• Automatic approval may be selectively scrapped
• RBI unveils new steps to counter slowdown
• Chidambaram hints at tax breaks in interim Budget
• Harris set to buy Telsima for $55m
• HC notice to TRAI on spectrum
• IHC likely to exit Mars
• Carlson & Bistro to expand with Friday’s American Bar
• According to sources, govt is considering a proposal to bring about comprehensive changes in the FDI policy which includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity. Under the new proposal, clearance from the FIPB will be mandatory in all cases in which ownership or control (or both) of an Indian company is being transferred to a foreign company through acquisition or merger or in a new company in which the FDI is accompanied by foreign control and majority ownership. (BS)
• RBI has announced more measures to help banks and corporates tide over the effects of the domestic slow down and global economic crisis. The measures include extending the timeline for forex swap facility, restructuring of non-performing assets and broad-basing the information-sharing among banks under multiple banking arrangement and raising interest rates for export credit. (FE)
• Former finance minister P Chidambaram has hinted at tax breaks in the interim Budget on February 16, which had so far been seen as tax-neutral. Chidambaram has said that the government is not restrained from announcing tax and policy changes in a vote- on-account. (FE)
• According to sources, US wireless service provider Harris Stratex Networks is set to acquire a majority stake in Telsima, a five year-old India-focused WiMax solutions firm backed by marquee valley investors, for $55 million. Harris Stratex is expected to announce the deal later this month. (ET)
• Delhi High Court has issued notice to telecom regulator TRAI seeking its response on a petition challenging government's recent policy on spectrum allocation, including the first-come-first-served norm. (ET)
• According to sources, London Stock Exchange-listed India Hospitality Corp (IHC) is looking at selling a substantial stake in or completely exiting Mars Restaurants, Mumbai-based owner of Tendulkar’s and Not Just Jazz By The Bay. IHC is learnt to be valuing the business at around $150 million and Mars Restaurants has mandated an investment bank for raising about $60 million for expanding its hotel and restaurant operations. IHC could also explore an exit at the right valuation. (ET)
• Hospitality and travel firm Carlson Hotels and its Indian partner Bistro Hospitality plan to introduce a new restaurant brand, Friday’s American Bar (FAB), to reach out to a more price-conscious consumer segment. Carlson and Bistro Hospitality will also invest Rs 60-70 crore in the new brand and their existing premium restaurant brand, Thank God It’s Friday (TGIF). (ET)
