Briefly Business

The government today approved a proposal of Transcend Infrastructure,a subsidiary of US-based American Towers...

American Tower gets nod to by Essar biz

New Delhi: The government today approved a proposal of Transcend Infrastructure,a subsidiary of US-based American Towers,to acquire the tower business of Essar Telecom,entailing an FDI inflow of about Rs 2,000 crore. We have received FIPB approval for the Essar Telecom Infrastructure deal. This approval brings us a step closer towards closing the Essar acquisition for the companys 4,600 towers with a tenancy of 1.9. We are looking at completing all the formalities soon, an ATC spokesperson told PTI.

Subbarao meets Pranab Mukherjee

New Delhi: Ahead of the monetary review on Tuesday next,Reserve Bank Governor D Subbarao today met Finance Minister Pranab Mukherjee and discussed the countrys macroeconomic situation. Our policy review is scheduled for Tuesday,July 27. As is the standard practice,I’ve come to review the macroeconomic situation with the Finance Minister, Subbarao told reporters after the meeting Mukherjee in North Block.

JSW Steel may sell stake to Japanese co

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New Delhi: Sajjan Jindal-led JSW Steel may sell about 14 per cent stake to Japan’s JFE for Rs 4,700 crore to cut the company’s debt. Talks between the two companies for stake sale have more or less concluded. JSW Steel may sell around 14 per cent stake to JFE, a source in the know of the development said. An announcement on stake sale by the company is expected next week.

JSL Ltd is now JSL Stainless Ltd

New Delhi: The countrys largest stainless steel producer JSL Ltd today said it has changed the companys name to JSL Stainless Ltd,which it says reflects its core business identity. The companys name has changed from JSL Limited to JSL Stainless Ltd to reflect core stainless steel operation of the company, it said in a statement. In 2008,the Ratan Jindal-led firm had changed its name to JSL Ltd from Jindal Stainless,saying it would reflect its new corporate strategy.

IFCI Q1 net profit up 17 per cent

Mumbai: Financial consultancy IFCI today reported a rise of 17.09 per cent in profit after tax at Rs 118 crore for the first quarter ended June 30,2010. It had a profit after tax of Rs 100.78 crore during the corresponding quarter of last fiscal,IFCI Ltd said in a filing to the Bombay Stock Exchange. IFCI income from operations during the first quarter soared by 55.85 per cent to Rs 496.71 crore over Rs 318.72 crore in the year-ago period,the filing added.

Wool export grows 3 pc in 2009-10

Chandigarh: Countrys wool and woollen exports grew marginally by 3 per cent to Rs 2,262.73 crore in 2009-10 on the backdrop of sluggish demand in global markets. The woollen-blended exports rose in rupee terms to Rs 2,262.73 crore in 2009-10 from Rs 2,199.49 crore in 2008-09. PTI

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The company said it will adhere to “applicable sanctions and regulatory frameworks and will be adapting the refinery operations to meet the compliance requirements”.

RIL says will comply fully with govt guidance on Western sanctions on Russian oil

Business9 hr ago

RIL, India's largest private sector refining major, is evaluating the impact of new sanctions on Russia's oil sector and will follow guidance from the Indian government. They will also comply with EU's guidelines on importing petroleum products.

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