MINISTRY OKAYS IKEA PROPOSAL: ANAND SHARMA
ON BOARD PM'S SPECIAL PLANE: Swedish furniture major IKEA, which proposes to invest R10,500 crore to set up stores in India, has got the Department of Industrial Policy and Promotion (DIPP) nod and its application is now with the Foreign Investment Promotion Board, commerce and industry minister Anand Sharma said on Sunday. Specifically referring to IKEA’s proposal, Sharma said, it has been “approved by us, now it is with the FIPB”. It will meet the parameters of the policy and all the conditionalities, he said, while talking to reporters en route to Phnom Penh along with Prime Minister Manmohan Singh. PTI Uttam Galva buys Lloyds Steel, to invest R380 cr
NEW DELHI: Uttam Galva group has acquired 58.35% stake in ailing Lloyds Steel and plans to invest additional R380 crore to turnaround the company. Uttam Galva had acquired a 24.53% Lloyds Steel stake in March for about R180 crore. ArcelorMittal is also a partner of the Miglanis controlled group and holds 33% stake in Uttam Galva Steels. PTI RIL pitches for mkt-driven price for natural gas
NEW DELHI: In a submission to the C Rangarajan Committee, which is examining terms of future contracts for exploration of oil and gas as well as basis for gas pricing, Reliance Industries Ltd (RIL) has said it has found very large gas reserves that need a price of more than $10 per million British thermal unit to be developed and produced. RIL said only the market related prices can provide an incentive to help produce the resources. It currently gets paid $4.2 per mmBtu for the gas from its KG-D6 fields. PTI IMF says Greek programme should be ‘rooted in reality’
MANILA: An agreement among Greece’s creditors on how to reduce its large debt pile should be ‘rooted in reality and not in wishful thinking’, Christine Lagarde, managing director, International Monetary Fund, said as she heads into a tense meeting with European leaders in Brussels on Tuesday. Lagarde said she would push for a permanent solution to Greece’s debts to avoid prolonged uncertainty and further damage to the Greek economy. REUTERS Inflation may accelerate to 8.2% by December: Morgan
NEW DELHI: According to a research note by Morgan Stanley, WPI inflation is likely to accelerate to 8-8.2% by December before moderating to the 7-7.5% level by March 2013. Though the provisional WPI inflation for October has decelerated to 7.45%, but going by the trend of revision in the past months, the final number could be closer to 8%, Morgan Stanley said. PTI Srei Infra to raise $500 mn from infra debt fund
NEW DELHI: Srei Infrastructure is planning to raise $500 million through its infrastructure debt fund, which is likely to be launched as early as January next year. Srei Infrastructure has already received the Certificate of Registration from market regulator SEBI for its infrastructure debt fund. “We will be targeting Q4 of FY’13 for the fund launch wherein investments from the fund can be made only after the closure of New Fund Offer as per MF regulation,” Srei Infrastructure finance CMD Hemant Kanoria said. PTI Datawind to clear all paid orders for Aakash in 6 wks
NEW DELHI: Datawind, the maker of Aakash tablet PC, has said it will clear all backlog of paid orders for the commercial version of tablet within the next six weeks. PTI