Hero Cycles acquires stake in UK's Avocet Sports

New Delhi

Hero Cycles on Wednesday announced that it had acquired a majority stake in UK-based cycle distributor Avocet Sports Limited, marking its entry into the high-value European cycle market. TNS

US seeks clarity on India's FDI stance in e-commerce

Seeking more liberalisation in India's multi-brand retail and e-commerce sector, the United States has said it expects to see some progress on these issues even as it sought more clarification on sectors where foreign investment caps have been hiked.  TNS

India keen to buy LNG from Iran: Pradhan

With the prospect of lifting of economic sanctions on Iran, India has expressed interest in buying liquefied natural gas (LNG) from the Persian Gulf nation, Petroleum Minister Dharmendra Pradhan said on Wednesday.  Some PSUs had signed a pact with National Iranian Gas Export Company for buying 5 million tonnes LNG per year on a pact at a price of $3.215 per million British thermal unit. TNS

Govt raises import duty on aluminium, steel by 2.5% 

The government on Wednesday raised basic customs duty on base metals such as iron, steel, copper, nickel and aluminium by 2.5%. Finance Minister Arun Jaitley approached Parliament seeking to increase the basic customs duty on specified goods.  TNS