India’s new Prime Minister Narendra Modi didn’t waste much time: Among his first acts on his first day in office was to make it a priority to recover billions of dollars stashed overseas to avoid taxes.
A shortage of injectable drugs in the U.S. means India’s Strides Arcolab Ltd. could sell a division that makes generic cancer treatments and antibiotics for more than the entire company’s market value.
As Rama Murthy completes the sale of his three-bedroom apartment in the southern Indian city of Hyderabad, he accepts from the buyer a bag full of rupees -- a part of the purchase price the tax man will never see.
Arun Kumar has seen many Indian governments try and fail to eliminate middlemen at produce markets who are blamed for hoarding and stoking inflation. He expects nothing to change under Prime Minister Narendra Modi.
Strides Arcolab Ltd., a supplier of anti-cancer drugs to Pfizer Inc., surged the most in seven years after selling its Ascent Pharmahealth Ltd. unit to Watson Pharmaceuticals Inc. for A$375 million ($393 million) in cash.