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Wednesday,
November 6, 2002, Chandigarh, India
  
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RIL
acquires Niko stake in 10 oil blocks Central
Bank, Canara Bank cut rates
FDI
proposals worth Rs 97 cr cleared Fiat in
talks with Maruti for diesel engines |
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Car,
bike exports jump 60 pc
Aaj Tak
bags Best Channel Award Wipro in
pact with Doha Bank
Unilever
supply centre in China
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RIL acquires Niko stake in 10 oil blocks
New Delhi, November 5 Niko has retained its holding in the deepwater block KG-DWN-98/3 in the Krishna Godavari basin where Reliance last week announced discovery of world-class giant gas reserves, estimated at 7 trillion cubic feet, sources said. The Canadian company has also retained its holding in the North East coast shallow water block NEC-OSN-97/2. “In the case of 10 blocks, pursuant to conditional agreements previously entered into with RIL, which have now become enforceable, all of the company’s interest is transferred to Reliance, the operator of the blocks with a full indemnity from Reliance for all liability and costs under the respective PSCs,” a spokesperson of Niko resources said. The sources said the government was yet to approve the acquisition by Reliance. The RIL-Niko consortium (RIL 90 per cent and Niko 10 per cent) has committed investing $ 760.49 million in three phases of oil and gas exploration and production in the 12 blocks it was awarded in the first round of NELP. “Under the agreements, the company’s interest in these (10) blocks will be legally transferred to the operator subject to the consents required under the respective Production Sharing Contracts and, until the date of legal transfer being completed, the company holds all interests in such blocks in trust for Reliance subject to the continuing indemnity,” Niko spokesperson said. The consortium has committed investing $ 145.75 million in the work programme for the KG-DWN-98/3 deep water block in the KG basin in the three phases of oil and gas exploration spread over 6-7 years. According to the work programme commitment for the KG-DWN-98/3 block, RIL will invest $ 37.45 million in first exploratory phase, $ 44.15 million in the second developmental phase and $ 64.15 million in the third phase, the sources said. Reliance had teamed up with Hardy Oil of the UK for the second and third offering of NELP. It would have four blocks in second round and is expected to get nine blocks in third. In the NELP-1 KG basin deepwater block KG-DWN-98/1, RIL-Niko have committed $ 109.75 million ($ 13.45 mn in Ph-I, $ 32.15 mn in Ph-II and $ 64.15 mn in Ph-III) while in the Mahanadi deepwater block MN-DWN-98/5 the consortium has committed $ 131.09 million ($ 7.79 mn in Ph-P, $ 46.65 mn in Ph-II and $ 76.65 in Ph-III), the sources said. In the Gujarat-Kutch shallow water block GK-OSN-97/1, RIL-Niko have committed $ 44.38 million, in the KG basin shallow water blocks KG-PSN-97/2 $ 33.75 million, KG-OSN-97/3 $ 73.92 million, KF-OSN-97/4 $ 33.55 million and $ 18.59 million in Kerala-Konkan basin shallow water block KK-OSN-97/2. Another $ 63.80 million have been invested in the work programme for the Mumbai shallow water block MB-OSN-97/3, $ 42.37 million in the North-East Coast shallow water block NEC-OSN-97/2 and $ 29.40 million in the Saurashtra Shallow water block SR-OSN-97/1, the sources added. “RIL-Niko had detailed a massive 31-well exploration programme through 2004-05 in the 12 oil and gas blocks,” they added.
PTI
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Central Bank, Canara Bank cut rates
Mumbai, November 5 The PLR has been reduced by 50 basis point to 11.5 per cent from next month and a further reduction of 50 basis points proposed from April next year, the bank said in a release here today. The bank has also decided to introduce the floating rate of interest on domestic term deposits from December 1. The rate for tenure of one year to less than two years and three years and above will be 7 per cent and for two years to less than three years, interest will be 7.25 per cent. The bank also announced a revision in its term deposit rates downward by 25 to 100 basis points for select slabs from November 1. For deposits for tenure of 180 days to less than one year, the rate fixed will be 6 per cent, for one year to less than two years it will be 6.5 per cent, two year to less than three years 6.75 per cent and three years above 6.5 per cent. Canara Bank
Falling in line with the spirit of the credit policy announced by the RBI, Canara Bank has brought down the PLR and PTLR by 0.25 per cent to 11.25 per cent and 11.75 per cent, from November 1. The bank also revised the interest rates downwards on domestic and NRE term deposits by 0.25 per cent from November 6. The revised interest rate schedule for domestic term deposits of less than Rs 15 lakh is; 15-45 days — 4.25 per cent; 46-90 days — 5 per cent; 91-179 days — 5.50 per cent; 180 days to less than one year — 5.75 per cent; one year to less than three years — 6.50 per cent; three years to less than five years — 6.75 per cent; five years and above — 7 per cent.
Vijaya Bank
Vijaya Bank has raised Rs 150 crore through private placement of subordinated bonds. The bonds with a 7.5 year tenor offered a coupon rate of 7.5 per cent payable annually, SBI Capital Markets, the sole arrangers to the issue. The issue, which closed on November 3, has been rated ‘AA’ by Credit Rating and Information Services of India Ltd, it added.
Agencies
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FDI proposals worth Rs 97 cr cleared
New Delhi, November 5 The investment of Rs 42 crore would come from Matthey Finance BV to Johnson Matthey Chemicals India Pvt Ltd. An amount of Rs 12 crore would be invested by Seigen Ltd of the United States in Shreya Bio-tech Pvt Ltd, Mumbai, for the manufacture of recombinant human insulin, human growth hormone, interferon and hepatitis B vaccine. Spectris Plc of UK will invest Rs 13.32 crore in wholesale trading of hi-tech precision, control and measurement equipment and related spare parts and support services to Indian and foreign customers. The centre of its operations will be at Mumbai. Supermax Holding Pvt Ltd, Mauritius, will invest Rs 10 crore in a unit for the manufacture of shaving blades and razors at Mumbai.
UNI
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Fiat in talks with Maruti for diesel engines
Mumbai, November 5 ‘’To begin with, Fiat will talk with Maruti on the offer of 1.9 litre diesel engine to Maruti and thereafter, possibly, about a complete “Powertrain” option for the future’’, Fiat India Chairman and Managing Director M.P. Bianchi told UNI. He, however, declined to divulge further details. The first inkling of a Fiat link for Maruti was made known in “Automotive News” where Suzuki Motor Corporation Vice-President Sokichi Nakano, was quoted as saying his company wanted to fit the Fiat diesel engines in ‘’any Maruti model as soon as possible.’’ General Motors (GM) has a 20 per cent equity in Fiat, the parent of the Indian unit, and Suzuki, while Fiat in turn holds 5 per cent equity in GM and is keen on consolidating this advantage in its Indian operations. Also, Fiat and GM had recently announced their intention to set up a Powertrain venture and this will apply to India in due course of time. Maruti has a supply pact with Peugeot of France for the TUD5 diesel engine, which was first fitted in the Zen more than four years ago followed by the Esteem recently. Maruti, at one point, was keen on trying out the TUD5 in the Gypsy so that it could hold its own in the MUV market, which was dominated by diesel engines.
UNI
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Car, bike exports jump 60 pc
New Delhi, November 5 A total of 1.31 lakh vehicles were exported during April-September, 2002, over 82,418 units a year ago, data compiled by the Society of Indian Automobile Manufacturers showed. Ford India, the largest exporter of cars, clocked a modest 5.7 per cent rise shipping 15,700 units of completely knocked-down (CKD) kits of its mid-size car Ikon. Exports of Maruti Udyog shot up by 136.1 per cent to 10,961 units following an increased demand of its premium small car Alto, mainly in Europe. The local unit of Korea’s Hyundai Motor rose by 27.2 per cent to 3,321 cars while that of Tata Engineering jumped by 13.1 per cent to 782 units. But car exports of General Motors India fell by a hefty 65.7 per cent to just 12 cars during the review period. Exports of utility vehicles fell by 54.1 per cent to 556 units as Tata Engineering and Maruti suffered a 68.6 and 28.8 per cent dip at 280 and 155 units. Exports of commercial vehicles went up by 3.46 per cent to 4,832 units during the review period. While medium and heavy (M&H) vehicle exports rose by 23.5 per cent to 1,984 units, LCVs drove down by 7 per cent to 2,848 units. Of this, M&H goods carriers posted a 32.8 per cent dip at 781 units but that of M&H passenger carriers jumped by 124 per cent to 1,203 units. Tata Engineering and Ashok Leyland recorded a 248 and 48 per cent rise in exports of M&H passenger carriers at 710 and 493 units. In the LCV segment, exports of goods carriers fell by 14.3 per cent to 2,533 units due to 27.3, 51.7 and 34.7 per cent drop by Tata Engineering, Mahindra and Mahindra and Swaraj Mazda at 1,420, 178 and 120 units. Eicher Motors bucked the trend with a 79.6 per cent rise at 749 LCV goods carriers. Exports of LCV passenger carriers jumped by 200 per cent to 315 units as Ashok Leyland and Tata Engineering shipped 119 and 129 units. Motor cycle and step-thru exports zoomed by 129.4 per cent to 55,703 units. This was led by Bajaj Auto and Yamaha Motor which recorded a 212.5 and 143.6 per cent rise at 21,913 and 18,935 units. Hero Honda and TVS motor Company also clocked a 46.3 and 215.5 per cent rise at 10,130 and 3,683 units. But Kinetic Engineering and Royal Enfield Motors dipped by 54.3 and 11.2 per cent to 255 and 749 units. Scooter and scooterette exports fell by 17.4 per cent to 12,208 units as Bajaj Auto and LML posted a 15 and 44.2 per cent drop at 3,699 and 2,936 units. But Honda Motorcycle and Scooter rode ahead exporting 3,171 units during the period under review. Moped exports surged by 6.81 per cent to 9,774 units as Kinetic Engineering and Majestic Auto recorded 44 and 23.9 per cent growth at 1,395 and 7,251 units.
PTI
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Only direct exports can save badge traders Malerkotla, November 5 Intense competition among the local artisans has resulted in a virtual dog-eat-dog situation forcing artisans out of the trade. The town, which now seems to rule the world market in the field of “zardozi” embroidery, is making battle honours and banners of the Indian armed forces and intricate embroidery for the fashion industry has a long history. The artisans are earning a pittance doing this work on wooden “addas” as exporters in Delhi and Meerut give the orders to vendors who comprise around a dozen families of the town to get the work done from these artisans. Due to competition among the vendors profit margins have reduced considerably resulting in the artisans earning between Rs 40 to Rs 80 a day. Hanif did not seem to have any choice in the matter as he was apprenticed into the work by his elder brother who also used to do the “zardozi” embroidery as a livelihood. However, elders who now have a choice to decide the careers of their children do not want them to take on this profession. “Even a vegetable seller is able to earn Rs 150 per day”, says Mohammad Shafiq, one among the several doyens of this craft who is worried at the direction in which the craft is going. “If the artisans start earning more money then only will they teach the craft to their children”, says Shafiq, adding that right now parents have started withdrawing their children from this work. “It does not make sense to be paid Rs 80 for 10 to 12 hours of back breaking work”, he adds. The answer could be in the initiative taken by Shafiq’s relative and partner in the Rana Sons India Company Mohammad Tahir Rana. The company and another firm, which are the only two firms to have acquired export licences, deal directly with parties abroad instead of acting as sub vendors for the exporters ensconced in Delhi. “We used to bank in Ludhiana and bank manager initiated our export licence work”, says Tahir. Now Tahir is an avid net fan and answer queries of buyers abroad. “We get a few orders”, he says, adding that there should be some way of explaining to big buyers, including Oxford University, which orders 5,000 to 6,000 badges every year for its new students, to give orders directly to artisan families. Other families who recruit labour to meet the orders of the exporters also feel the only way the artisans can be uplifted is if they indulge in direct export. “But we are afraid of venturing into business ourselves and putting our money at stake”, says Mohammad Iqbal. He said with a dry port at Ludhiana which is only 45 km away, these could be easily exported if the government gave some fillip to the scheme. Shafiq said a confederation or association could be formed with the government’s help only as traders would not get together on their own. “This body can be helped by a government body”, he adds. Shafiq and other traders do not know that a body called the Punjab State Industrial Export Corporation exists but apparently it has never touched their lives.
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Aaj Tak bags Best Channel Award New Delhi, November 5 According to a press release, Aaj Tak's CEO G Krishnan was also adjudged the CEO of the year. The channel also won the Best Promo Award and Amitabh Srivastava of Aaj Tak bagged the Best Distribution Award. This is the second time in less than two years that the channel has won the best news channel award reconfirming its market share of 57 per cent in the news segment, connectivity of around 23 million households and a time spend of 51 minutes.
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Wipro in pact with Doha Bank
Dubai, November 5 The contract represented a strategic entry into Qatar for Wipro Infotech, the IT division of the $ 715 million Wipro, Doha’s Peninsula newspaper, quoting its Chairman Azim Premji, has reported. Mr Premji said Wipro was proud to partner with Doha Bank as it showcased its faith in his company’s global practices.
UNI
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bb
Nabard’s awards ICRA Idea Cellular Andhra Bank |
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