India Inc is moving to Dubai in droves as the emirate eases ownership rules
Reliance Industries chairman Mukesh Ambani may have made headlines for buying a beachside mansion in Dubai recently, but he is not the only Indian eyeing the city for investment.
Since Dubai allowed foreign investors full ownership in certain sectors in June 2021, a cluster of Indian companies have relocated or expanded to the desert city. The list even includes a kindergarten, a primary and secondary school, and a hotel that has sought 100 percent ownership. Read more
Morbi’s rank collapse tax to 132; two are missing, the search continues
The death toll in the Morbi bridge collapse rose to 132 on Monday, Gujarat Home Minister Harsh Sanghavi said, adding rescuers were looking for two people believed to be missing.
Rescue operation is in final stage in Machchhu river. It will be completed soon, the minister told reporters.
According to the latest information, 132 people lost their lives in the tragedy and two are still missing, said the minister. Read more
There are no plans to leave Kerala, it will employ around 600 people, says Byju’s
Byju’s has said it has no plans to leave Kerala and is setting up three centers in the state and employing around 600 people. The edtech company, which is valued at $22 billion, aims to be profitable by March next year.
With this, the total number of Byju institutes across the state will be 14 and these are a mix of corporate offices and study centres. The number of workers in the state will increase from 3,000 to 3,600. Read more
Survival of discoms in doubt now: PowerMin to state govts
The Union Ministry of Power has raised questions about the viability of state-owned power distribution companies (discoms) and their rapidly increasing losses and debts. Even if the discoms had a tax increase every year, they would still find it difficult to pay their debts, the ministry observed.
This comes as the New Improved Distribution Sector Plan for discoms continues and the Electricity (Amendment) Bill, 2022, has proposed major changes in the electricity distribution sector. Read more
During the Made-in-India passenger plane, says Prime Minister Narendra Modi
Prime Minister Narendra Modi said on Sunday that he can see that India will soon manufacture large passenger planes that will carry the proud words “Made in India”. He was speaking at the foundation stone ceremony of the Tata-Airbus C-295 aircraft manufacturing facility in Vadodara, Gujarat. The Rs 22,000 crore project is seen as a victory for Gujarat ahead of the assembly elections. Read more