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INDIA
BUSINESS WORLD -
OCTOBER 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
RANBAXY
SUES BARR, TEVA OVER ALLEGRA : Ranbaxy Laboratories
said it has sued rival generic drug makers Barr Pharmaceuticals
and Teva Pharmaceutical in a dispute over generic versions
of the popular allergy medicine Allegra.
FINANCE MINISTRY
EXTENDS DEPB SCHEME BY 3 MONTHS : The strangulation
of the duty entitlement passbook scheme (DEPB) scheme at the
hands of the Ministry of Finance continues. Exporters have
got only three months extension to the exemption notification
on the DEPB scrip
SETTLEMENT COMMISSION
CAN LOOK INTO FRAUD CASES : The Bombay High Court
has ruled that the Settlement Commission, set up for customs,
central excise and income tax matters, can solve all cases
of dispute even those relating to fraud.
SETBACK FOR
RANBAXY AS UK COURT BLOCKS LIPITOR COPY : The
world's largest drug maker, Pfizer Inc today protected its
top selling drug Lipitor from an ambitious attack by Ranbaxy
Labs on the cholesterol lowering drug's market monopoly in
Britain.
NTC LAND SALE
ANNULLED : The Bombay High Court today threw the
city's real estate industry into turmoil while causing considerable
embarrassment to the Maharashtra government when it struck
down a rule formulated by the state government in 2001 which
favoured mill owners.
GOVT TO DELETE
UMBRELLA PROVISIONS UNDER IT ACT : Business process
outsourcing (BPO) units in the country can now relax. Vague
and umbrella provisions under the Information Technology Act
2000 are to be replaced by clear and periodic security procedures
to be spelt out by the department of information technology
(DIT).
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BUSINESS
NEWS
LOANS ABOVE
5 YEARS TO COME AT 8.5% : Seven public sector banks
recently met to decide that term loans with tenure of five
years and little less will be sanctioned at around 8%, while
loans above five-year period will carry an interest of about
8.5%.
BROAD FRAME
WORK FOR RETAIL FDI : The government has suggested
a broad framework, with adequate safeguards, to allow foreign
investment in the retail sector.
TELCOS CAN RING
IN 74% FDI : This is the call mobile and fixed
line telephone operators have been waiting for. The Cabinet
has cleared the hike in foreign investment limit in telcos
to 74% from 49%.
BP, HPCL SIGN
MOU :The strategic tie up between BP, the world's
second largest company in the Fortune 500 ranking, will be
kicked off with a joint venture company for the 9 million
tonne Bathinda refinery, where each of them will hold equal
stake.
RBI GUIDELINES
FOR MERGERS BY PUBLIC SECTOR BANKS :Public sector
banks planning to merge will have to ensure their client exposure
portfolios do not clash and their branch networks are not
concentrated in the same geographical region.
GOM CLEARS CHANGES
TO ACCOUNTANTS LAW :The group of ministers (GoM)
reviewing the three bills to amend the law governing chartered
accountants, cost accountants and company secretaries today
cleared them after giving a hearing to the professionals.
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NEW
DEVELOPMENTS AND JOINT VENTURES
TCS BUYS AUSSIE
BANK SOFTWARE CO FOR $26M : Tata Consultancy Services
today announced the acquisition of Financial Network Services
(FNS) of Australia, a core banking solutions vendor for approximately
$26 million.
VODAFONE MAKES
A $1.5B CALL ON BHARTI : Vodafone, world's largest
mobile service provider, makes its second bid in India by
buying out close to 10% equity in Bharti Tele-Ventures (BTVL)
for Rs 6,700 crore ($1.5b).
KINGFISHER TIES
UP WITH AIR DECCAN : Kingfisher Airlines has signed
up with Air Deccan to buy out the Bangalore-based, low-cost
airline's extra available seat kilometers (ASKMs) on category
2, 2A and 3 routes.
UB EXITS RTD
BIZ; PULLS BACK SHOTZ & CRUISER : Almost two
years after the much hyped launch, UB Spirits Division (UBSPD)
has exited the ready-to-drink (RTD) business.
DANONE, JAPAN
CO SET UP JV FOR INDIA : French dairy giant Danone
and Japanese nutraceutical major Yakult Honsha have inked
a joint venture to target the Indian market. The 50:50 JV,
Yakult Danone India (YDI), plans to roll out with the latter's
probiotic milk products early next year.
HONDA LINES
UP RS 400 CR FOR EXPANSION : Setting aside setbacks
from labour unrest, including a dip in sales, Honda Motorcycle
and Scooters India (HMSI) is chalking out an aggressive expansion
plan for its Indian operations.
ESSAR BUYS MAX'S
3.16% IN HUTCH FOR RS 657 CRORE : Essar Teleholdings
today signed an agreement with Max Telecom Ventures to acquire
the latter's 3.16% stake in Hutchison Essar for Rs 657 crore.
IOC-IBP
MERGER OKAYED : The Union Cabinet has approved,
in principle, the merger of IBP, a subsidiary of IOC, with
its parent company. Other important decisions included reworked
uplinking and downlinking norms and......
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