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Tatas to return land if 'meaningful negotiations' held: Sen
The Tata group has agreed to hand over the land alloted for its abandoned Nano project at Singur "if there was meaningful negotiation", West Bengal Industry Minister Nirupam Sen said here today.

Coca-Cola: No burn-out
Coca-Cola launched its energy drink brand Burn in the Indian market a few days ago, targeting high-spending, young, urban consumers. Positioned as an after-hours drink, Burn is setting its sights on pub-goers and the clubbing crowd.

News of the day

State's cotton crop likely to rise 15%
Despite recent floods in northern districts and subsequent damage to the standing crops, Karnataka, the sixth largest producer of cotton in the country, is likely to increase its cotton output this year by around 15 per cent to a little over one million bales (1 bale = 170 kgs). The state, which produced 900,000 bales of cotton from 390,000 hectares in 2008-09, had earlier set a target of 25 per cent growth in cotton output and 21 per cent increase in area under cultivation at 490,000 hectares.
Public Relations

Assocham calls for consolidation of banks

Industry body Assocham today called for consolidation in the Indian banking sector without any delay to enhance global competitiveness, despite dithering of RBI on the issues. - Private hospital sector may touch Rs 2 lakh cr by 2012: Study - Bring petrol, diesel under uniform VAT: Assocham - Assocham suggests setting up coal trading - "Retail sector to grow $410 bn by 2010" - Power gets a big chunk of private equity pie - Infra sector gets Rs 6,500 cr PE investments since Jan "08 According to study the size of Indian banks in terms of their assets is very small to make optimal use of their capacities for raising funds at globally competitive rates. The balance sheets of top 10 Indian banks suggest the greater scope of consolidation to reap the benefits of large sized globally competitive Indian banks, it said. The banks are not able to compete globally in terms of fund mobilisation, credit disbursal, investment and rendering of financial services as they are hampered by the fragmented nature of the banking industry. "Therefore, consolidation to certain degree is highly warranted to ensure substantial increase in assets base of Indian banking system, besides enhancing their global competitiveness," Assocham President Swati Piramal said. Dispelling apprehension about the likelihood of a big bank failure in India, the study states that the size of Indian banks is relatively very small as the combined assets of top ten banks constitute less than 60 per cent of the GDP. Unlike, the banking system of European economies, where even after the global financial turmoil assets of only top five banks has grown to four times of GDP.


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