Adani Welspun starts exploratory drilling in Cambay basin

Adani Enterprises Ltd said Adani Welspun Exploration Ltd (AWEL), its joint venture with Welspun Natural Resources Pvt Ltd, started exploratory drilling in the Palej block in Cambay basin. This block was awarded to the company under the New Exploration Licensing Policy (NELP) VI.

AWEL has 90% participating interest in Palej and Assam blocks through group companies, 100% participating interest in Mumbai offshore block and two blocks in Thailand. AWEL has also been awarded two offshore exploration blocks in Kutch basin as a non-operator with 20% and 30% participating interests.

Production sharing contracts for these two blocks are expected to be signed soon, it said in a regulatory filing.

On Wednesday, Adani Enterprises shares ended flat at Rs543 on the Bombay Stock Exchange, while the benchmark Sensex closed at 0.3% up at 17,462 points.
 

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Indian telecom investment to peak at $40 billion this fiscal

This investment, up from $20 billion seen last year, would be for continuing the development of 3G, broadband wireless access and expansion of existing networks

Investment in the Indian telecom sector will peak at $40 billion during the current fiscal as the country presses on to build a network of one billion mobile phones over the next two years, the Telecom Equipment & Services Export Promotion Council said today, reports PTI

This investment, up from $20 billion seen last year, would be for continuing the development of third generation (3G), broadband wireless access (BWA) and expansion of existing networks, said RK Pathak, secretary of the Telecom Equipment & Services Export Promotion Council, in Singapore at the CommunicAsia 2010, a Singapore exhibition for global telecom industries.

The Indian government has set up the Telecom Equipment & Services Export Promotion Council for promoting export of equipment and services.

However, investment would be lower in the next fiscal as the industry completes most of its developments, especially the establishment of hardware, Mr Pathak said, adding that software development was largely done by indigenous engineering workforce.

Additionally, India is also importing an average of $10 billion worth of hardware to support its massive expansion of telecom sector, which has set a target of adding 18-20 million subscribers a month, said Mr Pathak, who is also a deputy director general (IP) at the Department of Telecommunications (DoT).

He projected the domestic manufacturing sector to produce Rs60,000 crore of equipment this fiscal year, up from Rs50,000 crore last fiscal year, which were doubled from Rs25,000 crore two years ago.

Mr Pathak also highlighted the export potential of Indian telecom sector, projecting a $5 billion hardware product export in the current fiscal year compared to $4 billion a year ago.

He said the five-company Indian participation in the CommunicAsia has received positive business collaboration responses from visitors to the Singapore show.

A number of collaborations and joint ventures were being discussed at the CommunicAsia for marketing India-made telecom equipment on the global market, he said.

Though this is the first year participation in the Singapore exhibition, the year-old council would be launching more global marketing and trade promotion campaigns at international exhibitions in the coming year, he added.
 

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Tax exemption recommendation is balanced: Finmin

A day after releasing a revised draft of the Direct Taxes Code (DTC), the finance ministry today said its recommendations on exempting retirement savings are balanced and would not entail loss of revenue, reports PTI.

"EEE (exempt-exempt-exempt) is only for limited number of saving instruments. It (recommendation) is balanced," revenue secretary Sunil Mitra told PTI when asked about the rationale of watering down the original proposals.

Under EEE mode, contributions in certain savings schemes become tax-exempt as it is deductible from income, the accumulations are also exempt from tax till it remain invested and withdrawals are also not taxed. However, in EET, the first two steps remain tax-exempt, but withdrawals are taxed.

On the impact of the recommendations on revenue, he said, "Tax collection will increase or not it will all depends on rates. The rates we have not put just now. That will go in the legislation."

In the revised DTC, which will replace the 50-year-old Income Tax Act, the finance ministry decided to drop its earlier proposal to tax the Government Provident Fund or the Public Provident Fund withdrawals.

The first DTC draft had proposed to tax all savings schemes, including provident funds, at the time of withdrawal bringing them under the EET (Exempt-Exempt-Tax) mode.

The revised draft also puts pensions administered by the interim regulator Pension Fund Regulatory and Development Authority (PFRDA), including pension of government employees who were recruited since January 2004, under EEE treatment.

The government plans to introduce a draft legislation on the DTC in Parliament in the forthcoming monsoon session.

"If Parliament procedure is complete and it becomes a law, it will be implemented from 1 April 2011," Mr Mitra said yesterday.

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