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Economy News
4 The Finance Ministry has begun its maiden investigation into over 100
offshore "financial structuring deals" undertaken by Indian business
entities in foreign tax havens to allegedly evade the taxman's net. The
exercise, dubbed "Lifting Corporate Veil", will look into the overseas
deals, including some big ticket ventures, to investigate whether "a chain
of overseas takeovers may be part of an exercise for an elaborate treaty
shopping or tax evasion exercise." (ET)
4 According to majority of the 108 foreign firms with operations in India,
surveyed by Ficci, their priority towards India became stronger after the
economic and financial crisis. "The global crisis has only made their
outlook for India more positive and their priority towards an emerging
country like India has become stronger, the survey said. (ET)
4 India, Turkmenistan, Afghanistan and Pakistan signed two pacts Saturday
on a gas pipeline project linking the four countries. The four nations
signed an inter-government agreement on the TurkmenistanAfghanistan-Pakistan-India (TAPI) Natural Gas Pipeline Framework, as
well as a deal on measures to implement the project. According to
reports, after the pipeline is built, Turkmenistan will transport about 33
billion cubic metres of natural gas. The whole project would cost $4
billion. (ET)
Corporate News
4 Fresh after its long-winding but successful acquisition of Israel's Taro
Pharmaceuticals, Sun Pharma is looking at another buyout. This one is
expected to be upwards of $300 million and would be in the US-the
largest market for generic companies. The company has a war chest of
$700 million, for a "meaningful and opportunist'' acquisition to continue
with its strategy of organic growth, Dilip Shanghvi, CMD of Sun Pharma.
(ET)
4 Public sector undertaking NTPC signed a power purchase agreement with
Punjab State Power Corporation Ltd (PSPCL) for 2,640 MW coal-based
thermal power project at Gidderbaha for Rs 150bn. The plant consists of
four units of 660 MW each, which would be entirely funded by NTPC. (ET)
4 Tata Motors will introduce an upgraded Nano that will come with power
steering and a five-speed gear box. The new variant, which will be
launched in the first quarter of 2011, will also have more frills such as
adjustable seats, said two industry executives close to the company. (ET)
4 Oil India Ltd (OIL) has set its eyes on the Cauvery Basin to start its first
offshore exploration activity as an operator under the NELP regime. OIL
is making an entry into this area after almost two decades. "The target
is to start the seismic work before the onset of monsoon (March-April
2011). The company has invited expression of interest for seismic
contracts," Mr B.N. Talukdar, Director (Exploration & Development), OIL,
said. (BL)
4 Russian nuclear projects firm Atomstroyexport is in advanced stages of
discussions to set up a joint venture with Larsen & Toubro (L&T) to
establish a production unit in India for manufacturing equipment for
nuclear power projects. The proposed production unit that is being
discussed by L&T and Atomstroyexport, which is already involved in
building the first two units of the Koodankulam nuclear power project,
will initially focus on the manufacture of non-core equipment and
subsequently shift to making critical parts at a later stage, official sources
said. (BL)
Source: ET = Economic Times, BS = Business Standard, FE = Financial Express,
BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange
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