Essar Steel is the best fit for ArcelorMittal to put Lakshmi Mittal’s stamp in the world’s fastest growing market, a top executive at the Luxembourg-based company said.

“We have been interested in entering India for a long time. This opportunity has come up now. We have looked at it and the other alternatives, too,” Brian Aranha, head of global strategy at the world’s largest steelmaker, told ET on Tuesday.

Indian automaker Mahindra & Mahindra and Korean battery manufacturer LG Chem signed a deal to collaborate in the field of advanced lithium-ion power storage technology.

LG Chem will develop a unique cell exclusively for India application and also supply Li-ion batteries based on NMC (nickel-manganese-cobalt) chemistry with high energy density.

State-run telecom firm BSNL plans to roll out 4G services across India by the end of this year with an investment of about Rs 250 billion.

"We are awaiting spectrum allocation from the government in 2100 MHz band to launch 4G VOLTE service. By the end of this year, we will roll out 4G services across country where we operate," BSNL Chairman and Managing Director Anupam Shrivastava told PTI here.

In an unprecedented move, the Navi Mumbai airport developer GVK Group has asked two government bodies--Cidco and JNPT--to cough up a part of the cost incurred on foundation stone-laying ceremony attended by Prime Minister Narendra Modi.

The airport developer claims it has incurred around Rs 10.34 crore for the mega event at the Ulwe node of the satellite city, where Modi also formally inaugurated the fourth terminal of the country's largest container port, JNPT on Febaruary 18.

Hyundai Motor showcased the Next Generation Fuel Cell Electric Vehicle (FCEV) - Hyundai NEXO and Global Electric Vehicle - IONIQ (Battery Powered) during the India Korea Business Summit 2018 held here.

Present at the India Korea Business Summit, S H Kim, Vice President, Namyang R&D Centre, Hyundai Motor Company, said, "We are glad to participate in the 2nd India-Korea Business Summit 2018.

The Singapore Tourism Board (STB) announced its strategic partnership with Paytm, a homegrown mobile-first financial services platform, thus making STB the first National Tourism Organisation (NTO) to partner with the latter.

As a part of this partnership, Paytm would run joint promotions on its platform to promote Singapore tourism. This will bring Singapore's tourism offerings to Paytm's 300 million strong users.

The government is likely to include call and put options in the share purchase agreement of Air India to profitably sell its residual stake in the airline after strategic disinvestment.

A put option gives the existing shareholders the right to sell securities at a specified price, thereby providing an exit route from the company. A call option allows the buyer to acquire shares at a predetermined price, which is usually above the current price, within a limited time period, allowing it to increase its shareholding in the company.

The Securities and Exchange Board of India (Sebi) is likely to accept information technology major Infosys’ consent plea to settle charges of disclosure lapses pertaining to the severance package paid to former chief financial officer (CFO) Rajiv Bansal.

According to sources, the matter involves “minor disclosure lapses”, which, according to Sebi rules, could attract a penalty of a mere Rs 800,000.

Faced with pricing pressure, large Indian pharmaceutical companies are focusing on selective product launches in the US market. The move comes amid increasing competition in the generic drug space and customer consolidation, which are impacting the companies' profits.

“I do not think we are going to file more than 20 products in a year, but we will choose them well. Nowadays, in the US, you think you have a very good product but there are eight companies filing the product on day one and then there another five after that.

BENGALURU: Amazon India has set up 15 specialised fulfilment centres (FCs) to ramp up its daily essentials and consumables business for Amazon Now. The company, which has taken the hyperlocal delivery platform to the top four metro cities, will be utilising the new warehouses to meet demands for its two-hour express deliveries as well as scheduled ones on Amazon Now.

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