Top headlines: Tata group mulls chips business, FM speaks on scrapping tax

Business Standard brings you top headlines this morning

Tata group is looking to enter semiconductor manufacturing, Chairman N Chandrasekaran said on Monday. The Finance Ministry on Monday said a Bill to end retrospective taxes will encourage companies to invest in India 

More on those stories in our top headlines: 

Indian promoters likely to give personal guarantee on foreign assets

In a major shift from its earlier stance, the Reserve Bank of India (RBI) on Monday proposed allowing Indian promoters to issue personal guarantees for overseas firms in which they have acquired a controlling stake, albeit with limits. At the same time, an Indian company can pledge its foreign shareholding to raise funds overseas.

Local companies can even pledge their Indian assets to raise funds for overseas entities, but within prescribed limits. The guarantees, either by an individual or a corporate entity in India, should not be “open-ended”. Read more

 

Jhunjhunwala's Akasa Airlines in talks with Boeing for up to 100 Max jets

Rakesh Jhunjhunwala-backed new airline Akasa is in talks with US aerospace company Boeing for buying up to 100 737 Max aircraft.

Former Jet Airways CEO Vinay Dube and his family members are promoters while ex-IndiGo president Aditya Ghosh is a board member of the airline. The airline is in negotiation with Boeing and has reached out to the government to recertify the aircraft which has been grounded since 2018 after two crashes killing 349 persons, according to sources in the know.  Read more


'Chawl' revamp to slash Central Mumbai realty prices by up to 25%

One of Mumbai's biggest real estate redevelopment projects of Bombay Development Directorate's (BDD's) chawls (large buildings divided into many separate tenements, offering cheap, basic accommodation) has taken off in Central Mumbai, opening up a Rs 20,000-crore opportunity for real estate companies. Read more

Tata group is looking to enter semiconductor manufacturing

The Tata group is looking to make a foray into semiconductor manufacturing and it has set up a business to seize the opportunity, Chairman N Chandrasekaran said on Monday.

“At the Tata group, we have already pivoted into a number of new businesses like electronics manufacturing, 5G network equipment as well as semiconductors, in all probability,” he said while speaking at the annual general meeting of the IMC Chamber of Commerce and Industry. Read more

Maruti Suzuki sales at lowest in 6 years

Maruti Suzuki is facing its biggest challenge in nearly two decades thanks to the economic slowdown and the impact of Covid-19. Its production declined for the third consecutive year in financial year 2020-21 (FY21) to an 11-year low, while sales volume contracted for the second year to the lowest since FY15. Read more