Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
August 18, Saturday 2018 6:54 AM       

       HEADLINES: Rescue operations intensified, more to be shifted to relief camps                                              Red alert declared in 13 districts except Kasargod, chances of heavy rains                                              Modi to visit state to take stock of flood situation                                              250 boats, 23 helicopters added for rescue operations; situation under control: CM                                              Stranded people will be rescued by today itself, 164 dead: CM                                              SC directs reducing water level at Mullaperiyar dam by three feet                                              Godavari river in spate in AP/Telangana                                              'Bharat Ratna' Atal Bihari Vajpayee cremated with state honour                                              US newsrooms to Trump: We're not enemies of the people                                              Imran Khan elected as Pakistan's new prime minister                                              I'm not out there to prove anything, asserts Sushil                                              Kaumudi Facebook
       BUSINESS Next Article: Infosys appoints Salil S Parekh as CEO & MD  
       Nissan prods India for Rs. 4968 cr in redress over broken tax-break promise
 
         Posted on :16:52:54 Dec 3, 2017
   
A A
       Last edited on:20:08:03 Dec 3, 2017
         Tags: Nissan prods India for Rs. 4968 cr in redress
 

MUMBAI/TOKYO: Nissan Motor Co. is seeking compensation from India, saying the government failed to keep its end of the bargain on promised tax breaks after wooing the automaker to set up a factory.

The Yokohama-based carmaker has started international arbitration against the Indian government, a Nissan spokesman said Friday. The company wants Rs. 4968 million in payments and damages, Reuters reported Friday, citing a person familiar with the matter. Nissan sent a legal notice to Prime Minister Narendra Modi last year after making repeated requests, the report said.

“We are committed to working with the government of India toward a resolution,” Nissan said in an email message, declining to elaborate. A spokesman at the commerce ministry in New Delhi didn’t immediately respond to a message seeking comment.

Nissan’s move flies in the face of Modi, who has sought to improve India’s image among foreign investors by making it easy to start ventures and resolve bankruptcies. He is counting on reforms to lure overseas capital and create jobs under his flagship “Make in India” program. While a World Bank index in October showed the country moved up 30 notches in the business-friendly rankings, companies such as Vodafone Group PLC and NTT Docomo Inc. have previously run into disputes over taxes and investment rules.

Vodafone, facing a demand for more than Rs. 12,903 crore in taxes from the Indian government even after its Supreme Court ruled in the mobile phone company’s favor, has taken the matter to international arbitration. The Newbury, England-based company has maintained it doesn’t owe the government the levy.

India’s foreign investment rules prevented Docomo from getting Rs. 7741 crore from Tata Sons Ltd. as compensation awarded by an arbitration court in London, before the two parties agreed to settle in February this year.

Nissan signed a preliminary agreement with the southern Indian state of Tamil Nadu in 2008 and invested about 45 billion rupees in a factory on the outskirts of Chennai, starting operations two years later. It spent 16 billion rupees more in subsequent years to add power train and tool manufacturing.

The plant, also shared by affiliate Renault SA, caters to both domestic and international markets and has exported more than 600,000 units to 106 countries since 2010, according to the company. It has a capacity to produce 480,000 units per year.

The models that roll out of the plant include the Micra hatchback, Terrano mini-SUV, the Sunny small sedan and Datsun.

Nissan is proud to play a role in the Make in India effort and has created over 40,000 jobs in India, directly and indirectly, and contributed to the economic growth of Tamil Nadu with about $1 billion in investment, it said in its email statement.

A A
       BUSINESS
Next Article: Infosys appoints Salil S Parekh as CEO & MD
 
 
BUSINESS HEADLINES
Sensex surges 284 pts, Nifty hits new high  
Gold eases, silver recovers on subdued demand  
Comfortable forex reserves to deal with undue Re volatility: Jaitley  
Positive growth in steel sector, trend to continue: Tata Steel  
Global Indian Solutions to address $900B NRI assets market in India  
DLF to offer only completed flats; to remove delivery uncertainty  
Adani walks away with gas rights for 21 cities; BPCL bags 11 cities  
India Cements Q1 net profits slips to Rs 21.03 cr  
Microsoft boss Nadella rakes in USD 35 million in share sale  
Odisha likely to put up 18 mines for auction this year: Mukim  
Erdogan says Turkey 'won't lose economic war' after lira crash  
Odisha likely to put up 18 mines for auction this year: Mukim  
US dollar ends sharply higher against rupee  
"Ligne Roset" is all set to cover North Indian market through India's premium furniture brand IOTA  
JP Morgan-CIIE to set up Financial Inclusion Lab  
Adani Power net loss widens to Rs 825 cr in Apr-Jun qtr  
Ola to launch its UK operations with ride-sharing offerings in South Wales, Greater Manchester  
Indra Nooyi to step down as PepsiCo CEO  
Paper Industry aims to rectify misconceptions about paper usage  
Sensex hits record high, Nifty breaches 11,400 mark  
GST slabs may reduce to 3 in long-term: Sanjeev Sanyal  
Lankan govenment reworking MoU on airport deal with India  
Indian carriers need $50 bn to buy planes over 10 yrs: Report  
GST slabs may reduce to three in long-term: Sanjeev Sanyal  
Goibibo now enables users to login via WhatsApp  
 
Do you think Indian Army should take up rescue operation independently?
yes
 
no
 
no opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy