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- US, China begin trade talks in Washington
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- Agusta Westland co-accused Rajiv Saxena, lobbyist Deepak Talwar extradited to India from UAE
- Air India resumes its services from New Delhi to Najaf in Iraq
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- Why Controversy Around 2 Statistical Commission Members' Resignation Needs Your Attention - News18
- Cloud over CSO data casts shadow on jobs claims - The Financial Express
- Mumbai to get 12 AC locals this year - Condé Nast Traveller India - The Last Word in Travel
- Don't hide job data: National Statistical Commission's hollowing out is bad news for economic policy making - Times of India
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- Kerala saw 7.18% growth in 2017-18, reduction in absolute poverty: Economic Survey - The News Minute
- IndiaTech to pitch for change in listing norms for new-age startups - VCCircle
- AP Guv lashes out at Centre praises CM for steering state on path of development - THE WEEK
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- Saudi Arabia announced Wednesday the end of a high-profile anti-corruption probe that boosted the state coffers by more than USD 100 billion and has left dozens detained.
- Eight Indians arrested on charges of facilitating foreigners illegally stay in US as students
- US Immigration and Customs Enforcement has arrested eight persons all of whom are either Indian nationals or Indian Americans on charges of fraudulently facilitating hundreds of immigrants to illegally remain in the US as students.
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- New Zealand skipper Kane Williamson won the toss and invited India to bat first in the fourth and penultimate ODI here on Thursday.
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- China Jan factory activity shrinks for second month in a row: official PMI
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- Demo proof of govtâs strong decision: PM Modi
- PMO tells PSUs to pick âMade in Indiaâ products
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- Given that the manufacturers are now considering importing a couple of dozen models across them, the new rule could potentially help them save up to Rs 100 crore on homologation itself.
- Sensing the urgency of the matter, Trai on Wednesday itself filed an application to vacate the stay.
- Following the development, the worldâs largest coal producer lined up two coal bed methane projects at an estimated investment of Rs 3,000 crore.
- Investors of the fund include blue chip fund-of-fund vehicles, pension funds and university endowments and family offices from the US and Europe.
- Patanjali also expressed its interest to RP Shailendra Ajmera and the lenders and said it was ready to match Adaniâs offer given a chance.
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- PNB MetLife had filed for an IPO in August with the idea to list in January.
- US stockpiles may continue to fall as Saudi Arabia continues to trim exports to the US.
- On the first day, the OFS has fetched L&T Rs 249 crore.
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- In an apparent dig at the Gandhi-Nehru family, Modi said those who made the country tremble and turned it into a jail are now making rounds of courts.
- âOur concern is Make in India,â Nripendra Misra told ET. âWe want progressive, continuous increase of indigenous components in products procured by us.â
- Rajiv Saxena, a co-accused in AgustaWestland scandal, will likely be produced before a Delhi court.
- âI believe Imran Khan is open to suggestions and has a good understanding,â said Mirwaiz Qureshi.
- The contents of the report are not yet known but a clean chit could give the government a leg up with the Rafale issue being taken as a central electoral point by the opposition.
- The UK, for its part, is believed to have assured India that Qureshi will not be on an official bilateral visit and no formal meetings are scheduled for him with the British government.
- Addressing an Indian Youth Congress function in Delhi, Gandhi said, "Whether itâs the Goa cabinet or CBI, there is dissent within the government.â
- The matter concerns Rs 2.5 crore paid as salary to the managing trustee R Venkataramanan by the trust for the assessment year 2015-16.
- Hereâs a lowdown on top macro triggers that may move market on January 31, 2019.
- ET was the first to report in July last year that the ED, in its supplementary chargesheet, had elaborated on how the alleged bribe money paid to clinch the deal was âlayeredâ and projected as âuntainted moneyâ by creating âfictitious invoicesâ. It also mentioned how fake engineering contracts were created to hide the kickbacks, allegedly paid by AgustaWestland through companies controlled by advocate Gautam Khaitan and Saxena.A local court had issued a non-bailable warrant against Saxena after the ED told it that he had not joined the investigation despite repeated summons. His name was mentioned in a chargesheet filed against his wife, Shivani, who was arrested by the ED in connection with the scam. She is currently out on bail.Saxena was named only in the third supplementary complaint filed in July 2018. Khaitan, who is also named in that, has since challenged the complaint in the Delhi High Court.The ED had earlier arrested Saxena, who is a director of Matrix Holdings in Dubai, under the Prevention of Money Laundering Act. He then moved court seeking cancellation of the warrant, claiming that he was not an absconder and had already served the required documents and details to the agency.
- In a statement after the indictment by the Justice BN Srikrishna-led committee, ICICI Bank said that due to the âtermination for causeâ under the bankâs internal policies and code of conduct, the bank would revoke all her existing and future entitlements. Those would include any unpaid amounts, unpaid bonuses or increments, unvested, vested and unexercised stock options and medical benefits, and also require the claw-back of all bonuses paid between April 2009 and March 2018.The bankâs annual reports between 2008-09 and 2017-18 also show that Kochhar was paid total cash bonuses of Rs 10.12 crore, which she may have to pay back. Assuming that the value of her unvested, vested and unexercised stock options is Rs 343 crore, Kochhar might be liable for repayment of Rs 353.12 crore.
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- India held a grand military parade in New Delhi to celebrate its 70th Republic Day on January 26, 2019.The distinctive Indian parade plots are often interpreted as "crazy" or "bizarre." However, this shows their respect for historical traditions.
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- NEW DELHI: Indiaâs investigative agencies made another breakthrough in the VVIP helicopter scandal probe, with the UAE handing over an accused, Dubai-based businessman Rajeev Saxena, to them on Wednesday.As per information, Saxena will likely be produced before a Delhi court on Thursday, after bringing him to India from Dubai on Wednesday night. He is alleged to have played a pivotal role in laundering kickbacks from the Indian Air Forceâs deal with British manufacturer AgustaWestland to buy a dozen helicopters for use by VVIPs.Corporate lobbyist Deepak Talwar, who is accused of concealing income of more than Rs 1,000 crore as well as facilitating civil aviation contracts during the UPA regime, is also being brought to India from Dubai and is expected to be produced before the court on Thursday, said people in the know.The CBI and Enforcement Directorate (ED), which are probing the VVIP chopper case, had last year managed to bring Christian Michel, a British national who was allegedly a middleman in the deal, to India from the UAE.Saxenaâs lawyers alleged that he was âillegally extraditedâ from the UAE and also claimed that he was not given access to his family, lawyers or even essential medicines. âHe was boarded onto a private jet from a private terminal at Dubai,â one of them said.
- Will the former ICICI Bank chief executive Chanda Kochhar have to repay the lender about Rs 350 crore due to the bankâs invocation of the termination clause? Back-of-the-envelope calculations by ET showed that Kochhar may have received up to Rs 343 crore in employee stock options (ESOPs) issued since FY09 and about Rs 10 crore as cash bonus.Data collated by ET from the bankâs annual reports showed that 94 lakh shares were issued to Kochhar between FY09 and FY18, the period for which the bank has sought a claw-back of all dues and stock options. But it is not clear yet how many of those options had been exercised and vested, and how many are yet to vest.Between FY09 and FY18, Kochhar received shares in all the years except in 2009, the bankâs annual reports showed. Based on Wednesdayâs closing price of Rs 365 per share, the value of Kochhar's accumulated ESOPs awarded in the period aggregates to Rs 343 crore. To be sure, the total value of the shares assumes that she has taken the entire stock allocated in the ESOPs.67765892
- MUMBAI: India Life Sciences Fund, a healthcare and pharmaceuticals-focused private equity fund advised by InvAscent, has raised $250 million for its third growth capital fund, in what could be termed as a sign of increased investor appetite towards sector-specific Indian investment vehicles with credible track record.InvAscent, famed for its early-stage backing of Gland Pharma and Health Care Global through the first fund Evolvence India Life Sciences Fund, will continue to focus on the same set of sectors and investments.Investors of the fund include blue chip fund-of-fund vehicles, pension funds and university endowments and family offices from the US and Europe.âThe demand for quality medicines and quality healthcare in India is very strong,â said Hari Buggana, chairman and managing director of InvAscent Investment Advisors. âIn addition, globally, there is a demand for high quality and low-cost medicines. And Indian firms are very good at addressing this demand.ââOur Fund I made eight investments, and has exited all of them successfully, which is quite remarkable in the current circumstances. From the second fund, we began investing in 2013, have made 12 investments and it is fully deployed,â he said.âThe per-investment ticket size would be between $10 million and $50 million. We have already made three commitments from the third fund,â Buggana said.InvAscent raised its first fund of $100 million in 2006 and a second fund of $150 million in 2014. The company had invested Rs 120 crore in Gland Pharma in 2008 and sold it when US private equity investor KKR invested $200 million (about Rs 1,300 crore) in 2014. The firm has sold its stake in Healthcare Global to Singaporean sovereign fund Temasek. Some of its other investments include medical equipment maker Sutures India and Dr Agarwalsâ Eye Hospital.âFrom the third fund, we have already committed three investments, including a controlling stake acquisition in Symbiotech along with Motilal Oswal PE, minority transactions in Strides Consumer Health and Intron,â Buggana said.Pharmaceuticals and healthcare space has been one of the best performing sectors for investment exits, according to McKinsey & Co. The sector had a 213% investment growth between 2015 and 2017 compared to 2009-11 and the median IRR (internal rate of return) stood at 19%, McKinsey said in November 2018.The year 2018 also witnessed record fund raising activity by India-focused PE/VC funds. â$8.1 billion being raised across 51 PE/VC funds, a 40% increase over 2017 and the highest ever,â EY said in a note on January 14. âSimilarly, the fund-raise plans announced stood at $22.3 billion, which again is the highest ever. This further reiterates the underlying trend, reflected in both investments and exits, of Indiaâs improving attractiveness for global PE/VC funds as the domestic PE/VC ecosystem flourishes.â
- KOLKATA: Coal India is in talks with Gail India and IOC for joint ventures to develop coal bed methane fields and sell the produce. Coal India has already lined up investments to the tune of Rs 3,000 crore for its methane projects.The joint ventures are also likely to enable Coal India inject coal bed methane into the proposed Urja Ganga gas pipeline that aims to meet energy requirements of 40 districts and 2,600 villages covering Uttar Pradesh, Bihar, Jharkhand, Odisha and West Bengal.In June last year, the Cabinet Committee on Economic Affairs had waived the requirement for procuring separate licences from the ministry of petroleum and natural gas for taking up coal bed methane projects on its lease hold areas.Following the development, the worldâs largest coal producer lined up two coal bed methane projects at an estimated investment of Rs 3,000 crore.The first project will be undertaken by Coal India subsidiary, Bharat Coking Coal, at Jharia coalfields in Jharkhand. This block is estimated to hold methane reserves of 25 billion cubic meters and is expected to start production two years after the project is initiated.The second project at Ranigunj in West Bengal is to be undertaken by Eastern Coalfields. The block holds around 3 billion cubic meter of coal bed methane that can be viably extracted and sold.âHaving learnt about Coal Indiaâs coal bed methane projects, both Gail India and IOC expressed interest,â a senior CIL executive told ET on condition of anonymity.
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