Friendship with China transforming into robust economic partnership: Imran Khan
NEW DELHI: Pakistan attaches great importance to projects taken under the $60 billion China-Pakistan Economic Corridor, Prime Minister Imran Khan said on Thursday, as he expressed satisfaction at Islamabad’s “robust” economic partnership with Beijing. The CPEC, which connects Gwadar Port in Balochistan with China’s Xinjiang province, is the flagship project of Chinese President Xi Jinping’s […]
Indiabulls Housing Finance-Lakshmi Vilas Bank merger gets CCI nod
NEW DELHI: Indiabulls Housing Finance on Friday said the Competition Commission of India (CCI) has approved the proposed merger of the company with Lakshmi Vilas Bank. In April this year, Lakshmi Vilas Bank had announced its merger with Indiabulls Housing Finance in a share-swap deal with an intent to create a combined entity with larger […]
Moody’s downgrades Tata Motors with negative outlook on JLR worries
NEW DELHI: Global rating agency Moody’s Investors Service on Thursday downgraded Tata Motors’ credit rating by a notch on the floundering performance of its British subsidiary Jaguar Land Rover. The corporate family rating and the company’s senior unsecured instruments rating have also been downgraded to “Ba3” from “Ba2”, with a negative outlook. “The downgrades reflect […]
Jet Airways’ bankruptcy process begins, stock soars 150%
NEW DELHI: Jet Airways on Thursday became the first domestic airliner to go into bankruptcy as the NCLT admitted an insolvency petition filed by State Bank on behalf of 26 lenders, sending its share price soaring a whopping 150 percent after having plumbed life-lows for many days. While SBI made a claim of Rs 967 […]
Square Yards to license tech solution to real estate developers for sales, marketing
NEW DELHI: Property brokerage firm Square Yards, backed by Anil Ambani led Reliance group, Wednesday said the company will license its tech solution to real estate developers for managing their sales and marketing activities. The move will help Square Yards earn an additional revenue apart from its brokerage income from sale of properties and facilitating […]
Airbus Helicopters, Pawan Hans sign MoU for introduction of H145 and H225
NEW DELHI: Airbus Helicopters and Pawan Hans Limited (PHL) have signed a Memorandum of Understanding (MoU) to collaborate on the future introduction of two new categories of rotorcraft in the PHL fleet as well as for the repair, maintenance and overhaul of its existing AS365N Dauphin helicopters. The MoU, signed by Air Commodore Dayasagar, Executive […]
Shristi Infrastructure faces Rs 160 crore arbitration, to contest order at higher forum
NEW DELHI: Kolkata-based Shristi Infrastructure Development Corporation Ltd faces an arbitration claim of Rs 160 crore from Rishima SA Investments LLC, an investor of a 5-star hotel project in the city. Mauritius-registered Rishima had invested Rs 80 crore in the Shristi promoted hotel project in Rajarhat, with 35 per cent stake. But, differences between them […]
Jet Airways pilots, engineers, Dutch vendors want to be parties to bankruptcy case
NEW DELHI:The pilots and engineers unions of Jet Airways and two Dutch logistics vendors to the grounded airline Wednesday moved the NCLT seeking them to be made parties to the bankruptcy hearings, which the tribunal will begin from on Thursday. The consortium of 26 bankers led by State Bank had filed for bankruptcy Tuesday at […]
Finance Ministry to rework proposal for Air India sale after considering oil price
NEW DELHI: The Finance Ministry is preparing a fresh proposal for sale of Air India, incorporating issues like crude oil prices and exchange rate volatility, flagged by EY last year on possible reasons of the government failing to attract bidders for the national carrier. The ministry’s proposal, to be placed before Air India Specific Alternative […]
India sacks 15 customs, central excise officers on charges of corruption
NEW DELHI: After sacking errant income tax officers, the government of India on Tuesday dismissed from service 15 senior customs and central excise officials, including one of the rank of principal commissioner, on charges of corruption and bribery. Invoking rule 56(j) of the Fundamental Rules, the government has sacked these Central Board of Indirect Taxes […]
Reserve Bank of India fines HDFC Bank Rs 1 crore for violation of KYC norms
NEW DELHI: Reserve Bank of India (RBI) on Tuesday fined country’s largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions. The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said. “Examination […]
Domestic air passenger traffic grows 2.96% in May after slump in April
NEW DELHI: Domestic air passenger traffic saw a rebound in May as it increased by 2.96 per cent after a slump in April, according to the data released by aviation regulator DGCA on Tuesday. In April, domestic air passenger traffic had dropped by 4.5 per cent over the same period last year. The domestic air […]
Chinese banks demand $2.1 billion from embattled Anil Ambani’s firm
By PR Sanjai NEW DELHI: Chinese lenders, including China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China, have demanded at least $2.1 billion from embattled tycoon Anil Ambani’s Reliance Communications Ltd., that slid into bankruptcy earlier this year. State-owned China Development Bank, with loans worth Rs. 9,860 crore ($1.4 billion) was the biggest creditor to the […]
Air India to start services on three routes
NEW DELHI: Air India will begin services on Mumbai-Patna-Amritsar and Mumbai-Nairobi routes from September 27, Civil Aviation Minister Hardeep Singh Puri said on Monday. The minister also said that the national carrier will launch its operation on Delhi-Chennai-Bali route from October 27. “I am delighted to announce that on the occasion of World Tourism Day […]
Olialia and Aerojet Joint Venture to launch Chartered Business Jets; Invest $25 million in India
By Sanjeeb Kumar NEW DELHI: With a view to disrupt Chartered Air Services domain and provide corporate honchos with upmarket uber luxury air-charter service, European FMCG giant ‘Olialia World’ recently announced a joint venture (JV) with the Delhi-based Aerojet Aviation Private Limited to launch private jets and helicopter services branded as ‘Olialia Sky’ (pronounced as […]
Private PR professionals to soon drive railways’ publicity campaign
NEW DELHI: A team of private public relations professionals will soon drive the railways’ publicity campaign both at the Union ministry in the national capital as well as in each of its zones, with the national transporter for the first time issuing a set of guidelines to hire such private agencies to manage its publicity. […]