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Multinationals owe Rs3,500 crore in government taxes

Multinationals owe Rs3,500 crore in government taxes
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First Published: Sun, Mar 16 2008. 11 55 PM IST
Updated: Sun, Mar 16 2008. 11 55 PM IST
New Delhi: The Indian arms of Ericsson AB, Daewoo Motors and Coca Cola figure among dozens of multinational corporations (MNC) that have outstanding tax liability totalling more than Rs3,500 crore.
According to finance ministry figures, the revenue department has to recover Rs472.10 crore from Ericsson India Pvt. Ltd, Rs442.72 crore from Daewoo Motors India Ltd and Rs424.75 crore from Coca Cola India.
About three dozen MNCs operating in India have total outstanding tax liability of more than Rs3,500 crore as of 31 December 2007, said the finance ministry figures on firms with tax arrears of more than Rs25 crore.
The list of companies with high outstanding tax liability includes Samsung India Electronics Pvt. Ltd (Rs132.84 crore) and Star India Ltd (Rs178.42 crore). Among others against which there is a large outstanding tax liability are Niko Resources Ltd (Rs139.72 crore), Cartier Shipping (Rs174.79 crore), AP Moller-Maersk A/S (Rs113.10 crore) and Gracemac Cocon (Rs136.49 crore).
-PTI
AT&T may buy stake in Datacom Solutions
New Delhi: Top US phone company AT&T Inc. is eyeing a stake in Datacom Solutions Pvt. Ltd, a subsidiary of consumer goods maker Videocon Industries Ltd.
Datacom has recently been issued a licence to offer mobile services across India. If the deal comes through, this would be AT&T’s second innings in India’s cellular mobile services.
An AT&T spokesperson refused to confirm or deny the development saying, “We do not comment on market speculations.” But some officials close to the development said a senior management team of AT&T will be in New Delhi in April to work out the details and the US company may be roped in by Datacom as a strategic partner.
Datacom has announced an investment of Rs6,000 crore to set up a pan-India network.
Officials said that any deal would take shape only after the government allocates spectrum (radio frequency required to offer wireless telecom services) to the new players as mere licence-holding may not fetch them good value.
Datacom has also been approached by Spain’s Telephonica SA, company officials said.
-PTI
Infiniti Retail earmarks Rs800 cr for Croma
Mumbai: The Tata group’s retail venture, Infiniti Retail Ltd, plans to invest about Rs800 crore in Croma—its large format retail chain for consumer electronics and durables—by 2010, a top company official said.
“We plan to invest around Rs800 crore by 2010. Our plan is to have around 100 stores by then,” Infiniti Retail’s chief executive officer and managing director Ajit Joshi said.
“Presently, we have 17 stores and have invested around Rs150 crore,” he said adding that by this month end, the company plans to have at least 20 stores.
Expressing concern over the non-availability of proper locations in downtown areas as also the prevailing high real estate prices, Joshi said Croma may come up with a smaller format in the future.
“We are keeping our options open but have not yet decided on the name as it cannot be called Croma mega stores,” he said.
“We also plan to foray into new markets like Chennai, Hyderabad and Kolkata,” Joshi said.
The company will open its first store in Kolkata around October and in Hyderabad and Chennai by the next financial year, he added.
-PTI
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First Published: Sun, Mar 16 2008. 11 55 PM IST