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Thursday,
August 30, 2001, Chandigarh, India  
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FDI proposals worth
880 cr cleared IndusInd Bank
denies allegations
Confident China
ready to enter WTO Parliamentary
panel’s report on EPF |
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India ties up with
Baazee.com PC penetration in India
but at 12 pc NDC to meet on
Saturday Bank of Punjab
branch at Jammu Oriflame acquires
plant Uttaranchal seeks
central help to boost fruit production
Bombay Dyeing to
buy back shares
China is world’s
major flower power
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FDI proposals worth 880 cr cleared
New Delhi, August 29 Another proposal by Compagnic De Saint Gobain of France envisaging Rs 212.5 crore FDI to set up an Internet website for trading targeted at the chemical industry was also cleared. Besides, CLP PowerGen India’s proposal to set up a power project envisages Rs 87.36 crore as FDI. The proposal is for the establishment of a gas-based mixed fuel combine cycle power project and proposed to increase equity from 88 to 100 per cent, an official statement said here. The major investment proposals cleared by Commerce and Industry Minister Murasoli Maran pertain to NBFC activities, setting up of technology parks, establishment of gas-based power projects, edible oil industry and the infrastructure sector. Koshika Telecom envisages 49 per cent foreign equity for Rs 282 crore for providing cellular services. The government also cleared Classic Milkfoods proposal for enhancing the equity to 75 per cent with Rs 90.98 crore FDI inflow for manufacturing butter oil. Also Dutch consumer electronics major Philips’ proposal to manufacture soda glass shells, soda glass tubings and lead glass tubings was given the go-ahead envisaging Rs 24.78 crore foreign investment. Information Technology Park proposes to bring Rs 50 crore as FDI for conversion of loan into equity in development, sale, renting and operational maintenance of technology business park. Power equipment major ABB Holdings (South Asia) proposed to set up a wholly-owned subsidiary in India which would act as a holding company called ABB Industrial IT Development Centre but does not envisage an FDI inflow. Also US satellite major PanAmSat Inc will provide consultancy in connection with market PanAmSat Satellite capacity and will act as a communication channel between the satellite and its customers in India; FDI inflow is a meager Rs 9 lakh. ITW Signode India will increase foreign equity from 51 to 100 per cent for manufacturing packaging machinery and consumables by bringing in Rs 11.2 crore. Construction major Kvaerner Cementation India also plans to increase foreign equity from 64.38 per cent to 100 per cent and bringing Rs 24.78 crore FDI for civil construction works. Other proposals cleared today include: — McDonalds’ India’s proposal for setting up more
restaurants but no fresh FDI inflow is involved. — Bharti Cellular for amending existing foreign currency approval without any fresh FDI inflow. — Boardvision Inc, USA, for undertaking e-commerce activities with Rs 5 crore FDI inflow. — Feedback Ventures Ltd proposes to amend the existing FC approval for providing consultancy services. — India Life Asset Management Co plans to increase foreign equity from 49 per cent to 66 per cent by bringing in Rs 16.53 crore FDI to conduct NBFC activities. — Magnum International’s proposal to increase foreign equity in power generation business from 29.12 per cent to 34 per cent involving an inflow of
Rs 6.09 crore.
PTI
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IndusInd Bank denies allegations
Kolkata, August 29 Mr Bhaskar Ghose, the Managing Director of IndusInd Bank said, “It is absurd to believe that when the intimation of failure of payments amounting to Rs 266.81 crore by various brokers, including two alleged brokers on March 8, 2001, had been given to the CSE, return of the physical cheques of Rs 15.53 crore one day later has led to the payment crisis.” The Hinduja promoted bank claimed that it informed about cheques amounting to Rs 11.70 crore and Rs 3.59 crore belonging to the D. K Singhania Group and the A. K. Poddar Group respectively on March 7, 2001, itself, the day on which the cheques were due and put through transactions. “The bank intimated on March 7, 2001, to Mr K. K. Daga, the erstwhile Vice-President of the exchange, and the fact that our representative met the vice-president and President of the exchange has been acknowledged in the CSE’s letter to the bank dated March 15, 2001.” Mr Ghose said. The bank also claimed that it had supplied full information of the dishonour of other cheques, payment failure and the position of accounts of the brokers to the Mr Tapas Datta, the erstwhile Executive Director of the exchange. “The then Executive Director Mr Tapas Datta had received the full information on March 8, 2001, itself and his allegations that the information of the two brokers was held up for four days was a blatant lie to mislead the Joint Parliamentary Committee (JPC),” Mr Ghose said. Mr Ghosh said that the bank may file a legal suit if the exchange keeps on hankering with the allegations levelled against the premier bank. Mr Datta, while disposing before the JPC, levelled the charges that the bank withheld crucial information regarding the dishonour of cheques and the fact that one of the brokers did not have the adequate funds in his account to square up his dues. Hindujas to reduce stake
Hindujas will reduce their stake in IndusInd Bank Limited from about 56 per cent currently to about 40 per cent as per RBI directive. “We have already submitted our proposal to the RBI about 10 days ago. Now it is upto them to clear it,”
IndusInd Managing Director Bhaskar Ghose said today. IndusInd was recently asked by RBI to reduce the stake of the Hindujas in the bank to 40 per cent by September, this year consequent to which a proposal was submitted to the apex bank. At present, Hindujas through their two companies hold about 56 per cent in the bank, 35 per cent of the shares were with the public and the balance with institutions, he said. To a query, Ghose said, despite strong Hinduja backing the bank maintained more than arms length with them. “We do not lend to any of the Hinduja group companies. No Hinduja family member nor any individual from a Hinduja company are on the board of the company.” Ghose, however, said if they did not get RBI advice on reducing the stake within the next few days it would be difficult to do it before the deadline.
UNI, PTI
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Confident China ready to enter WTO Beijing, August 29 What was once unimaginable or might have been denounced as revisionism earlier in sixties or even seventies, the 60 million strong Communist Party of China (CPC) has come a long way on the road of capitalism and is surging ahead with over $ 164 billion foreign currency reserves as well as a sustained GNP growth of about 9 per cent for almost two decades. For popular reasons, the Comrades here still prefer to describe the CPC’s economic policies as “socialism with Chinese characteristics” but it would be appropriate to describe the latest economic phase of China as “capitalism with Chinese characteristics”. With no political challenge to its hold on China, the CPC leadership is engaged in sorting out its problems with its neighbour with the sole objective of having an uninterrupted economic growth. Having resolved its border problems with majority of its neighbours barring India, Chinese leadership is engaged in a massive programme of economic development of middle and western parts of China. And there is no complaint of lack of resources for development of infrastructure in these areas, as a Professor of Li Shantong of Development Research Centre of the State Council told a group of Indian journalists. As a matter of fact, China’s entry into the WTO would further facilitate the flow of foreign direct investments (FDI) in the infrastructural development of the massive areas of central and western China which have lagged behind in the last few decades with 86 per cent of FDIs flowing into the coastal eastern parts of China alone, Prof Li pointed out. The western areas of China got only 1.8 per cent of the entire flow of FDIs which touched a figure of $ 380 billion till 2000, he said adding that the middle sector of China got 11.2 per cent. Now according to the new strategy of development of these areas, Chinese government has decided to reverse the flow of resources. Earlier, 58 per cent of resources used to flow to Eastern provinces and areas and 42 per cent to western and middle sectors but now 64 per cent of resources would go to western and middle areas while 36 per cent would go to the eastern sectors. In western areas and provinces, 20 airports are going to be built and 22,000 km of state express highways and 7000 km of Railway tracks are going to be built in coming years, Prof Li said. What one would have thought that China’s agricultural sector would face problems of adjustment with its entry into the WTO is also wrong as Beijing leadership has taken care of it while negotiating its terms of entry into the world organisation, experts pointed out adding that Chinese agricultural as well as animal products are of much better quality and are price wise competitive. Historically, agricultural
subsidies have not been high and China while negotiating has managed to have a cushion which if needed could be used to save farmers interests.
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Parliamentary panel’s report on EPF
New Delhi, August 29 The committee on Subordinate Legislation, in its 136th report tabled in the Rajya Sabha today, said that “whenever there is a difference of opinion on the question of rate of interest between the CBT and the Central Government, the final view of the Central Government must come before the CBT so that at the very least the CBT is aware of the factors which have influenced government to take decision in the matter”. The committee, headed by Dipankar Mukherjee, said in the report that it had first reported on the subject in December last year wherein it objected to the procedure being followed by the government in determining the rate of interest payable to EPF subscribers. It said that during the course of examination, the Committee was informed that the CBT of the EPF generally met in February-March every year and, based on the estimated income of the fund, the Board gave its recommendations about the rate of interest on PF for the next financial year to the Centre. After receipt of these recommendations, the Labour Ministry, with the approval of Finance Ministry, declared the rate of interest on the fund, the report said. The committee said in the report that the procedure being followed by the government was not in consonance with the provisions of the EPF scheme which stipulated that “the Commissioner shall credit to the account of each member the interest at such rate as may be determined by the Central Government in consultation with the Central Board”. Holding the view that obtaining recommendations of the CBT could not be construed to mean “consultation”, the committee, accordingly, recommended a consultative process. The Committee reviewed its recommendations in view of certain practical difficulties spelt out by Labour Ministry in accepting the recommendations to hold consultation during the meeting of CBT and reported the matter to the House again in April this year. The Committee expressed satisfaction that Labour Ministry had since accepted the recommendation of the Committee “in toto”.
PTI
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India ties up with Baazee.com
New Delhi, August 29 As part of the alliance, Yahoo! India visitors will be able to join in online auctions by clicking on to Baazee.com link on the homepage of the portal, provided under the Yahoo! Specials section, a press statement issued by Yahoo said. “Yahoo! India is delighted to announce its strategic alliance in the auction space with Baazee.com in India,” said Arun Gupta, head (business development), Yahoo! India. “This is part of Yahoo’s strategy to partner with leading brands in India across businesses to extend added service, in an innovative and effective way, to Yahoo’s large and rapidly growing loyal client base in India,” he said. Yahoo has more than tripled its user registrations and page views to the company network from India since the launch of the local property last year, the statement said. “The user registrations on Yahoo network from India is 14.4 million and monthly page views is in excess of 750 million to Yahoo network from India,” it claimed. “Our endeavour has always been to reach out to more and more people across India. The 14.4 million registered user base from India on the Yahoo network can now come to our site for online auctions, as well,” Gupta said.
IANS
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PC penetration in India but at 12 pc
Washington, August 29 Still India lags far behind other Asian countries such as South Korea, Singapore and Taiwan, according to a Global Internet Trends report released by Internet audience measurement service Nielsen/NetRatings. South Korea, Singapore, Sweden and Australia have 65 per cent penetration levels, surpassing well-developed European markets like Germany (48 per cent), the UK (46 per cent), Italy (41 per cent) and France (34 per cent). The most common point of Internet access in India, Israel, South Africa and Argentina is a location other than home, the study found. As in Argentina, a work PC is the least likely location for internet use in India. An estimated 459 million people now have home-based Internet access around the world, an increase of 30 million from the first quarter of 2001.
UNI
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NDC to meet on Saturday New Delhi, August 29 The meeting, which will be addressed by Prime Minister Atal Behari Vajpayee, Planning Commission Deputy Chairman
K.C. Pant, Finance Minister Yashwant Sinha and Chief Ministers of various states, also has on its agenda the Mid-Term Appraisal of the Ninth Five-Year Plan, grant of Special Category Status to
Uttaranchal, and the NDC sub-committee’s status report on transfer of centrally sponsored schemes. It is also expected to consider the report of the NDC sub-committee on the criterion for allocation of funds under major rural poverty alleviation
programmes. UNI
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Bank of Punjab branch at Jammu Chandigarh, August 29 The new branch is equipped with the state-of-the-art information systems, supported by Internet banking, telebanking, e-alert, call centre, etc. It will also offer home loans, car loans, two-wheeler loans, consumer loans and depository services. According to Mr Tejbir Singh, Executive Director, Bank of Punjab, “Jammu is one of the key markets of the Northern India, and we are confident our network of banking and ebank centres will benefit the traders and business communities of the region. Customers of the branch will be able to access their account through the bank’s ebank Global Debit Card in association with Maestro Master Card International. The bank plans to take its ATM network to over 350 in the next two years.
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Oriflame acquires plant New Delhi, August 29 The company has acquired Silver Oaks Laboratory in Noida for Rs 36 crore and skin care products manufactured here will be sold worldwide. “By making the Indian operations its wholly-owned subsidiary, Oriflame International has shown that it is committed to the Indian market. We now plan to make India a regional hub,” CEO of Oriflame India Peter Hauggard said.
PTI |
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Uttaranchal
seeks central help to boost fruit production Dehra Dun, August 29 According to Mr Narayan Ram Dass Minister of Horticulture and Social Welfare, there are about 104 fruit belts and 145 canning centres in the state but majority of them are in mess. Some of these fruit belts were planned in the early 70s of the last century and a considerable amount was spent by the then Hill Development Council for increasing the fruit production. “There is a need of totally new direction to the horticulture in the new state. It can become a major source of income for the farmer community,” says Mr Dass. Fruits like apple, malta, pears, litchi, plum, walnut, grapes, mango, orange, guava, lemon and apricot etc have been traditionally grown in Uttaranchal but over the years, the production has not registered any significant growth.
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Plywood Godrej products SHV Energy Farmers’ meet |
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