Slumping sales of cars and motorcycles are triggering massive job cuts in India's auto sector, with many companies forced to shut down factories for days and axe shifts, multiple sources said. Initial estimates suggest that automakers, parts manufacturers and dealers have laid off about 350,000 workers since April. Reuters was able to identify at least five companies that have recently cut or plan to cut hundreds of jobs, mainly from their temporary labour force.
To promote Jammu & Kashmir as an attractive destination for investments, the state department of Industry and commerce has reached out to several corporates including ITC, Tata Group, Suzlon Energy, Mahindra Agrotech, UltraTech Cement, and Radisson Hotels to participate in its first Investors Summit likely to be held in October-November. The department, along with Confederation of Indian Industry (CII), is also planning roadshows and interactions with officials and investors from countries of the Middle East, Malaysia and Singapore to attract investments into J&K.
Former external affairs minister Sushma Swaraj passed away on Tuesday after suffering a cardiac arrest. Swaraj, 67, had been rushed to the All India Institute of Medical Sciences in New Delhi earlier this evening. The senior BJP leader, who underwent a kidney transplant in 2016, had opted out of contesting in the 2019 Lok Sabha elections citing ill health. In 1977, Swaraj was the youngest cabinet minister at 25.
The government believes that the change in Jammu & Kashmir’s status will encourage private sector investment in the new Union Territory. Till now, officials say, provisions of Articles 370 and 35A have prevented business houses from purchasing land and hiring skilled manpower. These restrictions also prevented professionals and experts from outside the state from taking up state government jobs, leading to a shortage of qualified staff for educational institutions as well, the government feels.
Mukesh Ambani-owned Reliance Jio Infocomm and Sunil Mittal’s Bharti Airtel have shown interest in the assets of bankrupt Reliance Communications (RCom) and its Reliance Telecom and Reliance Infratel units. Around 10-12 firms have sent in their expressions of interest. Airwaves in 14 of India’s 22 telecom circles, about 43,000 telecom towers housed under Reliance Infratel and some fibre and real estate assets are up for sale. RCom’s licences for the 800 MHz 4G spectrum will expire in July 2021.
Within three years of starting its commercial operations, Reliance Jio has become the country's largest telecom operator with a subscriber base of 331.3 million, surpassing Vodafone Idea which on Friday reported a decline in its user base to 320 million by June 2019. In May this year, Mukesh Ambani-led firm Reliance Jio had pipped Bharti Airtel to become the second largest mobile operator with 322.9 million users and 27.80% market. Airtel had 320.38 users or 27.6% market share.
After a prolonged battle, the NCLT Thursday finally cleared the Rs 4,350-crore bid by yoga guru Ramdev-run Patanjali Ayurved to take over edible oil player Ruchi Soya, which owes over Rs 9,345 crore to the lenders & around Rs 2,800 crore to other creditors. The NCLT dismissed the petitions filed by Standard Chartered Bank and Singaporean lender DBS, which had both challenged the low bid by Patanjali. Ruchi Soya owes over Rs 9,345 crore to financial creditors led by SBI, which has an exposure of Rs 1,800 crore.
A special CBI court on Thursday framed charges against industrialist Naveen Jindal and four other officials in connection with the allocation of Urtan North coal block in Madhya Pradesh for allegedly making incorrect claims and deceiving the coal ministry for the allocation. The trial will commence from 30 September. The accused had reportedly misrepresented facts in its January 2007 application before the Committee for obtaining the Madhya Pradesh coal block and hence cheated the Coal Ministry to make wrongful gains.
Tata Motors Ltd (TML) has nearly doubled its consolidated net loss in the June quarter, dragged down by woes at its Jaguar Land Rover (JLR) unit and a slowdown in the automobile industry in India. Tata Motors posted a net loss of Rs 3,680 crore in the quarter ended June, compared with a year-earlier loss of Rs 1,863 crore. The firm’s British luxury arm Jaguar Land Rover posted a pre-tax loss of 395 million pounds.