The Reserve Bank of India (RBI) on Thursday appointed Venkat Nageswar Chalasani as a member of the advisory committee of insolvent Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL) with immediate effect. Chalasani, former deputy managing director, State Bank of India, has been appointed as a member of the committee after R Subramaniakumar resigned. […]
The National Finance Reporting Authority has found a number of gaping holes in the audit of Infrastructure Leasing & Financial Services (IL&FS) for the year 2017-18. These include failure to comply with the basic requirements of audit and violation of norms on quality control and auditor independence. The auditor was SRBC & Co. In its […]
In a relief for telecom operators, the Department of Telecommunications (DoT) has finally removed the 3% floor rate on spectrum usage charges (SUC), a move which would in the long run make such payments zero on their entire spectrum holding. FE had reported in its Tuesday edition that operators had expressed their disappointment on Monday […]
Telecom operators have told the department of telecommunications (DoT) that abolishing spectrum usage charge (SUC) in the upcoming 5G auctions and beyond will be meaningless if the government does not remove the floor rate of 3% on such payments which is applicable on current holdings. The floor was fixed in 2016 to protect government revenues […]
Jain Irrigation Systems on Tuesday said that its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal worth Rs 4,200 crore. The combined entity will have a revenue of $750 million and will be the second largest global irrigation and climate leader. While Temasek will hold 78% in the merged entity, […]
Coal India (CIL) has been given multiple tasks by the government in recent weeks: Meeting a stiffer production targets, importing coal for supplies to power plants, ensuring infrastructure for evacuation and meeting green commitments. While all these entail heavy investments and risks to profits, CIL chairman and managing director Pramod Agrawal tells FE’s Indronil Roychowdhury […]
Anil Agarwal’s Vedanta has put on sale its Sterlite copper smelting plant at Tuticorin in Tamil Nadu and has invited expression of interest (EoI) from potential buyers. The plant has been shut for the last four years (May 2018) after 13 people were killed and 102 left injured in a police firing during a protest […]
The finance ministry on Monday advised public sector banks (PSBs) to continue to support economic growth by extending adequate credit to the industry even as it asked the PSBs to accelerate bad loan recovery, sources said. The meeting with chiefs of public-sector banks (PSBs) remained inconclusive as finance minister Nirmala Sitharaman could not attend the […]
Expressing its disappointment over the government’s decision on captive private networks, the Cellular Operators Association of India (COAI) has asked for a level playing field, stating that private captive network solution providers should also pay licence fee and GST at the rates applicable for telcos on the billed amount of revenue, and that such captive […]
Japanese air-conditioning company Daikin, which is currently at the numero uno position in India’s growing split room AC market, is targeting a market share of “at least” 25% in volume terms in the category by FY25. “In the split room ACs category, we are clearly No. 1 now. We have beaten Voltas which used to […]