India News

The state-owned carrier Indian Airlines has appointed Kotak Mahindra Finance as the adviser for its much-awaited initial public offering (IPO) that's slated to hit the market in early 2006-07.

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After a gap of four and a half decades, Hindustan Lever is set to get an expat CEO. Douglas Baillie, group vice president and head of Unilever’s Africa, Middle East and Turkey cluster, will take over as the chief executive officer (CEO) on March 1 next year.

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Having posted a turnover of Rs 15,138 crore in 2004-05, Minerals and Metal Trading Corporation (MMTC) hopes to double its business volume, with a focus on the precious metal business, to Rs 30,000 crore in the next two years.

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Wheel became a Rs 1000 crore brand. This in effect makes it the largest detergent brand in India, and for a brand that has been around only since 1976, that is some achievement.

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Naresh Goyal, who started life as an airline agent and went on to own Jet Airways, flying into the latest list of Forbes Rich Asians with a networth of nearly $2 billion.

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ICICI Bank, the country’s second largest commercial bank, has sold Rs 1,300 crore worth non-performing assets (NPAs) to Standard Chartered Bank, in a first ever auction conducted for bad loans.

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The government has finally dismantled the monopoly of state-owned oil companies in the supply of aviation turbine fuel at Indian airports. Breaking the PSU stronghold, government has awarded Mukesh Ambani's Reliance Industries the right to supply aviation fuel at 12 airports across India.

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Visakhapatnam Steel Plant (VSP) has bagged the “National Energy Conservation Award” for the fifth consecutive year. The award is instituted by the ministry of power.

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Bajaj Auto Finance will issue securities to the company’s promoters Bajaj Auto and other independent investors. The company will issue 10 lakh fully paid equity shares of face value of Rs 10 on a preferential basis to Bajaj Auto at Rs 410 per share. 
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The $9 billion global advertising giant WPP and its media buying wing, Group M India (formerly WPP India), launched their data analytics knowledge process outsourcing (KPO) entity, Meritus, today. V Balasubramanium will head the outfit.

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With the European Union and the United States closing ranks on pushing for a Swiss formula with two co-efficients for reduction in industrial tariffs, India today said it would not agree to any proposal unless the flexibilities offering less than formula reduction or not reducing tariff on certain lines were included.

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Vedanta Resources Plc is setting up a $2.1-billion (over Rs 9,500 crore) greenfield aluminium smelter with a capacity of 5 lakh tonnes per annum (tpa) in Jharsuguda, Orissa.

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