Thursday, February 22, 2018
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UP bags investments worth  Rs 4.28 lakh crore on Day 1Industrialists Mukesh Ambani and Gautam Adani (L) among others attend the UP Investors Summit 2018 at Indira Gandhi Pratishthan in Lucknow on Wednesday. PTI
Investors Summit 2018

UP bags investments worth Rs 4.28 lakh crore on Day 1

PM announces Rs 20,000-crore defence industrial corridor22 Feb 2018 | 12:38 AM

LUCKNOW:Prime Minister Narendra Modi today announced a Rs 20,000-crore defence industrial corridor in Bundelkhand region to bring development in one of the most backward regions of Uttar Pradesh.

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Tribune News Service

Lucknow, February 21 

Prime Minister Narendra Modi today announced a Rs 20,000-crore defence industrial corridor in Bundelkhand region to bring development in one of the most backward regions of Uttar Pradesh.

“Of one of the two defence industrial corridors mentioned in the Budget, one is proposed in the Bundelkhand region. It will bring an investment of Rs 20,000 crore and generate employment avenues for 2.5 lakh people,” he said after inaugurating the UP Investors Summit 2018 here.

Complimenting the Yogi Adityanath government for giving a push to employment-oriented schemes, the Prime Minister described the UP government’s recently launched “one district, one product” scheme as a potential “game changer” for developing a holistic ecosystem for promotion of traditional handicrafts.

He said linking the vision to various Central schemes such as skill development, Stand-Up and Start-Up India along with Mudra loans will help upgrade traditional local crafts to function as modern MSMEs.

Underlining the need for value addition in every sector in the state, Modi pointed out that despite being top producer in the country in wheat, sugarcane, potato and milk and number two in vegetables and fruits, the state had not seen the kind of prosperity as there had been little value addition.

Launching the ‘Nivesh Mitra Portal’, Modi said instead of ‘red tape’ investors will now get ‘red carpet’. 

He also challenged the UP government to compete with the Maharashtra government’s pledge taken at their investment summit two days ago to make it a trillion dollar economy.

“I would like to leave this idea among you. Let me see if you can become the first state to become a trillion dollar economy. You already have the foundation of 50 lakh MSMEs,” the Prime Minister said.

Earlier, Chief Minister Yogi Adityanath said his government was working towards ensuring the basic prerequisites for inviting investments such as ensuring law and order, dedicated power supply, better road connectivity and transport.

He said 1,045 pacts worth Rs 4.28 lakh crore had already been signed on the first day of the summit.

Among the captains of industry who were present and expressed willingness to invest were Reliance Industries’ chairman Mukesh Ambani, Adani Group chief Gautam Adani, Birla Group chairman KM Birla, Mahindra & Mahindra chairman Anand Mahindra among others.

Adani Group to pump in Rs 35,000 crore

  • Reliance Industries’ chairman Mukesh Ambani promised an investment of another Rs 10,000 crore through Jio in the next three years. He said the investment will be over and above the Rs 20,000 crore Jio has already invested in the state 
  • Adani Group chief Gautam Adani said they will invest Rs 35,000 crore in the state over the next five years in various sectors
  • Aditya Birla group chairman Kumar Mangalam Birla promised Rs 25,000-cr investment over the next 5 years 

Bid of Liberty House for Bhushan Steel rejected

22 Feb 2018 | 12:38 AM

NEW DELHI:The Committee of Creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel Ltd, leaving Tata Steel and JSW Steel in the race for taking over the assets of the bankrupt firm, a source said.

Telcos told to issue 13-digit number to M2M customers

Telcos told to issue 13-digit number to M2M customers

22 Feb 2018 | 12:38 AM

NEW DELHI:The Department of Telecom (DoT) has asked all telecom operators to starting issuing 13-digit mobile numbers for all Machine-to-Machine (M2M) customers from October 18 onward.

Briefly

Idea fixes Rs 82.50/share to raise Rs 3,500 crore

22 Feb 2018 | 12:38 AM

New Delhi: Idea Cellular on Wednesday said its capital raising committee has approved an issue price of Rs 82.

Adani Group will invest Rs 35,000 crore in Uttar Pradesh

21 Feb 2018 | 12:47 PM

LUCKNOW: Adani Group on Wednesday said it would invest Rs 35,000 crore in Uttar Pradesh over the next five years in various sectors.

S Korea regulator flags better deal for cryptocurrency industry

S Korea regulator flags better deal for cryptocurrency industry

21 Feb 2018 | 11:46 AM

SEOUL: A better deal for South Korea’s cryptocurrency industry might be in the offing as the market regulator changes tack from its tough stance on the virtual coin trade, promising instead to help promote blockchain technology.

Sensex rises 208 pts; Nifty tops 10,400-mark ahead of F&O expiry

21 Feb 2018 | 10:50 AM

MUMBAI: The benchmark BSE Sensex opened 208 points higher on Wednesday, snapping its three-day falling streak, as investors and domestic institutions widened their bets amid firm Asian cues.

PNB fraud: Moody’s, Fitch warn bank of downgrades

21 Feb 2018 | 12:53 AM

NEW DELHI/MUMBAI:International rating agencies Moody’s Investor Service and Fitch Ratings today warned the scam-hit Punjab National Bank (PNB) of rating downgrades, citing likely networth erosion and widening losses at the second largest state-run lender.

India Inc to invest $1bn in Canada, says Trudeau

India Inc to invest $1bn in Canada, says Trudeau

21 Feb 2018 | 12:53 AM

MUMBAI:Canadian Prime Minister Justin Trudeau today said corporate India has committed $1 billion worth of investments in his country, which will create over 5,000 jobs.

Re tanks 58 p vs $ to fresh 3-mth low

Re tanks 58 p vs $ to fresh 3-mth low

21 Feb 2018 | 12:53 AM

MUMBAI:The rupee today tumbled by 58 paise to end at a fresh three-month low of 64.79 against the US dollar on the back of consistent demand for the greenback from state-run banks and importers.

Cabinet approves Rs 60,000-crore fund for urban housing scheme

21 Feb 2018 | 12:53 AM

NEW DELHI:The Union Cabinet today approved the creation of National Urban Housing Fund (NUHF) with Rs 60,000 crore in its kitty.

Telcos face another tough year: Report

21 Feb 2018 | 12:53 AM

NEW DELHI:Country’s telecom sector is set to face another tough year ahead as weak average revenue per user (ARPU) outlook, coupled with elevated capex for network and technology will continue to suppress sectoral credit outlook.

ArcelorMittal, Numetal bids for Essar Steel face rejection

21 Feb 2018 | 12:53 AM

NEW DELHI:Bids by ArcelorMittal and a consortium led by Russia’s VTB Group for acquiring debt-laden Essar Steel are said to have been recommended for rejection by the adviser evaluating the offers, sources privy to the development said.

Rs 15K minimum pension sought under EPS

21 Feb 2018 | 12:53 AM

NEW DELHI:The National Coordination Committee EPS-95 today demanded that the minimum monthly pension under the scheme, which is run by the retirement fund body EPFO, should be fixed at Rs 15,000.

BRIFFLY

Ambuja Cement Q3 profit up 77% to Rs 478 cr

21 Feb 2018 | 12:53 AM

NEW DELHI: Ambuja Cement on Tuesday reported 77.12% increase in consolidated net profit to Rs 478.39 crore for the third quarter ended December 31, helped by volume growth and increased clinker production.

Bill to check unregulated deposit schemes on the anvil

20 Feb 2018 | 5:08 PM

NEW DELHI: The central government said on Tuesday that it would come out with a new bill in Parliament to ban unregulated deposit schemes with a view to checking defrauding of gullible investors.

Moody’s places PNB under review for downgrade

20 Feb 2018 | 12:51 PM

MUMBAI: Following the biggest scam in the country’s banking sector to the tune of Rs 11,340 crore at state-run Punjab National Bank (PNB), Moody’s on Tuesday placed the lender under review for downgrade.

Sensex recovers 157 points, Nifty above 10,400-mark

20 Feb 2018 | 10:16 AM

MUMBAI: Stocks staged a comeback in early trade with the BSE Sensex gaining over 157 points and the Nifty recapturing the 10,400-level on buying by investors in metal, capital goods, teck and IT stocks amid a mixed trend at other Asian Markets.

Rupee falls 31 paise against US dollar in opening trade

20 Feb 2018 | 9:45 AM

MUMBAI: The rupee depreciated 31 paise to 64.52 against the US dollar in opening trade at the interbank forex market on Tuesday on increased demand for the greenback from importers and banks.

Punjab & Sind Bank’s operating  profit rises to  Rs 353 crore in Q3The Tribune Corporate Broadband

Punjab & Sind Bank’s operating profit rises to Rs 353 crore in Q3

20 Feb 2018 | 12:39 AM

AZURE POWER:Punjab & Sind Bank has announced financial results for the quarter/nine-month period ended December 31, 2017.

M&M to pump in Rs 900 cr more in EVs

20 Feb 2018 | 12:33 AM

Mumbai: The Mahindra Group on Monday announced a fresh Rs 900-crore investment in electric vehicles (EVs) over the next four years, which should ramp up its first installed capacity to 5,000 units a month.

Will honour all commitments, says PNB

20 Feb 2018 | 12:32 AM

NEW DELHI:Hit by the Nirav Modi and Mehul Choksi bank scam, PNB today assured the public that it will honour all its "bonafide commitments" under the Letters of Undertaking (LOUs) and Foreign Letters of Credit (FLCs) even as there are indications that the gems and jewellery exposure of banks will come under scrutiny.

‘Exports to form 40% of GDP by 2025’

20 Feb 2018 | 12:32 AM

MUMBAI:The Modi government will soon come out with a comprehensive strategy to increase the share of global trade to 40% of the GDP, which is expected to touch $5 trillion by 2025, Commerce Minister Suresh Prabhu said today.

Ambani to invest Rs 60,000 cr in Navi Mumbai industrial city

20 Feb 2018 | 12:32 AM

MUMBAI:Industrialist Mukesh Ambani is tying up with several global companies to build an integrated industrial area on the outskirts of Mumbai.

SFIO to probe Fortis, Religare for alleged irregularities

20 Feb 2018 | 12:32 AM

NEW DELHI:The Serious Fraud Investigation Office (SFIO) will initiate a probe into alleged financial irregularities at Fortis Healthcare and Religare Enterprises, according to a senior official.

Investor summit: Maharashtra targets investments worth Rs 12 lakh crore

Investor summit: Maharashtra targets investments worth Rs 12 lakh crore

20 Feb 2018 | 12:32 AM

MUMBAI:The Maharashtra Government is targeting investments worth Rs 10 to 12 lakh crore in various sectors like defence, infrastructure, aerospace, textiles and gem and jewellery under the ongoing Magnetic Maharashtra Investor Summit, Chief Minister Devendra Fadnavis said today.

Tatas set to buy Bhushan Steel for Rs 36,000 crore

20 Feb 2018 | 12:32 AM

NEW DELHI:As N Chandrasekaran, the first non-Parsi Chairman of the Tata Group in its 150-year history, completes his first year in office on February 21, the stage is set for the largest acquisition that the Tata Group has ever made in the form of a Rs 36,000-crore bid by Tata Steel for Bhushan Steel.

E-retailing may log in 2.5 times growth in three years

19 Feb 2018 | 3:12 PM

MUMBAI: The booming e-retail market is likely to surge over twofold over the next three years, as players will be forced to shift their focus from discounts to consolidation, geographical diversification, business realignment and enhancing customer stickiness, says a report.

PNB shares tank over 7% after Rs 11,400-crore fraud

19 Feb 2018 | 12:36 PM

NEW DELHI: Shares of Punjab National Bank (PNB) tumbled over 7 per cent on Monday, extending the fall for a fourth straight session following the Rs 11,400-crore fraud at one of its Mumbai branches.

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