Business News

Help revive growth, Pranab to India Inc

Saturday, 04 February 2012 09:07

The forthcoming Budget will focus on higher growth and keeping inflation, fiscal and revenue deficits to manageable levels, said Union Finance Minister Pranab Mukherjee here on Friday.

Outlining his objectives, Mr. Mukherjee appealed for cooperation from industry captains, who called on him seeking earnest initiatives from the government to prop up investment and usher in new reforms to energise the growth mechanism.

A 9 per cent plus growth rate over a sustained period and inclusive growth would be possible only with the cooperation of industry and trade, Mr. Mukherjee said.

FICCI President R. V. Kanoria urged the government to contain the fiscal deficit by widening the direct tax base, privatising coal mines, building inventory of government assets and bringing back black money from foreign banks through a one time amnesty.

Oil companies resume fuel supplies to Air India

Friday, 03 February 2012 09:07

State-owned oil companies have resumed jet fuel supplies to Air India after the national carrier promised to pay Rs.268 crore in dues on Friday. Oil company officials said the supplies were being resumed after Air India promised to clear dues by Friday. All the three oil companies — Indian Oil, Bharat Petroleum and Hindustan Petroleum — had jointly stopped air turbine fuel (ATF) supplies to Air India in Delhi, Mumbai, Kolkata, Chennai, Thiruvananthapuram and Kochi from Thursday.

The carrier had failed to honour payments even after the 90-day credit period.

Earlier, Civil Aviation Secretary Nasim Zaidi told PTI that he had asked the Petroleum Secretary not to stop the jet fuel supply to the carrier.

“I have spoken to the Petroleum Secretary not to disrupt (aviation turbine fuel) supplies and he has assured me,” Civil Aviation Secretary Nasim Zaidi said.

Tata to brew Starbucks in India

Tuesday, 31 January 2012 09:04

Starbucks — the iconic American coffee house brand that helped make the beverage ‘cool' worldwide, spurring imitators but also critics — will soon set up shops across India in association with the Tata Group. The joint venture will set up around 50 stores during this calendar year with the first one likely to open in the second half of the year.

Tata Starbucks Ltd., an equal joint venture, will own and operate Starbucks cafes which will be branded Starbucks Coffee ‘A Tata Alliance.' The first retail stores will come up in Delhi and Mumbai.

In a separate sourcing and roasting agreement between the two companies, Tata Coffee (a subsidiary of Tata Global Beverages) will roast coffee to supply Tata Starbucks and to export to Starbucks Coffee Company.

The Tata Starbucks joint venture will operate cafes under the Quick Service Restaurant category. The joint venture will enable an expanded range of beverage offerings for Indian consumers, starting with a premium tea product, branded Tata Tazo.

With more than 17,000 stores globally, Starbucks is a premier roaster and retailer of speciality coffee around the world.