Mumbai: Energy giant Reliance Industries Ltd (RIL) has approached the international markets again, this time to raise funds for its ambitious $11 billion (Rs 55,000 crore) Jamnagar phase three expansion project, popularly called as J-3 mega petrochemicals project, aimed at doubling its petrochemicals production for further consolidating its global leadership position.
The project envisages setting up of mega petrochemical units, a gasification plant and refinery off-gas cracker, among others.
RIL officials were in Rome on Thursday to sign an agreement for $400 million loan facility from Italian insurer and finance group SACE Spa.
The company is also in talks to tap funds from US Export Import Bank for this prestigious project, "This $400 million transaction , the fourth one concluded with RIL since 2004, brings $1 billion the overall credit facilities backed by SACE for the major Indian group. Jamnagar phase 3 project is one of the projects supported with this transaction. The funds will be used for the expansion and upgrading of the production capacity of its petrochemical plants, a gasification plant and refinery off-gas cracker as part of an investment plan in India worth over $ 11 billion," SACE CEO Alessandro Castellano told TOI without specifying the term and interest rate for the loan.
RIL has signed agreements with some of the major Italian firms including Salmoiraghi Group, Chemtex Italy, and Polimeri Europia, the whollyowned subsidiary of ENI of Italy for the J-3 project. A RIL spokesperson also confirmed firm's fund-raising plans for the petrochemical projects, without specifying any details.
The company is also in talks with various global firms from US to Europe for tie-ups , joint ventures and technology collaboration. The SACE guarantee will support the contracts for the supply of goods and services awarded to several Italian companies, especially SMEs while the US Exim loan will support the contracts for the supply of goods and services awarded to several US firms.
Besides, RIL had signed some 'in-principal' agreements with some of the leading players for the J-3 project that includes its joint venture collaboration with Russian SIBUR for production of butyl rubber plant with capacity of 1,00,000 tonnes.
Once commissioned, RIL will become one of the largest producers of butyl rubber globally. The largest integrated global polyester producer with capacity of 2.4 million is in process of scaling its capacity to 3.6 million tonnes. RIL is also setting up 1.5 million tonnes olefin cracker unit, which will be among the largest and most competitive facilities globally.
Success in my Habit
Friday, February 3, 2012
NABARD incentivises banks to boost investment in warehousing
National Bank for Agriculture and Rural Development (NABARD) has newly introduced a refinance product for warehousing. The refinance scheme incentivises banks to accelerate the pace of creation of quality warehousing facilities for agricultural commodities, particularly for reducing post-harvest losses.
The scheme was conceptualised out of a dedicated Fund of Rs 2,000 crore allocated in the union budget. The scheme will help in creation of around 9 million tonne of additional storage capacity in the country.
National Bank for Agriculture and Rural Development Gujarat's CGM, H.R Dave said that Nabard will extend financial assistance, by way of refinance, to commercial banks, regional rural banks and cooperative banks against the loans extended by them for construction of warehousing infrastructure for agricultural commodities.
NABARD shall charge interest on refinance at 8% per annum, while interest on the loans to the borrowers would be decided by the banks as per their existing policies.
NABARD will extend an interest rebate of 1.5% to those borrowers, who repay their loans, alongwith interest, as per the repayment schedule prescribed by the financing bank. Interest rate rebate will be provided by NABARD once the bank certifies timely repayment by the borrower.
NABARD will assist the financing banks to undertake intensive on site and off site monitoring of the projects to ensure timely completion and availability of the additional warehousing facility to farmers.
Mr Dave said that the creation of warehouses would be the infrastructure required for the growth of agriculture sector. ""The budgetary allocation for funding through this mechanism is going to multiply in years to come to meet the storage requirements for food security as well as to include cold
storages and cold chain requirements,""he said while stressing the need for encouraging accredited warehouses as stipulated by Warehousing Development Regulatory Authority (WDRA) so as to make farmers eligible to benefit from interest subvention scheme of GoI for pledge loans.
As per the recently announced Govt of India scheme, KCC holder small and marginal farmers can get loans at 7% rate of interest for a period of maximum six months for storage of their produce.
One of the condition of availing the benefit of the subvented marketing loan is that the produce is to be stored in "accredited warehouses" and banks can finance these farmers against the negotiable warehouse
receipt issued by such accredited warehouses. While highlighting the expectation of policy makers, he said that this is a business proposition for bankers and sought their support to encourage hub and spoke model to benefit farmers to store their produce at village level besides getting better price realization.
The scheme was conceptualised out of a dedicated Fund of Rs 2,000 crore allocated in the union budget. The scheme will help in creation of around 9 million tonne of additional storage capacity in the country.
National Bank for Agriculture and Rural Development Gujarat's CGM, H.R Dave said that Nabard will extend financial assistance, by way of refinance, to commercial banks, regional rural banks and cooperative banks against the loans extended by them for construction of warehousing infrastructure for agricultural commodities.
NABARD shall charge interest on refinance at 8% per annum, while interest on the loans to the borrowers would be decided by the banks as per their existing policies.
NABARD will extend an interest rebate of 1.5% to those borrowers, who repay their loans, alongwith interest, as per the repayment schedule prescribed by the financing bank. Interest rate rebate will be provided by NABARD once the bank certifies timely repayment by the borrower.
NABARD will assist the financing banks to undertake intensive on site and off site monitoring of the projects to ensure timely completion and availability of the additional warehousing facility to farmers.
Mr Dave said that the creation of warehouses would be the infrastructure required for the growth of agriculture sector. ""The budgetary allocation for funding through this mechanism is going to multiply in years to come to meet the storage requirements for food security as well as to include cold
storages and cold chain requirements,""he said while stressing the need for encouraging accredited warehouses as stipulated by Warehousing Development Regulatory Authority (WDRA) so as to make farmers eligible to benefit from interest subvention scheme of GoI for pledge loans.
As per the recently announced Govt of India scheme, KCC holder small and marginal farmers can get loans at 7% rate of interest for a period of maximum six months for storage of their produce.
One of the condition of availing the benefit of the subvented marketing loan is that the produce is to be stored in "accredited warehouses" and banks can finance these farmers against the negotiable warehouse
receipt issued by such accredited warehouses. While highlighting the expectation of policy makers, he said that this is a business proposition for bankers and sought their support to encourage hub and spoke model to benefit farmers to store their produce at village level besides getting better price realization.
Facebook CEO goes Steve Jobs' way on salary
Mark Zuckerberg may be founder and CEO of Facebook, but it is the second-in-command and Chief Operating Officer Sheryl Sandberg who gets a fatter salary package at the IPO-bound social networking giant.
The base salary of Zuckerbeg, also the most-known face of Facebook, is set to decline further and would remain just a token amount of $one per year, effecting January 1, 2013.
As per the regulatory filings made by the US-based Facebook for its IPO (initial public offer), Sandberg is the highest paid executive at the world's largest social network and took home a whopping $30.87 million in 2011.
Facebook founder, Chairman, and CEO Mark Zuckerberg was way behind with a relatively modest pay package of $1.49 million in the same year.
Sandberg's compensation included a base salary of $295,833, bonus of $86,133 and stock awards of $30.49 million, Facebook said in its IPO documents.
The company plans to raise $five billion through the IPO, which could value Facebook at up to $100 billion. Some reports have said that the IPO size could even rise even further to $10 billion.
In the first quarter of 2011, the compensation committee of Facebook decided to increase the base salaries of its executive officers in order to bring them at par with its peer group companies for similar positions.
Accordingly, the base salary of Facebook CEO was hiked by $100,000 and of each other executive officer by $25,000.
However, despite this hike, Facebook's executive officer salaries were still "below the 25th percentile of the salaries" provided by its peer group companies for executives in similar positions, the company has said.
Zuckerberg had a base salary of $483,333 in 2011, but it would decline to just $1 next year, on his request.
The regulatory filing further noted that Molly Graham, the daughter of Donald E Graham, a member of Facebook's board of directors received a cash compensation, including base salary, bonus and other compensation, of $189,168 in 2011.
Randi Zuckerberg, sister of Mark Zuckerberg and employed with Facebook till August 2011, was paid cash compensation of $89,536 in 2011. Prior to that, she was paid $128,750 and $139,578 during 2009 and 2010, respectively.
The total pay of other executive officers like Mike Schroepfer, Vice President of Engineering, stood at $24.72 million in 2011, followed by David A Ebersman, Chief Financial Officer's with $18.67 million and Theodore W Ullyot Vice President General Counsel and Secretary ($6.95 million).
Facebook's revenue rose to $3.71 billion in 2011, up 88 per cent from 2010 and by 377 per cent from 2009.
In 2011, its income rose by 65 per cent to $1 billion. It derives 85 per cent of its revenues from advertising, and the rest from social gaming and other fees
The base salary of Zuckerbeg, also the most-known face of Facebook, is set to decline further and would remain just a token amount of $one per year, effecting January 1, 2013.
As per the regulatory filings made by the US-based Facebook for its IPO (initial public offer), Sandberg is the highest paid executive at the world's largest social network and took home a whopping $30.87 million in 2011.
Facebook founder, Chairman, and CEO Mark Zuckerberg was way behind with a relatively modest pay package of $1.49 million in the same year.
Sandberg's compensation included a base salary of $295,833, bonus of $86,133 and stock awards of $30.49 million, Facebook said in its IPO documents.
The company plans to raise $five billion through the IPO, which could value Facebook at up to $100 billion. Some reports have said that the IPO size could even rise even further to $10 billion.
In the first quarter of 2011, the compensation committee of Facebook decided to increase the base salaries of its executive officers in order to bring them at par with its peer group companies for similar positions.
Accordingly, the base salary of Facebook CEO was hiked by $100,000 and of each other executive officer by $25,000.
However, despite this hike, Facebook's executive officer salaries were still "below the 25th percentile of the salaries" provided by its peer group companies for executives in similar positions, the company has said.
Zuckerberg had a base salary of $483,333 in 2011, but it would decline to just $1 next year, on his request.
The regulatory filing further noted that Molly Graham, the daughter of Donald E Graham, a member of Facebook's board of directors received a cash compensation, including base salary, bonus and other compensation, of $189,168 in 2011.
Randi Zuckerberg, sister of Mark Zuckerberg and employed with Facebook till August 2011, was paid cash compensation of $89,536 in 2011. Prior to that, she was paid $128,750 and $139,578 during 2009 and 2010, respectively.
The total pay of other executive officers like Mike Schroepfer, Vice President of Engineering, stood at $24.72 million in 2011, followed by David A Ebersman, Chief Financial Officer's with $18.67 million and Theodore W Ullyot Vice President General Counsel and Secretary ($6.95 million).
Facebook's revenue rose to $3.71 billion in 2011, up 88 per cent from 2010 and by 377 per cent from 2009.
In 2011, its income rose by 65 per cent to $1 billion. It derives 85 per cent of its revenues from advertising, and the rest from social gaming and other fees
Monday, January 30, 2012
Petronet LNG to set up third terminal in India
Kochi: Petronet LNG Ltd is planning to set up its third terminal in the east coast of India. After the terminals at Dahej and Kochi in the west coast, the third one will come up at Gangavaram in Andhra Pradesh.
Petroleum secretary and Petronet LNG chairman G C Chaturvedi said the 100th board meeting of the company held in Kochi on Friday has given sanction for the project. It has entrusted French consultant Tractabel for preparing the detailed feasibility report. The approximate cost of the 5 million tones capacity terminal will be Rs 4500 crore.
For the third quarter ended December 31, 2011, the company's net profit rose 73 % to Rs 295 crore compared with the corresponding quarter of the previous year. The turnover of the company increased by 74 % to Rs 6330 crore during the period. Petronet LNG managing director A K Balyan said higher increase in net profit is on account of additional volumes with better margins along with higher operational efficiency.
The 5 million tonne Kochi terminal of Petronet LNG will be ready by July and will be operational by October. The terminal has a long term contract for the supply of about 1.5 million tones of LNG from Gorgon in Australia from 2015.
According to Balyan the terminal will have to buy from the spot market till then. Though the long term supply prices is $ 16 per mmbtu, it will be still feasible for companies using feedstock naptha or furnace oil, he said.
Petroleum secretary and Petronet LNG chairman G C Chaturvedi said the 100th board meeting of the company held in Kochi on Friday has given sanction for the project. It has entrusted French consultant Tractabel for preparing the detailed feasibility report. The approximate cost of the 5 million tones capacity terminal will be Rs 4500 crore.
For the third quarter ended December 31, 2011, the company's net profit rose 73 % to Rs 295 crore compared with the corresponding quarter of the previous year. The turnover of the company increased by 74 % to Rs 6330 crore during the period. Petronet LNG managing director A K Balyan said higher increase in net profit is on account of additional volumes with better margins along with higher operational efficiency.
The 5 million tonne Kochi terminal of Petronet LNG will be ready by July and will be operational by October. The terminal has a long term contract for the supply of about 1.5 million tones of LNG from Gorgon in Australia from 2015.
According to Balyan the terminal will have to buy from the spot market till then. Though the long term supply prices is $ 16 per mmbtu, it will be still feasible for companies using feedstock naptha or furnace oil, he said.
Airport retail business tops $1 billion revenue
Mumbai: Airport retail business in India topped $1 billion in revenue during 2011, on the back of robust growth in passenger traffic and more people shopping on the go, according to a boutique retail consultancy. The business is growing at 17-18 % annually, emerging as a viable platform for retailers and operators of the new airports, according to Bangalore-based consulting firm Asipac Projects.
Beauty, personal care, alcohol and tobacco emerged as the top three categories in the dutyfree section, while food & beverage , books, periodicals and stationery took the top spot within the duty-paid segment. Globally, airports registered approximately $43 billion in sales, with the likes of London Heathrow and Seoul's Incheon being the most lucrative ones.
"Airport stores are twice as productive for us compared to stores outside, in terms of sales per sq ft, though operational costs go up substantially at airports. Internationally, sales per sq ft are four to five times more compared to street stores at some of the busiest airports. We have a long way to go to go to reach those numbers," said Dipak Agarwal, chief executive (operations and strategy), DLF Retail, which runs retail stores like Mango and Boggi Milano at Delhi's IGI Airport.
The Delhi domestic-cum-international terminal (T3) has a retail area of around 2 lakh sq ft and built to tap the potential of retail revenues. No wonder airport operators like GMR and GVK, who started off with exorbitant rental rates, are now moving towards a revenue-share model. Malls still work on a persq-ft rental model, with the exception of a few.
"Rentals were too high in the beginning. Therefore, the revenue-share model works better. It is like a win-win situation for both parties," said Anuj Puri, chairman and country head, JLL India, a real-estate consultancy . While many retailers shut down some of their airport stores as rentals did not justify sales, others stuck to these stores as a great branding tool. "We have been drawing three to four times more sales from our four stores in Mumbai and Delhi airports compared to outside stores. In fact, we are doing better in Mumbai," said Shashi Kapoor of Parcos, which sells fragrances , cosmetics and skincare. What retailers point out is that the positioning of stores is important for the store's success at airports.
This is where an airport like Bangalore scores despite being no match in size and scale to Delhi. That, coupled with the fact that it is on the outskirts of the city, adds to retail section's success. "Flyers hang around more at an airport like Bangalore as it is far away from the city. Also, shopping at airports in India has anovelty attached to it, considering it is a new concept for us," said Amit Bagaria, chairman & CEO of Asipac Projects.
Beauty, personal care, alcohol and tobacco emerged as the top three categories in the dutyfree section, while food & beverage , books, periodicals and stationery took the top spot within the duty-paid segment. Globally, airports registered approximately $43 billion in sales, with the likes of London Heathrow and Seoul's Incheon being the most lucrative ones.
"Airport stores are twice as productive for us compared to stores outside, in terms of sales per sq ft, though operational costs go up substantially at airports. Internationally, sales per sq ft are four to five times more compared to street stores at some of the busiest airports. We have a long way to go to go to reach those numbers," said Dipak Agarwal, chief executive (operations and strategy), DLF Retail, which runs retail stores like Mango and Boggi Milano at Delhi's IGI Airport.
The Delhi domestic-cum-international terminal (T3) has a retail area of around 2 lakh sq ft and built to tap the potential of retail revenues. No wonder airport operators like GMR and GVK, who started off with exorbitant rental rates, are now moving towards a revenue-share model. Malls still work on a persq-ft rental model, with the exception of a few.
"Rentals were too high in the beginning. Therefore, the revenue-share model works better. It is like a win-win situation for both parties," said Anuj Puri, chairman and country head, JLL India, a real-estate consultancy . While many retailers shut down some of their airport stores as rentals did not justify sales, others stuck to these stores as a great branding tool. "We have been drawing three to four times more sales from our four stores in Mumbai and Delhi airports compared to outside stores. In fact, we are doing better in Mumbai," said Shashi Kapoor of Parcos, which sells fragrances , cosmetics and skincare. What retailers point out is that the positioning of stores is important for the store's success at airports.
This is where an airport like Bangalore scores despite being no match in size and scale to Delhi. That, coupled with the fact that it is on the outskirts of the city, adds to retail section's success. "Flyers hang around more at an airport like Bangalore as it is far away from the city. Also, shopping at airports in India has anovelty attached to it, considering it is a new concept for us," said Amit Bagaria, chairman & CEO of Asipac Projects.
Sebi eases preferential allotment norms
Mumbai: The Securities and Exchange Board of India (Sebi), the capital market regulator, today lifted restrictions on broad-based institutions, such as insurance companies and mutual funds, subscribing to preferential issues of companies. The decision was taken at its board meeting in New Delhi today.
According to earlier regulations, these institutions were not allowed to participate in preferential allotments if they had sold holdings in the issuer companies in the preceding six months. Further, on allotment, they were required to lock in their entire pre-preferential holdings in such companies for a period of six months from the date of preferential allotment.
Both these restrictions have now been lifted. “It has been decided to exempt insurance companies and mutual funds, which are broad-based investment vehicles representing public at large, from regulations related to sale and lock-in of their pre-preferential shareholding in issuer companies,” Sebi said in a release. However, the lock-in on shares allotted in the preferential issue, will remain unchanged.
Peerless Mutual Fund MD & CEO Akshay Gupta said: “The move will benefit some of the larger asset management companies (AMCs) that already have significant holdings in companies and want to increase those further through preferential allotments. At present, not many AMCs participate in preferential allotments.”
Quantum Mutual Fund Chief Executive Officer Jimmy Patel added: “The move to ease preferential allotment norms will help promoters more than AMCs, as their investor base will increase. Mutual fund houses will now be able to invest in companies, even if they had sold shares in the companies in the past six months.”
Other key decisions
Amendment to MF Advertisement Code: To provide more flexibility to mutual fund houses, Sebi has decided to amended the advertising code to make it principle-based. “The definition of advertisement shall be broadened to include all forms of communication that may influence investment decisions of any investor,” the regulator said.
“Under the current advertisement code, there are many restrictions. More than 40 per cent of the ad space gets wasted on disclaimers and information that investors don’t even read. I hope the new code would give us more flexibility and reduce the disclaimers, so that we can advertise our products properly,” said Gupta.
PMS investment limit increased: The market regulator has increased the minimum investment amount under portfolio management services from Rs 5 lakh to Rs 25 lakh. Further, portfolio managers have been asked to ensure segregation of holdings in individual demat accounts in respect of unlisted securities, too.
“Raising the PMS limit was long overdue. The move will benefit the mutual fund industry. As portfolio managers, who have better incentive structures, used to lure relatively small high networth individuals (HNIs) away from mutual fund houses. This will bring back a lot of investors to mutual funds,” said Patel.
Reservation for holders of convertible debt securities: Sebi has clarified that reservations to convertible debt holders in rights and bonus issues shall only be available to compulsorily convertible debt holders.
According to earlier regulations, these institutions were not allowed to participate in preferential allotments if they had sold holdings in the issuer companies in the preceding six months. Further, on allotment, they were required to lock in their entire pre-preferential holdings in such companies for a period of six months from the date of preferential allotment.
Both these restrictions have now been lifted. “It has been decided to exempt insurance companies and mutual funds, which are broad-based investment vehicles representing public at large, from regulations related to sale and lock-in of their pre-preferential shareholding in issuer companies,” Sebi said in a release. However, the lock-in on shares allotted in the preferential issue, will remain unchanged.
Peerless Mutual Fund MD & CEO Akshay Gupta said: “The move will benefit some of the larger asset management companies (AMCs) that already have significant holdings in companies and want to increase those further through preferential allotments. At present, not many AMCs participate in preferential allotments.”
Quantum Mutual Fund Chief Executive Officer Jimmy Patel added: “The move to ease preferential allotment norms will help promoters more than AMCs, as their investor base will increase. Mutual fund houses will now be able to invest in companies, even if they had sold shares in the companies in the past six months.”
Other key decisions
Amendment to MF Advertisement Code: To provide more flexibility to mutual fund houses, Sebi has decided to amended the advertising code to make it principle-based. “The definition of advertisement shall be broadened to include all forms of communication that may influence investment decisions of any investor,” the regulator said.
“Under the current advertisement code, there are many restrictions. More than 40 per cent of the ad space gets wasted on disclaimers and information that investors don’t even read. I hope the new code would give us more flexibility and reduce the disclaimers, so that we can advertise our products properly,” said Gupta.
PMS investment limit increased: The market regulator has increased the minimum investment amount under portfolio management services from Rs 5 lakh to Rs 25 lakh. Further, portfolio managers have been asked to ensure segregation of holdings in individual demat accounts in respect of unlisted securities, too.
“Raising the PMS limit was long overdue. The move will benefit the mutual fund industry. As portfolio managers, who have better incentive structures, used to lure relatively small high networth individuals (HNIs) away from mutual fund houses. This will bring back a lot of investors to mutual funds,” said Patel.
Reservation for holders of convertible debt securities: Sebi has clarified that reservations to convertible debt holders in rights and bonus issues shall only be available to compulsorily convertible debt holders.
Chile seeks partnership in renewable energy, lithium
Chennai: Chile wants India to partner with it in the development of renewable energy industry on its soil. Mr Guido Girardi, President of the Senate of the Republic of Chile, today said that India would be welcome to set up power plants that generate energy from renewable sources.
In an interaction with the members of the Confederation of Indian Industry – Southern Region, Mr Girardi pointed out that Chile had 4,000-km-long coastline that afforded possibilities of developing tidal energy, and being a volcanic country, geo-thermal energy was also possible.
A member of the delegation led by Mr Girardi said at the interaction that while everybody knew Chile as a producer of copper, not many knew it was also rich in lithium. Lithium is a metal that is used in the manufacture of batteries for electric vehicles. Chile would welcome any kind of partnership in this area too, he said, noting that the Japanese had formed similar partnerships in the neighbouring Argentina.
Mr Girardi said that the mining sector in Chile would need investments of about $40-50 billion. Such huge mining operations would need energy. “We foresee a tremendous need for solar energy,” he said.
Mr T.T. Ashok, Chairman, CII-Southern Region, said India was set to emerge as a hub of wind, solar, biomass and bio-fuels related manufacturing and exports because of its very strong manufacturing and R&D orientation.
“The two countries need to expedite the proposed Comprehensive Economic Cooperation Agreement that can cover protection of bilateral investments, services, and education,” Mr Ashok said.
In an interaction with the members of the Confederation of Indian Industry – Southern Region, Mr Girardi pointed out that Chile had 4,000-km-long coastline that afforded possibilities of developing tidal energy, and being a volcanic country, geo-thermal energy was also possible.
A member of the delegation led by Mr Girardi said at the interaction that while everybody knew Chile as a producer of copper, not many knew it was also rich in lithium. Lithium is a metal that is used in the manufacture of batteries for electric vehicles. Chile would welcome any kind of partnership in this area too, he said, noting that the Japanese had formed similar partnerships in the neighbouring Argentina.
Mr Girardi said that the mining sector in Chile would need investments of about $40-50 billion. Such huge mining operations would need energy. “We foresee a tremendous need for solar energy,” he said.
Mr T.T. Ashok, Chairman, CII-Southern Region, said India was set to emerge as a hub of wind, solar, biomass and bio-fuels related manufacturing and exports because of its very strong manufacturing and R&D orientation.
“The two countries need to expedite the proposed Comprehensive Economic Cooperation Agreement that can cover protection of bilateral investments, services, and education,” Mr Ashok said.
India signs multilateral pact for tax co-operation
New Delhi: India has signed an international agreement that could be an effective tool to help it combat tax avoidance and evasion.
This agreement — Multilateral Convention on Mutual Administrative Assistance in Tax Matters — is being seen as the ‘gold standard' for co-operation in tax administration.
This pact was signed at the OECD headquarters in Paris by Mr Sanjay Mishra, Joint Secretary, Central Board of Direct Taxes, in the presence of the OECD Deputy Secretary-General, Mr Rintaro Tamakio.
Mr Jeffrey Owens, Director of the OECD Centre for Tax policy and Administration, said India had moved very quickly since its commitment to the convention at the November G20 meet in Cannes. “I expect that India will be the first non-OECD G20 country where the updated Convention is in force,” he said in a statement.
The multilateral convention covers all taxes (direct and indirect), all forms of exchange of information and provides for assistance not just in tax assessment but also in the actual collection.
At the G20 leaders' Summit at Cannes in November last year, India had signed a letter of intent on the multilateral convention.
By signing the convention, India and the other 31 signatories will encourage more countries to join, sending a strong signal that they are acting in unison to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place.
Signatories to the amended convention are Argentina, Australia, Belgium, Brazil, Canada, Denmark, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Moldova, Netherlands, Norway, Poland, Portugal, Russia, Slovenia, South Africa, Spain, Sweden, Turkey, Ukraine, the UK, and the US.
This agreement — Multilateral Convention on Mutual Administrative Assistance in Tax Matters — is being seen as the ‘gold standard' for co-operation in tax administration.
This pact was signed at the OECD headquarters in Paris by Mr Sanjay Mishra, Joint Secretary, Central Board of Direct Taxes, in the presence of the OECD Deputy Secretary-General, Mr Rintaro Tamakio.
Mr Jeffrey Owens, Director of the OECD Centre for Tax policy and Administration, said India had moved very quickly since its commitment to the convention at the November G20 meet in Cannes. “I expect that India will be the first non-OECD G20 country where the updated Convention is in force,” he said in a statement.
The multilateral convention covers all taxes (direct and indirect), all forms of exchange of information and provides for assistance not just in tax assessment but also in the actual collection.
At the G20 leaders' Summit at Cannes in November last year, India had signed a letter of intent on the multilateral convention.
By signing the convention, India and the other 31 signatories will encourage more countries to join, sending a strong signal that they are acting in unison to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place.
Signatories to the amended convention are Argentina, Australia, Belgium, Brazil, Canada, Denmark, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Moldova, Netherlands, Norway, Poland, Portugal, Russia, Slovenia, South Africa, Spain, Sweden, Turkey, Ukraine, the UK, and the US.
Thursday, January 26, 2012
Reliance Dreamworks' movies bags 11 Oscar nominations
MUMBAI: War Horse, The Help and Real Steel, Hollywood films produced by Reliance Dream-Works, have bagged 11 nominations at this year's Oscars, making it the first time films produced by an Indian company have been nominated in such a big way.
The Steven Spielberg-directed War Horse has been nominated in six categories including the best picture, sound editing, sound mixing, original score (John Williams), art direction and cinematography. War Horse will be released in India on February 10.
The Help has been nominated for the best picture, best actress (Viola Davis), best supporting actress (Jessica Chastain and Octavia Spencer). Hugh Jackman-starrer sci- fi thriller Real Steel has been nominated for Best achievement in Visual Effects. The most prestigious best film category has two films from the Reliance DreamWorks stable.
Reliance DreamWorks is an equal joint venture between Anil Ambani-owned Reliance Entertainment and Steven Spielberg's DreamWorks Studios. The deal was preceded by Reliance Entertainment's foray into Hollywood in early 2009, which saw the company signing a deals with A-list stars including Brad Pitt, George Clooney, Tom Hanks, Jim Carrey and Julia Roberts.
The Steven Spielberg-directed War Horse has been nominated in six categories including the best picture, sound editing, sound mixing, original score (John Williams), art direction and cinematography. War Horse will be released in India on February 10.
The Help has been nominated for the best picture, best actress (Viola Davis), best supporting actress (Jessica Chastain and Octavia Spencer). Hugh Jackman-starrer sci- fi thriller Real Steel has been nominated for Best achievement in Visual Effects. The most prestigious best film category has two films from the Reliance DreamWorks stable.
Reliance DreamWorks is an equal joint venture between Anil Ambani-owned Reliance Entertainment and Steven Spielberg's DreamWorks Studios. The deal was preceded by Reliance Entertainment's foray into Hollywood in early 2009, which saw the company signing a deals with A-list stars including Brad Pitt, George Clooney, Tom Hanks, Jim Carrey and Julia Roberts.
Essar Projects bags a Rs 286 crores contract from Gujarat Water Infrastructure Limited
NEW DELHI: Essar Projects, India's second largest EPC company and part of the Essar Group, was awarded Rs 286 crores Contract from Gujarat Water Infrastructure Limited to Engineer, Procure, Construct & Commission (EPCC) a water pipeline system.
This is part of the ambitious Bulk Water Transmission System Project being implemented by the Gujarat Government. The project is scheduled for completion in 12 months.
It is one of the eight packages of Sardar Sarovar Narmada Canal-based drinking water supply project, which aims at supplying water to all the rural and urban areas of the seven districts of Saurashtra, Kachchh region and parts of Ahemdabad, Sabarakantha, Mehsana districts of North Gujarat and Panchmahals.
"Essar Projects has been successfully bidding and winning new business in the open market. This award from GWIL is a testimony to our competitive capabilities in the EPC space in India," said Mr MS Ambegaonkar, Director Business Development, Essar Projects.
Essar Projects is increasingly expanding its global footprint. Currently the company is bidding as well as executing multi-million dollar contracts in SE Asia, Australasia, Middle East & Africa.
The company's revenue for FY2011 was US$ 1.7 billion and Order Book stood in excess of US$ 6 billion.
This is part of the ambitious Bulk Water Transmission System Project being implemented by the Gujarat Government. The project is scheduled for completion in 12 months.
It is one of the eight packages of Sardar Sarovar Narmada Canal-based drinking water supply project, which aims at supplying water to all the rural and urban areas of the seven districts of Saurashtra, Kachchh region and parts of Ahemdabad, Sabarakantha, Mehsana districts of North Gujarat and Panchmahals.
"Essar Projects has been successfully bidding and winning new business in the open market. This award from GWIL is a testimony to our competitive capabilities in the EPC space in India," said Mr MS Ambegaonkar, Director Business Development, Essar Projects.
Essar Projects is increasingly expanding its global footprint. Currently the company is bidding as well as executing multi-million dollar contracts in SE Asia, Australasia, Middle East & Africa.
The company's revenue for FY2011 was US$ 1.7 billion and Order Book stood in excess of US$ 6 billion.
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