The country's most valued company Reliance Industries on Thursday reported 6.41 per cent drop in its stand-alone profit at Rs 3,852 crore (Rs 38.52 billion) for the second quarter of the current fiscal.The total income rose 5.88 per cent to Rs 47,476 crore (Rs 474.76 billion) during the quarter from Rs 44,839 crore (Rs 448.39 billion) in the corresponding period a year ago, RIL said in a filing to the Bombay Stock Exchange.
The year 2018 is likely to be steady in terms of institutional investment into real estate
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
"If the tax holiday is withdrawn, STPIs will lose the level-playing field vis-a-vis special economic zones. We have recommended that the government either withdraw the tax holiday to SEZs or continue the incentive to IT companies," an official with knowledge of the deliberations told Business Standard. STPIs enjoy direct tax exemption under sections 10A and 10B of the Income-Tax Act, 1961. The benefits are scheduled to expire on March 31, 2009.
ONGC is considering selling up to 25 per cent of the equity shares in ONGC Petro-additions Ltd (OPaL), the special purpose vehicle formed for setting up the petrochemical complex at Dahej SEZ, a senior company official said. It plans to give 19 per cent equity stake in OPaL to state-run gas utility GAIL India, while another 25 per cent interest may be offered to Petronet LNG and Bharat Petroleum or a strategic partner.
The 13 firms under consideration had nearly a million employees as of March 2018, including contractual and temporary workforce.
Since the time the special economic zones with large tax concessions were first proposed several years ago, most economists have been pointing out that the scheme would result in large tax losses as existing units would migrate to these exclusive zones.
Genpact opens offices in Kolkata on 700,000 sq.ft of land and plans to employ 7000 people.
EmaarMGF Land, a joint venture between Emaar Properties PJSC of Dubai and MGF Developments of India, is planning to invest $3 billion (Rs 12,000 crore) in 10 locations across south India over the next few years.
Rohit Kapoor, COO and co-founder, EXL Service, talks to Business Standard about the company's third-quarter performance, growth plans and outlook.
"ITIRs were conceptualised keeping in view the need to boost the growth of both IT/IT enabled services (ITeS) and Electronic Hardware Manufacturing (EHM) units," an official statement said. These regions would become major magnets for investment, creating employment opportunities and economic growth in the area while reducing the pressure on existing urban centres by enabling growth of new townships, it added. The ITIRs will be much larger than IT SEZs.
The other trend is towards the big and bigger, especially in the retail sector. Take The Great India Place in Noida, Unitech's 15 lakh sq ft "shoppertainment" destination which opened earlier this year.
Since Saturday night, bombs were being hurled from Khejuri towards Nandigram and gunshots were heard in Kedorabarchak area, a PTI correspondent said.
The area has seen violent protests in the past month.
Companies in China, South Korea and Indonesia pay 25 per cent tax, while those in Malaysia pay 24 per cent. Only Japan has a higher tax than India at 30.6 per cent. Hong Kong has the lowest corporate tax rate of 16.5 per cent while Singapore has 17 per cent rate and Thailand and Vietnam levy 20 per cent tax on companies.
The Bhangabera bridge on the border between Nandigram and Khejuri is where the first spark of violence erupted early January, leading to the divide between the Bhumi Uchhed Pratirodh Committee and the Communist Party of India-Marxist.
The West Bengal government signed an agreement with New Kolkata International Development Pvt Limited on Monday to develop infrastructure in the state, including health, education, industrial and housing complexes.
Nasscom president Kiran Karnik on Wednesday suggested the government should allow establishment of private higher and technical educational institutions on the lines special economic zones to provide quality education in the country.
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Father Sarto, who visited the affected areas along with a team comprising clergy and lay volunteers, said that most of the families, especially children, were still traumatised after the March 14 firing and the violent incidents that followed.
There are no major announcements in the Union Budget 2014-15.
The Union Cabinet has approved the policy framework for establishing a Non-resident Indian/Person of Indian Origin (NRI/PIO) university in India.
Adequate number of policemen were kept ready for going to the area, but they did not enter the villages fearing escalation of tension, police said.
The IT and ITeS sectors expect a reduction in minimum alternate tax (MAT) and dividend distribution tax in the next month's Union Budget, a senior economist said on Tuesday.
The I&B minister's banning of AXN channel and threatening to ban 4 more channels for so-called obscene content has surprised many.
The hubs will feed Europe, US and the Gulf.
Foxconn, a leading Taiwan based manufacturer of connectors for use in personal computers and printed circuit boards for mobile phones, will set up $110 million plant in Chennai to manufacture mobile handset and other components..
Das, the Trinamool worker and a prominent representative of Bhumi Uchched Pratirodh Committee was hit with sharp weapons by miscreants at Tengua bazar and died on the spot on Tuesday night.
Sources said they would gherao the Block Development Officer's office and local police station on January 25 to protest the bombings and to demand a thorough inquiry into the violence on January seven in which six persons were killed.
Government said on Tuesday it was commited to Oil and Natural Gas Corporation's mega investment plans in petrochemical projects and special economic zone at Mangalore and there was no going back on it.
Singapore-based Changi Airport will be the consultant for the development of the airport at the Multi-nodal International Cargo Hub and Airport Project at Nagpur.
Infosys Technologies is planning to invest about Rs 400 crore
Seeking the abolition of the SEZ policy, the INLD suggested framing of Manufacturing Investment Region policy to boost investment and production.
The West Bengal government is likely to shift the chemical hub project to Haldia since it requires proximity to a port.
Larsen and Toubro Ltd said on Monday it has bagged Rs 800-crore (Rs 8 billion) contract from Reliance Industries Ltd for construction services and supply of electrical systems for its SEZ refinery and petrochemical project in Jamnagar, Gujarat.
Nandigram has seen violent incidents over the issue of acquisition of land for a SEZ to be set up by Indonesia's Salim Group.
About 30 CPI-M men at Riapara stopped Gouranga Deb Hazra, PTI's East Midnapore district correspondent, who was riding pillion on a motorcycle, on his way to Chandipur from Nandigram around noon.
Moser Baer, maker of computer compact discs, on Monday said it will invest $250 million over the next three years to set up a thin film solar fabrication facility.
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