Rolls-Royce ties up with TCS to drive growth in India operations

download (3).jpgSource: LiveMint.com, Nov 16, 2017

Bengaluru: Jet engine maker Rolls-Royce Holdings Plc is looking at driving growth in its India operations through a partnership with Tata Consultancy Services Ltd (TCS), the UK-based company said.

The partnership with TCS will accelerate its digital transformation and innovation strategy. It will provide Rolls-Royce with digital platform capabilities that will allow it to capture, share and analyse data more easily across the engine maker. That, in turn, will give the company room to develop new products and services at a faster pace, Rolls-Royce said in a statement.

Read the rest of this entry »

Advertisements

India’s electric vehicle drive: Challenges and opportunities

download (1).pngNew Delhi: The year 2017 will be remembered as a significant one for defining India’s mobility architecture. From big ticket announcements on the marque Ahmedabad-Mumbai high-speed rail project to Hyperloop, India has seized its moment in the sun to announce big plans for finding next generation transportation solutions.

But nothing has caught the imagination of the industry and policy makers quite like the government’s ambitious plans for a mass scale shift to electric vehicles (EVs) by 2030 so that all vehicles on Indian roads by then—personal and commercial—will be powered by electricity. While the transformative push for electric vehicles has become a cause célèbre for India and the world, it presents challenges along with opportunities.

With Volvo’s July announcement that it would phase out the internal combustion engine and manufacture only electric or hybrid vehicles by 2019, many believe India’s EV moment has arrived. It won’t be long before major automakers in India follow Sweden-based Volvo’s lead in phasing out internal combustion engines and electrifying their line-ups to meet the 2030 deadline.

Read the rest of this entry »

Global fund for de-risking solar projects on the anvil

Source: The Hindu Business Line, Nov 15, 2017

Chennai: A taskforce set up under the aegis of the International Solar Alliance has recommended the setting up of a ‘guarantee fund’ that would function as a sort of insurance against various risks in developing solar power plants.

The taskforce, comprising India’s Council on Energy, Environment and Water (CEEW), the Confederation of Indian Industry (CII), the Currency Exchange Fund (TCX) and the Terrawatt Initiative Alliance, has said in its report that a guarantee fund with a corpus of $1 billion, can make $15 billion worth of solar projects happen. The fund, which the report names as ‘common risk mitigation mechanism’ (CRMM), would create about 20 GW of solar PV capacity in 20 countries.

Read the rest of this entry »

GSTN utility for exporters to claim refunds gets activated

Source: The Hindu Business Line, Nov 15, 2017

New Delhi: Merchant exporters can start claiming tax refunds using the new utility that will be activated on the GST Network portal tonight, GSTN CEO Prakash Kumar said.

With the new utility RFD-1A, a merchant exporter can claim refund of GST paid at the time of buying goods which he has exported in the relevant month.“GST RFD-1A for refund of input tax credit on export of goods and services and additional amount in cash ledger would go live on GSTN portal tonight,” Kumar told PTI. The refund claims can be filled for July-September and that would be matched with the corresponding GSTR-3B filed by the exporter.

Earlier, GSTN had launched the utility for processing refund claims by manufacturing exporters who had paid Integrated GST (IGST) while exporting goods.Kumar further said a new functionality has been introduced on the portal that enables businesses to engage and disengage a GST Practitioner (GSTP).

Read the rest of this entry »

India M&A to reach $46.5 billon in 2017

Source: The Hindu Business Line, Nov 15, 2017

Mumbai: Boosted by Rosneft’s $13 billion takeover of Essar Oil, India M&A is expected to touch $46.5 billon across 944 deals in 2017. This is a 165 per cent rise in value and a 70 per cent jump in volume from 2016, according to a forecast by Baker McKenzie.

India recorded 553 deals worth $17.5 billion last year. M&A activity is expected to continue to gather pace on the back of Modi government’s continued efforts in removing regulatory hurdles and simplifying laws to further attract foreign investment, until it reaches its cyclical peak of $52.8 billion in 2019.

Read the rest of this entry »

42 of 48 HAM projects worth Rs 43,500 cr achieve financial closure

Source: Financial Express, Nov 16, 2017

Mumbai: Of the 48 road projects awarded under the hybrid annuity model (HAM) by the National Highways Authority of India (NHAI) and the road transport ministry till March this year, 42 projects with an aggregate bid project cost (BPC) of Rs 43,500 crore have achieved financial closure. Projects seeing a delay in financial closure mainly belong to weak sponsors such as MBL Infrastructures and Overseas Infrastructure Alliance, who either returned their projects or saw their projects cancelled earlier this year. Road developers told FE that more number of financial closures is a positive sign as it would improve the confidence among companies to bid for more projects.

Read the rest of this entry »

Government wants new MRP on 200 goods amid GST change

download (2).jpgSource: Financial Express, Nov 15, 2017

New Delhi: Union Consumer Affairs Minister Ram Vilas Paswan on Wednesday said new Maximum Retail Price (MRP) will have to be printed on around 200 consumer products in the backdrop of a change in the taxation structure by the GST Council on November 10. The manufacturers will have to fix new stickers of reduced MRP along with the old MRP to pass on the benefits of reduction in the Goods and Services Tax (GST) to consumers, Paswan said, adding that failing to do so will attract action. “Those goods on which GST has been lowered will have to be sold at new MRP. Benefit has to be passed on to customers. Notification has been issued in this regard,” Paswan told reporters.

“We have written to the Legal Metrology Department to take action in case of non-compliance. Also, consumers can lodge complaint through National Consumer Helpline.” The changed tax structure has been in force from Wednesday. The ministry had made a similar move after roll out of GST on July 1 this year, with the deadline for dual MRP till September 30, which was later extended to December 31.