B U S I N E S S

New Delhi furious over US trade investigations
New Delhi, February 25
India has decided to block investigations by the US into its trade policies and patent laws, and prepare for a battle at the World Trade Organization (WTO), a move that could escalate already-strained tension between the two countries.

RIL refutes AAP allegations against company, Mukesh
New Delhi, February 25
Reliance Industries Ltd (RIL) today said neither the company nor its chairman Mukesh Ambani holds any illegitimate accounts anywhere in the world. Aam Admi Party (AAP) leader and former Delhi Chief Minister Arvind Kejriwal had at an election rally in Rohtak in Haryana read out numbers of what he claimed were two Swiss bank accounts belonging to Mukesh and Anil Ambani.

maruti-suzuki deal
Concerned, investors mull further options
New Delhi, February 25
After raising the red flag over a deal between Maruti Suzuki and its Japanese parent for the proposed Gujarat project, the carmaker's institutional shareholders are considering further options, including approaching SEBI on the issue.

Samsung unveils Galaxy S5: Samsung Galaxy S5 (L), Galaxy Gear 2 and Galaxy Fit (R) are displayed at the 2014 Mobile World Congress in Barcelona on Tuesday. — AFP

Ranbaxy suspends export from Toansa, Dewas
New Delhi, February 25
Japanese drug major Daichii Sankyo today said its subsidiary Ranbaxy Laboratories has temporarily suspended raw material shipments from its Toansa and Dewas facilities in order to evaluate quality control systems.

Truecaller in pact with Nokia’s X series
New Delhi, February 25
Aiming to expand its reach in emerging and mass markets like India, phone directory app Truecaller has tied up with Nokia for newly launched Android-powered X series smartphones.

New Delhi furious over US trade investigations
Will block probes, ready to take fight to the WTO

New Delhi, February 25
India has decided to block investigations by the US into its trade policies and patent laws, and prepare for a battle at the World Trade Organization (WTO), a move that could escalate already-strained tension between the two countries.

New Delhi is furious about a threat of trade sanctions made by the US Trade Representative's (USTR) office over its protection of intellectual property rights (IPR), preference for domestic producers and non-trade barriers. Ahead of General Election, Prime Minister Manmohan Singh's government does not want to be seen as bowing to the US pressure, amid lingering tension over the recent arrest and strip search of a woman diplomat in New York suspected of a visa fraud.

On Wednesday, the National Association of Manufacturers (NAM) — which represents about 50 US business groups — asked the USTR to designate India a Priority Foreign Country in its 2014 report. "This designation appropriately would rank India among the very worst violators of intellectual property rights and establish a process leading to concrete solutions," NAM said in a letter to US Trade Representative Michael Froman.

The USTR is holding public hearings for its annual report due in April. The report will provide details on nations denying protection of IP rights or fair market access to the US firms. India is widely perceived in Washington as a serial trade offender, with the US firms unhappy about imports of everything from shrimp to steel pipes they say threaten jobs, as well as a lack of fair access to the Indian market for its goods.

WTO cases this month

Washington said it was filing its second case at the WTO over domestic content requirements in India's solar programme, which aims to ease energy shortages in Asia's third-largest economy. There are 14 past or current WTO cases between India and the US, whose bilateral trade in goods measured $63.7 billion last year, not including the latest case. India has since hardened its stance, instructing officials not to entertain any request from the United States International Trade Commission (USITC) — a quasi-judicial federal agency — to examine its trade practices.

India's trade ministry has also "advised" US Deputy Trade Representative Wendy Cutler to put off a visit to India that had been scheduled for late March due to the parliamentary election due in April or May, a senior official said.

Worst offenders

The USTR listed in a February 12 report markets in Delhi, Mumbai and Hyderabad as being among the worst offenders globally for the sale of pirated software and counterfeit goods. A visit by the USITC delegation to meet officials from the Indian commerce, industry, health, telecom and finance ministries has also been put on hold. A USITC spokeswoman confirmed the delay, saying they were looking for "other windows" for a visit, but declined to comment on the reasons for the delay.

India has also urged President Barack Obama's administration not to fall prey to special interest groups and consider trade issues in the context of the wider economic and strategic relationship between the two countries. — Reuters

Protecting IPR

• US threat of trade curbs angers India
• US alleges India violates IPRs
• WTO hearing 14 bilateral trade cases.

RIL refutes AAP allegations against company, Mukesh

New Delhi, February 25
Reliance Industries Ltd (RIL) today said neither the company nor its chairman Mukesh Ambani holds any illegitimate accounts anywhere in the world. Aam Admi Party (AAP) leader and former Delhi Chief Minister Arvind Kejriwal had at an election rally in Rohtak in Haryana read out numbers of what he claimed were two Swiss bank accounts belonging to Mukesh and Anil Ambani.

"RIL strongly denies all allegations made by AAP against Reliance and Mukesh Ambani in their public meeting recently," the company said.

"As stated earlier, it is being reiterated that neither Reliance Industries nor Mukesh Ambani have or had any illegitimate accounts anywhere in the world," it said.

The company said it has business interests in several countries with turnover of thousands of crores of rupees.

"As a part of their normal business, these international subsidiaries of RIL deal with several global banks. These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions and in India," the statement said. RIL said the allegations being levelled against it by AAP and its leaders appear to be instigated by vested interests.

Days before quitting as Delhi Chief Minister, Kejriwal had ordered FIRs to be registered against RIL, Mukesh Ambani, Oil Minister M Veerappa Moily among others for creating artificial scarcity of natural gas in the country and jacking up prices. — PTI

maruti-suzuki deal
Concerned, investors mull further options

New Delhi, February 25
After raising the red flag over a deal between Maruti Suzuki and its Japanese parent for the proposed Gujarat project, the carmaker's institutional shareholders are considering further options, including approaching SEBI on the issue.

A seven-page letter written by seven mutual funds, including ICICI Prudential MF, Reliance MF and UTI MF, to Maruti Suzuki India chairman RC Bhargava highlights investor concerns arising from the deal.

LIC has also sought certain clarifications on this matter. LIC holds 6.93% stake in Maruti Suzuki India, while seven fund houses together hold 3.93% stake.

There are expectations that a meeting can be held between Maruti Suzuki India and fund houses in a day or two, sources said.

Marker regulator SEBI's intervention would be sought in case of unsatisfactory response from the company, they added.

Japan-based Suzuki Motor Corporation last month had decided to take over the setting up of a plant in Gujarat, proposed by subsidiary Maruti Suzuki India.

The parent company would invest in the plant through wholly owned unit Suzuki Motor Gujarat Pvt Ltd, which will manufacture vehicles exclusively for Maruti Suzuki India.

Mutual funds are opposing Suzuki's move to make the proposed Gujarat unit its wholly-owned subsidiary as the deal would transform Maruti Suzuki India into a distribution company from a manufacturing one. — PTI

Gujarat plant

• The carmaker's institutional shareholders are thinking of approaching SEBI on the issue
• There are expectations that a meeting can be held between Maruti Suzuki India and fund houses in a day or two
• Suzuki Motor Corporation last month had decided to take over the setting up of a plant in Gujarat, proposed by subsidiary Maruti Suzuki India

Ranbaxy suspends export from Toansa, Dewas

New Delhi, February 25
Japanese drug major Daichii Sankyo today said its subsidiary Ranbaxy Laboratories has temporarily suspended raw material shipments from its Toansa and Dewas facilities in order to evaluate quality control systems.

"Ranbaxy has temporarily suspended shipments of active pharmaceutical ingredients (APIs) produced at its Toansa and Dewas plants in India," Daiichi Sankyo said.

The suspension of export from the two plants comes after US Food and Drug Administration (USFDA) banned import of products from the Ranbaxy's Toansa plant last month, thereby halting the shipment of all the company's drugs to the US from India.

"Additionally, Ranbaxy has now voluntarily suspended all API shipments from both the Toansa and Dewas plants in order to allow for further evaluation and inspection of manufacturing processes and quality control systems," the Japanese drug maker, which acquired Ranbaxy in 2008, said. — PTI

Truecaller in pact with Nokia’s X series

New Delhi, February 25
Aiming to expand its reach in emerging and mass markets like India, phone directory app Truecaller has tied up with Nokia for newly launched Android-powered X series smartphones.

The Truecaller app will be available on the Nokia apps store for all devices in the Nokia X series.

"Given Nokia's reach in the emerging and mass markets, our collaboration will help in further expanding the reach of our application in these markets," Truecaller co-founder Nami Zarringhalam said. — PTI