Corporate Announcement

The Government kicked off consultations on the Foreign Direct Investment (FDI) policy on e-commerce with companies such as Flipkart and eBay to debate the pros and cons of allowing foreign investment in online retail and discuss industry concerns related to taxation as well as definitions.

The Supreme Court has paved the way for setting up the National Company Law Tribunal and the National Company Law Appellate Tribunal, a move that will help in faster disposal of corporate disputes and improve the ease of doing business in India.

The Reserve Bank of India (RBI) yesterday allowed infrastructure debt funds (IDFs) to invest in sectors where there are no project authorities, amending earlier rules where IDFs were required to sign three-way agreements that included the project authority as one of the parties.

Vedanta group of companies may soon launch the largest refinancing exercise in Indian corporate history as it looks for ways to cut costs after a credit downgrade and plunging commodity prices.

Motherson Sumi Systems is doing a due diligence on three auto component makers in Europe for possible acquisition.

Cairn India Ltd, which has cut spending and fired staff this year, has approached rig suppliers and oil field service providers to rework contracts as it fights to offset the impact of low energy prices.

Wockhardt is recalling 93,393 bottles of Captopril tablets, used for treatment of high blood pressure and kidney problems caused by diabetes, for failing to meet specifications for thickness.

NDTV Ethnic Retail Ltd, a subsidiary of news broadcaster NDTV Ltd, which operates its ecommerce venture, IndianRoots.com, has raised fresh round of funds.

Tata Steel has made an additional provision of Rs. 50 bn on account of write-down in the value of its assets, mainly relating to the long products division in the UK.

Essar Ports Ltd (EPL) has taken over the government-owned Visakhapatnam Port Trust's iron ore handling complex on a build-operate transfer basis for 30 years.

Ricoh India plans to triple its revenues by 2017, fuelled by recent government orders.

In a fresh order against real estate firm DLF, the Competition Commission of India (CCI) has found the company guilty of indulging in unfair trade practices in the sale of apartments in a Gurgaon housing project.

Lupin is an outlier in a field of drug companies seeking rapid growth. It has now acquired Brazilian firm Medquímica for an undisclosed amount.

Automotive major Ashok Leyland said it would make around Rs 3 bn investment during the current financial year.

ABG Shipyard has missed payments to some banks which have classified the account as bad loan, putting pressure on the banking system to follow suit.

Arm of Techno Electric & Engineering has sold 44.45 MW wind power assets worth Rs 2.15 in Tamil Nadu. 

Power Grid will invest over Rs 10 bn in the next few years for execution of two projects including creating transmission network in Anantpur district of Andhra Pradesh. 

Wipro plans to launch new software platforms and products in next 12 months and enhance the capabilities of its AI engine Holmes.

Bharti Airtel has started commercial 4G services in Chennai on a trial basis, and has signed a goto-market deal with Korean smart phone major Samsung for 4G-compatible devices.

 

Nitesh Estates and Goldman Sachs have announced an agreement to jointly invest up to $250

Mastek’s insurance arm Majesco gets nod from US Sec to merge cover-all tech. million (about Rs. 1,600 Cr) in income-generating commercial real estate assets in India.