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INDIA
BUSINESS WORLD -
SEPTEMBER 2005
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
CBDT FINALISES FRINGE BENEFIT TAX : The long-awaited explanatory
circular on fringe benefit tax (FBT) issued by the Central
Board of Direct Taxes (CBDT) may provide no comfort to employers
DRAWBACK BOOSTER FOR HANDICRAFT EXPORTS : The department of
revenue announced a new package to boost sagging exports of
handicrafts on September 2
DFCE
TAKES OFF : The muchavailed incentive scheme
to reward exporters for growth has finally taken off.
SUPREME
COURT OBJECTS MINING IN ORISSA : ASupreme
Court-appointed committee has objected to Vedanta Aluminium's
plan to carry out bauxite mining in the Niyamgiri and Karlapat
region of Orissa, saying that such a move will adversely affect
the region's environment.
RBI
NOD TO CENTURION, BOP MERGER, SWAP RATIO SET AT 9:4 :
The Reserve Bank of India (RBI) has approved the merger of
Centurion Bank and Bank of Punjab, to be effective from October
2005.
BUSINESS
NEWS
MALLYA TO CONSOLIDATE ALL LIQUOR INTO UNITED SPIRITS : The
UB group has formally announced the consolidation of its spirits
business into a single entity, United Spirits.
HC ORDERS STATUS QUO ON ESCORTS SALE : Ranbaxy promoted Fortis
Health Care's plans to take over the Escorts heart institute
suffered a setback with the Delhi High Court today ordering
the institute and seven others to maintain status quo regarding
its sale till November 22.
UTI
AMC GOES TO ITS SPONSORS LOCK, STOCK, BARREL :
The four sponsors of UTI Asset Management Company - SBI, Punjab
National Bank, Bank of Baroda and LIC got government approval
for becoming its owners from October 1.
DRAFT
TRANSMISSION POLICY OUT :The ministry of power
has prepared a draft policy for private investment in the
transmission segment of the power sector hoping to encourage
private players.
NEW
DEVELOPMENTS AND JOINT VENTURES
INFOSYS & TCS LAND $500M ABN AMRO CONTRACTS : The $1.8
billion outsourcing deal from ABN Amro deal has brought the
largest-ever contracts for two Indian IT majors - Infosys
and TCS.
ICICI
VENTURE BUYS RANBAXY'S ALLIED BUSINESS FOR RS 125 CR :
ICICI venture has acquired the allied business operations
of domestic pharma major, ranbaxy laboratories
PRU-ICICI,
DSP MERRILL BUY 7.4% OF OCL INDIA : Prudential
ICICI and DSP Merrill Lynch have together acquired a 7.4%
stake in Orissabased cement and refractory manufacturer, OCL
India, for a consideration of Rs 40 crore.
PARAKH
FOODS CALLS OFF JOINT VENTURE WITH CARGILL :
It's been an exceptionally short marriage. Parakh Foods is
exiting its joint venture with Cargill India less than a year
after the two players got together to sell branded cooking
oil.
TATA
MOTORS ENTERS INTO MOU WITH FIAT : Indian
automobile major Tata Motors and Italy's Fiat S.p.A today
announced the signing of a Memorandum of Understanding (MoU)
to analyse the feasibility of co-operation, across markets,.....
HUTCHISON
TO ACQUIRE BPL MOBILE COMMUNICATIONS AND BPL MOBILE CELLULAR
: Hutchison Essar has entered into an agreement
to acquire BPL Mobile Communications (BPL Mobile's Mumbai
circle) and BPL Mobile Cellular (the state circles of Kerala,
Tamil Nadu and Maharashtra).
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