Former telecom minister A. Raja and his family may have to give up control of a lot of their property. The Enforcement Directorate plans to attach property bought by Raja and some of his family and friends. The property in question is estimated to be worth Rs1,500 crore. Investigators believe the purchase of the properties was funded by kickbacks from the 2G scandal.
Meanwhile, the Enforcement Directorate is going to register a case against corporate lobbyist Nira Radia. The case will be under the Prevention of Money Laundering Act. Radia’s firm Vaishanvi Corporate Communications denies she has done anything wrong.
GMR Infrastructure is looking for private equity for its airport unit. The company wants to raise $150 million for GMR Airport Holdings. It’s now seeking government approval. GMR’s chief financial officer Subbarao Amarthaluru said the potential deal would not involve any dilution of stake. Instead, it’ll be a product compulsorily convertible when the unit floats publicly. GMR Airport Holdings currently runs the Hyderabad and Delhi airports.
Aviation regulator DGCA is going after airlines that flouted one of its directives. On Tuesday it announced it had taken action against four carriers for landing their planes at Goa’s airport during prohibited timings. About a week ago, DGCA sent out a notice to carriers telling them not to fly in and out of the Goa airport at certain times. That’s because an important ground-based navigational aide was undergoing repairs.
Finally, with the summer coming, personal care products company Emami is looking to make a splash. It plans to launch a new range of skin care products in Mat under the brand ‘Pure Skin.’ The firm has an exclusive rights agreement with Swiss company Mibelle Biochemistry, which developed the technology. The deal is valid for a period of four years.