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INDIA
BUSINESS WORLD -
FEBRUARY 2005
THE MONTH THAT WAS
ECONOMIC
& LEGAL NEWS
HIGHLIGHTS
OF THE BUDGET 2005- 2006
FOREIGN
DIRECT INVEST CEILING FOR TELECOM INCREASED TO 74%:
The Union Cabinet today cleared a hike in foreign direct investment
(FDI) ceiling for telecom services from 49% to 74%.
EPF
INTEREST HIKED: The government has hiked the
interest rate paid to Employees Provident Fund (EPF) subscribers
from an interim 8.5% to 9.5% ...
BSNL
CHALLENGES TRIBUNALS ORDER: BSNL has challenged
before the Supreme Court an order of the telecom appellate
tribunal asking it to extend its reduced tariff package for
50-200 km distance..
FIPB
TO PROBE MATHER & PLATT FDI: The government
is planning to look into Mather & Platt India, part of
the Chhabria-controlled Jumbo Group, as it is reported to
be engaged in trading activities without any specific approva
PIFZER
TAKES RANBAXY TO COURT OVER PATENT BREACH : Pharma
major Pfizer has filed a lawsuit against Ranbaxy and Teva,
alleging infringement on its product Accupril (generic Quinapril).
Teva and Ranbaxy together launched this product in the US
market last December.
BUSINESS
NEWS
DRUG
COMPANIES TO PAY EXCISE ON 60% MRP: In a partial
relief to drug makers, the finance ministry today allowed
them to assess the excise duty on 60% of the declared retails
price, as against the existing 65%.
PROMOTERS
MUST PAY FOR COMPANIES LIABILITIES: Directors
and promoters who are knowingly party to any wrong doing would
be personally liable for all or any of the liability of the
firm
MALLAYA
MAKES A HOSTILE BID IN SHAW WALLACE: The Vijay
Mallya-controlled United Breweries (UB) group has announced
an open offer for a 25% stake in Shaw Wallace & Company
(SWC),
FOREIGN
INSTITUTIONAL INVESTORS INVESTING MORE IN INDIAN EQUITIES
: Foreign institutional investors have invested
more money in Indian equities than in Korean or Taiwanese
equities.
JINDAL
ALLEGES IRREGULARITIES IN SALES DEAL WITH PRAXIR :
A
dispute has erupted between partners Jindal Vijayanagar Steel
(JVSL) and Praxair, the US-based industrial gas major. JVSL
has alleged irregularities in the sale of products from Jindal
Praxair Oxygen (JPOCL) to Praxair India (PIPL) — a wholly
owned subsidiary of Praxair and customer of JPOCL.
NEW
DEVELOPMENTS AND JOINT VENTURES
SBI
ACQUIRES MAURITIAN BANK FOR $10 MN: the State
Bank of India (SBI), the country’s largest bank, has
acquired the control of Indian Ocean International Bank, a
Mauritius-based category-one bank.
ISPAT
COMPANY BAGS MINING DEALS IN NIGERIA: Global
Infrastructure Holding company (GIHL), an overseas special
purpose vehicle promoted by Pramod and Vinod Mittal of the
Ispat group, has acquired iron ore mining concessions for
two mines in Nigeria with estimated reserves of over 300m
tonnes.
SCOTTISH
& NEWCASTLE GETS GOVT CLEARANCE FOR 37.5% IN UB:
The government has shown green light to the UB-S&N deal,
triggering off the largest transaction in the liquor industry.
RENAULT
SET TO DRIVE INTO INDIA
:
Mahindra is all set to finalise its joint venture with French
auto major Renault. The utility and farm equipment major is
likely to form a 51:49 joint venture with Renault to manufacture
the low-cost sedan, Logan, in India, with the Indian company
holding the majority stake.
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