Agreements and Tie Ups
Tech Mahindra in partnership with Alstom Transport announced a new global development centre located in Bangalore on 12 March 2014. The two companies signed a three-year partnership contract for the development of centre.
India’s exports have contracted by 3.67 percent in February 2014 to 25.7 billion dollars (159858.16 crore rupees). This contraction is the first in past eight months. Imports of the country also have fell by 17.09 percent to 33.8 billion dollars (210451.11 crore rupees) during the month.
Union Government on 10 March 2014 announced to build 200 low cost airports in the next 20 years. The move is aimed at expanding connectivity to Tier-II and Tier-III cities. The development of low-frills airports will significantly reduce the cost of operations.
Indian Oil Corporation (IOC) sold 10 percent of government stake (for 5340 crore rupees) to the Oil India Limited (OIL) and Oil and Natural Gas Corporation (ONGC) on 14 March 2014. Earlier, government shareholding in IOC was 78.92% which has now reduced to 68.92 percent.
Reserve Bank of India (RBI) on 13 March 2014 hiked the trade related remittance limit from 2 lakh rupees to 5 lakh rupees per transaction with immediate effect. It also increased the number of transaction handled by exchange houses.
Union Finance Ministry and Securities and Exchange Board of India (SEBI) on 11 March 2014 jointly finalized the norms of investment for setting up Central Public Sector Enterprises (CPSE) - Exchange Traded Fund (ETF).
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