Indian business wants government support in overseas takeovers

Indian business has conveyed to the government that it expected the government's support for its cross-border acquisition bids.

"We want the government to extend political, social and financial incentives while India Inc engages in acquisitions abroad," Assocham`s president Anil K Aggarwal told reporters after a meeting of a business delegation with the finance minister for pre-budget deliberations.

Videocon's V N Dhoot said some benefits could be given to Indian companies that are are in the process of going global. He suggested that these could be in proportion to the capital investment making benefits across the world.

The delegation also asked for corporate tax rates to be brought down to 25 per cent from the current 30 per cent, rationalisation of the fringe-benefit tax, and sought a 10-year tax exemption on research and development beyond 2007.