Coal India gets assurance to fully exploit mines

Coal India, whose USD 3.5 billion IPO opens on Monday, has received assurance from Indian prime minister's office that it could fully exploit its coal reserves, which were earlier constrained by the environment ministry,

The environment minister had issued a directive that designated about 40 % of the company reserves as 'no go areas' for mining, the paper said.

The environment minister proposed the prohibition to stop large-scale felling of forests. This could have impacted Coal India's production substantially, it said.

'The prime minister's office had intervened,' a senior company official, who declined to be identified, told Reuters over the telephone on Saturday.

'We are confident our projects will get the clearances.'

Around 115 of Coal India's projects were awaiting forest clearance from the environment ministry, Chairman Partha Bhattacharyya had told reporters in Mumbai earlier this week.

Coal India, based in the eastern city of Kolkata, produced 431 million tonnes in 2009/10, accounting for nearly 80 % of Indian coal output.

The miner, founded in 1973 when the government nationalised many coal mines, made a net profit of Rs 9830 crores (USD 2.2 billion) in 2010 fiscal year and expects that to grow 25 % in the year to March.

(USD 1 = 44.1 rupees)

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Larry Summers gungho on India story

 

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He may have been criticised the most for the failure of Obama's economic policies, but Larry Summers holds an optimistic view of the Indian economy as far out as in 2040. Summers expects India to be indispensable to the US by then.

Lawrence Summers, Director, White House National Economic Council, said, ?Morgan leaned forward to his audience and said in my experience, based on my long years in the markets, my judgement is that looking forward we can expect that there will be fluctuations.?

That was Summers imitating JP Morgan on what he once said on currency fluctuations. But that said, Summers puts out the ?what India's could be in 2040? - an economy growing exponentially and one opportunity that could be a big miss for the US if it does not partner India.

Summers predicts that in 2040 the discussion would be less about consensus in Washington or Beijing but more about Mumbai.  He expects the debate then to be about growing level of consumption and widening middle class. But he warns there would be no guarantees.

?In the end protectionism makes people poorer, makes nation more hostile to one another, reduces opportunity for business and workers and isn?t actually a zero sum game, in fact it's a negative sum game,? he added.

Summers will step down from Obama's administration in November. He says Obama's India visit will be the longest state visit to any nation symbolising his view on India as an indispensible partner.

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Vodafone files petition against India tax move

Vodafone said on Friday it had filed a writ with the Bombay High Court defending itself against a new step by Indian tax authorities to treat the company as an agent of the seller in its 2007 purchase of Hutchison Whampoa Ltd's mobile business in the country. Vodafone's writ was filed under Section 163 of the IT Act.

"Vodafone contends that the key issue of jurisdiction (as to whether the Indian tax office can tax the transfer of a foreign company's shares between two non-residents) is currently under appeal to the Supreme Court of India," Vodafone said in a statement.

"Hence any action which seeks to treat Vodafone as an agent of Hutchison is misguided and premature," it said.

Sources at the Central Board of Direct Taxes said that the latest writ has nothing to do with the ongoing case, adding that the department would go ahead and issue a demand notice to Vodafone on October 24. Sources said the I-T department will reply to the new Vodafone plea on October 21. The department does not see any impact of the fresh writ on the Rs 12,000 crore TDS case, to be heard by the Supreme Court on October 25.

What remains to be seen is will the fresh writ be entertained by the Bombay High Court on October 27.

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