Bigger India
I-T Dept Widens Probe Into ₹6,500-cr FDI by Biometrix in RIL Group Entities
The investment by Biometrix into Reliance Ports and Terminals, Reliance Utilities, Reliance Gas Transportation Infrastructure and Relogistics Infrastructure by acquiring compulsorily convertible preference shares (CCPS), which was among the largest FDI from Singapore, has been under the I-T scanner since 2011.
India’s Foreign Tax and Tax Research (FTTR) division has sought information from various countries, including Singapore, on the ₹6,500-crore investment by Singapore’s Biometrix Marketing in companies belonging to Reliance Industries (RIL) or its promoter group.