Today's Biz Bit

• A senior TRAI official has said that the regulator does not want to intervene in the fixing of tariffs for mobile, landline and Internet services. TRAI feels that India already has the lowest call charges in the world, so tariffs should continue to be determined by market forces. This stand of the regulator may bring it in confrontation with the communications minister A Raja, who wants tariffs to be capped. (ET)

• The govt. has asked leading airlines to come clean on the 'tax' component in their tariffs. The amount described as tax should be deposited with the govt. or returned to passengers in case of cancellation, the govt. has said. The govt's call for transparency in airfares follows growing complaints from passengers about the 'taxes' paid by them. Almost all airlines show fuel surcharge under the head of 'taxes and levies' though this amount is not deposited with the govt. The actual amount passed onto the govt is only the passenger service fee of Rs 225 per sector. Therefore, passengers have complained that they are forced for pay Rs 2,025 under the head of 'taxes and levies' while the govt charges only Rs. 225 as PSF. (ET)

• The sale of Ford's Jaguar and Land Rover units is set for a grand finale with Tata Motors, M&M and PE player One Equity - the three bidders in the fray - submitting their final bids yesterday. (ET)

• The ICICI Group, with a fund mobilisation target in 2008 for PE investments in India at $8 billion, may turn out to be single biggest channel for foreign investment in India. Of the $8 billion, ICICI Venture alone is looking at raising around $5 billion, with the remaining to be raised by ICICI Bank. (ET)

• According to sources, real estate major Unitech plans to hive off its mall development business as a separate profit and loss centre. The co. is also reportedly looking at listing on London's Alternative Investments Market (AIM). (ET)

• The govt. is planning to allow cos to allot fresh shares to their existing foreign shareholders, provided this does not breach the sectoral caps for FDI. However, everytime a co. effects changes in its equity structure, it would have to mandatorily report to RBI. Foreign shareholder also would not require any govt. clearance if they intend to diversify or expand their portfolio in their Indian JVs. However, if the foreign co. intends to start a new business in India or forges a new JV with another Indian partner, it would require a FIPB approval. The changed policy will be announced early next year. (ET)

• The MoF is considering granting I-T exemptions for individual investments up to Rs 50,000 in power infrastructure bonds. It is also considering issuing vidyut vikas patras as a small saving instrument to mobilise savings to meet the envisaged funding gap of Rs 4,50,650 crore for the sector during 2007-12. The measures are being discussed by the finance and power ministries for inclusion in the Budget 2008. (BS)

• Indian IT majors plan to increase the number of foreign employees working abroad by 10 to 20% over 3 to 5 years. They reason that hiring locals abroad - where they have “near-shore” (with proximity to the client) development centres - would help them tap local markets and serve global clients better, win more deals and goodwill in those countries, besides scoring brownie points with the US in an election year. The current number of foreign workers employed abroad is less than 3% of the total Indian IT-BPO workforce of 1.6 million. The numbers should only increase, said company executives. (BS)

• Reliance Industries, Tata Chemicals, Bharti Enterprises’ Fieldfresh and Indian Oil are among several large cos that have evinced interest in leasing closed sugar mills that the Bihar govt is offering, mainly to exploit opportunities to make ethanol to meet mandatory petrol blending norms that were introduced this year. Last month, the Bihar government decided to offer 15 closed mills belonging to the Bihar State Sugar Corporation on a long-term lease of 60 years, extendable by 30 years, on the recommendation of SBI Capital Markets. (BS)

• Indivision Capital, the private equity arm of Kishore Biyani's Future Capital, will take 4.9% stake in Subhash Chandra-promoted direct-to-home Dish TV for Rs 250 crore. Dish TV will raise Rs 125 crore in the first tranche via issue of equity shares, and the remaining Rs 125 crore on conversion of warrants.(BS)

• Jawaharlal Nehru Port Trust (JNPT) has decided to develop a port-based SEZ/EPZ on about 1,200 hectares of surplus land lying with the trust. The JNPT has invited EOI from engineering consultants for preparing a master plan for development of the land area and advising the trust on scope and structure of the proposed SEZ/EPZ. (FE)