Saab inks MoUs with Indian aerospace firms

Source: The Hindu Business Line, Feb 21, 2019

Saab, a global products, services and solutions firm with a footprint extending from military defence to civil security, has taken another step forward to expand its presence in India by signing Memorandums of Understanding (MoUs) with three aerospace manufacturers.

The MoUs with CIM Tools and Sansera are to expand the existing working relationships with Saab on commercial aero-structures for the Gripen fighter and other defence-related products in the Saab portfolio.

The MoU with Dynamatic is a starting point to explore future joint opportunities in commercial and defence-related aerostructures work, including Gripen. Read the rest of this entry »

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Govt targets $50-b trade with Russia

Source: The Hindu Business Line, Feb 21, 2019

Mumbai: Union Minister of State for Commerce and Industry CR Chaudhary has set an ambitious $50-billion target for bilateral trade between India and Russia over the next seven years. As of end-2018, trade between the two countries stood at $30 billion.

“Our two-way trade have already crossed the $30-billion mark, which we had set for 2025.

We, therefore, propose that we enhance this to $50 billion by 2025,” Chaudhary said at the Indo-Russian forum organised by the industry lobby CII here Thursday.

CMA,trade unions sign new wage pact, to benefit 20,000 employees in cement sector

Source: The Hindu Business Line, Feb 22, 2019

New Delhi: The Cement Manufacturers’ Association (CMA) and Federation of Central Trade Unions on Wednesday signed a settlement before the Chief Labour Commissioner (Central) which will benefit around 20,000 employees in the Indian Cement Industry by way of an increase in gross pay, enhanced dearness allowance and service weightage.

In all, 21 cement companies, which covers 60 per cent of country’s total cement capacity had authorised CMA to negotiate with the trade unions on behalf of them, said the statement.

The settlement is for duration of four years from April 1, 2018 to March 31, 2022 and provides for an increase of 5,000/- per month in the Gross Pay of cement employees (to be paid in two instalments of 2,500/- each in April 2018 and April 2020).Arrears for 11 months will be paid in two instalments. Read the rest of this entry »

Total gross loan of microfinance industry grows 6 pc to Rs 65,090 cr in Q3

Source: The Economic Times, Feb 21, 2019

NEW DELHI: Total gross loan portfolio of the microfinance industry stands at Rs 65,090 crore at the end of the third quarter, showing an increase of 6 per cent from the previous quarter and an annual growth of 37 per cent, according to a report by Sa-Dhan.

The report is based on data provided by 124 microfinance institutions.

Combined microcredit portfolio of all lenders as on December 31, 2018, was Rs 1,57,497 crore of which NBFC-MFIs are leading with Rs 60,117 crore and 38.17 per cent market share, followed by banks with Rs 52,556 crore and 33.37 per cent market share.

It also said the combined microcredit disbursement of all players during the quarter was Rs 50,942 crore. Of this, banks are leading with Rs 19,618 crore and 38.51 per cent share, followed by NBFC-MFIs with Rs 19,426 crore and 38.13 per cent share.

Government re-promulgates ordinance for companies law amendments

Source: The Economic Times, Feb 21, 2019

NEW DELHI: The government has re-promulgated an ordinance to amend the companies law that seeks to plug critical gaps in corporate governance and compliance framework as well as improve the ease of doing business in the country.

On Tuesday, the Cabinet cleared the proposal to promulgate the Companies (Second Amendment) Ordinance, 2019.

A bill to replace the Companies (Amendment) Ordinance, 2018, that was promulgated in November could not be passed during the last session of the current Parliament. Read the rest of this entry »

ONGC to bid out 54 fields to private sector companies in six months

Source: Business Standard, Feb 20, 2019

New Delhi: State-run Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) are likely to come out with bids offering their fields to private sector companies in the next six months.

At least 54 fields included in the initial list belong to the country’s largest oil and gas producer ONGC. The Union Cabinet allowed the two oil companies to bring in private sector players for increasing production, through introduction of new technology.

“The enhanced production profile ONGC and OIL are working on include about 113 fields. Of this, we have enhanced oil recovery or improved oil recovery plans for at least 50 per cent of the fields. The remaining will become part of this policy. They comprise 2-3 per cent of the existing production of these companies,” said an official, who did not want to be named.

More than five fields of OIL are likely to be on offer. The two companies will soon appoint a consultant and the modalities of bidding will be worked out based on its report. Read the rest of this entry »

Govt clears Rs 30,274 cr Delhi-Ghaziabad-Meerut Regional Rapid Transport System

Source: IBEF.org, Feb 20, 2019

New Delhi: The government Tuesday approved construction of a Rs 30,274 crore worth Regional Rapid Transport System (RRTS) to connect the national capital with Meerut through Ghaziabad.

According to the government, the 82 kilometer-stretch will be covered in less than 60 minutes by high-speed and green public transit.

The approval was given at a Cabinet meeting chaired by Prime Minister Narendra Modi.

The RRTS is a first-of-its-kind, rail-based, high-speed regional transit system to be implemented in India. Once operational, it will be the fastest, most comfortable and safest mode of commuter transport in the National Capital Region (NCR). Read the rest of this entry »