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Mar 16, 2018 08:38 AM IST | Source: Moneycontrol.com
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highlights
Exclusive: Our Essar Steel bid is legit, ready to buy out Rewant Ruia: Numetal
India's GDP could reach $5 trillion by 2025, says Suresh Prabhu
Goa mining ban comes into effect
Rahul Gandhi to present Congress vision doc at plenary session
Exclusive: Our Essar Steel bid is legit, ready to buy out Rewant Ruia: Numetal
Numetal, an SPV floated by the PE arm of Russian lender VTB Bank and Rewant Ruia, a Ruia family member, has claimed that its bid for Essar Steel has ‘solid legal backing’ and if need be, ‘the other shareholders will buy out Rewant's’ 25% stake in the company. "We have a good bid, our resolution plan is quite attractive. We have addressed the short term challenges, demands of different parties. And in the long run we are building a business that will participate in the growth story of India," Numetal Senior Advisor Antoine Chemali told Moneycontrol News’ Prince Mathews Thomas.
India's GDP could reach $5 trillion by 2025, says Suresh Prabhu
India's GDP could reach $5 trillion in seven years provided there is consistent growth in manufacturing, services and agricultural sectors, Commerce and Industry Minister Suresh Prabhu said. (PTI)
HDFC Bank raises Rs 2,300cr via rupee bonds
HDFC Bank said it has raised Rs 2,300 crore by issuance of rupee denominated bonds which would mature in March, 2025. According to a statement, the issue carries a fixed coupon rate of 8.1% per annum with maturity on March 22, 2025.
Goa mining ban comes into effect
The ban on iron ore mining in Goa came into effect at midnight after a high-profile court battle, reports PTI. While some workers engaged in the sector said the development has put their jobs and livelihood at stake, a Vedanta official urged the government and the Supreme Court to let mining operations continue till the auction
The Supreme Court last month quashed the second renewal of iron ore mining leases given to 88 companies in Goa in 2015. The apex court said it was giving time till March 15 to mining lease holders, who have been granted a second renewal in violation of its previous directions, to manage their affairs.
Plastic ban in Maharashtra from March 18
The Maharashtra Cabinet has decided to impose a ban on certain plastic items from the Marathi New Year, ‘Gudhi Padwa’, on March 18, reports PTI. An official in the State Environment Department said the ban will cover plastic carry bags, thermocol and plastic plates, cups, forks, bowls and spoons. However, the draft of the proposed ban, published a month ago, had also mentioned various other items such as flex boards, non-woven polypropylene bags, banners, flags, decorative door hangings, plastic sheets and all types of plastic wrappers.
Rahul Gandhi to present Congress vision doc at plenary session
Congress President Rahul Gandhi will present the party's vision document at its plenary session starting today, reports PTI. The document will act as a ‘guiding light’ to help party workers upstage the BJP from power at the Centre in 2019 and in some key states where elections are slated later this year, the source said.
The session will also look into future alliances that the party foresees will be needed for defeating the BJP, a Congress leader said. The plenary meet, to be held at the Indira Gandhi Indoor Stadium in New Delhi, will be attended by senior leaders starting from block presidents.
At the three-day brainstorming session, the party will pass four resolutions - one each on the political and economic fronts, another on foreign policy and the fourth on agriculture and unemployment. The party's key focus would be on the issue of agriculture and unemployment, the source said.