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Dec 28, 2012

Top Business News of 2012 [Part 2]

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Supreme Court directed Sahara Group to refund 17400 Crore Rupees to their Investors - The Supreme Court of India directed Sahara Group's two companies to refund around 17400 crore rupees to their investors within three months with 15 per cent interest.

Tech Mahindra Acquired Hutchinson Global Services - Tech Mahindra on 4 September 2012 acquired the back office unit of Hutchison Global Services (HGS), for $87.1 million (Rs 484.03 crore). The deal made with the HGS is supposed to give it a revenue rise of USD 845 million over the next five years which will mark to an average revenue increase of around USD 170 million per annum.

ICICI Bank to extend its net banking services through social media platform ‘Facebook’ - ICICI Bank announced on 6 September 2012 that it is going to launch its services on social media platform ‘Facebook’ in order to expand its internet banking services. ICICI is among the first banks to start its online presence and the only bank that allows non-cash transactions i.e. requests for cheque books, account statement enquiry and more.

Infosys acquired Switzerland based firm Lodestone - Infosys, one of the largest software companies of India, acquired Switzerland based global management consultancy firm Lodestone on 10 September 2012 with an enterprise value of $350 million.

State-owned Bank of India opened its first branch in South Africa - State-owned Bank of India (BoI) opened its first branch in South Africa in a move to enhance the relationship between South Africa and India.

Indigo Airlines emerged to be the top ranked carrier for consecutive second month - The data presented by the Directorate General of Civil Aviation (DGCA) on 18 September 2012 claimed that the low cost airlines Indigo emerged as the leading carrier in the month of August by carrying 12.05 lakh domestic passengers out of 43.69 lakh passengers.

Ex-COO and MD of Reebok India held for Rs 870 Crore Fraud - The ex-COO Vishnu Bhagat and former MD Subhender Singh Prem of Reebok India along with three more executives were arrested by the Special Investigation Team (SIT) of Gurgaon on 19 September 2012.

DGCA Issued Show-Cause Notice to Kingfisher Airlines - The Aviation regulator Directorate General of Civil Aviation (DGCA) on 5 October 2012 issued a show- cause notice to kingfisher Airlines asking why its license should not be suspended or scrapped for failing to ensure safe, efficient and reliable services under Section 15(2)(b) of Schedule XI of the Aircraft Rules of 1937.

Air India Received its Third Boeing 787 Dreamliner - Air India on 9 October 2012 got its third Boeing Dreamliner from the new North Charleston Facility of the American manufacturer. Air India is the first airline in the world to take delivery of a Dreamliner from the US Based manufacturer.

Petroleum Ministry’s Non Approval to RIL’s Investment Plans - The Petroleum and Natural Gas Ministry on 17 October 2012 escalating the troubles of Reliance India Limited informed the Prime Minister office that it would not approve the investments of the company on its KG-D6 fields.

Tata Starbuck Opened its First Store in India - Tata Starbucks, a joint venture between Tata Global Beverages (TGBL) and Starbucks Coffee Company, on 19 October 2012 opened its first store in India which is located in Horniman Circle of South Mumbai.

DGCA suspended the license of Kingfisher Airlines - Directorate General of Civil Aviation (DGCA) on 20 October 2012 suspended the license of the debt-ridden aircraft carrier Kingfisher Airlines. The decision came up after the airlines failed to address the concerns of the regulatory body about its operation that came up after the airlines was directed to stop-bookings till further notifications.

Bharti Airtel Became World’s Fourth Largest Mobile Operator - Indian Telecom Service Company Bharti Airtel became the fourth largest telecom operator in the world in terms of subscribers, according to the Wireless Intelligence ‘Scoreboard’ report.

BHEL Deployed Solar Panel on GSAT 10 Satellite - Bharat Heavy Electricals Limited (BHEL) in the Month of October had successfully deployed space grade solar panels on the GSAT-10 satellite of the Indian Space Research Organisation (ISRO).

Gov. of Odisha Slapped 6000 crore Rupees fine on Tata Steel for Illegal Mining - The Odisha government had slapped a fine of about 6000 crore Rupees on Tata Steel for its alleged involvement in illegal and excess mining at its captive mines.

Goldman Named 16 Indians as MDs and 3 as Partners - Goldman Sachs, the international financial services giant, promoted 16 IndianCorporate/Bussiness Current Affairs November 2012. Goldman Sachs, the international financial services giant, promoted 16 Indians as the Managing Directors in the second week of Novembers as the Managing Directors in the second week of November.

Maldivian Airlines Signed Pact with Apollo Hospital - Maldivian Airlines in the month of November had signed a pact with the Chennai-headquartered Apollo Hospitals to give discounts to each others’ clients.

PepsiCo Coughed Up Double Amount than DLF to Be Next 5 Years IPL Sponsor - PepsiCo left behind Airtel in the race to win Indian Premier League (IPL) title sponsorship for 396 crore Rupees, which is approximately double of the previous right holders- DLF.

Maldives cancelled its Biggest Foreign Investment Project with GMR Group - Maldives cancelled its biggest foreign investment project with Indian firm GMR Group to develop its international airport. The total value of the project was 511 million dollar. The deal with the GMR was signed during former President Mohamed Nasheed's administration. Prior to this, a competitive bidding process was conducted by the World Bank's International Finance Corporation (IFC).

IOC to Upgrade its Refineries and Increase Production Capacity to 100 million tonnes - The Indian Oil Corporation (IOC) on 27 November 2012 declared that it would upgrade refineries at Panipat, Mathura and Gujarat. The IOC would make an investment of up to 70,000 crore rupees so that it can double its capacity of refining to 100 million tonnes per year by 2021-2022.

Kingfisher Airlines Sent Eviction Notice by Mumbai International Airport Pvt Ltd - Kingfisher Airlines that had its operations from domestic Terminal 1A of Mumbai’s airport was given an eviction notice by the Mumbai International Airport Pvt Ltd (MIAL) in the last week of November 2012.

Adani Group completed Australia’s Largest Coal Mining Project in a Record Time - Adani Mining, a global integrated infrastructure player on 3 December 2012 announced completion of the largest mining exploration programme inAustralia in a record time of Nine months.

Economic Reforms - UPA wins vote over FDI in Retail in Lower House - The UPA government won the motion on Foreign Direct Investment in retail by 253 votes in Lok Sabha on Thursday. While 218 MPs out of total 417 attended members in the Lower House.The motion over the FDI in retail was considered in the house for discussion and vote by the speaker in rule 184, which voted on Thursday.

Lobby Bill of Wal-Mart Hit Around 125 Crore Rupees to Seek Entry into India - Wal-Mart had filed the lobbying disclosure report with US Senate and it was found that the retail giant had incurred around 25 million dollar or approximately 125 crore Rupees in the lobbying activities.

Infosys Shares started Trading on New York Stock Exchange - Infosys Ltd, India’s second-largest IT services provider on 12 December 2012 announced that its American Depositary Shares (ADS) had started trading on the New York Stock Exchange (NYSE) under the ticker symbol INFY.

Tata Steel Developed a New Kind of Anti-Ballistic Steel Super Bainite - Tata Steel's Port Talbot plant in the UK developed a new kind of anti-ballistic steel in the second week of December which could transform safety of soldiers and security forces fighting terrorists and extremists.

Cyrus Pallonji Mistry Appointed as Chairman of Tata Sons - Cyrus Pallonji Mistry was appointed as the chairman of Tata Sons, the firm that holds more than 100 billion dollar Tata Group, on 18 December 2012.

Click here for Part 1 of the story
Information Source – Jagran Josh 


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