Nirma Acquires Lafarge, HDFC’s Masala Bonds, Cairn Plc suing India – Weekly Digest #5

Monday- 11th July 2016

  • The government to include app bought on play store and app store under the equalisation levy by December 2016. This could make apps costlier by 8-10%.
  • Airtel-Aircel 4G spectrum deal gets an approval from the telecom ministry. The deal is expected to be around worth Rs 3,500 crores.
  • Nirma won over its competitors in a bid for Lafarge’s Indian portfolio. The deal was finalized for approximate $1.4 billion.
  • HDFC to become first Indian Company to sell masala bonds, to raise an amount of Rs 3,000 crores. Masala bonds are those bonds which are issued to foreign investors in Indian denomination


Tuesday- 12th July 2016

  • In an effort to lower the subsidy burden, the government has allowed oil companies to raise the prices of kerosene from July 16 to April 17 by 25 paise a month. This will help the government to save up to Rs 1,000 crores during the period.
  • US-based KKR, a private equity firm, to invest Rs 520 crores in the Indian private dairy company, Kwality. The company intends to utilise the money to expand the production capacity and increase procurement.
  • Cairn Plc is claiming $5.6 billion in damages from India for raising a tax demand from the company by the way of retrospective tax demand.


Wednesday- 13th July 2016

  • Indian Hotels company sell their iconic Taj Boston in the United States for a value of $125 million. The company intends to utilize the amount to pay off a portion of its debts.
  • IKEA to set up 25 stores across India by the year 20125. For the same purpose, the world’s largest furniture retail chain is looking to invest an amount of Rs 1,500 crore in Mumbai.
  • Enforcement Directorate arrested former chairman of Financial Technologies in a Rs Rs 5,600 crore scam regarding National Spot Commodity Exchange fraud.

Thursday- 14th July 2016

  • The cabinet changed the exemption limit on excise duty for jewellery manufacturers. This step comes after the protest by jewellers across the country over 1% excise duty recently imposed. The exemption limit has now been raised from the turnover of Rs 12 crores to Rs 15 crores.
  • Hindustan Construction Company to opt for debt restructuring of its Rs 4,900 crore debt. This step comes after the recommendation from the consulting firm, EY.
  • Snapdeal and Future group have emerged as the final contenders for acquiring the online fashion portal, Jabong. While Snapdeal is keen on a cash -cum-stock deal, Future group is offering an all cash deal.

Friday- 15th July 2016

  • The government has extended the date for payment of tax on black money. The payment can now be made in three installments, the last date for payment being 30th September 2017.
  • Special investigation Team hs recommended a ban on cash transactions over Rs 3 lakhs and on cash holdings over Rs 15 lakhs. This comes as another step to curb black money in the country.
  • Petrol prices slashed by Rs 2.25 per litre and diesel by 42 paise per litre. This is the second cut in price in the month of July 2016.

Source: The Economic Times

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