India's inflation, based on the Wholesale Price Index (WPI) stood at 5.29% in the week ended November 11, the Government said on Friday. In the previous week it was at 5.3%. Average expectation was for a level of 5.34%.The WPI rose marginally by 0.05% to 208.9 from 208.8, and the Government has revised inflation for the week ended Sept . 16 to 5.27% from 4.56%.
The Government has cleared the proposal by Hilton International Company, USA and DLF Ltd. to form a Joint Venture for perusing hospitality business in India. Hilton will own a 26% stake in the JV while real estate giant DLF will hold the rest. Hilton will invest US $143mn in the JV, which will build hotels and service apartments in India.
The Government has approved a plan to sell stake in three public sector power companies through the public issue route, reviving the otherwise moribund and politically sensitive disinvestments programme. The Cabinet Committee on Economic Affairs (CCEA) approved the sale of shares in Power Grid Corp. of India Ltd. (PGCIL), Power Finance Corp. (PFC) and Rural Electrification Corp. (REC).
Tata Steel Ltd. has said that it has not taken any decision on a possible revised bid for acquiring UK-based Corus Group Plc as has been reported by certain section of the media. " Tata Steel is not making any other comments on this matter and all media comments remain speculations," the company said.
elgium based financial services company, Fortis has entered into agreement with IDBI and Federal Bank to set up a life-insurance company in India. As per the agreement Fortis and Federal Bank will hold a 26% stake each while IDBI will own 48% of the insurance JV which will offer a full range of life insurance and long-term savings products. The joint venture is expected to be operational by the middle of next year.
Microsoft Corporation has signed a tripartite investment agreement to be a strategic investor in TCS China, with the TCS and the Chinese Parties, The shareholding of the JV will now be altered with TCS APAC owning 65% stake and three Chinese partners holding the remaining 25%. The entry of Microsoft follows the granting of the business operating license to TCS China. It also signals the culmination of the process to get the joint venture operational after an MoU was signed between the three parties in June 2005.
Tata Consultancy Services has launched the TCS science-to-software program which is designed to be a hi-tech, hi-touch learning module that aims to transform B.Sc./BCA degree holders into best-in-class IT professionals. The on-going pilot is currently underway at Chennai with 500 graduates selected from across the country. TCS plans to scale up and make offers to 2,000 science graduates during this academic year as a part of this initiative.