Tax Tangle

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/Files

Infosys to challenge new tax demand

Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees income tax demand raised by Indian authorities earlier this month.  Full Article 

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Reliance out of race for Canada firm - source

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Reliance Industries' KG-D6 facility located in Andhra Pradesh is pictured in this undated handout photo. REUTERS/Reliance Industries/Handout

Reliance Industries' KG-D6 facility located in Andhra Pradesh is pictured in this undated handout photo.

Credit: Reuters/Reliance Industries/Handout

MUMBAI | Tue Mar 16, 2010 1:23pm IST

MUMBAI (Reuters) - Energy major Reliance Industries is out of the race for Value Creation after the Canadian firm sold a majority stake in an oil sands property to BP Plc, a source with direct knowledge told Reuters.

Earlier this year, Reliance, which operates the world's biggest oil refining complex in India, had made a $2 billion takeover bid for majority stake in Value Creation to rival BP's $1.2 billion bid in the privately held Canadian firm.

BP will develop and operate the 185,000-acre Terre de Grace block in northern Alberta.

(Reporting by Prashant Mehra)

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