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India economy & business news in brief for March 4: Tycoon Niranjan Hiranandani appears before ED in probe

Hiranandani Group co-founder Niranjan Hiranandani leaves from Enforcement Directorate (ED) office after being questioned in connection with a foreign exchange violation case, in Mumbai, India, on Monday, March 4, 2024. (PTI Photo)

By: Shubham Ghosh

HERE are news in brief on Indian economy & business for Monday, March 4, 2024:

Indian real-estate businessman Niranjan Hiranandani on Monday appeared before the country’s economic crime-fighting agency Enforcement Directorate (ED) in connection with a probe into the violation of Foreign Exchange Management Act. In February, ED officials carried out a search operation at premises linked to Hiranandani and his son Darshan Hiranandani in the western city of Mumbai as well as other locations. The father-son duo were asked to appear before ED officials to record their statements following the search operations. According to reports, Hiranandani and his family members were among beneficiaries of an offshore trust that had allegedly accumulated assets of over $60 million (£47.2 million).

The government of the eastern Indian state of Odisha on Monday approved 22 projects worth an investment of Rs 4,066 crore (£386.2 million). The proposals got the state government’s nod at the State Level Single Window Clearance Authority meeting chaired by chief secretary PK Jena in state capital Bhubaneswar. The projects are in different sectors such as green energy equipment, chemicals, textiles and apparel, steel, iron & ferro alloys, aluminium downstream, food processing, power & renewable energy, IT infrastructure and infrastructure & logistics, a release said. The projects, after proper implementation, are likely to generate 25,525 jobs in 12 districts, officials said.

Nippon India Mutual Fund is looking to increase its presence, both physical and digital, in the northern state of Uttar Pradesh, which is expected to be the flag bearer for the mutual fund industry, its CEO said on Monday. Asserting that Uttar Pradesh will be the “flag bearer” of the mutual fund industry, Sundeep Sikka, the ED and CEO of Nippon India Mutual Fund said that the company remains “committed to UP”. Sikka, who was in state capital Lucknow to inaugurate the new regional office, told news agency Press Trust of India, “The UP market has grown 23 per cent in the last five years. And we believe that UP will be the flag bearer for the mutual fund industry.”

Tata Motors Limited (TML) will demerge into two separate listed companies housing the commercial vehicles (CV) business and its related investments in one entity and the Passenger Vehicles businesses including PV, EV, JLR and its related investments in another entity. The demerger will be implemented through an NCLT scheme of arrangement and all shareholders of Tata Motors Ltd shall continue to have identical shareholding in both the listed entities. The board of directors of TML approved the proposal of demerger at its meeting held on Monday. Over the past few years, the CV, passenger vehicles (PV+EV), and Jaguar Land Rover businesses of Tata Motors have delivered a strong performance by successfully implementing distinct strategies.

The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed Reserve Bank of India (RBI) Shaktikanta Das on Monday, as he outlined the growth of the payments ecosystem in the country. Addressing the Digital Payments Awareness Week organised by RBI, Das said India has not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world.
“This has been made possible by nurturing diverse payment systems in the country, namely, the bill payments, merchant payments, vendor payments, transit payments, or recurring payments,” the governor said.

(Agencies)

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