QBiz: Jio Fiber Comes Next Month; Anil Agarwal Takes U-Turn on Jet
1. Reliance to Commercially Launch Jio Fiber Broadband Services Pan-India from 5 September
Mukesh Ambani announced the roll out of Jio GigaFiber from 5 September, that will offer free voice calls for life from landline phones, high speed broadband of minimum speed of 100 MB per second and free high definition TV and dish with minimum monthly subscription of Rs 700.
2. No Longer Interested in Jet Airways, Says Anil Agarwal
Chances of a revival of Jet Airways (India) Ltd faded, with billionaire Anil Agarwal’s Volcan Investment, which had submitted an expression of interest (EoI) for the grounded airline, deciding not to pursue the matter.
3. Reliance Industries Lays Roadmap to Become Debt-Free in 18 Months
Reliance Industries Ltd aims to be debt-free over the next 18 months by raising funds and selling stake in its various businesses.
Mukesh Ambani, chairman of India’s second-largest company by market value, said it plans to sell 20 percent stake in its refining and petrochemical business to Saudi Arabian Oil Co, bring in strategic and financial investors in its retail and telecom businesses and to evaluate value unlocking options for real estate and financial investments.
4. Reliance-Microsoft Cloud Tie-Up Could Spell Doom for Amazon, Google in India
Reliance Industries Ltd on Monday announced a partnership with Microsoft's Azure cloud platform, in a move that deepens the offerings of its Jio telecoms unit while posing a direct challenge to rival cloud services providers such as Amazon.com and Alphabet's Google.
5. China Promises to Address India's Concern Over Ballooning Trade Deficit
China on Monday, 12 August, promised to address India's growing concerns over the ballooning trade deficit and suggested expanding cooperation in areas like industrial production, tourism and border trade to achieve "overall balance" in bilateral commercial relations.
(Source: The Economic Times)
6. Eastern States Will Help India to Triple Its Steel Production by 2030: Pradhan
Three mineral rich states West Bengal, Odisha and Jharkhand will help the country to achieve 300 million tonnes of steel per annum by 2030, said Union minister Dharmendra Pradhan, adding that the eastern region holds immense potential and a large part of steel production capacity planned by the government under the national steel policy will come from these states.
7. Stockbrokers Tell Sitharaman to Lower Transaction Cost, Withdraw LTCG; Key Demands to Boost Investment
A host of measures was proposed by an association of stockbrokers to the government on Friday last week, with an aim to make the investment into the equity markets more attractive. The demands from Association of National Exchanges Members of India (ANMI) range from lowering transaction cost to reducing long-term capital gains tax (LTCG). “Due to the steep fall in markets in July the sentiment has turned acutely negative. This calls for urgent steps to boost investor sentiment specially for Indian investors. Long term capital gain tax and taxation on dividends in the hands of Indian investors should be withdrawn,” ANMI said in a statement.
8. Competition Commission of India Slaps Rs 14 Crore Fine on Jaiprakash Associates
The Competition Commission of India (CCI) has imposed a penalty of nearly Rs 14 crore on Jaiprakash Associates for abusing its dominant market position by imposing “unfair” and “discriminatory” conditions on home buyers. “The Opposite Party (Jaiprakash Associates) perpetrated undesirable industry practices causing substantial harm to the competition and to consumers, ignoring its responsibility as a dominant player to set fair standards of industrial practices for other players in the market to emulate,” CCI said.
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