Mar. 31 – Standard Chartered Bank is poised to obtain the first foreign company listing in India with its submission of a draft prospectus to the Indian Stock Exchange.
The bank aims to raise US$500 million through issuance of the first Indian Depository Receipt (IDR), a move which will allow Indian investors to buy into the bank in a rupee denominated IDR, a manner similar to the issuance of American depository receipts. The move is important because it is expected to usher in an era of IDRs that could attract strong interest from other multinational companies with a focus on India and Asia. Continue reading
Mar. 31- The government is scheduled to release a single, consolidated document on foreign direct investment today.
The new document will make it easier for foreign investors to navigate through the intricacies of doing business in the country. Currently, investors have to refer to foreign direct investment rules found in more than 177 Press Notes from the Department of Industrial Policy and Promotion (DIPP). Continue reading
Mar. 30 – The government has cleared 23 foreign direct investment proposals amounting to more than Rs.23.25 billion, or about US$510 million.
The highest FDI proposals came from broadband services provider Tikona Digital Network followed by components maker Bharat Forge and medical device maker Opto Circuits. “The Union Government has approved 23 FDI proposals amounting to approximately Rs.2,325.21 crore,” according to an official statement. Continue reading
Mar. 29 – India and Malaysia are set to finalize a free trade agreement by the end of the year as they begin the next round of trade negotiations today in Kuala Lumpur.
“We have just got into substantive negotiations. After two years we are resuming the negotiations. We will go through all the issues,” a senior Malaysian trade official told AFP. Continue reading
Mar. 29 – India’s Commerce and Industry Minister Anand Sharma confirmed government commitment last week to enter into a free trade and investment agreement with the European Union by October.
“We are working on it. As far as we are concerned, we have a commitment,” Sharma was quoted by The Hindu as saying when asked whether the negotiations can successfully be concluded before the October India-E.U. Summit in Brussels. Sharma said that no “extraneous issues” can be brought into the agreement. Continue reading
Mar. 26 – The Antwerp Port Authority opened its second branch office in Pune as part of its plans to further develop business outside Europe and generate cargo for Antwerp.
The first Antwerp Port Authority branch office opened in Mumbai in 2006. The Port of Antwerp is Europe’s second-largest port and its Antwerp Port Authority is tasked with the job of expanding the port’s reach globally to emerging markets. Continue reading
Mar. 25 –India’s new tax code may cancel Mauritius’ advantage as a tax haven for foreign investment entering the country as the government decides to increase tax revenue from the financial services industry.
If the tax code proposal is approved, it could dent foreign investment from private-equity, hedge funds and mutual funds that invest into India via Mauritius. Currently 80 to 90 percent of foreign investment into the country flows through Mauritius, a small island off the coast of Africa, reports The Wall Street Journal. Continue reading
Mar. 24 – India said it will soon offer duty-free and quota-free market access to the least developed countries during a World Trade Organization presentation last week.
India will allow 14 least developed countries including Bangladesh, Nepal, Bhutan, Cambodia, and some African nations easy access to the Indian market without imposing a tax or quota. Items such as cotton, cocoa, cane sugar and garments will be included in the list of duty-free goods. Continue reading