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Business Briefs

Maytas misses metro

Hyderabad, July 7: The Andhra Pradesh government has finally revoked the Rs 12,200-crore Hyderabad Metro Rail Project awarded to a Maytas-led consortium, citing failure of the company to achieve financial closure despite a three-month extension. The government will not return the Rs 71-crore that the consortium had paid under the concession agreement.

Gas case

New Delhi, July 7: The Supreme Court has issued a notice to Mukesh Ambani-led Reliance Industries, Anil Ambani-run Reliance Natural Resources and the government on cross-appeals by both the companies on their gas supply dispute. An apex court bench posted the matter for hearing on July 20.

MTN offer

New Delhi, July 7: South African firm MTN need not make an open offer to Bharti Airtel shareholders in India as its shareholding in the firm would be through the global depository receipts, Sebi said.

GM recast

New Delhi, July 7: General Motors will acquire its strongest operations, including the Indian business, once the company steers itself out of bankruptcy. General Motors has received the approval for its restructuring plan from the US court.

Sebi move

New Delhi, July 7: Sebi has relieved 33 promoters of chemical and textile company GHCL, who were charged with false reporting of their shareholding pattern in the company.

Car price

New Delhi, July 7: Car makers Ford India and Honda Siel Cars India today reduced the prices of some of their models by up to Rs 6,000 to pass on the benefit of the excise duty cut on large cars announced in the budget.

Nikhil Gandhi

The article captioned ‘Inclusive growth is the buzzword’ in the budget special of The Telegraph on Tuesday was written by Nikhil Gandhi, promoter of SKIL Infrastructure, and not Nikhil Advani. We apologise for the inadvertent error.


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