Government has missed the overall revised tax collection target for both direct and indirect taxes by Rs 22.9 bn in the financial year 2014-15. Gross Tax Collections at Rs 1.25 trn has shown a growth of 9 per cent (Rs 1.06 trn) as compared to FY 2013-14 and is 9.8 per cent of GDP.
The Japan International Cooperation Agency has signed an agreement with the Government of India to provide 21.8 bn Japanese Yen (or Rs 11.5 bn) loan under its Official Development Assistance to augment power transmission infrastructure in Odisha.
An American player is reportedly in last-minute talks to seal a takeover of Tata Steel's UK steel works amid a supply imbalance facing the global steel industry. Switzerland-based Gary Klesch is trying to finalize a deal to buy the UK section of Tata's long products unit.
Bharti Airtel has received financing commitment of up to $2.5 billion from two Chinese banks to primarily diversify its global portfolio and invest in the growth of data networks across its operations that now span to 20 countries. In March 2015, Bharti Airtel had announced a strategic collaboration with China Mobile, under which the two companies will work towards growth of long term evolution ecosystem and evolve mobile technology standards.
HDIL is in talks to sell about 200 acres of land parcels in Baroda and Hyderabad as part of its strategy to offload non-core assets to improve cash-flows and cut debt. It is targeting to reduce its net debt by 15 per cent in this fiscal to below Rs 25 bn.
Apollo Tyres plans to set up a subsidiary in Malaysia over the next two years as the company aims to increase its global footprint to garner around 15 per cent of the total revenues from exports. Besides this, the firm has lined up investments worth Rs 15 bn this year to expand capacity of its truck-bus radial (TBR) plant in Chennai from 6,000 units a day to 9,000 per day.
Tata Power Renewable Energy, a subsidiary of Tata Power Ltd, is set to expand its wind power generation capacity by 150 MW this fiscal. The company is looking to acquire wind and solar power assets in the country which will take the company's installed capacity to more than 700 MW.
GMR Energy said that its two gas-based plants will get government subsidy on use of re-gasified liquefied natural gas (RLNG) for four months from June to September. The award will enable both plants run at 25 per cent Load factor for capacities of 370 mw (GVPGL) and 384 MW (GREL).
Coal India will invest $20-25 billion (Rs 1.3-1.6 trn) in the next five years, to achieve annual output of a billion tonnes by 2019-20.
Power Grid to lose central transmission utility status. The government would hive off the central transmission utility function of Power Grid Corporation Limited. This follows taking away of grid management from the company.
Suzuki Motor Corporation, parent of Maruti Suzuki, plans to push ahead with its contentious plan to set up a wholly owned manufacturing plant in Gujarat as amendments to the Companies Act have made it easier to get shareholder approval.
The Supreme Court barred Glenmark from making Sitagliptin, a diabetes drug under patent dispute in its manufacturing facilities till the next hearing, scheduled in July.
Strides Arcolab has received approval from the USFDA for Lamivudine and Zidovudine tablets to treat HIV infection.
ONGC is planning to step up exploration work at its Mehsana asset in the western onshore basin and has sought the environment ministry's approval for digging 29 new exploratory wells.
Wipro is now facing a lawsuit in the US from a former employee, who has alleged violation of local labour codes and issues with wage settlements.
Tata Motors has entered the Vietnam market by signing a distribution agreement for commercial vehicles with TMT Joint Stock Company.
Dr Reddy's Laboratories Ltd announced the launch of Somazina, the innovator brand of Citicoline in the Indian market.
Reliance Industries starts fresh drilling to boost KG-D6 output and spend USD 60mn, drill for 65 days in D1, D3 fields.
The Rs. 4,600 Cr petrochemical project of BPCL Kochi Refinery has received a boost with environmental clearance accorded by the Centre.
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