Foreign grant recd by indian profit making co

Consider it as subsidy.  What are the rules governing taxing of subsidies?  The same would hold good for grants, in my view. Of course, if the whole transaction is viewed with suspicion by the Taxman, then it would not make any difference.

I dont think it would be treated as a subsidy. It is a profit making company why would it get a subsidy?

The FDI norms would be applicable.