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Business bytes Another beauty FinMin approval for 18 FDI Bharti, RIL
No plans to list PSU proposals worth Rs 2,126 cr insurance deal
called off
general insurance cos NEW DELHI, PTI: The Finance
Ministry, on Friday, approved
posals envisaging investment
of over Rs 1,200 crore and NEW DELHI, PTI: Bharti Enter-
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18 FDI proposals, including more are referred to CCEA for prises and Reliance Industries,
The government, on Fri- Meena said the current policy that of Dish TV and MCX, en- clearance. It also said that de- on Friday, terminated talks for
day, said there is no plan of the government on banking visaging foreign investment of cision on Vodafone-Essar's re- the stake sale in Bharti AXA in-
to list public sector general in- sector consolidation leaves the Rs 2,126 crore, while referring quest of transfer of shares from surance companies due to dif-
surance companies on the initiative for consolidation to the application of Unitech resident to non-resident to car- ferences over issues related to
stock exchanges, with Minis- the management of respective Wireless to Cabinet. ry out the activities relating to long term vision and joint gov-
ter of State for Finance Namo lenders. With respect to an- The proposals were cleared telecommunication could not ernance.
Narain Meena reiterating so other question in the House, following recommendations of be taken as more deliberations “AXA, Bharti, Reliance In-
in a written reply to a question Meena said the State Bank of Foreign Investment Promotion were needed. dustries (RIL) and its associate
in the Lok Sabha. India (SBI) has reported that Board (FIPB). “(Vodafone Essar’s Rs 2,835 Reliance Industrial Infrastruc-
At present, there are four select ATMs in various centres However, decision on 16 pro- crore) proposal has been rec- ture (RIIL) announced today
state-owned non-life entities are enabled for visually chal- posals including that of Reli- ommended for the considera- that they have mutually agreed
in the country namely, New lenged people. The bank has gare Capital Markets and Cor- tion...after the receipt of inputs to terminate their negotiations
India Assurance, Oriental In- further reported that a sepa- dia International Corp, USA, from concerned departments,” on the proposed acquisition by
surance, United India Insur- rate ‘Drishti’ card has been is- was deferred and 11 were re- it added. RIL and RIIL of Bharti’s share-
ance and National Insurance. sued to its visually challenged jected, the Finance Ministry The government cleared holding of 74 per cent in Bharti
Replying to another question, customers. said. Dish TV India's Rs 980 crore AXA Life Insurance and Bharti
The request of “Unitech proposal to raise foreign equity AXA General Insurance,”
Wireless (TN), amounting to to produce telecom equipment Bharti said. RIL said the talks
Shriram eases deal processing Rs 8,250 crore, has been rec- and marketing of mobile satel- were terminated as parties had
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ommended for consideration lite communications. failed to “reach agreement on
Shriram Equipment Fi- try time, it claimed. Meeting of Cabinet Committee on Eco- The statement further said long-term vision and joint gov-
nance Company (SEFC), reporters at the Excon 2011, nomic Affairs (CCEA),” the MCX’s (Multi Commodity Ex- ernance of the ventures.”
a wholly owned subsidiary of the company said its assets un- statement said. change of India) request for After 5 years of its associa-
Shriram Transport Finance, der management is in excess Actress Nidhi Subbaiah with Bharti Airtel Karnataka circle CEO Rohit Malhotra The company is seeking for- sale of equity shares through tion with AXA, Bharti said in
announced, on Friday, that of Rs 37,000 crore. SEFC launching the new Apple iPhone 4S in Bangalore on Friday. The iPhone 4S 16 eign investment to promote its an Initial Public Offering (IPO) June it would exit from the fi-
the company has simplified its provides finance to contrac- telecom business including uni- to Indians and Sebi registered nancial services JVs and sell its
deal processing system, aided tors, sub-contractors, mine GB, which comes with iOS 5 operating system, is priced at Rs 44,500. fied access services. FDI pro- FIIs has also been cleared. 74 per cent stake to RIL.
with cutting edge technology owners and operators, plant
support, to provide shortest hirers and others involved in
turn-around time in the indus-
try. It can conclude finance
and due-diligence aspects of
the development of infrastruc-
ture sector such as road, irri-
gation contractors, mining
Indian IT cos pay lowest salary: Report
deal in half the average indus- owners and operators. NEW DELHI, PTI: India Inc is in Switzerland at an average of erage salaries for people with
among the world's lowest pay- US$167,890 per annum, as per six and more years of experi-
ing employers in the IT space, a study titled ‘World wide IT ence for the Indian and other
Irda’s new norms for agents with their mid-to- senior level Salary 2011’ by companies. The report studied
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staff getting an average salary MyHiringClub.com. It found more than 6,000 companies
Irda has come out with would be effective from July 1, of US$36,120 (about Rs 18.5 that India is ranked seventh on across 41 different countries
guidelines for persistency 2014. Extending the guide- lakh) per annum -- less than a list of the 10 worst IT paymas- and found that employers in
ratio under which it would be lines to the corporate agents, one-fourth of the IT pay pack- ters globally. On the other western Europe are the best
mandatory for corporate Irda said that the norms are age at globally top-paying Swiss hand, Switzerland stands at the paymasters. It found that com-
agents to retain 50 per cent of applicable for those who solic- companies. The IT sector top spot among the top. The pany’s in developed countries
their clients. The guidelines it life insurance business. salaries are highest in the world study took into account the av- focus more on variable factors.