Arcelor-Mittal, the world’s largest steel-making company, has shown interest in investing heavily at several locations in Gujarat. Recently, a group of senior officials of the Gujarat government met Lakshmi Niwas Mittal, the chairman and CEO of the company, in London where the company expressed its willingness to invest around £1.5 billion near Sanand in a steel plant, considering the demands of the auto sector. The delegation apprised Mittal of major ongoing projects in the state such as Dholera and DMIC and invited him to be a part of the Vibrant Gujarat Summit 2019. A source said, “The ArcelorMittal group has expressed its intention to invest in a steel plant close to Sanand to cater to the requirements of the auto and other industries. The company is weighing all options, including taking over any existing steel plant in Gujarat.”
Ericsson moves SC to restrain Anil Ambani from leaving India
Swedish telecom equipment company Ericsson has petitioned the Supreme Court to prevent Anil Ambani and two senior executives of his group from leaving the country, after accusing them and the group of wilfully defaulting on a previously-promised payment of £55 million. The company was to get the payment in lieu of the business it had done with the Anil Ambani group that has a debt running up to £4.5 billion. Ericsson had earlier agreed to scale down its dues from £160 million to £55 million as part of a court-monitored settlement, which promised the payment by September 30 this year. However, since the payment did not come, it has decided to approach the court on the matter once again. “They have no respect for the law of the nation, and have abused the process of law,” Ericsson said, requesting the court to initiate contempt proceedings against the Indian company and its management.
RBI keeps rate on hold, stance 'neutral'
The Reserve Bank of India kept its policy rates on hold for the fourth straight meeting and retained its “neutral” stance even as inflationary pressures have eased more than expected. The RBI kept its policy repo rate unchanged at 6 per cent, its lowest since November 2010. The reverse repo rate also remained unchanged at 5.75 per cent. Five of six members on the monetary policy committee voted for a hold, while one wanted a hike in the repo rate. Inflation concerns have eased substantially following a crash in vegetable prices which is expected to keep price pressures soft for the next few months. However, oil prices remain a risk, with India importing about 80 per cent of its crude requirement. Bonds rose after the RBI’s statement, while the rupee firmed and stocks extended early gains. The RBI projected economic growth of 7.4 per cent for the current fiscal year that began on April 1. It also lowered its April-September inflation projection to 4.7-5.1 per cent from February’s 5.1-5.6 per cent.
Modi highlights his govt's performance
Inaugurating the 'Destination Uttarakhand: Summit 2018 in Dehradun,' Prime Minister Narendra Modi said the world has accepted that India would be a major engine of global growth in the coming decades. Modi said, speed and scale of economic reforms in the country is unprecedented. The Prime Minister said, India has improved by 42 ranks in the Ease of Doing business rankings. He said, the Insolvency and Bankruptcy Code has made doing business easier. Highlighting his government’s performance during the last 4 years, Modi said, fiscal deficit has come down and inflation has been brought under control by the efforts of the government. The Prime Minister said that the infrastructure sector is progressing rapidly. He spoke of the fast pace of road construction, railway line construction, new metro systems, high speed rail project, and dedicated freight corridors.