Sun Pharma launches cancer drug in US market
NEW DELHI: Drug major Sun Pharmaceutical Industries on Monday announced launch of INFUGEM injection, used for treatment of cancer, in the US market. In July 2018, Sun Pharma had received approval from the US health regulator for INFUGEM injection. “INFUGEM (gemcitabine in sodium chloride injection), for intravenous use, is now commercially available in the US,” […]
SBI seeks bids for cash-strapped Jet Airways
NEW DELHI/MUMBAI: State Bank of India (SBI)on Monday invited bids for stake sale in ailing Jet Airways. SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for “change in control and management” of the carrier, according to a public notice. SBI Capital Markets […]
Kotak Mahindra extends debt of Rs. 500 crore to Gaurs Group
NEW DELHI: Kotak Mahindra Bank limited through its subsidiary, Kotak Mahindra Prime Ltd., has announced debt investment of Rs. 500 crore with India’s leading Delhi based realtor firm, Gaurs Group. The debt investment will be used by the realty major to pace up construction work at Gaur City II, part of integrated township Gaur City […]
Dutch prosecutors arrest 3 for allegedly laundering $1.2 billion for Mukesh Ambani unit
NEW DELHI: Dutch investigators have arrested three former employees of a local firm suspected of laundering USD 1.2 billion through over-invoicing services and works rendered for a gas pipeline built by a unit controlled by billionaire Mukesh Ambani, a charge vehemently denied by Reliance Industries Limited (RIL). East West Pipeline Ltd (EWPL), which was previously […]
RBI cuts inflation forecast to 2.9-3 pc for H1 FY20
MUMBAI: The Reserve Bank of India (RBI) on Thursday cut the retail inflation forecast to 2.9-3 per cent for the first half of current fiscal, mainly due to lower food and fuel prices as well as expectation of a normal rainy season. The RBI has reduced the key policy rate by 25 basis points to […]
Reliance Jio buys 87% of Haptik for Rs 700 crore
NEW DELHI: Haptik has entered a strategic partnership with Reliance Industries, through its subsidiary Reliance Jio Digital Services Ltd.. The total transaction size, including primary capital investment, is about 700 crore (~100 million USD), with 230 crore as the consideration for the initial business transfer from Haptik to Jio. The Haptik team will continue to […]
Jet Airways operating around 28 planes
NEW DELHI: Cash-strapped Jet Airways is operating 28 planes, including 15 aircraft in the domestic routes, Civil Aviation Secretary Pradeep Singh Kharola said on Wednesday. Earlier in the day, Kharola said that less than 15 planes of the airline were flying. Jet Airways, where the lenders are set to take control as part of a […]
Anca Verma gets CSR Leadership Summit Award
NEW DELHI: With efficient initiatives of Corporate Social Responsibility (CSR), Olialia World Chairperson Anca Verma won Industrialist of the year CSR Leadership Summit Award on CSR day at PHD Chamber of Commerce and Industry auditorium Delhi on 1st April New Delhi. Mrs Verma is the Chairperson of ‘Olialia World’ which is a US$ 2 billion […]
Monsoon likely to be below normal this year: Skymet
NEW DELHI: Monsoon rains may be “below normal” this year, Skymet, a private weather forecasting agency, said on Wednesday. The monsoon is likely to be 93 per cent of the long period average (LPA), it said. Anything between 90-95 per cent of LPA falls under the “below normal” category. LPA is the average of rainfall […]
Jet Airways defers March salary payment to its 16,000 employees
NEW DELHI: Cash-starved Jet Airways on Wednesday deferred the March salary payment to its employees, citing “complexities” involved in the finalisation of the debt-recast plan, under which the SBI-led consortium of lenders has taken over the management control of the airline. Earlier, the airline had been delaying the salaries of its pilots, engineers and senior […]
US approves sale of 24 MH 60 Romeo Seahawk helicopters to India
NEW DELHI: The US has approved the sale of 24 multi-role MH-60 ‘Romeo’ Seahawk helicopters to India at an estimated cost of USD 2.6 billion, the State Department has said India has been in need of these formidable anti-submarine hunter helicopters for more than a decade now. Designed for hunting submarines as well as knocking […]
DoT to seek EC nod on VRS package for BSNL employees
NEW DELHI: The Department of Telecommunications (DoT) will move the Election Commission(EC) to seek its approval for floating a cabinet note on a VRS package for BSNL employees, an official source said. The person in the know of the developments said that the DoT would also seek the poll panel’s approval for a cabinet note […]
Suresh Prabhu rules out intervention in commercial matters of Jet Airways
NEW DELHI:Civil Aviation Minister Suresh Prabhu on Wednesday ruled out any interference in efforts to help cash-strapped Jet Airways, saying that the government should not be seen to be doing any kind of deals to help an airline. Against the backdrop of lenders set to take control of Jet Airways under a debt resolution plan, […]
AgustaWestland case accused Gautam Khaitan moves fresh bail plea in court
NEW DELHI: Advocate Gautam Khaitan, an accused in the AgustaWestland scam, Tuesday moved a fresh plea in a Delhi court seeking bail in a separate black money and money laundering case in which he is currently arrested. Special CBI Judge Arvind Kumar, who had on March 12 dismissed a similar application filed by Khaitan, issued […]
Jet Airways grounds 15 more planes due to non-payment of rentals to lessors
NEW DELHI: Cash-crunch hit private carrier Jet Airways on Tuesday said it has grounded 15 more aircraft due to non-payment of rentals to lessors, taking the total number of grounded planes to 69. The fleet strength in the airline has, however, has come down to 20 now. Till last month, the Mumbai-headquartered airline, which is […]
Airbnb invests $200 million in OYO for Indian mart
NEW DELHI: SoftBank-backed OYO has raised funding from the US-based online accommodation platform Airbnb, a move that will provide the Indian hospitality chain more ammunition to stren-gthen its presence in the Indian and global markets. The investment details were, however, not disclosed. According to sources, Airbnb is pumping in between $100-200 million (about Rs 690-Rs […]