25 FDI Proposals Worth Rs 2,973 Crore Cleared
The government has cleared 25 foreign direct investment (FDI) proposals, including that of AIF III of Mauritius and Mumbai based Microqual Techno, worth Rs 2,973.40 crore.
The applications were cleared after recommendations of the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan, the Finance Ministry said. The FIPB, during its meeting held earlier this month, had also rejected eight proposals and deferred decision on 13 applications.
RBS offers wealth planning services
RBS Wealth division, a part of Royal Bank of Scotland Group, has announced the launch of wealth planning services in the country. The service, which will offer solutions to clients to meet their long-term plans for structuring, protection and transmission of wealth, will complement the existing banking and investment services offerings, an RBS statement said. “The wealth planning services that RBS will provide in India will include advice in the areas of succession planning, asset preservation, asset consolidation, and philanthropy,” says RBS India Managing Director for private banking Shiv Gupta.
GVK’s Project Gets Environment Clearance
Infrastructure major GVK has said it has got environment clearance from the Queensland government in Australia for its USD 10 billion (about Rs 55,000 crore) Alpha Coal and rail project in Galilee Basin. The clearance is a major achievement for the company and it’s Alpha Project which is considered to be one of the biggest coal projects in Australia. The company is now the only Galilee Basin proponent with an approved Environmental Impact Statement (EIS), it added. The project, expected to generate 4,000 jobs at peak, is being run by Hancock Coal in which 79% is owned by GVK and 21 % by Gina Rinehart, the world’s richest woman.
Philips To Localise Products To Minimise Impact Of Rupee Fall
Consumer electronics firm Philips has said it will start producing some of its imported products, including induction cooker tops and shavers, in India to reduce the impact of rupee depreciation in future. “Keeping in view of the current rupee depreciation, we are focusing more on localisation. This is going to help us in reducing the severe impact in future,” Philips Electronics Indian Subcontinent President (Consumer Lifestyle) ADA Ratnam told PTI.
Nalin Shah appointed VP of All India Consumer Protection & Action Committee
Nalin V. Shah has been appointed as National Vice President of “All India Consumer Protection & Action Committee, having its national office at Ahmedabad. This institution works for the protection of consumers all over India. Shah is a well-known builder of Navi Mumbai and is chairman of Shah Group Builders & Infraprojects Ltd. & Shah Group Builders Ltd.
- EIH Ltd Q4 net profit down 32.70% at Rs 45.13 crore.
- Venky’s India Q4 net profit up 17% at Rs 18 crore.
- SAIL Q4 net profit up 3% at Rs 1,577 crore.
- Ipca Lab Q4 profit at Rs 77 crore; FY’12 at Rs 280 crore.
- SSTL Q4 net loss narrows to Rs 528 crore, revenues grow 72%.