Finance ministry officials said they were scrutinising many deals, but the actual tax liability would depend on many factors, including the kind of payment (royalty, interest, stake sale) and the Double Tax Avoidance Agreement with the country where the foreign company was based.
Vodafone, which is yet to announce the acquisition, has offered to partner Essar, on which the Indian conglomerate said, "We are at the moment evaluating all our options in the best interest of the Group."
The domestic supply of diesel has been constrained on rapidly growing demand. The diversion of supplies from Reliance Industries, which was given export-oriented unit status last year, has added to the shortage. Reliance produces 10 million tonnes of diesel from Jamnagar.
Companies write off investments, shed assets as initial projections go haywire
India Inc is either shutting loss making businesses or is hiving off allied verticals to enhance revenues.
Of the 23 Indian billionaires mentioned in the Bloomberg Billionaires Index, only one saw a reduction in net worth, with the companies owned by most of them outperforming the Nifty 50 index by a big margin.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
The potential entrants include the Essar Group, Punj Lloyd, Larsen & Toubro, real estate developer Atlanta, Hyderabad-based Nagarjuna Construction and Delhi-based DS Constructions.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
Former managing director of Vodafone Essar, Asim Ghosh, is in talks with Max India founder and chairman Analjit Singh to sell his 2.39 per cent stake in the mobile phone operator. Ghosh holds the stake in Vodafone Essar indirectly, through various holding companies. Analjit Singh was the original promoter of the company.
The UK on Tuesday assured complete government neutrality on Tata Steel's bid to acquire Corus and sought similar treatment for British telecom firm Vodafone in its bid to acquire mobile venture Hutchison-Essar.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
India-Israel relations are at a crossroads. Simply chanting old hackneyed mantras on terrorism, secularism, democracy, et al, won't suffice. There is danger of stagnation setting in, says Ambassador M K Bhadrakumar.
India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
The deal is designed to boost efficiency and further enhance customer service and aims to ensure scalable, flexible and resilient IT support for the fast-paced roll out of new network infrastructure to keep up with the rapid growth in Vodafone Essar's customer base.
Corporates' forex borrowings have grown at a CAGR of 15.6% since 2008.
Critics say the crackdown is to muzzle dissent and Rijiju's actions could lead to less foreign aid for projects that fight child marriage, provide clean water in slums and feed pregnant women.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Opening another line of inquiry into the Hutch-Essar shareholding structure, the Foreign Investment Promotion Board (FIPB) is looking into the call options that would together give Vodafone a further 15.03 per cent proportionate indirect equity owner
State Bank of India has agreed to lend Vodafone-Essar, the joint venture between United Kingdom's Vodafone and Essar, Rs 10,000 crore to finance the company's entry into 3G (third generation) telecom services and expansion of its broadband operations.
Dhirendra Mulkalwar, one of the protestors who raised a protest banner at Essar's Mumbai headquarters, on why he joined Greenpeace's Junglistan group that is working to save India's forests.
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
British telecom giant Vodafone on Friday said it is considering acquiring a controlling stake in India's fourth-largest mobile player Hutchison Essar.
'Is it advisable to have more number of scrips in small quantities or a few scrips in big quantities?'
Setting an ambitious target of 100 million cellular subscribers, leading private GSM operator Vodafone-Essar today announced an investment of $6 billion (about Rs 24,000 crore) in the next three years.
Noted banker Uday Kotak said the country's financial system is currently in a Darwinian mode as only the fittest lenders are able to survive. Kotak also said that historically, whenever there has been a problem with a private sector lender, it has been merged with a state-run bank.
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks, Jefferies says, are most prune to "high risk" emanating from ADAG, Cox & Kings, CG Power, DHFL and Essar Shipping.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
The Anil Ambani group company is in advanced talks with France Telecom for a branding, marketing and franchisee agreement. The company plans to launch the brand by the second quarter of FY09, according to sources close to the development. Initially, the Orange may be launched on RCom's CDMA network -- spanning across 23,000 towns and 5 lakh villages in India -- and later extended to its 8 GSM circles. The Indian company has a total of 44.5 million subscribers in India.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
Officials say telco still keen on process.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
With the completion of the acquisition of Hutch Essar earlier this month, British mobile major Vodafone is chalking out strategies to relaunch the rechristened 'Vodafone Essar' brand in India.
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