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Aditya Birla Group Fined Rs 150 Crore Over October 2013 Cash Haul In Its Office

Aditya Birla Group Fined Rs 150 Crore Over October 2013 Cash Haul In Its Office

NEW DELHI – The Aditya Birla Group continues to feel the reverberations of the controversial FIR registered in October 2013 over the allotment of a mine in Odisha to Hindalco, the group’s mining arm, in 2006. In the latest twist to a tax investigation stemming from the FIR, the Settlement Commission has directed Aditya Birla [...]

August 27th, 2014 | Posted in Business | Read More »

Top 5 Richest Indians Have Half Of Nation’s Billionaire Wealth

Top 5 Richest Indians Have Half Of Nation’s Billionaire Wealth

NEW DELHI – There seems to be a huge disparity in distribution of wealth among Indian billionaires.
India’s top five richest, led by Reliance Industries Ltd (RIL) chairman Mukesh Ambani, collectively control $85.5 billion (about Rs. 5,21,550 crore) in personal wealth, accounting for 47.5% of the country’s total billionaire wealth of $180 billion, a recent report [...]

August 16th, 2014 | Posted in Business | Read More »

Crony Capitalism A Big Threat To Countries Like India, Says RBI Chief Rajan

Crony Capitalism A Big Threat To Countries Like India, Says RBI Chief Rajan

MUMBAI – Reserve Bank of India governor Raghuram Rajan has warned against crony capitalism which he said creates oligarchies and slows down growth.
“One of the greatest dangers to the growth of developing countries is the middle income trap, where crony capitalism creates oligarchies that slow down growth. If the debate during the elections is any [...]

August 16th, 2014 | Posted in Business | Read More »

Apple’s Tech Jobs Held Mostly By White, Asian Men

Apple’s Tech Jobs Held Mostly By White, Asian Men

SAN FRANCISCO – Apple’s high-paying technology jobs are primarily filled by white and Asian men, just like its industry peers.
A breakdown released on Tuesday by Apple Inc. showed 54% of the company’s technology jobs in the US are handled by whites and another 23% by Asians. Men make up 80% of Apple’s technology workforce throughout [...]

August 16th, 2014 | Posted in Business | Read More »

KFC Owner Says China Scandal hurting Sales

KFC Owner Says China Scandal hurting Sales

In what appears to be a first across all KFC franchises globally, KFC India has unveiled a segregated vegetarian menu along with a strong message about its newfound bias for vegetarian offerings.
BEIJING – The owner of the KFC and Pizza Hut restaurant chains says a scandal over food safety in China has hurt sales and [...]

August 9th, 2014 | Posted in Business | Read More »

India’s Tough Stand On WTO Gets Support From UN Body

India’s Tough Stand On WTO Gets Support From UN Body

NEW DELHI – Supporting India’s tough stand at WTO on the food security issue, UN body for development of agriculture IFAD said ensuring food for its people is more important than creating jobs in certain other nations.
“Creating jobs for some other country, while people are still hungry, doesn’t make sense… If I was in the [...]

August 9th, 2014 | Posted in Business | Read More »

India Eyes $40-Billion Pipeline From Russia To Import Gas

India Eyes $40-Billion Pipeline From Russia To Import Gas

NEW DELHI – In a move aimed at ensuring India’s energy security, the Narendra Modi-led government plans to import huge volumes of natural gas from Russia. The Centre is working out the contours of a $40-billion (Rs 2.4 lakh-crore) mega onland pipeline project carrying gas from Russia to India, in one of India’s biggest energy [...]

August 9th, 2014 | Posted in Business | Read More »

Tata Group To Invest $35 Billion In 3 Yrs As Part Of Its Vision 2025

Tata Group To Invest $35 Billion In 3 Yrs As Part Of Its Vision 2025

NEW DELHI – The Tata Group will invest $35 billion in the next three years as part of its vision 2025 by when it expects to achieve market capitalization comparable to the world’s top 25 companies.
Addressing the Tata group’s Annual Leadership Conference in Mumbai, Tata group Chairman Cyrus Mistry laid out the road map for [...]

August 2nd, 2014 | Posted in Business | Read More »

Indian CEOs Earn Much Less Than Their US Counterparts

Indian CEOs Earn Much Less Than Their US Counterparts

NEW DELHI – The average CEO pay at India’s top listed companies has risen to Rs 10 crore a year. However, it still remains less than one-tenth of Rs 100 crore median remuneration paid to their peers in the U.S. The top executives of the country’s biggest blue-chip companies, forming part of the benchmark index [...]

August 2nd, 2014 | Posted in Business | Read More »

Indian e-Commerce Firm Flipkart Raises $1 Billion In Private Equity

Indian e-Commerce Firm Flipkart Raises $1 Billion In Private Equity

BANGALORE – India’s largest e-commerce company, Flipkart, said on Tuesday it raised $ 1 billion — about Rs. 6,000 crore — in a new round of private equity investment said to be the largest fund-raising by an Indian e-tailer.
The funds will help Flipkart hire, acquire and fire up for growth in audacious plan to be [...]

August 2nd, 2014 | Posted in Business | Read More »