The Information and Broadcasting ministry has responded to allegations that it caused needless expenditure by getting a private company to cover the opening and closing ceremonies of the International Film Festival of India in place of Doordarshan. It has been alleged by sources in Prasar Bharati that the ministry overlooked Doordarshan’s considerable expertise and experience […]
Power generation company JSW Energy Ltd said it has appointed auto industry veteran Sergio Luiz Pegoraro Rocha of Brazil to head its upcoming electric vehicle unit. In his previous stint, he was President, CEO and Chairman of GM Korea (General Motors, Korea), Uzbekistan and Vietnam operations based out of Seoul, South Korea. The power company […]
Tata Steel said it has been declared as the successful resolution applicant by the Committee of Creditors of Bhushan Steel Limited, laying the ground for one of the biggest acquisitions in India’s iron and steel sector. Tata Steel said it has has accepted the Letter of Intent for Bhushan Steel under the Corporate Insolvency Resolution […]
Mahindra Group and Ford Motor Company will jointly develop new SUVs, and a small electric vehicle as part of several initiatives announced today between the two companies. The two companies signed five new memoranda of understanding (MoU) that they said will further strengthen their strategic alliance and accelerate the development of key products for consumers […]
Aditya Birla Group and Vodafone have announced the list of office bearers who will run the company resulting from the merger of Vodafone India and Idea Cellular. Balesh Sharma, who is currently Chief Operating Officer of Vodafone India, has been chosen to head the new company, while the existing CEO of Vodafone India and Idea […]
Information & Broadcasting Minister Smriti Irani today said her ministry has not released funds for the payment of salaries to the employees of India’s public broadcaster Prasar Bharati because the ministry and the organization have not been able to agree on a set of performance parameters for the broadcaster to achieve. Irani said the memorandum […]
Engineering services provider L&T Technology Services said it won a multi-million dollar project from Covestro, a Germany-based manufacturer of advanced polymer materials, to transform the company’s operations. The contract covers two major areas. First, L&T Technology Services will help Covestro migrate data as part of its larger digitalization program for its engineering, operations and maintenance […]
Anil Ambani-led Reliance Communications said it is confident of completing the sale of the assets related to its mobile network to Reliance Jio on time. The company’s statement was in the context of the Supreme Court refusing to give any urgent relief on the stay imposed on the asset sale by the National Company Law […]
Dish TV India said it has completed the legal process of merging itself with rival Videocon D2h. Dish TV said it has filed all required documents with the Registrar of Companies, Mumbai, Maharashtra today. With this, it said, “the companies have completed all the steps pursuant to the aforementioned scheme read with NCLT Order and […]
A new report by Anarock Consultants says that sales of residential real estate units, mostly apartments, fell 15% in 2017 to about 2.05 lakh in India’s top seven cities. The report also showed that Banglaore has for the first time overtaken the National Capital Region as the second biggest real estate market in India in 2017. […]
Suven Life Sciences Ltd said it was granted one patent each from Norway, South Korea and Singapore for drugs for the treatment of neurodegenerative diseases. The company said the patents relate to selective 5-HT 6 and 5HT 4 compounds, which are being developed as therapeutic agents for major depressive disorders and for the treatment of […]
Axis Bank, one of India’s top three private sector banks, called reports of resignation of its two top officials “speculative assertions”. Responding to a notice from the stock exchanges, Axis Bank said: “The bank does not comment on speculative assertions around its internal functioning.” It said it will inform the exchanges of any “material, unpublished […]
Aurionpro Solutions said it has won a Rs 180 cr order from the Rajasthan government to create a 3D model of Jaipur city as part of converting the state capital into a smart city. The company said will play the role of a systems integrator and use Dassault Systèmes’ 3DEXPERIENCE software to create the model. […]
Around 82.5% of the landowners at the site of the upcoming Jaitapur Nuclear Power Plant in Maharashtra have agreed to receive compensation under the project, the ministry of atomic energy said today. Out of 2,236 people whose land needs to be acquired for the mega project, 1,844 have accepted the compensation and 1,820 have received […]
Reliance Communications said it had received the nod of the majority of its bondholders to its plans for selling most of its mobile network assets to Reliance Jio, and disclosed further details of its restructuring plan. “Noteholders holding in aggregate 44% of the principal amount of outstanding Notes were present or represented at the Adjourned […]
Responding to media reports that 12 of its Airbus A320 Neo aircraft have now been grounded, Interglobe Aviation, which operates the IndiGo Airlines, denied that any new development had taken place in this regard that merited public disclosure. “There is nothing material at this stage to comment beyond our earlier letter…” it said, referring to […]
Textile and garments maker Arvind Ltd said it set up a joint venture with global auto-seat specialist Adient to manufacture automotive seat fabrics in India. Adient Arvind Automotive Fabrics will be based in Ahmedabad, India, and will supply materials both to Indian and foreign customers of Adient. “The joint venture will benefit from synergies between […]
Alembic Pharmaceuticals said it has been issued with a Form 483 by the US Food and Drug Administration after the drug regulator conducted a routine inspection of its formulations facility in Panelav in Gujarat. Form 483 is issued to firm management at the conclusion of an inspection when an investigators observes conditions that in their […]
Defence minister Nirmala Sitharaman said India’s deal to acquire 36 Rafale jets was inked with the government of France, and that the deal does not require the French supplier to partner with Anil Ambani-led Reliance Defence. Sitharaman was answering a question raised by Congress MP Sanjay Singh about whether Dassault Aviation entered into a joint […]
Kotak Mahindra Bank said its customer base increased by 50% in nine months after it launched a mobile app to facilitate quick opening of bank accounts using Aadhaar. The company launched an app called 811 on March 29, 2017, three months after the Reserve Bank of India allowed banks to establish their customer’s identity by […]
