Category: Corporate

The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has alerted for a two-day strike from December 16 and 17th to protest against the proposed privatisation of two state-owned lenders. Announcement by Finance Minister Nirmala Sitharaman on the privatisation of two public sector banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years. The government has listed the…

Coal production from captive mines during this year till November has already reached around 50 million ton and it is very likely to touch 85 MT during the current financial year ( 2021-22) which is significantly higher than last year achievement of 62 MT. In order to further enhance coal production the Secretary, Ministry of Coal Dr Anil Kumar Jain reviewed the issues related to Environment and Forest Clearances impacting development of new coal blocks,  with  senior officers of  the Ministry in view of high demand for domestic coal. Coal…

Owing to the slump in production of vehicles due to the global chip shortage, the total sales of Maruti Suzuki dropped to 139,184 units in November as opposed to 153,223 units in the same month last year. “The shortage of electronic components had a minor impact on the production of vehicles during the month. The shortage primarily affected the production of vehicles sold in domestic market. The company took all possible measures to minimise the impact,” the auto major said in a statement on Wednesday. Last month, Maruti Suzuki’s domestic sales…

To realize its green energy objectives, Oil and Natural Gas Corporation Ltd (ONGC) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI). The MoU was signed by ONGC CMD Subhash Kumar and SECI MD Suman Sharma on behalf of the two national energy companies today, 2 December 2021, in New Delhi. The MoU provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage, etc. The partnership…

LIC on Wednesday has informed its policyholders in India about some of the pre-requisites for investing in its proposed initial public offer (IPO). Before investing, the policyholder has to update the PAN details and should have demat accounts. 10 percent of LIC’s IPO issue size could now be reserved for its policyholders, as indicated by the finance ministry. As per an amendment made this year to the LIC Act, 1956, the government has permitted LIC to designate policyholders as one of the reserved categories in any LIC public offering in the future. “In order…

In a probe over foreign exchange norms violations, the Enforcement Directorate has issued summons to Amazon India head Amit Agarwal and senior officials of the retail major, and officials of Future Group.  Under the provisions of the Foreign Exchange Management Act (FEMA), the executives of Amazon and Future Group have been summoned along with documents on December 6 next week as part of a disputed deal between the two companies.  “We are in receipt of summons issued by the ED in connection with the Future Group. As we have just received the…

During the last 3 years, following six Greenfield airports have become operational: Kannur Airport in Kerala (2018), Pakyong Airport in Sikkim (2018), Kalaburagi Airport in Karnataka (2019), Kurnool Airport in Andhra Pradesh (2021), Sindhudurg Airport in Maliarashtra (2021) and Kushinagar Airport in Uttar Pradesh (2021). In addition, during the last 3 years, construction of Greenfield airports at Navi Mumbai in Maharashtra, Mopa in Goa, ,Hirasar in Rajkot, Jewar(Noida) in Uttar Pradesh and Hollongi in Itanagar, Arunachal Pradesh are being undertaken. Additionally, a total of 42 airports/airstrips have been operationalized during the last…

The World Bank has communicated to the Ministry of MSME that, in its Board meeting dated 4th June 2021, it has approved a loan of US $500 million (₹ 3750 Cr) to assist Government of India’s programme “Raising and Accelerating MSME Performance (RAMP)”, which is an initiative to revitalize the MSME sector that has been heavily impacted by the COVID -19 pandemic. RAMP is a part of the MSME Competitiveness – A Post COVID Resilience and Recovery Programme (MCRRP). State-wise investments and approvals for RAMP programme have not been made since…

M Venkatesh, Managing Director of MRPL has said that the merger of OMPL (ONGC Mangalore Petrochemicals Ltd) with MRPL (Mangalore Refinery and Petrochemicals Ltd) is likely to be completed by February 2022. Venkatesh was addressing the queries of shareholders at a meeting convened by the Ministry of Corporate Affairs on the amalgamation of OMPL and MRPL on Friday, where he said that the merger of OMPL with MRPL is expected to be completed by February.  “It is a step-by-step process, and every step has to be taken. The aim is…

In what appears to be a loud and clear message for those defaulting in repayment of bank loans, Union Finance Minister Nirmala Sitharaman has asked the banks to continue actively pursuing people who have turned their loan accounts into Non-Performing Assets (NPAs). Sitharaman was speaking at a function at Jammu University’s General Zorawar Singh Stadium Assuring all budgetary support needed for the development in Jammu and Kashmir, she said, “We will have to put in our resources to make the state work well in a transparent manner. If there is any wrongdoing…