Top 10 biz headlines: Crackdown on shell firms, FPI registration, and more

From LNG project to HCL contract with cricket Australia, Business Standard brings you stories that made the headlines on Wednesday

Railways set to hive off production units in corporatisation drive
 

The Indian Railways is coming up with a plan to hive off its production units and associated workshops into a new government-owned entity—Indian Railway Rolling Stock Company. The move is part of an overall strategy to corporatise the functioning of the organisation.

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ED arrests two former IL&FS executives in alleged money laundering case
 

The Enforcement Directorate on Wednesday arrested two former executives in connection with its money laundering probe in the IL&FS alleged financial irregularities case, officials said.

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Legacy issues may keep Tata group away from investing in Air India
 

The Tata group is not keen to bid for Air India due to legacy issues with the airline, which may create legal hurdles in the acquisition later, said sources close to the development. Instead, the group will grow and invest in its two joint venture airlines, Vistara and AirAsia India, with its fleet size going up to 200 aircraft in the next few years.

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Diesel is not part of Renault's future India strategy, says CEO Bollore
 

The recent report of NITI Ayog on groundwater level says 21 Indian cities including Delhi, Bengaluru, Chennai and Hyderabad - will run out of groundwater by 2020, affecting around 100 million people.

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Corporate Affairs Min may amend LLP Act to tighten noose on shell firms
 

The Ministry of Corporate Affairs (MCA) is planning to tighten the norms for companies seeking to convert into limited liability partnerships (LLPs). The move is meant to keep a check on shell companies. For this purpose, the ministry is likely to amend the LLP Act.

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HCL Technologies signs multi year contract with Cricket Australia
 

At a time when the ongoing men’s Cricket World Cup is keeping fans around the world busy, and emotions are running high, HCL Technologies has signed a multi-year contract with Cricket Australia, the governing body of Australian cricket.

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Sebi's separate FPI registration plan draws flak from investors
 

The Securities and Exchange Board of India’s (Sebi’s) recommendations to make it mandatory for sub-funds with segregated portfolios to take separate FPI registrations have invited strong opposition from foreign portfolio investors (FPIs). They fear such a move could compel them to liquidate their holdings, incur huge costs, and potentially disrupt the Indian stock market.

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Harley-Davidson, Hero gear up for India ride
 

US-based Harley-Davidson Motor Co. is in talks with India’s largest two-wheeler maker, Hero MotoCorp Ltd, to outsource the production of 250-500cc motorcycles that the iconic motorbike maker plans to develop for emerging markets, four people aware of the matter said. The talks are still at a preliminary stage and both sides are keen to explore a potential alliance that would make Harley-Davidson motorbikes more affordable in India, these people said on condition of anonymity. Fully-built imported Harley-Davidson motorbikes attract customs duty of 50%. Building them in India will help bring down the price, reports LiveMint.

GSTN-like body on cards: Govt plans co to screen and rate borrowers
 

The government is considering a proposal on creating a special purpose vehicle (SPV) similar to the Goods and Services Tax Network (GSTN) to monitor and screen commercial borrowers, reports The Economic Times.

ONGC Videsh, partners to invest $20 b in Mozambique LNG project
 

ONGC Videsh Ltd, the overseas investment arm of ONGC, and its consortium partners have announced the Final Investment Decision (FID) in the Mozambique LNG project, reports BusinessLine.