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Saturday,
August 11, 2001, Chandigarh, India  
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HSIDC to
auction sites at Manesar Industrial
growth falls Don’t
close sick units: industrialists |
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PIL
challenging US-64 withdrawn German
bank ties up with Exim Bank G-Secs
market may grow by 100 pc ‘Try
to make Pak buy our sugar’ Nabard
offers loan for agri-clinics Cut
concessions to EOUs: body
L&T,
Aventis Crop merit attention
McDonald’s
Japan profit falls 10 pc
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HSIDC to auction sites at Manesar New Delhi, August 10 The commercial complex is spread over 86 acres and has a provision for building blocks with all modern amenities and infrastructure facilities that are at par with international standards, said Dr Harbakhsh Singh, Managing Director of the corporation. Stating that the auction would take place on August 20 in Delhi, he said one of the most attractive feature of the complex is the freedom granted to the allottee to construct and customize his building as per their wish, although the architectural elements must remain within the given zoning. The Managing Director said this freedom given to architectural creativity, this complex will shape up as a unique example of architectural designing. “The allottees are required to complete construction work on the site within three years of the allotment,” he said. The corporation has successfully implemented the first phase of IMT Manesar spread over 2000 acres, he said, adding that HSIDC has drawn ambitious plan for the second
phase of this township now re-christened as “Chaudhary Devi Lal Industrial Model Township Manesar.” The expansion plan includes the development of an integrated air, railway, road network and cargo centre of international standard logistics and worldwide connectivity. Mr Harbakhsh Singh said the pre-feasibility study of the proposed centre is being conducted by consultants. The expansion programme also includes a cluster approach to development of technical poles/parks for promotion of biotechnology and related research and development. This expansion programme spreading over almost 2000 acres connects the IMT with Gurgaon - Pataudi road and Gurgaon - Pataudi Railway line with National Highway No. 8. He said efforts are also being made to approach the Ministry of Railways to provide a dedicated rail head for the proposed cargo-handling centre. The second phase is primarily being developed to attract the multinationals supported by the domestic industries to promote mutual exchanges of technologies. The basic infrastructure in the second phase of IMT shall be provided within the next two years, he added.
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Industrial growth falls
New Delhi, August 10 According to quick estimates of index of Industrial Production (IIP), released by Central Statistical Organisation (CSO) the cumulative growth in the first quarter (April-June) of 2001-02, declined to 2.1 per cent as against a healthy growth of 6.1 per cent in the last financial year. Manufacturing sector with over two-third weightage in the IIP, slumped to 1.9 per cent during June, 2001, compared to 6.1 per cent in June, 2000.
PTI
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Don’t close sick units: industrialists Faridabad, August 10 At a function organised by the Faridabad Industries Association (FIA) which was attended by the Principal Secretary to the Chief Minister of Haryana, Mr S.Y. Qureshi, today, the members of the association submitted a charter of demands in which they expressed resentment over the condition of present infrastructure, including roads, irregular power supply taxes and red tapism in offices. They reportedly asked the authorities to stop closure of various sick units in the district. Mr Qureshi, in his address, claimed that the policies and programmes of the state government had been most favourable to the growth of industries. He said efforts were on to improve to infrastructure and to encourage foreign collaboration and investment in Haryana. He said industries in Faridabad would be given full support.
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PIL challenging US-64 withdrawn Mumbai, August 10 The PIL, filed by National Association of Small Investors (NASI) President Pradeep Bhavnani, came up for hearing before a bench headed by Chief Justice B.P. Singh. The judges sought to know from the petitioner how many investors owing allegiance to NASI had been affected with UTI’s decision and how much was their investment involved in US-64 scheme. The bench also opined that a resolution of NASI’s committee to move the High Court should have been annexed to the PIL. Counsel for the petitioner, Atul Malgaonkar, sought permission to withdraw the PIL and file afresh after removing the technical objections.
PTI
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German bank ties up with Exim Bank
Berlin, August 10 The two partners have raised Rs.450 million to form the joint venture company — Global Trade Finance Private Limited (GTF). WestLB has pumped in Rs 180 million and Exim Bank has invested Rs 157.50 million in the venture. The remaining Rs 112.50 million has been pumped in by the World Bank affiliate International Finance Corporation (IFC). WestLB will own the majority 40 per cent stake, while Exim Bank and IFC will pick up 35 per cent and 25 per cent equity stake respectively. “The aim behind launching GTF is to provide improved one-stop, market oriented export financing solutions to small and medium-sized companies in India through forfaiting and factoring,” said Michael Wilde, the spokesman of the WestLB. According to WestLB, the volume of overall international market for providers of simple risk reduction solutions for exports is estimated at $570 billion. Forfaiting requires that banks or government agencies in the importer’s country guarantee bills of exporters. In case of factoring, banks or financial institutions clear exporter’s bill and takes the risk by extending credit to importer. The management of WestLB says it considers India as one of the world’s 10 countries in which the use of forfaiting and factoring is expected to post very strong growth in the future. “WestLB has maintained a liaison office in India since 1998, primarily supporting its forfaiting activity,” Wilde told IANS. Factoring and forfaiting are complementary products, and a company offering both will be able to meet across-the-board receivable financing needs of exporters under one roof, he added. After interacting with Indian exporters and working closely with the Exim Bank to develop forfaiting in the German market, WestLB decided to have an “on-the-ground presence” with the capability to handle smaller-size bills than those generally accepted in the international markets. “Additionally, it was recognized that factoring, which offers credit protection and services for open account terms, was more suited to Indian exports than forfaiting,” Wilde said. “Most of India’s exports go to developed markets and comprise products such as engineering parts and components, intermediates, pharmaceuticals, consumer goods, etc., which are ideal for factoring.” The United States and Europe absorbed some 58 per cent of India’s total exports amounting to $39 billion in 2000-01. Indian exports have been rising at a growth rate of 15-18 per cent per annum in dollar terms during the past few years. The joint venture company is headquartered in Mumbai, with a branch office in Indian capital New Delhi. Wilde said that WestLB would continue to maintain its representative office in India, apart from the joint venture, because it is an “important market with opportunities in infrastructure financing, particularly in the energy and telecom sectors.” WestLB is one of the market leaders in international forfaiting business, and was selected thrice by the London-based Euromoney publication as the “premier forfaiting institution.”
IANS
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G-Secs market may grow by 100 pc New Delhi, August 10 “During April-July, turnover of secondary G-Secs market was about Rs 3,74,000 crore while Centre issued securities worth Rs 78,000 crore in the primary market. Total turnover of G-Sec market is expected to be Rs 11,19,000 crore in 2001-02,” PNB gilts Managing Director Arun Kaul told reporters today. Of the total turnover, the secondary G-Secs market was likely to go up to Rs 10,00,000 crore this fiscal from Rs 5,67,000 crore last fiscal. Kaul said the demand for G-Secs would be higher from banks, which are witnessing low credit growth and a higher deposit growth. While aggregate deposits during April-July was up 19.5 per cent to over Rs 53,000 crore, credit growth was sluggish at 14.7 per cent to over Rs 11,600 crore. Kaul said the lower interest rate regime and higher money supply growth would keep the G-Secs market buoyant. Lacklustre performance of equity markets in the recent months and higher returns on G-Secs were other major factors to push up G-Secs turnover this fiscal.
PTI |
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‘Try to make Pak buy
our sugar’ Chandigarh, August
10 The state government had entered into an agreement with a private contractor last February for selling him 30,000 quintal of sugar for exporting to Pakistan. The sugar was to be given to him between June and September. The state government has not cancelled its agreement with the trader and decided to wait for some more time before taking such a step. Both Pakistan and India are members of the WTO and normally there should not be any barrier in the flow of goods from one country to the other. However, Pakistan, despite having shortage of sugar, has blocked the entry of Indian sugar into Pakistan by refusing to give ‘most favoured nation’ (MFN) status to India. “Export is the only solution to the problem of surplus stocks. And from Haryana, exporting to Pakistan is most convenient”, an official said.
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Nabard offers loan for
agri-clinics Chandigarh, August 10 Under the scheme, a graduate in agriculture, veterinary or allied graduate can avail loan up to Rs 10 lakh individually and up to Rs 50 lakh in a group for setting up agri-clinics or agri-business centres. Nabard will also assist for margin money component from “soft loan margin money assistance fund” created by the bank. The idea of setting up agri-clinics and agri- business centres is to provide consultancy on various advanced technologies for agriculture and allied activities to farmers and also cater to the needs of modern state-of the art techniques to rural farmers. The farmers will also be able to get information on soil, feed quality, animal production, fisheries, vermiculture etc,. and will also get services of hiring of various sophisticated agricultural equipments, said Chief General Manager A. Ramanathan.
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Cut concessions to EOUs: body Rewari, August 10 In the memorandum the association has said the EOU’s are given facility of importing raw materials free of duty payments which has reduced their cost of production and has enhanced their capability to offer prices lower than those of non EOU’s. The EOU’s have been allowed to sell up to 50 per cent of their product in domestic tariff area, which is adversely affecting the prospects of the non EOU’s. The EOU’s are enjoying concession in excise duties. To save the non EOU’s the association has urged the Finance Minister to stop giving concession to the EOU’s.
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