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Foxconn India's Sriperumbudur plant to reopen on January 12

The plant was closed in December following protests over its workers being treated for food poisoning Apple Inc supplier Foxconn will reopen its shuttered iPhone manufacturing facility in Tamil Nadu on January 12, government officials and a legislator in the region where the plant is located told Reuters. Foxconn Technology Group said it has implemented a range of corrective actions […]

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Former RBI governor Urjit Patel appointed vice president of AIIB

Urjit Patel will be one of the five vice-presidents of the AIIB with a three-year tenure. He is expected to take over his posting next month Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed vice president of the Beijing-based Asian Infrastructure Investment Bank (AIIB). Mr. Patel will serve on a three year term as one of […]

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India’s crude oil output extends slide, declined 2% in November

ONGC’s production fell on delays in mobilising equipment India’s output of crude oil, which is refined to produce petrol and diesel, continued to decline in November, with lower output from state-owned firms leading to a more than 2% drop, official data showed on Tuesday. Oil production in November was 2.43 million tonnes, down from 2.48 million tonnes a year earlier […]

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Explained | How is hallmarking being implemented?

Will every piece of gold jewellery have a unique identification number? Why was the move necessary? The story so far: The Government of India has made hallmarking of gold jewellery mandatory in the country. It is now being implemented by the Bureau of Indian Standards (BIS) in a phased manner. With an aim to bring transparency in the jewellery trade […]

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Govt. puts on sale MTNL, BSNL assets at base price of ₹970 crore

Asset monetisation is part of the ₹69,000-cr. revival plan for state-owned firms The government has listed for sale real estate assets of state-run telecom firms MTNL and BSNL at a reserve price of about ₹970 crore, according to documents uploaded on the DIPAM website. BSNL properties located in Hyderabad, Chandigarh, Bhavnagar and Kolkata have been posted for sale at a […]

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Centre notifies rules to settle Vodafone retro tax case

The government has promised to refund any tax collected using the controversial 2012 amendment to the Income Tax Act The government has notified a fresh set of rules to facilitate settlement of the retrospective tax dispute with British telecom giant Vodafone Plc. The Central Board of Direct Taxes (CBDT) on October 13 notified ‘Relaxation of Validation (Section 119 of the […]

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Work to monetise Alliance Air, 3 other Air India subsidiaries to start now: DIPAM Secy

“There will be a plan for monetising the assets of AIAHL.” After the historic Air India privatisation, the government will now start work on monetising its four other subsidiaries, including Alliance Air, and over ₹ 14,700 crore worth non-core assets like land and building, DIPAM Secretary Tuhin Kanta Pandey said. The government on October 8 had announced that salt-to-software conglomerate […]

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Reliance Retail to roll out 7-Eleven convenience stores in India

The first 7-Eleven store will open on Saturday, October 9 in Andheri East, Mumbai Reliance Retail Ventures Ltd (RRVL), through its wholly owned subsidiary, 7-India Convenience Retail Ltd, has entered into a master franchise agreement with 7-Eleven, Inc., (SEI) the American retail major, for the introduction of 7-Eleven convenience stores in India. Convenience store is a shop that remains open […]

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