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Saturday,
February 9, 2002, Chandigarh, India  
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AirTel not to enter price war
Recovery of loans improve in HP |
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US firm holds right over ‘Mahatma’
Enron executives refuse to testify
Cement production
up 18.33 pc
Tata offers
Rs 202 for VSNL share
HCL Tech ties up with US firm
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AirTel not to enter price war Chandigarh, February 8 “It is an opportunity for Bharti to contribute to Punjab, our home town and AirTel is here to end the single operator regime and bring the fruits of competition and choice to the people of the state”, said Mr Mittal. Stating that the company will not enter price war with it’s competitor, Mr Mittal said Bharti with it’s state-of-the-art mobile network will provide service of high quality . The company has come out with a single tariff plan where it will charge a monthly rental of Rs 249 and Caller Line Identification (CLI) Rs 99. While security deposit has been reduced to Rs 1,000 (refundable), 30 minutes of free airtime is being provided as a special offer to customers who subscribe to the company’s services before Baisakhi (April 13). The company will also provide free voice mail and free SMS to it’s subscribers. Airtime charges, that are user-based will be Rs 2.40 per minute up to 250 minutes of usage, Rs 1.50 per minute between 251 and 500 minutes. Between 501 and 750minutes, the user will be charged Rs 1.20 and above 750 minutes the rate will be Re 1 per minute. The rates will be the same for both incoming and outgoing calls. With an investment of over Rs 200 crore in the first phase, Bharti has set up 92 cell sites in Punjab to be increased to 138 by March 31 to cater to 40 cities in the state. In the second phase, AirTel will cover another 41 towns by March 31. “AirTel is the first cellular network in Punjab to be 2.5 G and GPRS ready. The switch will enable better call completion rate and increased operational efficiency enabling the network to handle higher number of calls during peak hours”, said Mr Mittal. The company will also, for the first time, incorporate enhanced full rate (EFR) feature that will remove the ambient sounds during a call and gives the customer enhanced voice clarity. Elaborating further on the services, Mr Mittal said AirTel “Connects”—one stop-shop cellular shop will allow the customers a single window for all queries pertaining to the services like purchase of handset, activating value-added services, payment of bills, etc. A 24-hour customer care centre and a host of value-added services are among the facilities for the customers. While the services get operational immediately by Monday, customers all over the state will be able to avail them, said Mr Mittal. meanwhile, the pre-paid service “Magic”, will be launched within a week. Mr Rakesh Bharti Mittal, Vice Chairman, Bharti Enterprises, Mr Rajan Bharti Mittal, Joint Managing Director, Bharti Enterprises, Mr Anil Nayyar, President, Mobility, Bharti Televentures and Mr Ian Campbell, MD, Ericsson, were also present.
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IOC signs pact to acquire IBP New Delhi, February 8 The transaction documents were signed by Joint Secretary in the Ministry of Petroleum and Natural Gas, S Vijyaraghavan, as seller on behalf of President of India holding 59.58 per cent in Indo-Burma Petroleum Ltd and Mr M S Ramachandran, Director (Planning and Business Development) in IOC in the presence of Petroleum Secretary V.N. Kaul. The share purchasing agreement involves a fund of Rs 1153 crore. The IOC will take over the management of the company within the next five months, a spokesperson of IOC said. Despite the sale of 33.58 per cent shares by the government, the status of IBP will not be changed from a government company. However, it will become a subsidiary of IOC, after the completion of the open offer, which is likely to made by the end of this month. The government will transfer 74.4 lakh shares of Rs 10 each (face value Rs 7.44 crore) in favour of IOC, which had won the bid at a price of Rs 1,153.68 crore at the rate of Rs 1,551 per share.
IOC, govt sign share purchase pact
Indian Oil Corporation Chairman-cum-Managing Director M.A. Pathan today expressed reservations over the government’s decision to bar the company from bidding for Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL), likely to be taken up in May/June this year. “I hope that the government will continue to maintain the policy of not allowing companies involved in the same business to bid and thereby enable competition in that particular sector,” he said when asked about his reaction to the barring of IOC from future bidding in the two remaining Oil PSUs. The Cabinet Committee on Disinvestment on Tuesday barred IOC from bidding at the time of disinvestment of BPCL and HPCL. The decision had surprised analysts, who feared that private companies might try to buy both the petroleum PSUs at cheaper rates. After signing the share purchasing agreement with the government, Mr Pathan said he agreed with the government’s contention that the IOC was barred to enable competition in the petroleum sector. Mr Pathan’s remarks assume significance in view of the fact that both the Reliance and IOC were the main bidder for Indian Petro-Chemicals Corporation Limited (IPCL) and if the Reliance group took over the IPCL, it would control 70 per cent of petro-chemical business in the country. He said the open bid offer to the existing shareholders would be offered in the next three/four weeks and the entire process would be completed within the next four months.
UNI |
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Recovery of loans improve in HP Shimla, February 8 With the economy not showing any signs of recovery, the corporation has been compelled to adopt a realistic approach to improve its financial health. The focus is on encouraging and retaining good borrowers by providing them loans expeditiously. New financing schemes have been started to provide working capital to existing good units and term loans for acquisition of moveable assets like road rollers, pre-mixing plant, dumper and other equipment required for road construction. A quick finance scheme has also been introduced under line of credit to the existing good borrowers to enable them to avail finance for expansion without delay. The normal time consuming and cumbersome procedure of appraisal has been dispensed with under the scheme. Consequently, the good industrial units will be able get loan within 10 to 15 days as against the normal three to six months. A borrower will be able to get immediate credit upto the extent to which he has repaid the existing loan under this innovative scheme. All these steps have brought about an improvement in the overall functioning of the corporation and it has surpassed the performance of previous years in effecting recoveries and sanction and disbursement of loans. Against the target of Rs 27.36 crore, the corporation has sanctioned loans to the tune of Rs 31.35 crore by December 31 last, the highest in its history. The loans were mostly issued to prestigious units like Him LPG Bottlers, Baddi, M/S PSJ communication, Baddi and Mahan Foods Limited, Paonta Sahib. Similarly, it disbursed loans Rs 16.45 crore by December 2001 as compared to Rs 11.51 crore in corresponding period disbursed last year. It hopes to disburse Rs 24.50 crore by end of the currently financial year. The recovery of loans has also improved and Rs 20.35 crore were recovered upto December as against last years figure of Rs 16.05 crore for the corresponding period. Encouraged by the performance it has fixed a recovery target of Rs 28.50 crore upto March 31 next. Mrs Upma Chaudhary, the Managing Director, is confident that the corporation will be able to reverse the trend of mounting losses during the year it may wipe out the accumulated losses over the next two years. The Small Industrial Development Bank of India (SIDBI) has already upgraded the corporation from “C” to “B” category. Keeping in view the overall improvement in its performance. This will enable it to draw higher refinance limits from the
SIDBI. |
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US firm holds right over ‘Mahatma’ New Delhi, February 8 Anyone invoking the Mahatma for marketing any product must now pay a fee to the company, which also holds similar licences for some 200 personalities, including Marilyn Monroe and Olympian Jesse Owens. According to some reports, the CMG Worldwide Inc. website has signed a deal with Gandhi's great grandson Tushar Gandhi to this effect. Many Indians cannot simply believe that this has happened, and that they will have to pay royalty to use the name of Mahatma Gandhi in the same manner as neem products. "Mahatma Gandhi is no one's private property," reacted a disbelieving former Minister of State for External Affairs K. Natwar Singh that Mahatma Gandhi led for years. "Today it is Mahatma Gandhi. Tomorrow it will be god almighty," he told IANS. Added an equally stunned Rajya Sabha MP Kuldip Nayar: "The whole thing is ridiculous because Gandhi is known everywhere and exists in millions of hearts. These international organisations are trying to make money at the expense of our sentiments." Other eminent Indians too reacted sharply. Some said the government must not allow the name of the respected apostle of peace, who led India to freedom from Britain through non-violent means, to be so appropriated by a business outfit. A functionary of the Ahmedabad-based publishing house that holds the copyright to all of Mahatma Gandhi's writings and an official who is in charge of Gandhi's mausoleum here said they had grave concerns over the development. Two of Gandhi's grandchildren were extremely sceptical of the contract between CMG and Tushar Gandhi. Gandhi (1869-1948) is hailed as the Father of the Nation in India. Considered a revolutionary, he has inspired generations of social and political activists. CMG, which represents about 200 celebrities — dead and alive — says it has the rights to license the commercial use of their names and images and to merchandise gifts, sportswear, posters, calendars and collectibles brought out in their names. Rajmohan Gandhi, the journalist son of Mahatma Gandhi's youngest son Devdas Gandhi, agrees that there is indeed a need to regulate the use of Gandhi's name for commercial use to stop exploitation by business concerns. "But who should do this and how is a separate question. All concerned should put their heads together and evolve a mechanism." Added his sister, Tara Bhattacharya, who like Rajmohan spent her childhood on Mahatma Gandhi's laps: "Who are they (Tushar and CMG) to take charge of his name? These people are commercially exploiting Gandhi." Speaking to IANS on the phone from Ahmedabad, Jitendra Desai, a managing trustee of the Navjivan Publishing House that holds the copyright to Mahatma Gandhi's writings, was pained to know about the contract between CMG and Tushar Gandhi. "What right do they have to conclude such a contract in Gandhi's name? What is the legal sanction behind it? These are questions they must answer." Desai said Navjivan alone had the copyright to all of Gandhi's writings and anyone using any excerpts from his work would have to take permission from it. "As far as copyright infringement is concerned, Navjivan can take legal action. But I think someone should file a public lawsuit against this development." N. Vasudevan, secretary of the committee managing Rajghat, Gandhi's memorial, was equally distressed. "I don't think Mahatma Gandhi bequeathed anything of this sort to Tushar Gandhi. This whole idea is so terribly misconceived." Regarding the use of Gandhi's pictures, Vasudevan said he failed to understand how the CMG would claim any licensing right since different individuals and agencies across the world hold the copyright of most of Gandhi's pictures. Said N. Vittal, India's Chief Vigilance Commissioner: "We will have to check whether prima facie this deal is legally sustainable. It's like the domain name game in IT. We must check out its legal complications." For some others, however, the CMG's deal is of a piece with the modern trend of globalisation where everyone and everything can be converted into a brand. "This is the age of commerce and everything including Mahatma Gandhi has a price," said commentator Prem Shankar Jha. "Brand names are marketable in the era of globalisation. If you can have Gucci and Armani, why not Gandhi?"
IANS |
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Enron executives refuse to testify
Washington, February 8 Drilled by a panel of skeptical lawmakers, former Enron President and CEO Jeffrey Skilling yesterday repeatedly said he did not recall meetings and denied wrongdoing surrounding financial partnerships that apparently hid losses. “Today, after thousands of people have lost jobs, thousands of people have lost money, and, most tragically, my best friend has taken his own life, it all looks different,” Skilling said, in a reference to former Enron Vice Chairman Cliff Baxter. But, he said, he knew nothing of more than one billion in hidden losses discovered by Enron’s in-house investigation. Skilling at least agreed to speak to the house panel investigating Enron’s spectacular fall. Others stood, raised their right hands, swore to tell the truth, then promptly invoked their constitutional right not to testify before Congress on the grounds that their testimony could be used against them in a court of law. Among those refusing to answer questions were Andrew Fastow, Former Chief Financial Officer, Michael Kopper, Former Managing Director of Enron Global Finance, Richard Buy, chief risk officer, and Richard Causey, chief accounting officer. AFP
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Cement production up 18.33 pc
New Delhi, February 8 Cement despatches rose by 19.16 per cent at 8.77 MT in January 2002 against 7.36 MT last year, Cement Manufacturers’ Association’s latest montly updates said. Production for April-January of the current fiscal also rose by 7.93 per cent at 83.19 MT against 77.08 MT during the same period last fiscal. Despatches recorded a 8.49 per cent increase at 83.3 MT during the ten months of current fiscal compared to 76.78 MT in the corresponding period last fiscal. The production figure for January 2002 showed a 6.68 per cent rise over 8.23 MT production in December 2001 and the despatch rose by 5.03 from 8.35 MT in December
2001.PTI |
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Tata offers Rs 202 for VSNL share
Mumbai, Februray 8 The offer will open on April 10 and will close on May 9, JM Morgan Stanley Private Ltd, manager to the offer informed the Bombay Stock Exchange here today. The offer will not be subject to any minimum level of acceptances and the specified date for the purpose of determining the names of the shareholders to whom the letter of offer will be sent has been fixed at February 22, it said.
UNI |
HCL Tech ties up with US firm New York, February 8 With access to facilities in India and Europe, the new company, called HCL-Answerthink, will offer custom application development services, on-going product support, application maintenance services and application reporting services, the two companies announced here yesterday. Answerthink’s Chief Risk Management Officer Ken Coppins will be the new company’s Chief Executive Officer. PTI
GM proposes to buy Daewoo India SEOUL: General Motors (GM) has proposed buying only parts of Daewoo Motor Co’s overseas sales units in its latest offer due to hidden debts and also wants to take over the company’s production units in India, reports said today. The US automaker signed a memorandum of understanding last September to take over three car plants in South Korea, two of its 12 overseas plants, in Vietnam and Egypt, and all 24 overseas sales units. Daewoo’s main creditor, Korea Development Bank said yesterday that GM had made a fresh offer after a new study of Daewoo Motor’s debts and assets. AFP
United Insurance to earn Rs 150 cr NAGPUR: United India Insurance Company will earn a profit of Rs 150 crore during the current fiscal, according to its Chairman-cum-Managing Director V. Jagannathan. Last year, the insurance company suffered a loss of Rs 1.5 crore mainly due to insurance claims from earthquake and cyclone affected areas, Jagannathan told reporters here. The company would wipe out losses and earn profits this year, he added.
PTI
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Builders’ meet PPL, Jessop bids Nalco profit Asahi glass Allahabad Bank VSNL licence pact
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