INDIA TO INVEST $18 BN IN PORTS OVER NEXT 5-7 YEARS

India is likely to invest $18 billion in ports and over $4 billion in its ship building industry in the next five-to-seven years, shipping industry players said at a meet here. Shipping Corporation of India's Chairman and Managing Director, S Hajara, who spoke at the meet, said that shipping should be brought under the infrastructure ambit. He called for a relaxation in the present cabotage law to allow shipping into the infrastructure sector.

The Economic Times

13 INDIAN FIRMS IN FORBES ASIA'S FABULOUS 50 LIST

As many as 13 Indian companies, including Reliance Industries, Infosys Technologies and Tata Steel, have made it to the list of Forbes' 50 best listed companies in the Asia-Pacific region.

In the Forbes list, there are four Indian entities – Reliance Industries, Bharti Airtel, Infosys Technologies and Tata Consultancy Services – among the top ten firms in terms of market value, while Reliance Industries and Tata Steel feature in the top ten league in terms of sales. Other than RIL, Infosys and Tata Steel, the other Indian firms that have made it to the prestigious list include - Adani Enterprise, Axis Bank, Bharat Heavy Electricals, Bharti Airtel, HDFC bank, Jindal Steel & Power, Larsen and Toubro, Mahindra & Mahindra, Tata Consultancy Services and Wipro.


The Economic Times

GOVT BACKS BHARTI-MTN DEAL

Finance minister Pranab Mukherjee said on Wednesday that the Indian government backs the proposed merger of Bharti Airtel Ltd and South Africa’s MTN Group Ltd and it was looking into legal aspects related to a dual listing.

“Our position on this is very clear. In the first week of September, I had met the South African finance minister on the sidelines of the G-20 finance ministers’ summit in London, and told him that we are in favour of the deal,” Mukherjee said in Kolkata. “As far as dual listing is concerned, that is linked with full (capital account) convertibility. This has legal aspects, which we are looking into.”

On whether India would alter legislation to allow the record $24 billion (Rs1.15 trillion) deal, the finance minister said: “We welcome the deal but in the context of the law of land. There are some legal implications, which are being looked into.”

Livemint