Farm equipment-to-software group Mahindra & Mahindra Ltd said it will invest Rs3,000 crore in Gujarat to step up presence in the hospitality and real estate sectors in the state.
"Our group companies have signed six MoUs with the Gujarat government totaling an investment of Rs3,000 crore," Mahindra & Mahindra vice-chairman and managing director Anand Mahindra said at the 5th Global Summit of Vibrant Gujarat.
He, however, did not specify the time frame for these investments.
Mahindra Lifespaces, the real estate development arm of $7.1 billion Mahindra Group, has signed two MoUs with the state government.
"Mahindra World City is developing a real estate project spread across 500 acres of land," he said.
On Wednesday, Mahindra & Mahindra ended 2.11% up at Rs751.05 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.76% up at 19,534.10 points.
Reliance Broadcast Network Ltd will acquire Imagine Showbiz Ltd (ISL) from Cinestar advertising for an undisclosed sum.
"The proposed acquisition will include a 100% purchase of ISL's shareholding along with other assets," Reliance Broadcast Network said in a statement.
As part of the acquisition, the company will be buying out ISL's intellectual property rights, music library, Bollywood content technical expertise and its distribution network, it added.
"This proposed acquisition is in line with the overall strategy to create ownership of multimedia consumer touch points. It will further strengthen our television portfolio from English space into the Hindi entertainment space," Reliance Broadcast Network chief executive officer Tarun Katial said.
The company said the acquisition will fit into its overall business strategy, leveraging synergies with its radio arm-92.7 BIG FM, its intellectual property arm-BIG Live and its integrated sales offering through BIG Connect.
"This business deal seems a natural choice, given the seamless business fit, spanning across our verticals of radio, intellectual properties and digital along with the Group synergies," Katial added.
RBNL is a part of the Anil Abmani-led Reliance Group, which operates in spaces of radio, experimental marketing, out of home and digital among others. The company recently forayed into the television space through a joint venture with US- based television broadcaster CBS Studios International.
On Wednesday, Reliance Broadcast Network ended 9.95% up at Rs84.50 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.76% up at 19,534.10 points.
New Delhi: India's foreign direct investment (FDI) inflows into the services sector dipped by 30% to $2.16 billion (Rs9,933 crore) during April-October this fiscal, reports PTI quoting the industry ministry's latest data.
Financial and non-financial services sector had attracted FDI worth $3.12 billion (Rs15,087 crore) during the same period last fiscal.
According to experts, the government should now look at opening sectors like banking and retail to attract more foreign inflows.
"This is not good news (that FDI is declining). Our services sector is attractive but due to lack of banking sector reforms and closure of retail sector for foreign investors, FDI is not taking up," economist and Ficci's director general Rajiv Kumar said.
Mr Kumar said the government should make the business environment more investor friendly to attract FDI.
However, India still remains a preferred destination for foreign investment and that is evident from the strong foreign institutional investors (FII) inflows.
Overseas funds infused a whopping $4.78 billion in November 2010 taking the total to $38.5 billion in 11 months of 2010. It is a record inflow in a single calendar year.
On the other hand, overall FDI inflows dropped by 30% to $12.39 billion during April-October 2010-11, against $17.6 billion in the year-ago period.
The services sector, despite the 30% dip in FDI, topped the chart in attracting maximum investment.
Telecommunications segment, including radio paging and cellular mobile, was the second best sector that attracted $1.06 billion, followed by power ($729 million), construction ($718 million), housing and real estate ($716 million) and computer and software ($553 million), and during the period, the data said.
During the period, the highest FDI of $4.48 billion came from Mauritius followed by Singapore ($1.28 billion), the US ($908 million), the Netherlands ($768 million) and Japan ($586 million).
Mauritius accounts for 42% of the country's total FDI during the period under review.
The government is making sustained efforts, including involving stakeholders in policy formation, to make the investment regime more attractive and investor friendly. It is considering liberalising FDI regime in sectors like defence and multi-brand retail.