INDIA BUSINESS WORLD - JUNE - JULY - 2007

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

CBI LET QUATTROCCHI GET AWAY: THE CENTRAL Bureau of Investigation, backed by the government, literally paved the way for Italian middleman Ottavio Quattrocchi to walk free... More....

SUPREME COURT REJECTS PUNJAB PLEA AGAINST AMARINDER SINGH'S BAIL: THE Supreme Court on June 18 dismissed the special leave petition filed by the Punjab government challenging the anticipatory bail granted to former chief minister Amarinder Singh and others by the Punjab and Haryana high court in the Rs 3,000-crore Ludhiana City Centre scam case... More....

BOMBAY HIGH COURT SLAPS CURBS ON RIL'S KG GAS SALES: THE Bombay High Court has ruled that Reliance Industries, India's largest private sector company, cannot sell gas produced from one of its prime blocks in the Krishna-Godavari basin to any third party other than Anil Ambani's Reliance Natural Resources (RNRL) and NTPC... More....

SUPREME COURT EXTENDS STAY ON BIDDING FOR NAVI MUMBAI-MUMBAI LINK: IN A relief to Anil Ambani group firm Reliance Energy (REL), the Supreme Court on June 25 extended the stay on the bidding process for the over Rs 2,600-crore sea link expressway between Mumbai and Navi Mumbai... More....

SUPREME COURT STAYS TRIAL IN UJJAIN PROFESSOR H. S. SABHARWAL'S MURDER CASE: STAYING the trial in the sensational Ujjain professor H S Sabharwal's murder case, the Supreme Court on Wednesday asked the Madhya Pradesh government to explain what action it has taken against police officers who turned hostile witnesses... More....

RUSSIA SET TO LIFT BAN ON RICE AFTER INDIA ASSURES QUALITY: RUSSIA is expected to lift the ban on exports of rice, groundnut and sesame seeds from India soon... More....

Others..

BUSINESS NEWS

BSNL TO SLASH ROAMING RATES FOR TOURISTS BY 40%: AFTER price wars over domestic roaming rates, BSNL is set to take the battle to tourists visiting India. Starting July, BSNL will slash international roaming tariffs by 40% for tourists using its network in India... More....

GULF INVESTMENT IN REALTY CROSSES $35-BILLION MARK: INVESTMENTS pouring into India's hot property market from the Gulf region have crossed the $35-billion mark. The combined value of the various real estate projects being developed by Gulf-based real estate firms has touched $37 billion or Dh 135.79 billion... More....

INTELENET MAKES A RECORD OF $200M MANAGEMENT BUYOUT DEAL: IN the largest management buyout (MBO) in the country, the management team of BPO firm Intelenet, backed by PE firm Blackstone, has bought out the existing promoters, Barclays Bank Plc and HDFC... More....

WOLFENSOHN'S PRIVATE FUND PICKS 6% IN FABINDIA FOR $11 MILLION: JOHN Bissell's export house of 1958 - better known as Fabindia today -has an unusual backer. Former World Bank president James Wolfensohn's private investment fund has picked up 6% stake in the country's marquee Indian ethnic wear company for $11 million... More....

BANGALORE-BASED BIOCON TO LICENSE INTELLECTUAL PROPERTIES BOUGHT FROM NOBEX INC: BANGALORE-based Biocon has decided to license some of the intellectual properties (IPs) which it acquired from Nobex Inc, according to the company's annual report for 2006-07... More....

BPL CLAIMS RS 1,300 CRORE FROM HUTCH: THE Ruias of Essar Group are in no mood to part with BPL Mobile, the Mumbai-based operator they had acquired on behalf of Hutchison Essar (HEL) last year. In a fresh twist, they have slapped a claim of Rs 1,300 crore on HEL on account of losses suffered by BPL Mobile shareholders... More....

GENPACT TOPS NASSCOM'S TOP 15 EXPORTERS: GENPACT has retained its top slot in software and services industry association Nasscom's annual rankings of the top 15 ITeS-BPO exporters in the country. Mumbai-based WNS Global Services took the number two slot in the rankings based on export revenues for the fiscal 2006-07... More....

SUPREME COURT PUTS ONUS OF PROOF FOR UNDER-INVOICING ON CUSTOMS: THE Supreme Court has ruled that Customs authorities cannot outrightly reject invoice of imported goods on charges of under-invoicing. The onus of proving under-invoicing lies with the department... More....

DEBENTURES, PROMISSORY NOTES SET TO ATTRACT LOWER STAMP DUTY: STAMP duty on debentures and promissory notes is expected to be reduced soon. The government is likely to notify reduction in stamp duties on the financial instruments in two weeks... More....

Others..

NEW DEVELOPMENTS AND JOINT VENTURES

GIC IN JV WITH ANANT RAJ INDUSTRIES: SINGAPORE-BASED investment management firm GIC is forming two separate joint ventures (JV) with Delhi based infrastructure development group Anant Raj Industries... More....

INDIA HOSPITALITY CORP ACQUIRES MUMBAI'S MARS RESTAURANTS: INDIA Hospitality Corp (IHC) is buying Mumbai's Mars Restaurants from Malaysian private equity fund Navis Capital Partners. It also has the option to buy restaurant chain Nirula's from Navis by the year-end... More....

WIPRO ACQUIRES SINGAPORE-BASED FMCG CO UNZA: WIPRO reminded the world of business that it takes its non-IT portfolio as seriously as its IT business, by sealing the largest takeover deal in the FMCG space in recent times. It bought Singapore based FMCG company Unza for $246 million in an all-cash deal... More....

Others..