Business

Business

India probe exposes $3.6 billion mining scandal, hits opposition

AN INDEPENDENT-LED inquiry implicated a prominent Indian opposition politician in a $3.6 billion (£2.2 bn) illegal iron ore mining scandal on Wednesday (July 28),...

IKEA signs pact with Karnataka, Telangana

SWEDISH furniture retailer IKEA said it had signed an agreement with Karnataka and Telangana on the company's intention to open stores and to find...

Indian stocks slightly down after attacks

MUMBAI'S Stock Market opened slightly down on Thursday (July 14) in lacklustre trade, a day after three deadly blasts rocked India's commercial capital.The benchmark...

Tata gets £331m in Nano bookings

TATA Motors, India's largest vehicle maker, said yesterday it raised about Rs25bn ($500m/£331m) from consumer bookings for its Nano, the world's cheapest car. ...

AIIB ‘formally established’

THE China-backed Asian Infrastructure Investment Bank (AIIB), viewed by some as a rival to the World Bank and Asian Development Bank, was formally established...

Adani’s Australian coal mine wins further environmental approval

India’s Adani Enterprises has taken a step closer to the construction of a controversial thermal coal mine in Australia after winning federal government approval...

Sensex spurts in opening trade ahead of Budget

Market rose by over 64 points in opening trade today as investors built up positions ahead of the Union budget, which is slated to...

Cyrus Mistry sacked, Ratan Tata interim head of Tata Sons

  In a dramatic development that took the corporates and others by surprise, Cyrus Mistry was on Monday (Oct 24) sacked as chairman of Tata Sons and was replaced by Ratan Tata, from whom he had taken over the reins of the over USD 100 billion salt-to-software conglomerate four years ago. The surprise announcement came after the Board of Tata Sons met in Mumbai and decided to replace 48-year-old Mistry and appoint Ratan Tata, 78, as interim head. The board named a five-member search committee, which includes Tata, to choose a successor to Mistry within four months. Mistry was chosen as Tata's successor in November, 2011, and was appointed Deputy Chairman of Tata Sons, whose board he had entered in 2006. He was made chairman on the basis of his representation from Shapoorji Palonji, the largest shareholder in Tata Sons. There were no reasons given for the change of leadership of the man who was brought in with much fanfare but it is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows. ’Tata Sons today announced its board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today," a Tata Sons statement said. Tata Sons is the main holding company of the group. CEOs at the operating company level of the group have not been touched in the rejig, company sources said. The board constituted a selection committee comprising Tata, TVS Group head Venu Srinivasan, Amit Chandra of Bain Capital, former diplomat Ronen Sen and Lord Kumar Bhattacharya. All of them, except Bhattacharya, are on the board of Tata Sons. "The committee has been mandated to complete the selection process in four months," it added. .

Analjit Singh resigns from “TGB ” board

 A day after Cyrus Mistry quit from six Tata group firms, Independent Director Analjit Singh, who was supporting the ousted Chairman, resigned from the...

Ratan Tata hands over reins of empire

INDIAN industrialist Ratan Tata retires on his 75th birthday this week, handing over the reins of his sprawling business empire after decades at the...