Business

JSW Steel, India’s third-largest steelmaker, is looking to buy a controlling stake in Bramhani Industries Ltd (BIL), a company floated by Karnataka tourism minister G Janardhan Reddy.Bramhani has been working on setting up an integrated steel plant in Kadapa, the hometown of former Andhra Pradesh chief minister Y S Rajaeskhara Reddy. A highly placed source told DNA Money due diligence is currently on to arrive at fair valuation. JSW Steel did not comment on this.But a compa…

Ending months of differences over production of entry-level sedan Logan in India, French auto major Renault has announced its exit

Rolta India, the geospatial information solution (GIS) firm, aims to earn 20% of its revenues from intellectual property (IP) based solutions. IP’s contribution in the firm’s revenues currently is around 8%.Its third quarter (January-March) FY10 revenue grew 5.1% to Rs 400.5 crore and net profit grew 6.9% to Rs 67.1 crore as against the previous fiscal’s comparable figures. The order-book for the firm at the end of the third quarter stood at Rs 1,770 crore.Rolta will h…

China on Thursday moved to deflate a frothy property bubble, hours after fresh data elevated concerns of an economy on overboil, with GDP growing 11.9% in the first quarter of 2010. China’s State Council, or the council of ministers, on Thursday stipulated a minimum 30% downpayment on purchase of first homes larger than 90 square metres, and raised the minimum down-payment on second homes to 50% (from 40%). The move came after evidence mounted that property prices, which saw another…

The ministry of road transport and highways, which has announced mega plans to develop greenfield expressways spanning 18,600 km by 2022, is still groping in the dark on the funding model for projects.As per senior officials from road transport and highways ministry and the National Highways Authority of India (NHAI) nothing has moved forward, "Only preliminary network assessment has been done. No further development has taken place yet," said a senior ministry official, on condit…