Posted by Yogesh on Wednesday, 28 May, 2008
MUMBAI (Thomson Financial) – The Asian Development Bank (ADB) said it will provide a loan of up to $150 million to telecommunication infrastructure provider GTL Infrastructure Ltd. (GIL) for a project that will help expand mobile phone coverage in India, predominantly in rural areas, by installing 17,100 additional telecommunications towers.
The ADB-funded project is Phase II of GIL’s tower rollout plan. GIL is currently implementing Phase I of its rollout plan to set up 6,600 towers throughout India, the ADB said.
The additional towers will be leased to various mobile operators on a shared basis. Installation is expected to be predominantly in rural and semi-rural areas and the project is expected to be completed by March 2011, the ADB said. Source CNBC
Posted in Corporate News | Tagged: ADB, GIL | Leave a Comment »
Posted by Yogesh on Wednesday, 28 May, 2008
MUMBAI (Thomson Financial) – India-based Minda Industries Ltd. said it received orders worth 500 million rupees from Volkswagen AG to supply headlamps and rear combination lamps for the German automaker’s cars in India.
In a regulatory filing, the company said the orders also include the supply of rear combination lamps for the model manufactured in Russia.
Minda Industries said it was in talks with other original equipment manufacturer for the supply of headlamps and expects the turnover from its lighting division to contribute 2.25-2.5 billion rupees to the topline in the next two years. Source CNBC
Posted in Corporate News | Tagged: Minda, Volkswagen | Leave a Comment »
Posted by Yogesh on Wednesday, 28 May, 2008
Emaar MGF Land Ltd. will invest $3.7 billion on the construction of 30,000 hotel rooms by 2015, DNA Money reported quoting a company official.
The joint venture between India’s MGF Developments Ltd. and UAE-based Emaar Properties PJSC, has a long-term strategic focus on enhancing India’s hospitality infrastructure, Sanjiv Rai, chief operating officer of the company told DNA Money.
The funding for the project will come from internal accruals, future public listing proceeds, and debt and private equity investments, DNA Money said. Rai told the financial daily, the company will continue to forge business relationships with world’s hospitality brands. Read the rest of this entry »
Posted in Emerging Sector | Tagged: Emaar MGF, Hospitality | Leave a Comment »
Posted by Yogesh on Wednesday, 28 May, 2008
Reliance Industries Ltd., India’s largest company by value, said it will start producing natural gas at a field off India’s east coast as planned.
“Gas from our KG D6 basin will flow as per our stated schedule in the second half of 2008,” Reliance spokesman Paresh Chaudhry said in an e-mailed release today. “There is no push back in our plans.”
Reliance will delay production from the field after a court barred the signing of new supply contracts, the International Oil Daily reported Read the rest of this entry »
Posted in Corporate News | Tagged: Reliance Industries | Leave a Comment »
Posted by Yogesh on Wednesday, 28 May, 2008
Talks between South Africa’s MTN Group Ltd. and Reliance Communications Ltd. are focusing on a structure that would see MTN acquiring India’s second-largest mobile-phone operator to create a top-10 player in the industry world-wide, people familiar with the situation said.
These people said the two sides have agreed in principle to a reverse takeover under which Reliance would make a takeover bid for MTN, but MTN would end up with control of Reliance. MTN has a market value of about $40 billion. Reliance is valued at just under $30 billion. Read the rest of this entry »
Posted in Corporate News | Tagged: MTN, Reliance Communication | Leave a Comment »
Posted by Yogesh on Wednesday, 28 May, 2008
HONG KONG, May 28 (Reuters) – Reliance Money, a retail broker based in India, ventured into Hong Kong on Tuesday, kicking off an alliance with a local brokerage house to give investors access to two fast growing markets in Asia.
Reliance, a subsidiary of Anil Ambani’s Reliance Capital Ltd (RLCP.BO: Quote, Profile, Research), formed a partnership with Goldride Securities, which is headed by the former Hong Kong Stockbrokers Association chairman Anthony Espina, to provide services and technology for investors in China, Hong Kong and India.
“Why India and China? Because they are the two largest populations in the world and they are the two fastest growing economies in the world,” said Goldride’s Espina.
China’s domestic stock markets are off-limits to most overseas investors, who instead usually buy shares of Chinese companies listed in Hong Kong. Source Reuters
Posted in Corporate News | Tagged: Goldride Securities, Reliance Capital | Leave a Comment »
Posted by Yogesh on Wednesday, 28 May, 2008
NEW DELHI, May 28 (Reuters Life!) – When foreigners complain to her that Indians are liars, Ranjini Manian often tells them what’s actually upsetting them is a simple clash of cultures.
The accusation is common among expatriates stumped by the Indian way of doing business and one that Manian tries to counter with the help of Global Adjustments, one of a few firms offering cross-cultural services in the world’s third biggest economy.
“Foreigners can’t understand why Indians don’t say ‘yes’ and ‘no’ clearly,” Manian, the firm’s CEO, told Reuters. Read the rest of this entry »
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Posted by Yogesh on Wednesday, 28 May, 2008
NEW DELHI, May 28 (Reuters) – BlackBerry-maker Research In Motion (RIM.TO: Quote, Profile, Research) (RIMM.O: Quote, Profile, Research) is set to meet Indian government officials on Thursday to address security concerns, but analysts say an amicable solution would be difficult.
India’s security agencies have said the services offered by BlackBerry e-mail devices posed a risk as e-mails sent using it could not be traced or intercepted and the government has written to RIM asking it to put servers in India.
“There is a meeting tomorrow,” said a telecoms ministry official, who did not want to be identified. A spokesman for RIM in India declined comment. Read the rest of this entry »
Posted in Technology | Tagged: Blackerry, rim | Leave a Comment »
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