Wholly Owned Subsidiary

Reliance Capital, part of Anil Ambani led Reliance Group, today announced the completion of transfer of its commercial finance division into a separate wholly owned subsidiary.

BSE's international exchange goes live for trading

India International Exchange, the wholly-owned subsidiary of Asia's oldest bourse BSE, today officially commenced trading at Gujarat International Finance Tech (GIFT) city.

India Inc's overseas investment down 21% at $2.3 bn in Oct

The investments were a mix of issuance of guarantees (USD 1.72 billion), loans (USD 210.94 million) and equity (USD 341.82 million). Lupin Ltd, Tata Communications, Sintex Industries, Infosys, Mahindra Holidays and Resorts India Ltd and Tata Chemicals were among the major investors overseas during the month.

Aim to meet full year revenue guidance of 12%: Rolta India

KK Singh CMD, Rolta India said they were in the process of evaluating the valuation of defence business that would be transfered into a wholly owned subsidiary.

DBS Bank evaluating RBI's WOS rules for foreign banks

DBS Bank, fourth largest foreign lender present in India, is evaluating RBI's new guidelines that provide significant benefits to foreign banks adopting Wholly-Owned Subsidiary (WOS) route of running branches here.

Foreign banks await clarity before rejoicing RBI's WOS move

The income tax has already notified that the transition to a subsidiary will be neutral on capital gains tax. But bankers say there are yet to receive any forbearance on stamp duty, which is a state subject.

ICICI Bank brings in Canadian $75m capital from Canada arm

ICICI Bank repatriated around Rs 400 crore capital from its wholly owned subsidiary in Canada. The bank can now use the same fund to expand its loans in India. However, it may be a marginal capital addition only.

Gulf Oil acquires Houghton International for over USD 1 bn

Hinduja group firm Gulf Oil Corporation Ltd (GOCL) on Wednesday said it is fully acquiring US-based Houghton International Inc for USD 1.045 billion (about over Rs 5,685 crore) through a UK-based subsidiary.