Newsmakers: Micromax chairman calls its quits, Vodafone 4G by year-end and more

GMR looking for buyers for its hotel property in Hyderabad
The GMR group as part of its asset light strategy is now looking for buyers for its hotel property at Rajiv Gandhi International Airport in Hyderabad under the Swiss Challenge model, it said in an exchange filing on Friday. The GMR Hyderabad International Airport (GHIAL), a step-down subsidiary of GMR Infrastructure (GIL), had initiated the process of divesting its equity stake in GMR Hotels and Resorts (GHRL), which owns and manages the Novotel Hyderabad Airport Hotel, in 2013-14 itself.

Govt to remove duty anomalies in medical devices sector
The government is working on several steps, including removing duty anomalies, to boost medical devices manufacturing sector and make it a $50 billion industry in the next five years, a top official said on Friday. Secretary in the Department of Pharmaceuticals, V K Subburaj, said that soon recommendations will be made to rectify the inverted duty structure for the growing medical devices sector.

Micromax Chairman Sanjay Kapoor calls it quits
Indian handset maker Micromax's Chairman Sanjay Kapoor has called it quits, just 15 months after he had joined the company. Kapoor, a telecom industry veteran, had joined Micromax in June last after the company hit the $1-billion revenue mark. Micromax didn't elaborate on the reasons for Kapoor leaving.

PSBs need govt support for viability of social schemes: SBI
SBI chief Arundhati Bhattacharya said on Friday the government needs to think about "ways and means" to sustain social security schemes such as Pradhan Mantri Jan Dhan Yojana in the long run and compensate public sector banks (PSBs) to make such initiatives commercially viable.

Vodafone India to launch 4G service by year-end
Vodafone India on Friday said it will launch its fourth-generation (4G) mobile telephony services by 2015-end, an announcement that comes days after market leader Bharti Airtel rolled out its own. The rollout will match the upcoming 4G commercial launch by Reliance Jio.