Dropped Amaravati project as Centre withdrew finance request: World Bank
NEW DELHI: The World Bank on Friday said it ‘dropped’ the $300-million loan proposal for the Amaravati development project as the central government withdrew the financing request, triggering a blame game between the ruling YSRC and opposition TDP in Andhra Pradesh. “The Government of India has withdrawn its request to the World Bank for financing […]
Banking sector facing many challenges: Nitin Gadkari
NEW DELHI: Union minister Nitin Gadkari on Saturday said that the banking sector was facing a lot of challenges on various fronts. Gadkari also listed ensuring transparency and giving returns on deposits as challenges before the banking sector. Speaking after inaugurating zonal office of Indian Bank here, the Highways and Road Transport Minister said that […]
Reliance Industries Q1 net rises 6.8 per cent; consumer businesses contribute a third of margins
NEW DELHI: Richest Indian Mukesh Ambani-led Reliance Industries Limited (RIL) on Friday posted a 6.8 per cent rise in June quarter net profit as the share of its consumer businesses of retail and telecom saw a steady rise to now account for almost a third of its margin, countering the weakness in traditional petrochemical and […]
Brookfield to invest Rs 25,215 crore in Reliance’s telecom tower arm
NEW DELHI: Canadian investment firm Brookfield Asset Management will invest Rs 25,215 crore in a trust that controls Reliance Industries’ telecom tower infrastructure assets, said the two companies on Friday. This is the second investment this year that Brookfield is making in a venture controlled by Reliance chairman Mukesh Ambani. In March, it had agreed […]
No differences among Indigo promoters on growth strategy: CEO Ronojoy Dutta
NEW DELHI: The board of InterGlobe Aviation on Friday discussed a “range of issues”, including appointment of a woman director, and the meeting will continue on Saturday, the company’s CEO Ronojoy Dutta said. The board meet also comes against the backdrop of an ongoing spat between promoters Rakesh Gangwal and Rahul Bhatia over alleged corporate […]
Reliance Jio overtakes Bharti Airtel to become India’s 2nd-largest operator
NEW DELHI: Reliance Industries Ltd’s telecom unit Jio pipped rival Bharti Airtel to become India’s second-largest operator by subscribers as of May, government data showed. Jio, controlled by Asia’s richest man Mukesh Ambani, has disrupted the telecom industry in the country since it was launched in 2016, offering cheap bundles and prompting shutdowns. As of […]
How bureaucrats cheated tribals, turning Sonebhadra into a den of corruption
By Deepak Sharma Several thousand acres of land belonging to poor tribal farmers in Sonebhadra were usurped by land mafia in an unholy nexus with bureaucrats. Wednesday’s carnage in Sonebhadra’s Ghorawal tehsil, in which 10 tribal farmers were killed, was the outcome of one such case where revenue records were fudged by an IAS officer […]
We have lost over Rs 8 billion due to airspace closure: Pakistan aviation minister
KARACHI: Pakistan has incurred a loss of over Rs 8 billion due to the closure of its airspace following the Balakot air strikes in February, according to a media report on Friday. Pakistan fully closed its airspace on February 26 after the Indian Air Force (IAF) struck a Jaish-e-Mohammed (JeM) terrorist training camp in Balakot […]
L&T’s power business bags major orders for 3 Damodar Valley Corp plants
NEW DELHI: Infrastructure company Larsen & Toubro Friday said its power business has bagged “significant” orders from Damodar Valley Corporation (DVC) to set up flue gas desulphurisation (FGD) systems in three of its power plants. DVC’s three plants where FGD systems will be set up are Durgapur Steel Thermal Power Station (2×500 MW), Mejia Thermal […]
GoAir expands network, announces new domestic and international flights
NEW DELHI: Expanding its network, GoAir on Thursday announced it would start 12 new flights on international sector connecting India with cities such as Bangkok and Dubai. The low-cost carrier said it would start 16 new domestic flights too, that will connect Hyderabad with eight cities across India. “We will be launching three new destinations […]
Government seeks explanation from IndiGo on issues raised by Rakesh Gangwal
NEW DELHI: The government of India has sought explanations from InterGlobe Aviation (IndiGo’s parent firm), on allegations of corporate governance lapses raised by co-founder and promoter Rakesh Gangwal. In a filing to the stock exchanges, the company on Thursday said it received a communication on Wednesday from the Ministry of Corporate Affairs (MCA) regarding the […]
No plan to restore special category status to states
NEW DELHI: There is no plan to restore special category status — which has been scrapped by think- tank Niti Aayog — to any state in the country, the government informed the Rajya Sabha Thursday. Minister of State for Statistics and Planning Rao Inderjit Singh replied in the negative when Congress leader Ripun Bora asked […]
Japan’s Sumitomo pays Rs 2,238 crore for three-acre plot in BKC, Mumbai
MUMBAI: In one of the biggest investments by a foreign firm in the Maharashtra realty sector, Japanese major Sumitomo Corporation has bought a three-acre plot in the prime Bandra-Kurla Complex for Rs 2,238 crore, an official said here on Wednesday. The plot, ‘C-65’, belongs to the Mumbai Metropolitan Region Development Authority and an offer letter […]
Royal Orchid Hotels to open three properties in next two months
NEW DELHI: Royal Orchid Hotels on Thursday said all the three new properties it had recently signed are scheduled to open within the next two months. Out of the three properties, the hotels in Goa and Noida will be under the Regenta Central brand, while the one in Belagavi will be positioned as a Regenta […]
India to sell immovable Enemy Properties this fiscal to mop up revenues
NEW DELHI: The government of India will sell the immovable properties like land and buildings of the Enemy this fiscal to augment the divestment revenues and will also get its share from the proceeds of the non-core asset sales of the CPSEs, a top official said. “We got Rs 1,800 crore from the sale of […]
Vijay Mallya’s UK High Court extradition appeal to be heard in February 2020
LONDON: Embattled liquor tycoon Vijay Mallya’s appeal in the UK High Court against his extradition order has been listed for a three-day hearing from February 11 next year, the UK court said on Thursday. The 63-year-old former Kingfisher Airlines boss had won a reprieve earlier this month when a two-judge panel at the Royal Courts […]