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BUSINESS AND ECONOMY - December 2015

Dec 2015

Dec 26, 2019

India Eyes 60% Share in Global Ship Recycling Business

  • According to Union Minister Mansukh Lal Mandaviya, with a new legislation in place, India eyes to garner at least 60 per cent of the global ship recycling business and emerge as a key destination for recycling warships and other ships.
  • As per Mandaviya, contribution from ship recycling activities to the country's GDP would reach $2.2 billion, almost double compared to the current level.
  • According to Mandaviya, Gujarat's Alang, the world's biggest shipyard, is ready to cater to projected increase in the number of ships for recycling. Currently, India recycles around 300 of the 1,000 ships which are demolished per annum globally. However, countries like Japan, Europe and the US were not sending their ships for recycling to India in the absence of ratification of a global convention. That scenario is set to change with the Recycling of Ships Act, 2019.

NTPC to Invest Rs. 50,000 cr. for 10 GW Solar Capacity

  • State-owned power giant NTPC is planning to add 10 GW of solar energy generation capacity by 2022, which entails an investment of around Rs. 50,000 crore, to be funded mainly by green bonds.
  • At present, the Navratna Company has installed renewable energy capacity of 920 MW, which includes mainly solar energy. It has formulated a long term plan to become a 130 GW company by 2032 with 30 percent non-fossil fuel or renewable energy capacity.
  • The plans to add 10 GW solar energy capacity assumes significance in view of India's ambitious target of having 175 GW of clean energy by 2022.

Blackstone Enters Warehousing Business in India

  • Global private equity firm Blackstone Group Inc formed a joint venture with Greenbase, a Hiranandani group firm, to develop warehousing and logistics parks across the country. This marks the entry of Blackstone, a US-based company, into the Indian warehousing and logistics sector.
  • The equal joint venture plans to invest Rs. 2500 crore to develop around 12 million sq ft of industrial and warehousing assets across the country in three to four years.
  • The Blackstone-Hiranandani platform will initially build industrial parks at Greenbase's 267 acres land in Pune, 115 acres in Chennai's industrial suburb Oragadam, 73 acres in Nashik, and 25 acres in Durgapur.

JSW may Go Slow on Bhushan Power Buy

  • India's second-largest private steelmaker, JSW Steel Ltd, may go slow on buying bankrupt Bhushan Power and Steel Ltd, despite the cabinet approving an ordinance to ring fence successful bidders from criminal proceedings for offences committed by previous promoters.
  • The cabinet's approval did not give too many details and, as such, JSW Steel will wait for further clarifications from the National Company Law Appellate Tribunal (NCLAT) when the matter comes up for hearing in January 2020. The ordinance says that ongoing investigations against original promoters will continue and the new owner must attend all proceedings.
  • As per reports, the fine print is not clear on this ordinance yet. JSW will move ahead only when everything is crystal clear because the stakes involved are too high.

Dec 25, 2019

IFCI Sells NSE Stake worth Rs. 805 crore

  • State-owned development finance institution IFCI Ltd has raised Rs. 805.6 crore by selling its stake in the National Stock Exchange Ltd (NSE). Earlier this month, IFCI informed the stock exchanges that it received bids for its entire 2.44% stake in the NSE. IFCI did not disclose the name of the buyers.

Honda Sells over 60,000 Units of BS-VI Activa, New Bike

  • The country's second largest two-wheeler maker Honda Motorcycle said that its BS-VI versions of Activa scooter and a brand new bike SP 125 have cumulatively sold over 60,000 units.
  • While the BS-VI model of Activa was launched in September and is available widely across the country, the brand new bike SP 125 was launched in November.
  • Crossing 60,000 units' landmark a quarter before the deadline is a testimony of the confidence of customers on the new models.

Bharti Infratel Delays Deal

  • Bharti Infratel Ltd's board approved a second extension to allow the tower company additional time to secure government approval for its merger with Indus Towers that was announced in April last year.
  • The board has further extended the long stop date till February 24, 2020, with each party retaining the right to terminate and withdraw the scheme. Bharti Infratel had first extended the long stop date to 24 December in October.
  • The proposed merger of Bharti Infratel with Indus Towers, a joint venture between Bharti Infratel, Vodafone Idea Ltd and Vodafone Group Plc, will create the world's second-largest telecom tower company with more than 163,000 towers. It will allow Bharti Airtel Ltd, the parent of Bharti Infratel, and Vodafone Idea to sell their stake in the combined entity and use the proceeds to pare debt and invest in their flagging telecom operations.

Dec 24, 2019

Reliance Infrastructure Wins Arbitration Award against DVC

  • Reliance Infrastructure won an arbitration award of Rs. 1,250 crore against Damodar Valley Corporation (DVC).
  • The proceeds will be used to pay lenders and reduce the debt of the company.
  • A three-member arbitration tribunal unanimously gave the award in favour of Reliance Infrastructure.
  • Reliance Infrastructure was the engineering and construction contractor for DVC's 1200 mw Raghunathpur thermal power project in West Bengal commissioned in 2012.

Merger of Bharti Infratel and Indus Hangs in Balance

  • The merger of Bharti Infratel and Indus Towers, pegged to create the world's second-largest tower company, hangs in the balance with the companies awaiting a key government approval on foreign direct investment.
  • The board of Bharti Infratel, a unit of Bharti Airtel Ltd, will meet and is likely to decide on a second extension for the current long stop date so that the companies can secure the approval and complete their merger announced in April 2018.
  • The merger is crucial as it will help loss-making Bharti Airtel and Vodafone Idea, the promoters of Indus Towers, sell stake to raise funds in the competitive telecom sector, especially at a time when they have to pay huge dues to the Department of Telecommunications (DoT) after an unfavourable court verdict in October. Bharti Airtel has set aside Rs. 34,260 crore and Vodafone Idea has made provisions for Rs. 25,677.9 crore in the September quarter after the Supreme Court upheld the government's definition of revenue based on which telecom firms pay levies.

Mumbai Tops the List of Severely Stressed Realty Loans

  • The Mumbai region has topped the list of Indian cities with the highest level of stressed assets in the real estate sector.
  • Of a total of $35 billion loans advanced to developers in the Mumbai Metropolitan Region (MMR), almost $8.7 billion (or 25%) is currently under severe stress.
  • This is about double the total stressed loan amount in the National Capital Region (NCR) estimated at $4.3 billion, a research report by Anarock has showed. The NCR real estate market has so far received total loans worth $23 billion from banks and NBFCs/HFCs.

Aadhaar to be Made Mandatory for GST

  • With 66.79 lakh new dealers registered under the Goods and Service Tax contributing just 15% of the total revenue under the tax regime, the GST Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 1, 2020, to check malpractices.

Govt. Refuses to Share Details of Swiss Bank Accounts

  • The Finance Ministry declined to share Swiss Bank accounts details of Indians saying it is covered under confidentiality provisions of a tax treaty signed between India and Switzerland.
  • In reply to a Right to Information (RTI) query, the ministry also refused to disclose the details of black money received from other foreign countries.
  • Information exchanged under such tax agreements is covered under confidentiality provisions of respective agreements. Thus, disclosure of tax related information and information sought/obtained from foreign governments is exempted under section 8 (1) (a) and 8 (1) (f) of the Right to Information (RTI) Act.

Dec 23, 2019

Govt. Approved Projects Worth Rs. 7000 cr under Nirbhaya Fund

  • The NIRBHAYA Fund projects of Rs. 7,000 crore, including setting up of 1,023 fast-track courts approved by the Modi government, Women and Child Development Minister Smriti Irani.
  • The 23-year-old Delhi gangrape victim, then Congress-led government had announced setting up Nirbhaya Fund of Rs. 1,000 crore for safety and empowerment of women in the Budget presented in February 2013.
  • The NDA government came into the picture was zero utilisation of the NIRBHAYA Fund since this government came into play its okayed projects worth Rs. 7,000 crore.The financial approval for setting up of 1,023 fast track courts across the country after looking at density of court cases per district. Secondly we have just funded women help desks across all police stations in the country.

No Possibility of Any Change in GST Slabs, Rates

  • Sushil Kumar Modi, Deputy Chief Minister of Bihar and Convenor of Group of Ministers on Integrated Goods and Service Tax (IGST) stated that the states are not in favour of raising GST rates until the revenue stabilises.
  • He was speaking at the Federation of Indian Chambers of Commerce and Industry's (FICCI) 92nd annual convention "India: Roadmap to a $5 Trillion Economy.
  • He also dismissed rumours of a hike in GST rate and said that the media reports have been wrong.
  • As per Modi, at a time when the economy is in a slowdown, if you cannot cut the tax rate to boost consumption, do not increase the rates too. At these times you cut the duties and tax rates, and not increase them.

UltraTech Leads the Race to buy Emami Group's Cement Business

  • UltraTech Cement Ltd, India's largest producer of the building material, emerged as the front-runner to buy the cement business of Emami Group in an all-cash deal worth Rs. 6,500-7,000 crore, according to three people with direct knowledge of the discussions.
  • The sale of Emami Cement Ltd entered the final binding bid round, with Ambuja Cements Ltd, part of the LafargeHolcim Group, as the only other contender.

In a Big Relief to Exporters, SBI Withdrew e-BRC Charges

  • In what can be termed as a major relief to exporters, the State Bank of India (SBI) decided to withdraw charges levied on the issuance of Bank Realisation Certificate (e-BRC) for the export of shipments. Banks charge Rs. 1000 as e-BRC fee for every shipment exported from the country. SBI decision to withdraw e-BRC charges came after the intervention of Commerce and Industry Minister Piyush Goyal. A source from Commerce and Industry Ministry told ANI that," SBI informed that e-BRC charge was reduced to nil for all Export Credit Customer. SBI further agreed to reverse the charges if wrongly levied by its field formation."

Kerala Sets 2024 Deadline for Semi-High Speed Rail Project

  • Thiruvananthapuram–Kasargode Semi-High Speed Rail Corridor (SHSR) a high-speed rail corridor in India connects Thiruvananthapuram with Kasaragod in Kerala expected to be completed by 2024. The central government in-principle approval to the Rs. 56,000 crore Thiruvananthapuram-Kasaragod SHSR corridor project.
  • Kerala government and the Ministry of Railways. SHSR, named Silver Line, is envisaged to cut travel time between Thiruvananthapuram and Kasaragod from 12 hours to 4 hours.
  • Kerala Rail Development Corporation (KRDCL) implementing agency for the 540-km double-line project submitted the proposal to the Ministry of Railways for building third and fourth lines between Thiruvananthapuram and Kasaragod.V. Ajith Kumar, Managing Director, KRDCL approval was a milestone in the project implementation.

Dec 22, 2019

Tata Companies in a Quandary over Re-appointing Cyrus Mistry as Director

  • Tata Sons and three of its group companies, i.e, Tata Consultancy Services (TCS), Tata Industries Ltd. and Tata Teleservices Ltd. are in a quandry over the re-appointment of former Tata Sons chairman Cyrus Mistry as director on their boards, to comply with the order of the National Company Law Appellate Tribunal.
  • The tribunal, while suspending a part of the judgment relating to the replacement of the present executive chairman and reinstatement of Mr. Mistry as executive chairman for four weeks, including the direction to reinstate Mr. Cyrus Mistry as director of the company and directors of three Tata companies shall be complied forthwith.

Can't Cut Deposit Rates Beyond Threshold: SBI

  • According to SBI Chairman Rajnish Kumar, banks cannot go beyond a threshold to bring down interest rates on deposits as India lacks social security schemes and likewise cannot lend at lower rates to corporates as the risk of default is too high.

No Possibility of Any Change in GST Slabs, Rates

  • Sushil Kumar Modi, Deputy Chief Minister of Bihar and Convenor of Group of Ministers on Integrated Goods and Service Tax (IGST) stated that the states are not in favour of raising GST rates until the revenue stabilises.
  • He was speaking at the Federation of Indian Chambers of Commerce and Industry's (FICCI) 92nd annual convention "India: Roadmap to a $5 Trillion Economy.
  • He also dismissed rumours of a hike in GST rate and said that the media reports have been wrong.
  • As per Modi, at a time when the economy is in a slowdown, if you cannot cut the tax rate to boost consumption, do not increase the rates too. At these times you cut the duties and tax rates, and not increase them.
  •  
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