Aircel enters Calcutta

Calcutta, May 4: Dishnet Wireless, the owner of the Aircel brand of GSM mobile services, will enter the Calcutta circle from tomorrow. The company will be the fifth player in the GSM telecom space and seventh among all service providers in the city. The company has been present in the Bengal circle since 2005 and the plan to enter Calcutta was finalised about a year ago.

Jaguar funds

Mumbai, May 4: A consortium of banks mandated to raise $3 billion to fund Tata Motor’s acquisition of Jaguar and Land Rover is likely to complete the fund-raising by the end of May. The consortium, which comprises eight mandated lead arrangers, has received a $1-billion commitment from around seven banks.

Tax rule

New Delhi, May 4: Investors who buy shares with borrowed money from institutions cannot claim tax deduction on interest paid on such borrowings, the Mumbai bench of the income tax appellate tribunal has ruled. “No deduction is allowable to the assessee in respect of interest paid on borrowed funds,” it said.

PowerGrid

New Delhi, May 4: Power Grid Corporation of India is planning to make its foray into the neighbouring countries. It is already setting up transmission lines in Myanmar, Power Grid chairman and managing director R.P. Singh said.

BG India

Mumbai, May 4: BG India, a part of the British Gas group, plans to invest $1 billion in the exploration business in the next two to three years, BG India managing director Kapil Garg said.