I-T claims absurd, we don’t evade tax: Shell

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SummaryGlobal petrochemical and energy giant Shell’s Indian arm has challenged the income tax department’s recent order alleging tax evasion by way of undervaluation of shares issued to the company’s parent, Shell Gas BV, for equity infusion of Rs.87 crore four years ago.

country, besides a major presence in the downstream business has not been able to make profits due to administered government pricing of retail fuel products. “We want a level playing field where the prices of fuel should be market-linked with no subsidies,” Hilton added.

The company wants to enter exploration (the upstream side of the business) and is looking for the right asset to have its material presence in the segment in the next five years.

“Lets have a robust investor-friendly framework. Do not create waves of fear among your investors by unreasonable tax demands or unreasonable statements. What signal does it send?,” she said.

Shell has one of the country’s two LNG re-gasification terminals at Hazira (in a joint venture with Total of France) and has set up a technology centre in Bangalore. With the rapid increase in domestic gas demand, Shell wants to exploit the LNG market. “We want to double the capacity to 10 million tonnes for Hazira in next 3 years time,” she said adding that the company would be investing close to $1 billion over the next two years to expand its LNG business. A floating 5 mt terminal is also expected to come up by 2014 with the option to expand it to 10 mt later.

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