BSNL likely to scrap 15 million line GSM tender

New Delhi: State-run telco BSNL is likely to write-off its 15 million line GSM tender due to poor response from private vendors to the estimated Rs. 5,000-6,000 crore equipment supply contract.

“The 15 million GSM tender floated by state-run BSNL is likely to be scrapped as only two or three private vendors have shown interest in the e-tender process,” a Department of Telecom official said.

“One of the reasons for the…

Infosys diversifying into China

Dalian: The grim economic situation in Europe has become a big concern for Infosys Ltd, India’s second-largest software services exporter. Therefore, it is dynamically diversifying into other fast-growing markets such as China, a top executive said.

While the US and Europe markets are too big to ignore, Infosys, which competes bigger rival Tata Consultancy Services (TCS) and smaller Wipro Ltd, is…

ANZ bank opens its first branch in Mumbai

Mumbai: The Australia and New Zealand Banking Group recently opened its first branch in the Indian city of Mumbai. The banking group said that it will open between 25 and 30 branches over the next three to four years in India.

“We see India as one of the most critical markets for us in the Asia-Pacific region from where we expect…

India allows foreigners to invest in domestic mutual funds

Mumbai: India al lowed foreign investors to participate in local mutual funds, allowing them to invest up to $10 billion and expanding the capital flow channels into equities markets.

In separate statements, the Reserve Bank of India and the capital markets regulator Securities and Exchange Board of India, said that non-resident investors who met SEBI’s know-your-customer requirements would also be allowed to invest in debt schemes run by mutual funds…

Apple has more cash than US government today

New York : As of today, Apple boss Steve Jobs is richer than Uncle Sam.

While the world’s most powerful government has just $73.76 billion in its reserves, the world’s top technology company has a neat cash pile of $75.87 billion.

The US Treasury Department warned that it has now only this much operating budget as Republicans and Democrats fight over raising the nation’s debt ceiling. With only that much reserve…

Amway India eyes Rs.25 billion business by 2012

Agartala: Consumer and home products direct marketing company Amway India, a wholly-owned subsidiary of the US-based Amway Corp, expects to do business worth Rs.25 billion in India by 2012, an official said here Monday.

“After starting commercial operations in 1998 with a business of Rs.9.1 million, Amway has invested more than Rs.2 billion in India,” company vice-president (East) Diptarag Bhattacharjee told reporters.

Amway India posted a turnover of Rs.1,790 crore last…

India woos US with $1 trillion infrastructure business

Washington: India has invited US investors for $1 trillion dollar opportunities in infrastructure financing as both countries set a “robust agenda” to deepen their economic ties.

There is new opportunity for US investors “for work in this area”; Indian Finance Minister Pranab Mukherjee told a joint new conference as fast-developing India is planning to raise $1 trillion in infrastructure financing by 2017, half of it from the private sector.

Calling the…

India has 153000 millionaires

LONDON: India has moved into 12th spot in the list of countries with most millionaires. India has 153,000 millionaires, a report by Capgemini and Merrill Lynch Wealth Management has revealed The U.S has the most millionaires at around three million and China ranks fourth with 535,000 millionaires. Japan is in second and Germany is third. Asia, with 3.3 million has the highest number of high net-worth…

India, Africa trade to touch $70 bn by 2015

New Delhi: Trade between India and Africa will touch $70 billion by 2015 even as the South Asian economic giant has become a leading investor in the continent with an investment of $33 billion till date, Commerce and Industry Minister Anand Sharma said.

“We are well on our way to achieve bilateral trade target of $70 billion by 2015,” Sharma said while inaugurating the India Show at the Millennium Hall…

India to introduce new rupee symbol on currency soon

New Delhi: India will soon introduce new rupee symbol and extra security features on its bank notes in a bid to tackle the problem of fake currency, Finance Minister Pranab Mukherjee.

“With a view to check this menace of fake currency, an exercise for introduction of security features in all denominations of bank notes is under way,” Mukherjee said after releasing procurement manual of Security Printing and Minting Corporation of…