Vodafone Idea to merge Aditya Birla Telecom

download (3).jpgSource: LiveMint.com, Sept 17, 2018

New Delhi: Telecom operator Vodafone Idea Limited will merge Aditya Birla Telecom Ltd, which holds 11.15% stake in telecom infrastructure firm Indus Towers, with it.

“The Board of Directors of Vodafone Idea Limited (VIL) … has considered and approved a scheme of amalgamation of Aditya Birla Telecom Limited (ABTL), a wholly-owned subsidiary of the company, with the company,” Vodafone Idea said in a regulatory filing.

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Power prices surge to a record on higher demand

Source: LiveMint.com, Sept 17, 2018

New Delhi: Electricity spot prices in India surged to a more than eight-year high because of lower quantum of traded power, higher demand amid a retreating monsoon, which has also forced power sellers such as Telangana to turn buyers.

Prices touched ₹14.08 per unit for Tuesday on the India Energy Exchange (IEX). It was the highest since April 2010 when spot prices rose to ₹13.90 per unit. The all-time high for electricity in the spot market was ₹17 per unit in April 2009, according to IEX.Lower generation from hydro and wind power projects, and rise in humidity and temperatures contributed to the rise in electricity spot prices for Tuesday delivery.

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Ola raises $50 million from new Chinese investors at $4.3 billion valuation

Source: LiveMint.com, Sept 17, 2018

Bengaluru: Ola, India’s largest cab-hailing service, has raised $50 million at a valuation of roughly $4.3 billion from Hong Kong-based Sailing Capital and the China-Eurasian Economic Cooperation Fund (CEECF), as part of the SoftBank-backed start-up’s move to raise fresh funds of at least $1 billion.

Sailing and CEECF, a state-backed investment fund of China, will hold a combined stake of more than 1% in Ola, implying that the latter’s valuation has inched up since its previous fund-raise, showed regulatory documents filed by Ola with the ministry of corporate affairs and sourced by business intelligence platform Paper.vc.

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Government may extend deadline for imposition of higher duties on 29 US products

Source: The Economic Times, Sept 17, 2018

The government will further extend the deadline for the imposition of higher customs duties on 29 products, including almond, walnut and pulses, imported from the US, a senior official said Monday. In June, India decided to impose retaliatory tariffs from August 4. But it was extended by another 45 days till September 18.

“We are still in discussion with the US authorities. The deadline will be extended tonight,” the government official said, adding that the deadline will be extended for another 45 days until November 2.

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INDIA’S FOREIGN TRADE: August 2018

Source: IBEF.org, Sept 17, 2018

New Delhi: India’s overall exports (Merchandise and Services combined) in April-August 2018-19* are estimated to be USD 221.83 Billion, exhibiting a positive growth of 20.70 per cent over the same period last year. Overall imports in April-August 2018-19* are estimated to be USD 269.54 Billion, exhibiting a positive growth of 21.01 per cent over the same period last year.

  1. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports in August 2018 were US $ 27.84 Billion, as compared to US $ 23.36 Billion in August 2017, exhibiting a positive growth of 19.21 per cent. In Rupee terms, exports were Rs. 1,93,624.74 Crore in August 2018, as compared to Rs. 1,49,398.90 Crore in August 2017, registering a positive growth of 29.60 per cent.

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Food processing attracts heavy investment, US a key contributor: minister

Source: The Hindu Business Line, Sept 15, 2018

New Delhi: India’s food processing sector has attracted heavy investment and the US has played a key role in the industry’s initiatives, Minister of State for Food Processing Sadhvi Niranjan Jyoti said Friday. “India’s goal of bringing food processing to global standards has brought about heavy investment, and America is playing a significant role in the industry’s initiatives,” a statement quoting the minister as said at the 14th Indo-US Economic Summit hosted by the industry body IACC.

Stating that the relations between India and the US in recent years has deepened, she said that the government has worked tirelessly towards the mission of ‘Sabka Saath, Sabka Vikas’.

“This spirit of inclusive growth is not only beneficial for Indian farmers whose income the government has sought to double by 2022, but also for international partners like America, and can create economic prosperity for all,” she added.

Speaking at the event, YES Bank Senior President and Global head (Food and Agri Strategic Advisory and Research) Nitin Puri said Indian government is catalysing a revolution in food processing, and this environment has created many opportunities for collaboration between India and the US.

A recommended pathway for this collaboration can be investment in entire value chains. These can mitigate food wastage losses, bring global best practices and technologies like superior cold chains to India, and sell Indian goods in global markets, he said in a statement.

India in a catch-22 situation on free trade pact with the US

Source: The Hindu Business Line, Sept 16, 2018

New Delhi: The government seems to be in two minds about whether it should go in for a free trade agreement (FTA) with the US. While many officials are against a pact as they believe it will hurt domestic industry and agriculture, there is a small but influential group in the government that favours an FTA, according to two sources aware of the developments.

“There must be a larger debate and consultations involving other ministries and departments as well as industry and farmer groups in case the Commerce Ministry wants to get into negotiations on a free trade pact with the US. A trade agreement with such a powerful nation will have huge economic as well as political repercussions and is not to be taken lightly,” a Delhi-based trade expert told BusinessLine. Although India, because of its indecision on the matter, has not officially spelled out its intention to get into a free trade dialogue with the US, there are indications from the White House hinting at some informal talks on trade deals already happening between the two countries.US President Donald Trump said at a recent event in South Dakota that India had expressed interest in a trade deal with the US for the first time.

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