Business News

RIL Chairman Mukesh Ambani richest Indian with fortune of $18bn

RIL Chairman Mukesh Ambani richest Indian with fortune of $18bn

India is home to the world's fifth largest group of billionaires, with Reliance Industries Ltd (RIL) Chairman Mukesh Ambani on the top of the list of richest Indians, according China-based research firm Hurun's just released 2014 global rich list.

The Chinese research firm ranked Mukesh Ambani at the top among Indian billionaires, with a personal fortune of $18 billion. In the world list of billionaires, he grabbed the 41st rank.

I am a law-abiding citizen: Subrata Roy

I am a law-abiding citizen: Subrata Roy

Sahara India Chief Subrata Roy was on Friday sent to police custody till March 4 after he was presented before a chief judicial magistrate.

Roy will be produced before the Supreme Court of India on 4th of March, the day his police custody will end. The chief judicial magistrate directed Gomti Nagar police inspector Ajit Singh Chauhan to make sure Roy's presence in the SC by 2pm on March 4. However, the magistrate left it to the police's discretion to decide whether to keep Roy in his bungalow or at some other place.

CBI busts Rs 45,000-crore ponzi scam

CBI busts Rs 45,000-crore ponzi scam

The Central Bureau of Investigation (CBI) on Thursday busted a massive ponzi scam to the tune of Rs 45,000 crore by two Delhi-based private companies of a real estate Pearls.

A spokesperson for the central investigative agency confirmed that investigators conducted raids over the last five days at the office premises and residences of the directors of Pearls Agrotech Corporation Ltd (PACL) and Pearls Golden Forest Ltd (PGFL), which allegedly collected huge amounts of money from as many as five crore investors.

Tech Mahindra to acquire BASF’s software services business

Tech Mahindra to acquire BASF’s software services business

IT solutions provider Tech Mahindra on Thursday confirmed that it had signed an agreement to acquire the software services arm of German chemicals giant BASF.

The Mumbai-headquartered company said in a statement that it entered into a pact the German company to acquire its IT & consultancy services business with third party customers. As part of the deal, the Indian company will take over the Hamburg-based BASF Business Services Consult GmbH.

DGCA finds no reason to deter AirAsia’s application

DGCA finds no reason to deter AirAsia’s application

AirAsia has moved a step closer to commencing operations in India as civil aviation regulator on Friday rejected all objections to the upcoming airline.

The Directorate General of Civil Aviation (DGCA) announced yesterday that it found no reason to shelve the processing of AirAsia's request for issuance of an Air Operator Permit.

Wilmar to invest $145 million in Shree Renuka Sugars

Wilmar to invest $145 million in Shree Renuka Sugars

Singapore-based Wilmar International on Thursday confirmed that it would acquire a major stake in Shree Renuka Sugars for an investment of up to $145 million.

Wilmar, which is the world's leading palm oil processor, has business interests in sugar, lauric oils among other commodities. The Shree Renuka deal will see Wilmar and the founders of the Indian firm owning equal stakes in the sugar company.

Japan suffers record trade deficit

Japan suffers record trade deficit

Japan has reported a record trade deficit for the month of January as the government failed to increase exports while weak yen pushed the cost of imports significantly up.

According to data released by Japan's Ministry of Finance (MOF), the country's trade balance stood at a deficit of 2.79 trillion yen in January this year. It was the 19th consecutive month in which the country suffered a deficit in trade.

The trade deficit figure for the last month was even bigger than economists' projected deficit figure of 2.5 trillion yen.

Apple grabs top spot on world’s most valuable brands’ list

Apple grabs top spot on world’s most valuable brands’ list

Cupertino, Calif.-based Apple maintained its top position on the list of the world's most valuable global brands in 2014, though its growth pace lagged that of its biggest rival - Samsung.

As per the newly released Brand Finance Global 500 list, Apple once again topped the list of the world's most valuable brands with a brand value of US$104.68 billion in 2014, up 20 per cent from last year.

With a brand value of US$79 billion, South Korea-based Samsung grabbed the second spot. But, growth in its brand value increased faster than that of Apple at 34 per cent year-on-year.

Airtel-Loop Mobile deal to push Vodafone to 2nd spot in Mumbai

Airtel-Loop Mobile deal to push Vodafone to 2nd spot in Mumbai

Loop Mobile's potential merger with telecom operator Bharti Airtel will push Vodafone to the second spot in the Mumbai circle.

After the completion of the deal, Airtel will surpass its biggest rival Vodafone to grab the top spot in Mumbai, with a combined subscriber base of 7.3 million. Vodafone will slip to the second spot with nearly 7 million subscribers in the circle.

However, many analysts say that the race for having bigger subscriber base doesn't make sense in the modern days as spectrum is now not given on subscriber-linked criteria.

Chidambaram announces Rs 11,200-crore capital infusion for PSBs

Chidambaram announces Rs 11,200-crore capital infusion for PSBs

Union Finance Minister P Chidambaram on Monday proposed in the interim Budget for FY2014-15 that the government should provide Rs 11,200 crore for capital infusion in public sector banks (PSBs) during the next financial year.

The capital infusion will provide a great relief to PSBs, which have been under increasing pressure of soaring bad loans.