The Government will review petrol and diesel prices on January 31 and a reduction is likely if international crude prices fall further."There will be a review on January 31. If the current average continues there will be no cut. For a reduction to happen prices have to fall further," Petroleum Secretary M S Srinivasan told reporters.

International crude prices have fallen to 19-month-low this month. The Indian basket of crude oil is currently averaging around 51 dollar a barrel and a reduction in petrol and diesel prices was possible only if crude prices slip below 50 dollar a barrel on a sustained basis.

Earlier, Srinivasan had said that the government may reduce petrol and diesel prices if the current fall in international oil prices continues and crude declines below 50 dollars a barrel level.

Courtesy : Express India

Hinduja group has received a proposal from potential sellers to buy a part stake in Telecom Italia, Europe's fifth-largest telecoms group, a company source said on Friday."We have got many proposals and Telecom Italia is one such proposal," a senior executive at the Hinduja told Reuters. "But nothing has been firmed up as yet ... we are examining it."

The source, who did not want to be identified, declined to reveal who was offering the stake.

The Financial Times reported on Friday that Hinduja was considering buying a part of a controlling stake in the Italian firm.

Courtesy : Express India

India's Sunil Mittal has been adjudged Asia's Businessman of the Year by prestigious US magazine Fortune for steering his telecom business in the world's fastest growing wireless market.

In a lead article in its latest issue, Fortune said after establishing Bharti Airtel as India's number one mobile service provider, Mittal is now forging his 'most audacious' foreign partnership yet.

"In November, he announced that Bharti will team with Wal-Mart to transform India's under-developed retail market," the report said.

Courtesy : Express India