Now SBI chases Mehul Choksi for Rs 405 crore loan default
MUMBAI: In a new development, the State Bank of India (SBI) on Wednesday moved to recover loan outstandings of Rs 405 crore from absconding diamantaire Mehul Choksi, his family and companies. This is the first time the country’s biggest bank’s exposure has been revealed in the case involving Choksi, who is among the prime accused […]
Comviva appoints Ramy Moselhy as Market Head for MENA;targets over two-fold business growth
NEW DELHI: India’s mobility solutions provider Comviva today announced Ramy Moselhy as the new Market Unit Head for Middle-East and North Africa (MENA) region. This appointment comes at a time when Comviva is aggressively focusing on expanding its footprint across the MENA region to achieve the next growth phase. The company is targeting over two-fold […]
India to surpass China, be in better position to help South Asia: Raghuram Rajan
DAVOS: India will eventually surpass China in economic size and will be in a better position to create the infrastructure being promised by the Chinese side in South Asian countries, former RBI Governor Raghuram Rajan said on Tuesday. Addressing a session on Strategic Outlook for South Asia, Rajan said Indian economy would continue to grow […]
I-T Department to issue notice where cash transaction is above Rs 20,000 in property purchase
NEW DELHI: Be ready to receive the I-T Department’s notice if you have made above Rs 20,000 cash transaction in a property purchase in Delhi. I-T Department’s Delhi division is going to start a drive against property purchases where the cash transaction crosses the limit of Rs 20,000. “Income Tax Department’s Delhi division is short-listing […]
Rustomjee, Ikea to offer furnished homes near Mumbai, eye Rs 700 crore revenue
NEW DELHI: In a first, the Swedish furniture retailing giant Ikea has partnered with the city-based developer Rustomjee to offer designer, furnished homes at upcoming township project Global City at Virar near here. The home furnishing and accessories major Ikea will design around 1,200 units of 1& 2 BHK apartments priced between Rs 41 lakh […]
Indian Army Chief for tapping Artificial Intelligence, Big Data for defence forces
HYDERABAD: Indian Army Chief General Bipin Rawat on Sunday stressed the need to focus on incorporating Artificial Intelligence (AI) and big data computing into the Armed forces’ system, saying the northern adversary of the country (China) was spending “huge money” on this technology. Addressing the valedictory function of the National Conference on ‘Self Reliance in Defence […]
Nirmala Sitharaman launches Tamil Nadu Defence Industrial Corridor
By Deepak Patel TIRUCHIRAPPALLI: In a major move to boost indigenisation of defence manufacturing, Defence Minister Nirmala Sitharaman on Sunday launched a mega corridor to link leading military manufacturing units in five cities in South India, which entails an investment to the tune of over Rs 3,000 crore. The project, christened the Tamil Nadu Defence […]
LIC completes the acquisition of 51% controlling stake in IDBI Bank
NEW DELHI: IDBI Bank on Monday said insurance behemoth LIC has completed acquisition of 51 per cent controlling stake in the bank, making it the lender’s majority shareholder. “The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, […]
India best positioned to become a counter-balance to China: SpiceJet CEO
NEW DELHI:Amid global economic woes and trade tensions, India is one of the “few bright stars” and is best positioned to become a counter-balance to China, industry leader and airline major SpiceJet’s CEO Ajay Singh said on Monday. Singh, who is in this Swiss resort town to participate in the World Economic Forum (WEF) Annual […]
Reliance asks Niko to exit from KG-D6 gas block over payment default
NEW DELHI: Reliance Industries Limited (RIL) has asked its partner Niko Resources to withdraw from eastern offshore KG-D6 gas block over default in payments for field development cost, but the Canadian firm has sought to stall the move by invoking arbitration, the companies said. Niko, which defaulted on payment of loans to its lenders, has […]
Naresh Goyal ready to invest Rs 700 crore in Jet Airways
NEW DELHI: Jet Airways chairman Naresh Goyal is ready to invest up to Rs 700 crore in Jet Airways on the condition that his stake does not fall below 25%. Goyal’s offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds […]
Kumbh Mela to generate Rs 1.2 lakh crore revenue for Uttar Pradesh
PRAYAGRAJ: The mega Kumbh Mela, which began on January 15 and will continue till March 4, is expected to generate a revenue of Rs 1.2 lakh crore for Uttar Pradesh, says apex industry body Confederation of Indian Industry. Although the Kumbh Mela is spiritual and religious in nature, the economic activities associated with it generate […]
HDFC Bank Q3 net profit rises 20% to Rs 5,586 crore
NEW DELHI: Private lender HDFC Bank on Saturday reported a 20.3% growth in net profit to Rs 5,585.9 crore for the third quarter ended December 31, mainly on higher net interest income. The bank had posted a net profit of ₹4,642.6 crore in the October-December quarter of the last financial year. Total income rose to […]
India’s debt under Narendra Modi government surges 49% to Rs 82 lakh crore
NEW DELHI: Total liabilities of the government has increased 49 per cent to Rs 82 lakh crore in the last four-and-half years during the Narendra Modi government, as per the 8th Edition of the Status Paper on Government Debt released on Friday. Compared to the latest data available till September 2018 when the total debt […]
Gautam Adani announces Rs 55,000 crore investment in Gujarat in next 5 years
AHMEDABAD: Billionaire Gautam Adani Friday announced over Rs 55,000 crore investment in next five years in a clutch of projects in Gujarat including the world’s largest solar park, a copper plant, a cement unit, and a lithium battery manufacturing complex. Adani Group, which operates Mundra port in the state, had Thursday announced plans to foray […]
RIL to invest Rs 3 lakh crore in Gujarat in next 10 years : Mukesh Ambani
NEW DELHI: India’s richest person Mukesh Ambani today committed to invest Rs 3 lakh crore in various projects in the next 10 years in Gujarat, ranging from energy and petrochemical to new technology and digital business. Reliance Industries Limited (RIL) operates the world’s largest oil refining complex at Jamnagar in Gujarat as well as petrochemical […]