News Archives

India’s Billion Dollar Businesses Increase by 16 Percent

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Mar. 24 – The number of domestic billion dollar companies in India increased by 16 percent from 104 to 124 over the last two years, according to an Economic Times Intelligence Group study.

The study cited 20 Indian corporations that achieved billion dollar sales or more, reflecting the countries resilience to the global downturn. It looked at projected net sales for the 12 months ending March 31 using data available for the first nine months of the fiscal year.

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Lawyer Required: Dezan Shira & Associates Mumbai Office

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Mar. 23 – Due to expansion within the practice, a qualified Indian lawyer is required urgently within the Dezan Shira & Associates Mumbai office, located in Bandra. The ideal candidate will be familiar with foreign direct investment laws into India, as well as possess a basic understanding of Indian taxes as relates to FDI. Fluency in written and spoken English is essential. Experience in the China market is preferred but not vital.

The candidate will report directly to the India Regional Partner and will involve direct liaison with foreign multinationals looking to develop a presence in India. This is an excellent opportunity to join a dynamic Asian regional firm. Resumes may be sent in strictest confidence to Chris Devonshire-Ellis, the managing partner for Dezan Shira & Associates in India at mumbai@dezshira.com.

Huge Oil Find in Rajasthan

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Mar. 23 – Sources from India’s Ministry of Petroleum and Natural Gas indicated that Cairn India has discovered massive new oil reserves in Rajasthan that could increase India’s domestic oil production by about 23 percent next year reports The Economic Times.

The company is expected to make an official announcement shortly. Cairn India extracts oil from the Barmer region of Rajasthan and has launched seismic surveys in a number of its other blocks. It has undertaken 4D seismic survey at Ravva. Cairn India also launched 3D seismic surveys in Palar basin and in Sri Lanka, and specializes in surveying and extraction from smaller and less accessible fields.

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India to Open Nine US$1 Billion Road Projects for Bidding

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Mar. 23 – India is opening nine road projects worth more than US$1 billion each for bidding in the coming months in an effort to improve its underdeveloped infrastructure sector.

India is one of the major emerging economies in the region with various untapped business opportunities for foreign investors. The upcoming road projects are expected to garner interest from companies in Europe, the United States and East Asia.

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India to Release New FDI Policy by March 31

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Mar. 22 – Indian Commerce and Industry Minister Anand Sharma announced plans last week to develop India as one of the world’s leading manufacturing workshops with plans to soon release a new foreign investment policy directive at the end of the month to stimulate investment.

Indian industry is dominated by the service sector and there are concerns that the economy is unbalanced as a result. A manufacturing policy document to encourage the development of India’s manufacturing sector is expected in autumn coinciding with a planned visit to India by U.S. President Barack Obama.

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Advance Tax Collection Increases in Mumbai

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Mar. 22 – Advance tax collection for the January-March quarter in the Mumbai region was up by 3.5 percent compared to the same period last year, indicating better profits for corporate India despite the financial crisis.

The Mumbai region contributes close to 40 percent of the total advance tax collections in India with the highest tax payer being the State Bank of India at Rs. 18.57 billion for the fourth quarter compared to the previous year.

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India-China Investment, Trade and Tax Comparison Available for Complimentary Download

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Mar. 19 – 2point6billion.com has just produced a detailed comparison of Chinese and Indian investment structures for the foreign investor interested in the two countries.

The report, which is available on the Asia Briefing Bookstore, details the procedural, operational and tax differences between Chinese and Indian representative, liaison, branch and project offices, as well as permanent establishments such as wholly foreign-owned enterprises, trading companies and private limited companies.

The guide also details essays on the future direction of the Chinese and Indian markets, local demographics and bilateral trade figures.

India’s M&A Deals Surge

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Mar. 19 – Indian mergers and acquisition activity has surged in the last two months making 2010 a record year for  M&A activity.

During the first two months of the year, M&A deals totaled to more than US$5 billion. A return to massive takeovers is set to happen when Indian mobile phone giant Bharti buys the African assets of Zain Telecom for US$10.7 billion.The Bharti deal alone is more than half of the total value of M&A and private equity deals announced in 2009 worth  US$21.20 billion. So far majority of Indian M&A has come from just five sectors:oil and gas, telecommunications, pharmaceuticals, healthcare and biotechnology.

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