CHENNAI: Kuwait based Al Kharafi plans to set up an oil refinery and a petrochemical manufacturing facility at an investment of Rs 49,000 crore in Tamil Nadu, Chief Minister K Palaniswami said here on Thursday. The setting up of the refinery would see the southern districts in the state develop like Jamnagar in Gujarat and Jurong Island in Singapore, he said. The Chief Minister said China-based BYD Group also planned to make investments in the state. He said 59 companies which signed MoUs with the state government in the second edition of the Global Investors meet here in January last year, have commenced production. Another 213 projects are under various stages of implementation, he said after taking part in the foundation stone laying ceremony of DLF DOWNTOWN here. Palaniswami said the AIADMK government has been attracting several new investments from various companies, making the state a front runner in the industry sector. He said his tri nation trip last year to attract … [Read more...] about Kuwait firm to set up Rs 49,000 cr oil refinery in Tamil Nadu: Chief Minister Palaniswami
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The panel has proposed that any entity related to the promoter or promoter group should be considered a related party. Further, any entity holding — directly or indirectly along with their relatives — 20% or more stake in the company should also be considered a related party. … [Read more...] about Tougher norms likely for related-party transactions
NEW DELHI: The Great Wall has slowly but strategically spread its roots in the Indian IT/technology and allied sectors in India, and there is no stopping the dragon which has only grown fiercer — threatening industry after industry across the spectrum as India celebrates its 71th Republic Day. From smartphones to automobile/electric vehicles, from digital payments and consumer electronics to social media, Chinese companies have created massive ripples in the country in the last couple of years, at a time when American giants like Amazon and Facebook/WhatsApp face political heat. China, which is a fastest-growing trillion-dollar economy with a current GDP of $14.14 trillion, is on the path to becoming a $20 trillion economy by 2024 and India is its "sweet spot" — with millions of consumers buying Chinese goods which has decimated domestic players in certain sectors. Take the case of the smartphone industry. According to Hong Kong-based Counterpoint Research, Chinese … [Read more...] about Chinese decimation of Indian phonemakers is complete. Automakers next?