New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Essar Oil renamed as Nayara Energy

Essar Oil, owned by Russian firm Rosneft and partners, on Thursday said it plans to change its corporate identity to Nayara Energy.

Rosneft and its partners completed the $12.9-billion acquisition of Essar Oil last August, entering the world's fastest-growing Indian energy market.

"Essar Oil (EOL) is seeking approval to change its corporate identity to Nayara Energy. The new corporate identity for EOL is in line with the company's strategy to create a new brand and identity, reflecting the new ownership and its ethos," the company said in a statement.

MTNL wants govt to reimburse Rs 2,800cr interest on spectrum loan

State-run MTNL, fighting hard to survive, has written to the department of telecom to reimburse the interest component of Rs 2,800 crore on a loan it had taken earlier to acquire the BWA spectrum and also to fund its proposed Rs 1,100 crore VRS programme, a senior official said.

Gionee unveils two smartphones in India

Chinese mobile maker Gionee India launched two new smartphones F205 and S11 Lite on Thursday in New Delhi. The company showcased both the phones last year in China.

With better camera specification and features like full view display and face unlock the F205 and S11 Lite will be priced at Rs 8,999 and Rs 13,999 respectively.

Ford launches Freestyle @ Rs 5.09 lakh

Ford India on Thursday launched its cross-hatchback Freestyle in India four-wheeler market. The Ford Freestyle has been priced at Rs 5.09 lakh, while the diesel variant starts from Rs 609,000, both prices are ex-showroom. The Freestyle is a crossover offering based on the Figo hatchback. Ford dealerships have already commenced bookings and the deliveries should start shortly. Ford Freestyle competes with likes of the Maruti Suzuki Ignis along with other cross-hatchbacks like the Toyota Etios Cross, Fiat Avventura, Hyundai i20 Active.

Direct selling industry reports 24% sales rise

Despite growing at 8.42 per cent in the past 5 years, the Indian direct selling industry is facing a big chall­e­nge from e-commerce fir­ms as they trade direct selling pro­ducts on their own.

According to the Indian Direct Selling Association’s an­nual report 2016-17, rele­a­sed by Niti Aayog vice-ch­a­i­r­man Rajeev Kumar on Tuesday,  the direct selling in­dustry of­f­er big opportunities in ter­ms of economic gro­wth, self-employment and women empowerment.

CBI books top, retd IDBI Bank officials in Rs 600cr loan fraud

CBI has booked top officials of two public sector banks, a former CMD of IDBI Bank, former Aircel promoter C Si­v­asankaran, his son and co­mpanies controlled by him in connection with an Rs 600 crore loan fraud, officials said on Thursday.

CBI has named 15 bank officials who worked at senior levels at IDBI Bank in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivas­a­n­karan in its FIR registered on a complaint from the ce­ntral vigilance commission, they said.

Govt non-committal on cutting fuel prices

The government does not seem to be in a mood to act on rising petrol and diesel prices even though it knows fully well that it will have to pay a heavy price for ignoring public ire. The common man is reeling under ever increasing fuel prices. So far this year, petrol prices have gone up over Rs 4.5 a litre and diesel Rs 6 per litre.

Prospective bidders seek major clarifications on AI sale terms

As there is a flurry of issues regarding the terms of Air India sale, prospective bidders have now sought clarifications from the government. Civil aviation secretary RN Choubey on Thursday said interested parties have raised significant and important issues related to the disinvestment and the government will reply to them.

Battle for Essar Steel Nu Metal moves NCLAT against ArcelorMittal

Russia’s VTB Capital-backed Nu Metal has moved the National Company Law Appellate Tribunal (NCLAT) against an order allowing rival ArcelorMittal to clear bank dues of associate companies so that it can become eligible for the acquisition of Essar Steel. The NCLAT here is likely to hear the petition on Friday, a day when a panel of lenders to Essar Steel is also slated to meet to decide if fresh bids are to be called.