- Sunday, July 07, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Thursday, October 5, 2023:
Highlighting the achievements of Pradhan Mantri Garib Kalyan Yojana welfare scheme and e-Shram portal, Indian finance minister Nirmala Sitharaman on Thursday said that prime minister Narendra Modi doesn’t believe in the principle of ‘entitlement’, but instead in empowering the people. She was speaking at the 96th and 97th Annual Day celebrations of Shri Ram College of Commerce in New Delhi. “Prime minister Narendra Modi doesn’t believe in the principle of ‘entitlement’. He strongly believes in ‘Empowering’ people, giving them the choice of what they want to do, spending on fundamental things that give them the power to decide where they want to be, and providing them with access to resources and essential facilities like housing, roads, drinking water, toilets, etc,” she said while addressing the event.
India’s Tata Group is holding advanced talks with Temasek Holdings to buy back about 20 per cent stake in its entertainment content distribution platform, Tata Play, at a valuation of more than $1 billion (£821 million), Bloomberg News reported on Thursday, citing informed sources. However, while the discussions are ongoing, there is no certainty that the deal will go through, the report added. In July, Bloomberg News had reported that Tata Group is considering making an offer to buy back Temasek’s stake as the conglomerate was weighing delaying a potential initial public offering for Tata Play — a subscription-based video streaming service for television and over-the-top apps.
Messe Stuttgart India Pvt. Ltd., a distinguished subsidiary of Landesmesse Stuttgart GmbH, has announced the appointment of Sachin Patil as the company’s new managing director and chief executive officer. With an illustrious career spanning over 18 years, Sachin Patil brings a wealth of experience, strategic insight, and innovation to this pivotal leadership role. Messe Stuttgart India Pvt. Ltd. stands as a key player in the trade fair and exhibition landscape, renowned for curating and organizing world-class events that unite industry leaders, innovators, and stakeholders across various sectors. In 2024, the company is set to showcase an array of remarkable events that are poised to elevate industry standards, encourage collaboration, and drive innovation within their respective domains.
The Indian government has extended the tenure of the chairman of the State Bank of India (SBI), the country’s largest lender, until August 2024, an order said on Thursday. Dinesh Khara, who was due to retire later this week, will stay on till he turns 63 which is the currently stipulated age of retirement for the SBI chairperson, the order said. He was appointed SBI’s chairman on October 7, 2020, for three years. The government also extended the tenure of Ashwini Kumar Tewari as the managing director of the state-run lender for two years starting January 27 next year, the order added.
Hindalco Industries Ltd on Thursday said it will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed two-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in the eastern Indian state of Odisha. This will be Hindalco’s second alumina refining plant in the Rayagada district of Odisha. “Hindalco Industries will be entering into a memorandum of understanding with Odisha Mining Corporation for the long-term supply of Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda in the Rayagada district,” the company said in a regulatory filing.
(With agency inputs)
