India loses Cairn tax case at international tribunal; asked to pay Rs 8,000 crore in damages
The Indian Government lost an international arbitration case to British energy giant Cairn Energy over a tax dispute. The international tribunal ruled that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty. India has been ordered to pay damages worth $1.2 billion (~Rs 8,858 crore) to the oil major.
Cairn Energy had filed a dispute in 2015 against the demand raised by the Indian tax department of Rs 10,247 crore, relating to re-organisation of the group in 2006. The income tax department had then said that Cairn UK Holdings, a fully-owned subsidiary of Cairn Energy, had made capital gains of over Rs 24,000 crore before the public listing of Cairn India. They said that Cairn Energy effectively held 69% of Cairn India. In 2011, Cairn India was sold to Vedanta Group, except for a 9.8% stake. The residual stake sale was barred by the income tax department, and dividend payments by Cairn India to Cairn Energy were also frozen.
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Antony Waste Handling Cell IPO subscribed 15 times on last day
The Rs 300-crore initial public offering (IPO) of Antony Waste Handling Cell was subscribed 15.04 times on the final day of bidding. Investors put in bids for 9.91 crore equity shares, as against an offer size of 66.66 lakh equity shares. The reserved portion for retail investors was subscribed 16 times and that of non-institutional investors 18.68 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 9.67 times.
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Vodafone Idea loses 2.7 million subscribers in October
According to official data from telecom operator TRAI, Vodafone Idea (Vi) lost 2.7 million mobile subscribers in October 2020. Reliance Jio Infocomm Ltd and Bharti Airtel Ltd saw an increase in their subscriber base by 2.2 million and 3.7 million, respectively, during the same month. As per the data, Jio has a 35% market share of wireless subscribers, followed by Bharti Airtel at 29% and Vodafone Idea at 25%.
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L&T Construction wins large contracts in Madhya Pradesh
Larsen & Toubro (L&T) Ltd said that its construction arm has won large contracts in Madhya Pradesh. The contract consists of the execution of rural piped water supply schemes (under the Jal Jeevan Mission) in various districts of Madhya Pradesh. The company did not specify the exact amount of the contract. As per L&T’s specifications, a ‘large contract’ varies between Rs 2,500 crore to Rs 5,000 crore.
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Parag Milk expands its health & nutrition business
Parag Milk Foods Ltd has announced plans to expand its health & nutrition portfolio through the introduction of high potential lactose products. The company has ventured into whey protein powders, which is a by-product in the cheese manufacturing process. For this, Parag Milk Foods has established facilities with a capacity to manufacture 40 MT of lactose per day.
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Emami to expand ayurvedic product export under Zandu
Emami Ltd announced that it has received the WHO-Goods Manufacturing Practices (GMP) and Certificate of Pharmaceutical Products (CoPP) accreditations for its two plants located at Vapi and Masat in Gujarat. With this, the company plans to export its healthcare portfolio under Zandu into several newer markets. The accreditations are for more than 40 ayurvedic products for three years.
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Glenmark Pharma signs pact with Menarini to commercialise nasal spray in Europe
Glenmark Pharma’s Swiss subsidiary has signed an exclusive licensing agreement with Menarini Group for commercialising its innovative nasal spray Ryaltris across 33 countries in Europe. The nasal spray is used for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age. Under the terms of the agreement, Glenmark will be responsible for the continued development and regulatory approval of Ryaltris in European markets. After receiving all regulatory approvals, Menarini will be responsible for the commercialisation of the product in those markets.
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Firstsource Solutions acquires US-based PatientMatters
Firstsource Solutions Ltd announced that it has acquired US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. PatientMatters unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services- thus improving revenue realisation for hospitals. The acquisition helps Firstsource in strengthening its presence in large markets like Texas and New York.
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Ramco Systems secures multi-million dollar deal from ‘a Global Fortune 500 major’
Ramco Systems Ltd announced that it has signed a multi-million dollar agreement with a Global Fortune 500 major to unify and transform its payroll systems for 18 countries in the Asia Pacific region, using Ramco’s Managed Payroll Services. With this win, the company has added three Fortune 500 brands as clients for Ramco Global Payroll in Q3 2020. Ramco HR and Global Payroll services consist of chatbots, voice, and AI/ML. It addresses operational HR modules including Core HR and Time & Attendance & Global Payroll, with statutory compliance across 50+ countries.
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Bharat Forge units reach settlement with Germany’s national competition regulator
Bharat Forge Ltd announced that its three subsidiaries- Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH- have reached a settlement with Germany’s national competition regulator Bundeskartellamt (Federal Cartel Office or FCO). The company’s units had been found guilty of engaging in illegal competitive agreements. The German subsidiaries have reached a settlement in an aggregate amount of €32 million (~Rs 287 crore) to be paid over the next five years.
Dilip Buildcon receives LoA for EPC project in Rajasthan
Dilip Buildcon Ltd and its JV partner Altis-Holding Corporation has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI) for an engineering, procurement, and construction (EPC) project in Rajasthan. The project consists of the construction of an eight-lane access-controlled expressway in a section of Delhi-Vadodara Greenfield Alignment (NH-148N) in Rajasthan on EPC Mode. The project bid cost is Rs 1000.08 crore, for a completion period of 30 months.
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