March 30, 2015 AT 12:41 PM
By 2020 India's automotive industry is likely to reach 7 million vehicles milestone which will make the country the third largest auto manufacturer in the world. The automotive sector contributes near to 7% in the GDP, the sector plays an important role in the development of other crucial sectors as well, David Dubensky, President and Managing Director, Ford Motor Private Ltd, said. By working together as one global team over the last 110 years, Ford has been able to fully leverage the resources around the world, he said. "We are building great products, creating strong business, and contributing to a better world", he added.
March 30, 2015 AT 12:06 PM
Oxigen is on a major expansion drive which includes hiring of about 1,500 people. The Gurgaon based firm is in advance talks with investors to raise the funds in the range of USD 150-200 million (that is around Rs 938-1,250 crore), and a major part of that is expected to materialise by June this year. "We are gearing up to expand our support system and the infrastructure for services aggregation, distribution as well as payment processing and collections in semi urban and rural areas, particularly the East and Central India," Oxigen Chairman and Managing Director Pramod Saxena said. On raising funds for growth, Mr. Saxena said:"We are in advanced stage of talks with investors. The amount is in the range of USD 150-200 million out of which we will announce raising a significant amount in the next 2-3 months.
March 30, 2015 AT 11:26 AM
Jet Airways on Monday launched daily international flights to Abu Dhabi from Pune, Ahmedabad and Manglore. In a release it is mentioned that this is the first time that Jet Airways has offered international flights from Ahmedabad and Pune. The airline will deploy a 178-seater Boeing 737-800 Next Generation aircraft, with 12 seats in premiere class and 156 seats in economy class to service the three new routes, it said. “The new services will help ensure Jet Airways is the preferred carrier by air travellers in these cities given our unparalleled domestic network and an ever-expanding international footprint,” Jet Airways Chief Commercial officer Raj Shivakumar said.
March 30, 2015 AT 10:25 AM
On Sunday the Finance Minister Arun Jaitely met rain and hailstorm affected farmers in Rajasthan, he assured the State that the central government will provide all possible help for providing relief to the affected farmers. "There is also a need for change in the norms for disaster relief," Jaitley said after meeting Rajasthan Chief Minister Vasundhara Raje in the state's capital. The Finance Minister after visiting the affected areas in Kota and Bundi districts held a high level meeting with Vasundhara Raje where the state ministers and senior officials were also present. "Rajasthan has suffered massive loss of human lives, livestock,crops and houses due to rains and hailstorm and the union government would provide all possible help to the state government at the earliest," Jaitley said.
March 27, 2015 AT 5:02 PM
A complaint was filed by an individual which had alleged that Suzuki was imposing unfair and discriminatory conditions in the sale of its two wheeler ACCESS 125cc. The Competition Commission of India (CCI) said that In a recent order, "no prima facie case of contravention of the provisions of...the (Competition) Act is made out against the opposite party (Suzuki Motorcycle) in the instant matter. "Accordingly, the matter is closed under the provisions of...the Act". Observing that there were many players operating in the two-wheeler market in India, CCI said: "In view of such market construct and structure, prima facie it does not appear that the opposite party enjoys the dominant position in the relevant market".
March 27, 2015 AT 3:48 PM
Finance Minister on Friday said that there is a best opportunity for India to turn into a global manufacturing hub as wages in China have gone up. "Wages in China have gone up. That part of the world is now becoming costlier. Can we, therefore, create a world class infrastructure in India?" he said while addressing the Annual Day celebrations at Shri Ram College of Commerce (SRCC) in the national capital. "Can the cost of our capital not be reasonable... All these issues of efficiency, quality improvement, that's where the opportunity awaits us in creating mass jobs and that is the best possibility of India (in) removing poverty," Jaitley said.
March 27, 2015 AT 3:12 PM
The Government is likely to exempt oil producers oil India Ltd and ONGC from paying subsidy in the fourth quarter ending March 31, a senior Petroleum Ministry Official said today. "We have a verbal assurance from the Finance Ministry that upstream companies will not have to bear any subsidy in the fourth quarter," the official said on the sidelines of 'Urja Sangam' conference The government regulates the price of LPG and kerosene to shield poor. Oil Minister Dharmendra Pradhan said his ministry and the Ministry of Finance are working together to formulate a subsidy-sharing mechanism. "Their profitability is complementary to each other",he said.
March 27, 2015 AT 12:52 PM
The engineers and construction major Larsen and Tourbo said on Friday that it has got orders worth Rs 1,711 crore this month through various business segments. The business of buildings and factories has fetched Rs 880 crore, while power transmission and distribution wing has got Rs 676 crore orders. From the water and renewable business segment around Rs 155 crore has came. L&t Construction has also got an order from a cement producer for civil, structural,fabrication and erection of a greenfield unit in MP L&T has received orders for supply, installation and commissionong of a 220kV double circuit transmission line from Bihar State Power Transmission Company in its power transmission and distribution business.
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