A group company of Reliance Industries and Jai Corp, a company promoted by Mukesh Ambani's close associate Anand Jain, have invested nearly $1 billion in Mumbai SEZ, Navi Mumbai SEZ and Revas Port projects so far.
Both the entities intend to invest nearly $10 billion on infrastructure at the SEZs over the next two to three years. All the infrastructure for the SEZs such as roads, bridges and linkages will be completed by then, Jain, who is the chairman of the Navi Mumbai SEZ, said today.
Jain is expecting the notification for the NMSEZ, promoted City and Industrial Development Corporation of Maharashtra (CIDCO) Jai Corp and Reliance, by the end of the month.
IT firms should innovate to survive: Premji
Wipro chairman Azim Premji today said the Indian IT sector should continue to innovate for overcoming challenges and survive in a globally-competitive world.
"Despite many obstacles, the Indian IT sector is growing stronger. Innovation is the key driver of growth. There should be innovation in products, research and development, technology, organisational structure, business model and processes. Indian companies should follow this model to remain successful," Premji said while delivering the keynote address of the Freescale Technology Forum here
Unitech to invest Rs 4,000cr in Mumbai
Unitech, the country's second largest realty developer by market capitalisation, will foray into Mumbai with a commercial project spead over 80 acre near the Bandra Kurla Complex.
The company will be investing nearly Rs 4,000 crore in the project over the next three years.
SBI close to getting govt nod for rights issue
State Bank of India (SBI) is close to getting government approval for its proposed rights issue to raise funds for greater risk provisioning and credit needs.
"The government is in the final stages of approving it," SBI chairman O P Bhatt told reporters on the sidelines of a conference here.
The bank is likely to raise Rs 17,000-18,000 crore through the rights issue to meet regulatory requirement and business growth.
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