BSNL says it will not be closed down
CHENNAI: Dismissing media reports as rumours, telecom major Bharat Sanchar Nigam Limited (BSNL) Tamil Nadu Circle on Tuesday said there is no proposal to close down the company. In a statement issued here, the company said: “There is no proposal to close down BSNL as wrongly reported in a section of the press. Due to […]
Reliance home finance extends Rs 400 crore NCD maturity
MUMBAI: Housing finance company Reliance Home Finance Ltd said the maturity of certain non-convertible debentures (NCD) totalling Rs 400 crore has been extended till October 31. In a statement issued here, the company said the extension of the maturity date has been done with the formal written consent of the concerned Debenture Trustees and NCD […]
Godrej Properties raises Rs 2,100 crore equity capital via QIP
NEW DELHI: Godrej Properties on Saturday said it has raised Rs 2,100 crore by issuing equity shares to qualified institutional buyers (QIBs). The QIP committee of the board of directors at its meeting held on Saturday approved the issue and allotment of over 2.26 crore equity shares to eligible qualified institutional buyers at the issue […]
Karnataka mulls ban on construction of tall buildings
NEW DELHI: The Karnataka government is contemplating a five-year ban on construction of multi-storeyed residential buildings in view of the acute water crisis. The deputy CM and Bengaluru Development Minister G Parameshwara said that the proposal comes in the wake of apartment residents in city suburbs rely on pure tanker water for both drinking and […]
About 340 infrastructure projects show cost overruns of Rs 3.3 lakh crore
NEW DELHI: As many as 340 infrastructure projects, each worth Rs 150 crore or more, have shown cost overruns to the tune of over Rs 3.3 lakh crore owing to delays and other reasons, a report said. “Total original cost of implementation of the 1405 projects was Rs 18,09,681.47 crore and their anticipated completion cost […]
Jet Airways employees consortium, AdiGroup to bid for 75% of airline
NEW DELHI: In a first-of-its-kind initiative, a Jet Airways Employee Consortium and AdiGroup on Friday announced a partnership to bid for 75 per cent of the airlines through the NCLT process, members of the consortium said. The debt-laden company became the first domestic airliner to go into bankruptcy after the Mumbai Bench of the National […]
MG Hector launches industry’s first internet car at Rs 12.18 lakh
NEW DELHI: MG (Morris Garages) Motor India has today launched the much-awaited HECTOR at a very special introductory price of Rs 12.18 lakhs to Rs 16.88 lakhs (ex-showroom, New Delhi). The MG HECTOR, India’s first internet car, has been launched with India’s best vehicle ownership package – the “MG Shield”. It provides private owners free-of-charge […]
Adani Ports plans to raise USD 750 million
NEW DELHI: Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday announced plans to raise USD 750 million (approx Rs 5,195 crore) to fund its capital expenditure requirement and also to retire some of its debt. “The finance committee of Adani Ports and Special Economic Zone Ltd has approved the issuance of fixed rate […]
GSIA distances itself from Vibrant Goa Summit
PANAJI: Goa’s premier industry body, the Goa Small Industries Association (GSIA), announced withdrawal of its support to the Vibrant Goa Summit for investors on Wednesday citing misgivings about its organizing body. The summit, aimed at attracting investment and being promoted by Chief Minister Pramod Sawant, is scheduled to be held in October. GSIA president Rajkumar […]
Delhi High Court restrains hoteliers associations from boycotting OYO
NEW DELHI: The Delhi High Court has restrained various hoteliers welfare associations from issuing any notices or boycotting and banning hospitality company OYO. The court, in an interim order, said it appeared that the act of hotelier associations was pushing other hoteliers and service providers to act in breach of contract between them and Oravel […]
Tri City’s Real Estate Sector attracts investments from Patiala
NEW DELHI: SUSHMA Group, one of the largest real estate developers from Punjab organized a press conference in Patiala to showcase their residential projects to the dwellers of the royal city and to invite their interest towards investing in Tri City. The group presented their projects and elaborated the residents about the current status of […]
Reliance Infrastructure bags Rs 7,000 crore Versova-Bandra Sea Link project in Mumbai
NEW DELHI: Reliance Infrastructure on Wednesday said it has bagged Rs 7,000 crore Versova-Bandra Sea Link project contract from Maharashtra State Road Development Corporation (MSRDC) in Mumbai. Versova-Bandra Sea Link is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km. Reliance […]
Binny Bansal sells Flipkart shares worth Rs 530 crore to Walmart
NEW DELHI: Flipkart co-founder Binny Bansal has sold his shares worth over $76 million (about Rs 530 crore) in the Indian e-commerce major to US retail giant Walmart. Bansal transferred more than 539,000 of his Flipkart shares to Walmart’s Luxembourg-based entity — FIT Holdings SARL, according to business intelligence platform Paper.vc. “Our data, derived from […]
IL&FS case: Court extends ED custody of two former officials by 3 days
NEW DELHI: A special court here on Tuesday extended the Enforcement Directorate (ED) custody of two former IL&FS officials, arrested for their alleged role in money laundering for the crisis-hit infrastructure lender, by three days. IL&FS’ former joint managing director, Arun K Saha, and its transportation network MD, K Ramchand, were further remanded in the […]
SpiceJet announces eight new daily international flights
NEW DELHI: SpiceJet on Tuesday announced that it will start eight new daily international flights from Mumbai and Delhi in July. “SpiceJet will service Mumbai-Riyadh-Mumbai, Mumbai-Dhaka-Mumbai, Delhi-Dhaka-Delhi and Delhi-Jeddah-Delhi routes with daily non-stop flights,” the airline said in a statement. It said it will deploy its 168-seater Boeing 737-800 aircraft on all aforesaid routes. “The […]
Jet Airways insolvency: Airline invites claims from creditors by July 4
NEW DELHI: The resolution professional for Jet Airways, which was admitted to the NCLT last week for bankruptcy, has invited claims from all creditors to the grounded airline. The airline owes over Rs 8,500 crore to a consortium of 26 banks led by State Bank, and over Rs 13,000 crore to the tens of hundreds […]