Briefly Business

The Supreme Court issued notices to Sesa Goa and financial institution IFCI on a plea by JSW Steel challenging the Delhi High Court.

SC notices to Sesa Goa,IFCI on Bellary buyout

New Delhi: The Supreme Court on Monday issued notices to Sesa Goa and financial institution IFCI on a plea by JSW Steel challenging the Delhi High Courts approval to the Vedanta Group companys Rs 220-crore bid to buy out Bellary Steel and Alloys. A bench comprising Justices Altamas Kabir and Cyriac Joseph issued notices to Sesa Goa and Industrial Financial Corporation of India directing them to file their replies in three weeks.

Retail FDI policy this year,but with riders

New Delhi: On the contentious issue of allowing Foreign Direct Investment (FDI) in multi-brand retailing,the government may finally open door for global giants by year-end,but with certain riders. FDI in retail is a possibility,but with a policy plan, said minister of state for commerce and industry Jyotiraditya Scindia. He said the ministry is likely to formalise its recommendations on the issue in two months,which shall be placed before the Cabinet Committee on Economic Affairs (CCEA). Scindia said the policy will be in place by year-end,and refused to elaborate on the quantum of FDI that may be permitted in the sector.

OVL may raise stake in Satpayev block to 35%

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SHANGHAI: ONGC Videsh Ltd,the overseas arm of state-owned Oil and Natural Gas Corp (ONGC),can raise its stake in Kazakhstans Satpayev oil block to 35 per cent upon commercial discovery,a government official said on Monday. OVL on Saturday signed an agreement with Kazakhstans national oil firm KazMunaiGas (KMG) to buy a 25 per cent stake in the Caspian Sea block.

Reliance Infra buys back 1 lakh shares

New Delhi: Anil Ambani group firm Reliance Infrastructure on Monday said it has bought back one lakh equity shares from shareholders of the company through open market purchases under its Rs 1,000-crore buyback offer. The company is purchasing shares worth Rs 1,000 crore which mainly aimed at reducing short-term volatility in the firms share price as well as discourage speculative activity in its stocks.

Concur invests $40 mn in Cleartrip

Mumbai: Global provider of integrated travel and expense management solutions Concur on Monday said that it has picked-up a significant minority stake in domestic on-line travel company,Cleartrip,for $40 million.