Foreign buyout in tea

Calcutta, Nov. 29: Jay Shree Tea and Industries is close to announcing its first overseas acquisition in Uganda. “We are in an advanced stage of negotiations for acquisition in Uganda and we hope to finalise it in a month’s time,” Jay Shree Tea managing director D. P. Maheswari said. He said the company would give a minimum output of two million kg of tea per annum.

GDP forecast

New Delhi, Nov. 29: The Prime Minister’s economic advisory panel expects the economy to grow around 6.1 per cent in the second quarter, the same as in the preceding three months, because of the impact of a weak monsoon on agriculture. However, other economists peg the growth rate in the range of 6.2 per cent to 6.6 per cent. Data for the second quarter GDP growth will be released tomorrow by the Central Statistical Organisation.

Trade talks

Geneva, Nov. 29: The Doha trade talks are likely to dominate the three-day WTO conference of 153 trade ministers beginning here tomorrow, though hardcore negotiations are not part of the official agenda.

Royalty income

New Delhi, Nov. 29: Japanese firms earning royalty income in India from various services will be taxed at only 10 per cent instead of the current 20 per cent from assessment year 2008-09, the Authority for Advance Ruling has said.

NSE service

New Delhi, Nov. 29: The country’s top mutual fund houses, including UTI Mutual Fund, are keen to join the National Stock Exchange’s new mutual fund service system, which will be launched tomorrow.