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The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...

By Ranjeet Mahtani & Sweta Rajan On the path to complete all responsibilities and release the requisite laws, regulations and rates ahead of the proposed transition date of July 1, 2017, the GST Council met on June 3, 2017. The key developments during the meeting were: A committee comprising revenue officers from Centre and States is to be set up to entertain complaints relating to anti-profiteering. GST rates of the items which were not placed across the agreed rate slabs (after the Council’s meetings on 18 and 19 May, 2017) were decided, including 3% GST on gold and gold jewellery, 0.25% on rough diamonds, 5% on packaged food items sold under registered trademarks, 18% on biscuits, 5% on footwear priced below Rs. 500/- ...

The Dollar Business Bureau The Cabinet has approved a proposed agreement for export credit of $9 billion between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for infrastructure development in the country and for supplying goods and services as a part of project in other nations. “The Cabinet, chaired by the Prime Minister Narendra Modi, has approved the proposed memorandum of understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of $9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries,” said an official statement. The MoU is likely to be signed between the two sides when Finance ...

Sai Nikesh | The Dollar Business Foreign Direct Investments (FDI) in various sectors saw a negative trend in the first two months of the current fiscal year. In services sector, the inflow has declined 15% to $488 million during the first two months of the current fiscal, as compared to the figure of the same period of last year. “FDI in services sector has dipped, but it should not be a major cause of concern as overall FDI inflows in April-May 2015 period has touched $7.5bn, which is roughly 30% more than what we received last year during the same period,” Sanjay Budhia, Co-Chairman, CII National committee on International Trade Policy& Exports, told The Dollar Business. He said that the definition of ...