Economy
China's Wanda Group to invest 10 billion dollars in Haryana

A memorandum of understanding (MoU) was signed between the two sides in Beijing in the presence of Haryana Chief Minister Manohar Lal Khattar on Friday

 

China's Wanda Group will invest 10 billion dollars to develop an industrial park in Haryana, the state government announced on Friday.
 
A memorandum of understanding (MoU) was signed between the two sides in Beijing in the presence of Haryana Chief Minister Manohar Lal Khattar on Friday.
 
"An MoU was signed for the development of a world-class Comprehensive Industrial Park to be called 'Wanda Industrial New City' at Kharkhoda in Sonipat district," an official statement said here.
 
Phase I of the project would cover approximately 13 sq km.
 
Wanda will invest in the project's initial infrastructure apart from attracting other international and Chinese industrial, tourism and residential companies for its development.
 
During Khattar's visit and an investment roadshow organised in Beijing, MoUs were signed with other top companies like China Land Development Company Private Limited and ZTE Corporation for investing in Haryana.
 
Representatives of more than 100 top Chinese companies were present during the roadshow.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Mumbai Central India's first railway station with free Wi-Fi
Mumbai : Mumbai Central Terminus of Western Railway on Friday earned the distinction of being the first railway station in India to offer free high-speed Wi-Fi to the public.
 
The facility - courtesy Google and RailTel, the telecom wing of Indian Railways - was launched by Railway Minister Suresh Prabhu.
 
He said plans were afoot to bring online 100 railway stations, including those at Allahabad, Patna, Jaipur and Ranchi, by 2016-end.
 
The Wi-Fi service is part of the 'Digital India' initiative of the union government and was announced in September 2015 by Prime Minister Narendra Modi during his visit to the Google headquarters in Mountain View in the US.
 
RailTel Corporation will provide Internet services as RailWire via its extensive fibre network in partnership with Google.
 
"Affordable smartphones have made it possible for the common masses to experience the power of Internet. With our partnership with Google, we are confident of rolling out a robust, scalable service at railway stations in the near future," RailTel CMD R.K. Bahuguna said.
 
"By the year-end, over 10 million people will be able to enjoy Internet experience at 100 stations across India," Google's South East Asia and India vice president Rajan Anandan assured.
 
Google has committed to collaborate with RailTel and Indian Railways to expand the network to the remaining stations by the year-end, followed by another 400 railway stations thereafter.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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USL investors blame management for net worth erosion
Bengaluru : Blaming the new management for the company's net worth erosion, many shareholders of United Spirits Ltd (USL) on Friday questioned the resolution to declare it sick under the Sick Industrial Companies Act (SICA).
 
Though USL chairman Vijay Mallya and full-time directors did not attend the extra-ordinary general meeting (EGM), a secret ballot was conducted to seek shareholders' approval on the controversial resolution for referring it to the state-run Board for Industrial and Financial Reconstruction (BIFR).
 
"Result of the secret ballot will be notified to the stock exchanges by January 25 through a regulatory filing," non-executive independent director D. Sivanandan, who chaired the EGM, told reporters later, as media was not allowed to witness the noisy proceedings.
 
The city-based company informed the BSE on December 29 about the EGM to seek investors' approval for declaring itself sick due to erosion of its net worth during the last four fiscal years, as decided by its board on December 22.
 
Net worth of a company is the value of its assets excluding liabilities, including its debt portion.
 
USL is the Indian subsidiary of the London-based British liquor major Diageo plc after it acquired majority stake (54.7 percent) from Mallya's controlled United Breweries Holdings Ltd and public stock in the open market.
 
As the net worth declined to Rs.846 crore for fiscal 2014-15 owing to a whopping Rs.5,045 crore accumulated losses, the board had decided to report the erosion to BIFR as required under section 23 of the SICA, 1985.A
 
According to company sources, about 130 shareholders were present at the meeting to cast their votes in physical ballot, as electronic voting was held on Thursday. Results of electronic and ballot voting will be published by Monday.
 
"The new board under Diageo has failed to manage our company and turned it 'sick'. Those responsible for this should be held responsible for net worth erosion,a one of the shareholders said at the meeting.
 
Other investors wanted the new management to chalk out a rescue strategy to recover the losses and restore the net worth, which has seen 86 percent erosion.
 
Responding to a volley of queries by agitated shareholders, chief financial officer Sanjeev Churiwala denied that the company was sick and claimed the net work had increased to Rs.1,667 crore from Rs.845 crore last fiscal, after factoring profits for first half (April-September) of this fiscal 2015-16.
 
"The resolution is a statutory requirement we are fulfilling by reporting net worth erosion to BIFR," Churiwala asserted.
 
The CFO also assured the shareholders that the company had taken steps to recover losses and about Rs.30 crore had been recovered till recently.
 
"There is no reason for shareholders to worry about the company's health," Churiwala added.
 
The company's blue chip scrip of Rs.10 face value closed at Rs.2,760 per share at the close of trading on the BSE, up 3.04 percent over Thursday price./Eom/480 words.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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