
NEW DELHI: The CBI has questioned former chairman and managing director of ABG Shipyard Ltd Rishi Agarwal in connection with its probe into the Rs 22,848 crore alleged banking fraud, the biggest such case registered by the central agency, officials said Thursday. Agarwal was examined recently, the officials said without giving details of exact date […]
Realty firms afflicted with low returns shouldn’t get listed: Rakesh Jhunjhunwala
NEW DELHI: Ace investor Rakesh Jhunjunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the […]
Nitin Gadkari lays foundation stone of 51 NH projects worth Rs 21,599 crore in Andhra Pradesh
NEW DELHI: Union Minister for Road Transport and Highways Nitin Gadkari today inaugurated and laid Foundation Stone of 51 National Highway Projects of total length 1380 Km with an investment of Rs. 21,559 crore in Vijaywada, Andhra Pradesh. Speaking on the occasion, Gadkari said under the leadership of Prime Minister Narendra Modi we are committed […]
India wants Tesla to buy $500 million local auto parts for tax break: Report
NEW DELHI: Tesla Inc. would need to commit to sourcing at least $500 million of auto components from India for the electric carmaker’s request for an import tax cut on its vehicles to be considered, a person familiar with the government’s thinking said. While it could start at a lower base, Tesla would need to […]
Debashis Mitra takes over as ICAI President; Aniket Sunil Talati becomes Vice President
NEW DELHI: Institute of Chartered Accountants of India (ICAI) on Saturday said Debashis Mitra has been elected as its President for the 2022-23 term. Aniket Sunil Talati has been elected as Vice President of the institute, which has more than 340,000 members and over 700,000 students, according to a release. They took charge on Saturday. […]
CBI issues look out notices against former CMD of ABG Shipyard, 8 others
NEW DELHI: The CBI on Tuesday said it has issued look out notices against Rishi Kamlesh Agarwal, the former chairman and managing director of ABG Shipyard, and eight others in a bank fraud case of over Rs 22,842 crore. The agency in a statement said Look Out Circulars (LOCs) have already been opened by the […]
Kia launches the new Carens with a starting price tag of Rs 8.99 lakh
NEW DELHI: Automaker Kia India on Tuesday launched its fourth product — Carens — in the domestic market, with the introductory price ranging between Rs 8.99 lakh and Rs 16.99 lakh (ex-showroom). The three-row model featuring six and seven seating options, which the company refers to as a recreational vehicle (RV), competes with the likes […]
India, Australia ink letter of intent on new, renewable energy technology
NEW DELHI: India and Australia on Tuesday inked a letter of intent for working together towards reducing the cost of new and renewable energy technologies and scaling up their deployment to reduce emission globally. The letter of intent (LoI) was signed at the 4th India Australia Energy Dialogue, as per a power ministry statement. According […]