News digest: Bharti Infratel-Indus merger, tax relief for Flipkart and more

Renuka Ramnath quits Fortis advisory panel, move may delay sale process 

The decision on finalising a buyer for Fortis is going to take longer, as Renuka Ramnath , a member of the advisory committee to evaluate bids received for it, resigned on Wednesday — a day before the crucial board meeting of the company.

Ramnath opted out right before the committee was to submit its recommendation to the Fortis board. 

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Bharti Infratel, Indus merger to create Rs 965 bn co, 2nd largest after ATC  

Bharti Infratel and Indus Towers will merge to create the second-largest telecommunications tower company in the world, valued at Rs 965 billion. The merged entity will have a presence in all the 22 circles of the country and have 163,000 towers.

China Tower, a joint venture of three telecom operators, is the largest tower company in the world by volume of towers. It is estimated to have more than a million towers. 

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ArcelorMittal, Numetal have pending cases, can't bid for Essar Steel: Kroll 

A forensic audit report by Kroll, a corporate investigations and risk-consulting firm, has said both ArcelorMittal and VTB Bank-backed Numetal were ineligible to bid for Essar Steel.

The audit report said there were several regulatory cases pending against both the bidders. If Essar Steel’s lenders accept the report, bids by both hopefuls could be rejected at the meeting of the committee of creditors (CoC) on Friday. 

Read more: http://mybs.in/2VmD3WA 

As US 10-year Treasury yield hits 3%, nervousness grips Indian markets 

Nervousness in Indian markets is creeping in across all asset classes as US 10-year treasury yields touch 3 per cent after four years and the dollar starts rising from its multi-year lows.

The rupee on Wednesday tumbled to a 14-month low, while bond yields hardened and equities fell on continued pull-out by foreign investors from various asset classes.

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Flipkart gets tax relief from income tax tribunal on discounts to customers 

An income tax tribunal has permitted e-commerce player Flipkart to claim income tax deduction on discounts provided to customers as well as other advertising and marketing expenses, a ruling that will have a bearing on how online marketplaces treat this kind of expenses. 

The Income Tax Appellate Tribunal (ITAT), Bengaluru, on Wednesday ruled in favour of Flipkart’s appeal against the income tax department’s move to raise the tax demand of Rs 1.1 billion after adding its spend on discounts and advertisements and marketing to the company’s income for tax purposes for 2015-16. 

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