Singapore, July 5: Billionaire industrialist Mukesh Ambani is looking to sell Reliance Gas Transportation Infrastructure Ltd (RGTIL), which is into building pipelines to carry natural gas. The Wall Street Journal has reported that Mukesh Ambani, chairman of Reliance Industries, has contacted bankers to help him sell the business. “The process is at an early stage and a sale may not take place,” it said.
Mumbai, July 5: The Reserve Bank today extended the 10 per cent ceiling of bank investment in liquid schemes of mutual funds to include short-term debt funds. The bank investment in such debt schemes of mutual funds with weighted average maturity of portfolio of not more than one year will be subjected to the cap, the Reserve Bank said in a notification.
New Delhi, July 5: The government will come out with a draft “negative list” for service tax in two weeks, meaning services which are not mentioned in it will be taxed under the proposed GST regime.
New Delhi, July 5: UK-based telecommunications player BT today said it would continue to hold a 24.4 per cent stake in Indian IT firm Tech Mahindra for now. There was speculation that BT may exit because of a likely merger of Mahindra Satyam with Tech Mahindra.