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INDIA
BUSINESS WORLD -
FEBRUARY 2006
THE MONTH THAT WAS
News & important
developments from the most prospective of the New World markets…….
India. Our effort is to provide you with the latest and relevant
developments that take place in the Indian business, economic
and legal environment.
ECONOMIC
& LEGAL NEWS
MNC WITH CAPTIVE BPO CAN'T BE TAXED : Foreign companies outsourcing BPO and KPO work to Indian arms can breathe easy about their tax liability here.
MITTAL CLEARS REGULATORY HURDLE, HITS POLITICAL BAR : LN Mittal's unsolicited bid to take over Arcelor SA hit fresh political roadblocks even as it cleared its first regulatory hurdle with three local European market regulators clearing its cash-cum-stock offer.
SEZ RULES TO CUT RED TAPE, ATTRACT RS 1,00,000 CRORE : In a bid to attract large investments, the government has come out with a comprehensive package for special economic zones (SEZs), sweetened with liberalised set of rules.
GSPC STRIKES GAS IN TARAPUR BLOCK : Gujarat State Petroleum Corporation (GSPC) has struck gas at its Tarapur oil block in Anand district of Gujarat.
SINGAPORE ASKS SBI TO GET A GUARANTEE : It has come as a rude shock to an institution that is considered a proxy for the Indian economy, an institution that had borrowed hard currency to help a nation hit by sanctions .
IMPORTS CROSS $100 B WHILE EXPORTS ON TARGET AT $75 B : Driven by strong growth in oil imports, the country's import bill for April 2005-January 2006 has crossed the $100-billion mark, registering a growth of 26.6%. Exports, on the other hand, have grown 18.8% to $74.9 billion during the first 10 months of the financial year .
NEW RULES FOR FDI IN BRANDED RETAIL : Paving the way for foreign direct investment (FDI) to flow into branded retail, the government has issued guidelines that will govern such investments. Rules have also been issued for permitting FDI in a number of areas .
HC STAYS MOVE TO SET UP NATIONAL TAX TRIBUNAL : The government's plan to recover tax arrears of Rs 70,000 crore locked up in litigation between taxpayers and tax authorities suffered a major set back as the Bombay High Court clamped a stay on setting up a National Tax Tribunal (NTT) .
BUSINESS
NEWS
RELIANCE INFOCOMM, COMM OKAY RS 4,500-CR WRITEOFFS : Reliance Infocomm and Reliance Communications Infrastructure, the two major operating companies under Reliance Communications Ventures (RCVL), have approved writeoffs and provisions aggregating approximately Rs 4,500 crore
SERUM OPENS INDIA'S FIRST BIOTECH SEZ : SERUM Institute of India (SIIL), the Rs 600-crore vaccine manufacturer, unveiled the country's first biotech SEZ at its Hadapsar location today.
COKE PUTS CAP ON BOTTLERS FOR A COOL SUMMER : At the behest of the parent in Atlanta, the company has got its 24 bottlers (including its own) to sign what it calls a ‘transhipment protocol'.
MALLYA, KISHORE CHHABRIA ON COLLISION COURSE AGAIN : Fresh trouble is brewing with the latter opposing Mr Mallya's plans to merge Herbertsons with a consolidated liquor conglomerate, United Spirits (USL). Kishore Chhabria's dissent came at Herbertson's court convened EGM to consider the composite scheme of merger held in Mumbai on February 7 '
NIMBUS RISES ABOVE ALL FOR RS 2,755CR BCCI DEAL : Harish Thawani-led Nimbus won the contract for satellite and domestic television rights with a winning bid of $612 mn (Rs 2,755 crore), beating ESPN Star Sports
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NEW
DEVELOPMENTS AND JOINT VENTURES
WIPRO BUYS CMANGO IN $20-M DEAL : Continuing with its ‘string of pearls' acquisition strategy, IT major Wipro is acquiring cMango Inc, a Sunnyvale
HSBC SELLS 7.19% IN UTI BANK : The British bank HSBC has sold a bulk of its shareholding in UTI Bank, two years after it had acquired a 14.71% stake in the local bank
IOB APPROVES 171CR BHARAT OVERSEAS BANK BUYOUT PLAN : The board of Indian Overseas Bank (IOB) approved the planned buyout of Bharat Overseas Bank (BhOB) .
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