Top headlines: JSW Group's $7 bn bid, taxing digital companies, and more

Here are the top headlines on Tuesday

JSW Group to make $7 bn bid for Holcim's India cement business: Report

Indian metals-to-cement conglomerate JSW Group will make a $7 billion bid for Holcim AG's Indian subsidiaries Ambuja Cements Ltd and ACC Ltd, the Financial Times reported on Tuesday.

The company will offer $4.5 billion in its own equity and $2.5 billion from undisclosed private equity partners for the bid, JSW Group Chairman Sajjan Jindal told the newspaper, adding that it will acquire 63% stake in Ambuja Cements. Read more here

Taxing digital companies: UN tax panel working on new set of rules

The United Nations’ (UN’s) tax committee, of which India is part, is developing a set of rules to tax digital services in a way that is distinct from global tax deals for large multinationals, including Google, Facebook, Netflix, and Microsoft. The committee is looking to absorb these rules in tax treaties multilaterally.

The committee -- comprising representatives from 25 countries, including India -- met two weeks ago, when it discussed the contours and implications of the UN model and whether it could be implemented multilaterally. Read more here

Centre bets on coal and mineral mining to lead asset monetisation in FY23

After an admirable performance in 2021-22 (FY22), the Centre is sanguine about coal and mineral mining leading its asset monetisation drive in 2022-23 (FY23). 

The government has apportioned a target of Rs 33,281 crore from coal and mineral mining for the current fiscal year (FY23) — the highest for any ministry — since policy reforms have enabled greater private sector participation in the sector, said an official. Read more here

Govt may save Rs 9,000 crore in claims under export promotion schemes

The commerce ministry may save around Rs 9,000 crore out of the Rs 56,000 crore allocated to settle pending claims for merchandise as well as service exports under various export promotion schemes.

“Our cumulative requirement will not be Rs 56,000 crore, which has been sanctioned. We may not require Rs 8,000-9,000 crore. We were more generous and liberal in our initial estimate. Read more here

CAG vs govt: The growing tussle between the auditor and the audited

In a first, the Comptroller and Auditor General’s (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations.

CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor. Read more here