Government clears Sistema’s FDI approval

Submitted by Sunil Kashyap on Wed, 12/02/2009 - 22:54

Sistema Shyam TeleservicesAmong the 17 foreign direct investment approvals, government has green signaled the Sistema Shyam Teleservices' proposal to issue shares worth over Rs 3,000 crore to the Federal Agency for State Property Management for Russian Federation.

Gucci's plan to buy 51% stake in Luxury Goods Retail Ltd is also one of the other major proposals which has got government's approval.

According to an official statement, in all, 17 proposals involving FDI of over Rs 4,551 crore have been approved at the Foreign Investment Promotion Board meeting on November 20. And FIPB has rejected 4 applications including one by EADS and Larsen and Toubro to form two joint ventures for defense equipment and services.

The list of other proposals approved by the government includes, Bengal Aerotropolis Projects Ltd.'s plan to bring in Rs. 100.81 crore for issue of partly paid equity shares, and Tata India Holdings A Ltd., Mauritius, proposal to bring in Rs. 74.77 crore to acquire equity shares in stock exchange.

Pepsico's proposal to invest Rs. 928 crore of foreign equity to its foreign operations is under consideration of the Cabinet Committee on Economic Affairs (CCEA).


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BMC urges traders to call off strike over LBT issue

BMC urges traders to call off strike over LBT issue

The Brihanmumbai Municipal Corporation (BMC) on Thursday urged traders to call off their strike in opposition of local body tax (LBT), stressing that it was open for discussions over the issue.

Municipal Commissioner Sitaram Kunte said that the traders' stir against LBT, which entered the 26th day, was causing a big inconvenience to the citizens.

Speaking on the topic, Kunte said, "The Mumbai Municipal Corporation Act, 1888 needs to be amended to introduce LBT in the city. We are still drafting amendments to the Act and rules based on which it would be executed."

India’s demand for gold jumps 27% in Q1 of 2013

India’s demand for gold jumps 27% in Q1 of 2013

While the global demand for gold declined 13 per cent in Q1 of this year, India's demand for the precious yellow metal jumped 27 per cent year-on-year, according to latest figures released by the World Gold Council
(WGC).

Indians' demand for jewellery jumped 15 per cent year-on-year to 159.5 tonnes in the first quarter of 2013, while investment demand climbed a whooping 52 per cent to 97 tonnes.

China reported gold demand growth at 27 per cent. Therefore, India's demand growth for the yellow metal surpassed China's demand growth by 7 per cent.

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