News digest: Black money, Bajaj Qute, Rajasthan polls, IL&FS mess, and more

In a recent communication with the I-T department, the BVI counterpart said the floods of August 2017 destroyed the relevant files, while some others had lost

Flood of trouble for I-T dept's black money drive in Caribbean tax haven

The income-tax (I-T) department’s drive against black money stashed abroad has met with a hurdle in the British Virgin Islands (BVI), Britain’s overseas territory located in the Caribbean. According to the department, the BVI, one of the five largest tax haven countries, has expressed its inability to provide information on the several hundred Indians who have offshore investments on its land. Read more

Thailand's Minor International plans majority stake in Leela hotels

A consortium including Thailand’s Minor International Pcl is considering an investment of about $350 million in Indian hospitality firm Hotel Leelaventure Ltd., according to a person with knowledge of the matter.

The proposed bid, which is also backed by investment firm Trinity White City Ventures, includes a mix of equity and debt, the person said. The consortium would end up with a majority stake in Mumbai-based Hotel Leelaventure if the transaction proceeds, the person said, asking not to be identified because the information is private. Read more

Bajaj's quadricycle Qute to take on small carmakers; set for Feb launch

Bajaj Auto is set to take on small carmakers with the launch of the Qute, a quadricycle for personal transportation, in February 2019.
 

An alternative to a small car, it is expected to be priced ex-showroom between Rs 260,000 and Rs 300,000, and will offer better mileage (more than 30 km a litre) and less pollution than a car, and will be a convenient alternative to a two-wheeler but at the same operating costs. Read more

IL&FS entity infused RS 4.6 bn in Rajasthan's road project before contract

Among the interesting stories coming out of the Infrastructure Leasing & Financial Services (IL&FS) conglomerate is one where a group entity, IL&FS Transportation and Networks (ITNL), put Rs 4.6 billion in a project in Rajasthan that was not formally given to it. 

The amount was close to a third of the entire estimated project cost, a four-laning expansion of the Gomti–Beawar stretch, for the Union Ministry of Road Transport and Highways. Read more

Getting wheat is an uphill task for Meena villagers of Rajasthan, literally

Every month, for a couple of days, Mohanlal Meena, 45, treks up to the pinnacle of a hilltop 3 km from his village, Bagurwa. His son, Dinesh, a college student, accompanies him. Both of them set up a fingerprint scanner there.

Villagers follow them to the pinnacle of the hillock and get their thumbprint authenticated. Then they climb down and wait for another day before getting the 5 kg wheat every family is entitled to under the public distribution system (PDS). After subsidies, the wheat is priced at Rs 2 per kg. Read more