Briefly Business

Mahindra amp; Mahindra group Vice-Chairman and Managing Director Anand Mahindra has joined the International Advisory Council of Singapore.

Mahindra joins Singapores global advisory council

New Delhi: Mahindra amp; Mahindra group Vice-Chairman and Managing Director Anand Mahindra has joined the International Advisory Council of Singapore,a body in which Ratan Tata has also been a member in the past. A part of the Economic Development Board of Singapore,the International Advisory Council was set up in January 1995 to advise the EDB on its international and regional strategies.

GVK may finalise deal with Hancock in two months

Hyderabad: GVK Power and Infrastructure may finalise a deal to buy coal mines operated by Australias Hancock Prospecting in two months,GVK Group chairman G V K Reddy said here today. The GVK Group is at an advanced stage of talks with Gina Rinehart,the chairman of Hancock,to buy the coal mines belonging to the latter in Australia.

IIFCL may raise R3,500 cr through infra bonds in FY12

Hyderabad: State-owned Indian Infrastructure Finance Company Ltd on Sunday said it may raise Rs 3,500 crore through tax-free infrastructure bonds in this fiscal. The company may raise another Rs 6,500 crore in the next financial year,IIFCL Chairman and Managing Director S K Goel said.

A K Gupta takes charge as Canara Bank ED

New Delhi: A K Gupta has assumed charge as the Executive Director of state-owned lender Canara Bank. Prior to taking charge,Gupta was field general manager with Punjab National Bank looking after the states of Haryana,Himachal Pradesh and Union Territory of Chandigarh,Canara Bank said in a statement.

Duties on diesel engines from Japan to be cut

New Delhi: New Delhi will drastically reduce tariffs on diesel engines and gear boxes from Japan under their free trade pact. The Comprehensive Economic Partnership Agreement between India and Japan will come into force from Monday.

Maxx Mobile to foray into tablet space

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Mumbai: Home-grown mobile handset maker,Maxx Mobile,plans to foray into the tablet space and is working on features for the proposed products. We are in the process of developing some tabs. It will take a long time. It is not that easy to produce a tablet. We have to do a lot of work on that, Maxx group CMD Ajjay Agarwal said.

Sebi amends rule to check black money,tax evasion

Mumbai: Market regulator Sebi has decided to impose hefty penalty on brokers facilitating such transactions from Monday. Sebi recently came across a loophole in its existing regulations,which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions.

RPower starts process for closure of Tilaiya UMPP

New Delhi: Reliance Power has started the process of arranging funds for its 4,000 MW ultra mega power project at Tilaiya in Jharkhand. RPower has received in-principle approval from the RBI for raising ECB of 2 billion and the financial closure process for the project has been initiated.

Oil cos to hike ATF prices by 2.7 from midnight

New Delhi: After a brief lull,state-owned oil firms on Sunday hiked jet fuel,or ATF,prices by a steep 2.7 per cent,in line with firming rates in international markets.