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What is a turnkey project? One of the special modes of carrying out international business is a turnkey project.

It is a contract under which a firm agrees to fully design, construct and equip a manufacturing/ business/ service facility and turn the project over to the purchaser when it is ready for operation for a remuneration.

Customized turnkey projects in India


In turnkey projects we work closely with the customer to provide efficient, effective and reliable services in consulting, project management and execution. A turnkey project usually includes: prospection visits, strategic consulting, company incorporation, licenses and permits application, land selection and acquisition, site construction, equipment procurement, production line set up, vendor search, organizing supplies, personnel recruitment and training, etc.

STRUCTURE OF FOREIGN EXCHANGE MARKET - September 10th, 2010 The major participants in the foreign exchange markets are commercial banks; foreign exchange brokers and other authorized dealers, and the monetary authorities.

It is necessary to understand that the commercial banks operate at retail level for individual exporters and corporations as well as at wholesale levels in the inter bank market.

The foreign exchange brokers involve either individual brokers or corporations. Bank dealers often use brokers to stay anonymous since the identity of banks can influence short term quotes.

The monetary authorities mainly involve the central banks of various countries, which intervene in order to maintain or influence the exchange rate of their currencies within a certain range and also to execute the orders of the government.

It is important to recognize that, although the participants themselves may be based within the individual countries, and countries may have their own trading centers, the market itself is world wide.

The trading centers are in close and continuous contact with one another, and participants will deal in more than one market.

Primarily, exchange markets function through telephone and telex. Also, it is important to note that currencies with limited convertibility play a minor role in the exchange market.

Besides this, only a small number of countries have established their full convertibility of their currencies for full transactions.

The foreign exchange market in India consists of 3 segments or tires. The first consists of transactions between the RBI and the authorized dealers.

The latter are mostly commercial banks. The second segment is the interbank market in which the ADs deal with each other. And the third segment consists of transactions between

ADs and their corporate customers.

The retail market in currency notes and travelers cheques caters to tourists. In the retail segment in addition to the ADs there are moneychangers, who are allowed to deal in foreign currencies.

The Indian market started acquiring some depth and features of well functioning market e.g. active market makers prepared to quote two-way rates only around 1985. Even then 2 - way forward quotes were generally not available.

In the interbank market, forward quotes were even in the form of near term swaps mainly for ADs to adjust their positions in various currencies.

Apart from the ADs currency brokers engage in the business of matching sellers with buyers. In the interbank market collecting a commission from both.

FEDAI rules required that deals between ADs in the same market centers must be effected through accredited brokers.

Introduction to the Forex Market


What's Forex?
"Forex" stands for foreign exchange; it's also known as FX. In a forex trade, you buy one currency while simultaneously selling another - that is, you're exchanging the sold currency for the one you're buying. The foreign exchange market is an over-the-counter market.

Currencies trade in pairs, like the Euro-US Dollar (EUR/USD) or US Dollar / Japanese Yen (USD/JPY). Unlike stocks or futures, there's no centralized exchange for forex. All transactions happen via phone or electronic network.

Who trades currencies, and why?


Daily turnover in the world's currencies comes from two sources: Foreign trade (5%). Companies buy and sell products in foreign countries, plus convert profits from foreign sales into domestic currency. Speculation for profit (95%).

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Most traders focus on the biggest, most liquid currency pairs. "The Majors" include US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar. In fact, more than 85% of daily forex trading happens in the major currency pairs.

The world's most traded market, trading 24 hours a day


With average daily turnover of US$3.2 trillion, forex is the most traded market in the world. A true 24-hour market from Sunday 5 PM ET to Friday 5 PM ET, forex trading begins in Sydney, and moves around the globe as the business day begins, first to Tokyo, London, and New York.

Unlike other financial markets, investors can respond immediately to currency fluctuations, whenever they occur day or night.

Amalgamation is a restructuring phenomenon in which two or more companies are liquidated and a
new company is formed to acquire business. In simpler terms, it means that a new company is formed that buys the business of minimum two companies. The new company or the acquiring company is known as the amalgamated company. It acquires the assets and liabilities of the other companies known as amalgamating companies. Commonly, such companies are also referred as target companies or merging companies. Amalgamations are considered to be a safe route for sick units who want to save their existence. Many other companies facing possible bankruptcy also opt for amalgamations. Similarly, cash-rich firms that have lot of liquid assets but no profitable business opportunities aim for it as a long-term investment. The most challenging task in any amalgamation is to create a sense of co-operation among the employees of different amalgamating companies. Ultimately, the success of any venture depends upon people handling it. In India, mergers and amalgamations are used interchangeably in legal parlance. However, they are an entirely different accounting treatment. It is a complicated procedure involving lot of legal, tax, and accounting considerations Therefore, one need to be very careful while evaluating an amalgamation proposal. Tax treatment is an important aspect of amalgamation. According to the Income Tax Act, the amalgamating companies are not liable to pay the capital gain tax levied on them following their liquidation. The incidence of tax falls on the amalgamated company. Moreover, all expenses related to amalgamation are not tax-deductible. In the recent years India has witnessed tremendous growth in the number of mergers, acquisitions, and amalgamations. The trend is dramatically growing with the increase in cut throat competition and the moreover with the globalization of business. At present India has become a major country entering into cross border transactions with regards to business amalgamations. Some of the known examples of amalgamation in India are as follow: . Tata Steel acquired UK based Corus Group at a deal value of US $ 12 million. . Suzlon Energy acquired Belgium based Hansen Group at US $ 565 million. . HPCL targeted Kenya Petroleum Refinery Ltd at US $ 500 million. . Ranbaxy Labs at a deal of US $ 324 million acquired Romania based Terapia SA. . Videocon acquired Thomson SA of France at about US $ 290 million. . Hindalco targeted Canada to acquire Novelis at US $ 5982 million.

. Tata Chemicals acquired British salt based in UK with a deal of US $ 13 bill ion. . Reliance Power and Reliance Natural Resources combined their operations at a deal of US $11 billion. . Airtel acquired Zain in Africa with an amount of US $ 10.7 billion. . ICICI Bank acquired Bank of Rajasthan at about Rs 3000 Crore. . Fortis Healthcare acquired Hong Kong's Quality Healthcare Asia Ltd for around Rs 882 Crore. . Wipro bought US based InfoCrossing at US $ 600 million. . GTL Infrastructure acquired Aircel Towers at US $ 1.8 billion.

In the recent years India has witnessed tremendous growth in the number of mergers, acquisitions, and amalgamations. The trend is dramatically growing with the increase in cut throat competition and the moreover with the globalization of business. At present India has become a major country entering into cross border transactions with regards to business amalgamations. Some of the known examples of amalgamation in India are as follow: . Tata Steel acquired UK based Corus Group at a deal value of US $ 12 million. . Suzlon Energy acquired Belgium based Hansen Group at US $ 565 million. . HPCL targeted Kenya Petroleum Refinery Ltd at US $ 500 million. . Ranbaxy Labs at a deal of US $ 324 million acquired Romania based Terapia SA. . Videocon acquired Thomson SA of France at about US $ 290 million. . Hindalco targeted Canada to acquire Novelis at US $ 5982 million. . Tata Chemicals acquired British salt based in UK with a deal of US $ 13 billion. . Reliance Power and Reliance Natural Resources combined their operations at a deal of US $11 billion. . Airtel acquired Zain in Africa with an amount of US $ 10.7 billion. . ICICI Bank acquired Bank of Rajasthan at about Rs 3000 Crore. . Fortis Healthcare acquired Hong Kong's Quality Healthcare Asia Ltd for around Rs 882 Crore. . Wipro bought US based InfoCrossing at US $ 600 million. . GTL Infrastructure acquired Aircel Towers at US $ 1.8 billion.