Review of 'Corporate' for the week...
Tata threatens to pull out of Singur
Ratan Tata on Friday threatened to pull out of Singur over continued violence and political protests at the site of the world’s cheapest car Nano. Mr Tata said that the Rs 1,500-crore investment already made in the project would not stop it from moving, if the security of the employees and its operations was not ensured. “If anybody is under the impression that because we have made this large investment of about Rs 15,000 crore, we will not move, then they are wrong... We would move, whatever is the cost to protect our people,“ he said. This was the first time the Tata Group chief has been so categorical about shifting the Nano project out of Singur, if the need arises.
Vodafone seeks damages from Ruias
Vodafone Essar (VEL) has sought damages from the Ruias of the Essar group for not transferring the Mumbai-based BPL Mobile to the company. The damages could be upwards of Rs 1,100 crore. Countering the claim of Rs 1,300 crore in damages made by the Ruias, Vodafone Essar said it should be compensated for the non-transfer of shares of BPL Mobile as that had adversely affected its business plans. Company sources said that in case BPL Mobile is not transferred to Vodafone, the company will claim the following; the consideration it has paid (Rs 1,617 crore), interest on this amount and damages for not transferring the shares.
ICICI sells risky papers
The country’s second-largest bank, ICICI, has cut-off a slice of its volatile, high-risk exposure amid the choppy international market. The bank has sold about $275 million from its credit derivative portfolio in its foreign branches. The transaction, which closed a few weeks ago, will enable ICICI Bank to cut its mark-to-market losses (which arise when market prices of securities held in the bank’s books dip). However, the bank has decided to retain the credit derivatives where the underlying loans are to Indian companies.
iPhone 3G launched in India
Apple iPhone 3G (third generation) was launched across India by telecom majors Bharti Airtel and Vodafone at midnight on Thursday in India. Priced at Rs 31,000 for the 8GB version and Rs 36,100 for the 16GB one, the iPhone in India is more expensive than in other markets, primarily due to lack of subsidies that come with a lock-in period.
Ratan Tata on Friday threatened to pull out of Singur over continued violence and political protests at the site of the world’s cheapest car Nano. Mr Tata said that the Rs 1,500-crore investment already made in the project would not stop it from moving, if the security of the employees and its operations was not ensured. “If anybody is under the impression that because we have made this large investment of about Rs 15,000 crore, we will not move, then they are wrong... We would move, whatever is the cost to protect our people,“ he said. This was the first time the Tata Group chief has been so categorical about shifting the Nano project out of Singur, if the need arises.
Vodafone seeks damages from Ruias
Vodafone Essar (VEL) has sought damages from the Ruias of the Essar group for not transferring the Mumbai-based BPL Mobile to the company. The damages could be upwards of Rs 1,100 crore. Countering the claim of Rs 1,300 crore in damages made by the Ruias, Vodafone Essar said it should be compensated for the non-transfer of shares of BPL Mobile as that had adversely affected its business plans. Company sources said that in case BPL Mobile is not transferred to Vodafone, the company will claim the following; the consideration it has paid (Rs 1,617 crore), interest on this amount and damages for not transferring the shares.
ICICI sells risky papers
The country’s second-largest bank, ICICI, has cut-off a slice of its volatile, high-risk exposure amid the choppy international market. The bank has sold about $275 million from its credit derivative portfolio in its foreign branches. The transaction, which closed a few weeks ago, will enable ICICI Bank to cut its mark-to-market losses (which arise when market prices of securities held in the bank’s books dip). However, the bank has decided to retain the credit derivatives where the underlying loans are to Indian companies.
iPhone 3G launched in India
Apple iPhone 3G (third generation) was launched across India by telecom majors Bharti Airtel and Vodafone at midnight on Thursday in India. Priced at Rs 31,000 for the 8GB version and Rs 36,100 for the 16GB one, the iPhone in India is more expensive than in other markets, primarily due to lack of subsidies that come with a lock-in period.
Labels: Business
posted by Senorita at
4:00 PM
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