Jet Airways received clearance from the Cabinet Committee on Economic Affairs (CCEA) to raise $400 million (Rs 1,850 crore) from foreign investors through Qualified Institutional Placement (QIP). The proposal was made to thea Foreign Investment Promotion Bord (FIPB), which referred it to the Cabinet as the QIP was for over Rs 600 crore. The airline [...]

Japan’s Toyota Motor Corp is recalling about 43,000 cars in China due to a defect that may cause engine oil to leak. The recall affects four models, the Lexus ES 350, the Lexus RX 350, the Highlander sports utility vehicle and the Previa minivan, said the spokesman, Yuta Kaga. It comes just months after Toyota [...]

India attracted foreign direct investment (FDI) inflows of $1.74 billion during November 2009, a 60 per cent increase over the $1.08 billion notched in same month last year. Clarity in rules To give a further fillip to FDI, the Minister of Commerce and Industry, Mr Anand Sharma, has released a draft document that consolidates foreign [...]

India produces world’s 85 per cent handloom products, Mr P Subash Chandra Bose, State Social Welfare Minister has said. He was inaugurating ‘Handloom Expo’ here yesterday. To encourage handloom weavers in the state the government is taking steps to see that all government employees wear handloom clothes on every Saturday, he said. On the occasion [...]

The country’s largest public sector lender, ICICI Bank, is raising up to Rs 1,200 crore by issue of bonds. The bank plans to raise at least Rs 500 crore by issuing Tier-II bonds, with an option to raise a further amount if the issue is oversubscribed, merchant bankers close to the deal said. Shares of [...]

A big controversy on procurement of Rs 35,000 crore worth equipment by telecom behemoth BSNL is brewing with position taken by the two government nominees on the Board, threatening mega expansion programme of the PSU. While the major equipment supplier Ericsson has lowered its price substantially after negotiations for the GSM expansion contract, the two [...]

Global auto majors went into reverse gear in 2009, the Indian industry largely bucked the trend, launching new models for the Cars domestic market and registering significant growth in exports. The year saw the commercial rollout of the world’s cheapest car, Tata Nano, as also some expensive models like the Rs 37.5-million (about $750,000) Phantom [...]

The Indian economy may grow by 9 per cent in the next fiscal on the back of strong industrial growth and rising domestic consumption. “I expect industrial production to be high next year. With normal monsoon, GDP growth could reach 9 per cent in 2010-11,” Ernst & Young Financial Services Partner & National Director Ashvin [...]

U.S. car maker Ford has agreed to sell Volvo cars to China’s Zhejiang Geely and will present the deal at 1000 GMT, Swedish television reported on Wednesday. The fine print of the deal can take some more time to finalise, Swedish television said. It said a local union representative had confirmed that an agreement had [...]

The country’s second largest public sector lender, Punjab National Bank, it said can raise up to Rs 7,000 crore from bonds to fund growth plans. “We have headroom of raising Rs 7,000 crore from Tier II bonds and funds would be raised depending on the requirement,” PNB Chairman and Manging Director K R Kamath told [...]

Media house DB Corp, the publisher of Hindi newspaper ‘Dainik Bhaskar’, it has fixed the issue price of its initial public offer at Rs 212 per share, garnering Rs 384.22 crore through the offer. The company has fixed the issue price for non-retailers at Rs 212 per share, while for the retail investors it would [...]

Local business review site Yelp has walked away from about $500-million acquisition deal offered by Internet search engine Google, says a report. “Mr Jeremy Stoppleman, the CEO of Yelp, has walked away from an all-but-signed deal to be acquired by Google for more than half a billion dollars,” according to the technology blog TechCrunch. Last [...]