Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
June 25, Monday 2018 9:43 AM       

       HEADLINES: B Sujatha Devi Passes Away                                              Fish preserved in formalin seized                                              Son brutally beats mother                                              Bid to sabotage probe against ADGP’s daughter                                              V K Rajagopal’s Sabarimala appointment cancelled                                              Violence cannot solve any problem: Modi                                              Major held for colleague's wife's murder                                              PDP never 'wavered' on agenda of alliance, says Mehbooba                                              UAE says ready to back efforts for peaceful Yemen rebel pullout                                              Musharraf says he has not quit politics                                              Constant bullying of activists unacceptable: HRCP                                              Kohli & Co. depart for Ireland, England tour                                              FIFA WC: Lukaku, Hazard braces help Belgium stun Tunisia 5-2                                              FIFA WC: Vela, Hernandez help Mexico win against S Korea 2-1                                              Amit wins gold at World Para Athletics Grand Prix                                              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
WhatsApp updates privacy policy, terms of use ahead of payments service launch  
Infosys stable and on verge of something momentous: Nilekani  
Gold, silver prices fall on weak global cues  
FICCI awarded at X International IT Forum, Russia  
Lenovo India names Pankaj Harjai as Director-Tablets  
Adani Transmission acquires 100% equity in Ghatampur SPV  
Air India set to have 'Maharaja' class seats on international flights  
Sensex gets a buying lift, up 123 pts; RIL at new high  
Aviation Ministry committed to strategic disinvestment of Air India  
Exempted sectors should come under GST: Arvind Subramanian  
Bajaj Finserv offers pre-approved personal loan to customers  
US dollar ends cheaper against rupee  
Pradeep Parameswaran appointed Uber President- India, South Asia  
Google announces training programme for journalists  
Sensex tanks 261 pts as US-China trade spat escalates  
US dollar ends higher against rupee  
WhatsApp Payments to be rolled out soon: here is how it's different from competition  
Ayushman Bharat: Only half the states ready to launch scheme on August 15; UP Bihar & West Bengal not prepared yet  
Audi boss arrested over diesel scandal  
India, US officials to meet soon to discuss concerns of both sides: Prabhu  
Rupee dives to 3-week low at 68.01 on macro-liquidity shocks  
Gold rises on mild demand, silver surges for 8th session  
AFT directs govt to remove anomaly in HRA  
Grand Finale of Smart India Hackathon from June 18-22  
GST refund drive extended till June 16  
 
Should Yoga be made compulsory in all schools?
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