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Tuesday,
January 28, 2003, Chandigarh, India  
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Govt to sell 34pc in HPCL, 35pc in BPCL Gold zooms New Delhi, January 27
Govt clears Infosys ADR proposal
Iran to raise oil export to India |
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300 attend business law conference Maruti IPO to
hit market
in March Corpn, Allahabad Banks
to share ATM
PNB net rises 46.6 pc
Castrol net up 41 pc
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Govt to sell 34pc in HPCL, 35pc in BPCL
New Delhi, January 27 Announcing the decision taken at the meeting of the Cabinet Committee on Disinvestment, chaired by Prime Minister Atal Behari Vajpayee, Disinvestment Minister Arun Shourie told reporters that 34.01 per cent of the government’s 51 per cent stake in HPCL would be sold to a strategic partner. In case of BPCL, a public offer both in domestic and international markets would be made for 35.2 per cent shares, he said adding government would also offer 5 per cent equity each in both the oil majors to their employees at concessional price. After the disinvestment, government equity would be reduced to 12 per cent in case of HPCL and 26 per cent in BPCL. Shourie said the CCD decided to keep all PSUs off the bidding process for HPCL. Petroleum Minister Ram Naik had suggested that ONGC be allowed to bid for it. Shourie declined to comment as to what were the proposals made by Naik, but sources said it was on the suggestions from him that the CCD decided to up the equity to 5 per cent for employees as against 2 per cent suggested by the Disinvestment Ministry. Shourie said the government was committed to complete the ongoing Rs 9,000 crore-Bathinda refinery project of HPCL in case the bidders did not want it to be part of the divestment process or if it affected the valuation of the oil PSU. Shourie said divestment of the two oil PSUs, for which the government had taken a decision in principle last February, would be completed as soon as possible but declined to give any time frame. “The deliberations of last one year have clarified every one’s mind... the decision was taken after assessing all the aspects,” he said. The meeting was attended by among others Deputy Prime Minister L.K. Advani, External Affairs Minister Yashwant Sinha, Ram Naik, Deputy Chairperson of the Planning Commission K.C. Pant. Finance Minister Jaswant Singh could not attend the meeting but he had given his opinion earlier, Shourie said. He said the Bina Refinery project of BPCL with an approved cost of Rs 6,000 crore would be completed by government in case the oil PSU, where state would be the single largest equity-holder, was unable to complete the same. Despite the government equity coming down to 12 per cent a provision would be incorporated in the transaction document for the state’s permission for any change in equity structure or winding up, sources said. Shourie said in case of HPCL, the bids for advisors were valid and soon his ministry would ask for presentations from aspirants and added that fresh bids would have to be invited in case of BPCL for advisors. Disinvestment Secretary Pradeep Baijal said presentation would be sought within a week from about 17 bidders for becoming advisor for privatisation of HPCL. In case of BPCL, fresh bids were necessitated due to the changed nature of disinvestment (through public offer). The CCD, However, decided to waive off the Rs 2,000 crore minimum investment norm needed for entry into petro product marketing for the prospective bidders for HPCL, sources said.
PTI
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Govt clears Infosys ADR proposal New Delhi, January 27 This was among the 50 FDI proposals worth Rs 2259 crore approved by the FIPB. The Infosys proposal involves an FDI investment of between Rs 1430 crore to Rs 2145 crore. An official release here said that the government also cleared the proposal of Singapore Computer Systems Limited involving an FDI of Rs 25 crore in the Mumbai based Kshema Technologies Limited. The government also cleared the proposed amendments in the existing Foreign Collaboration (FC) of Samsung Electronics and Royal Dutch Shell Group companies in their Indian subsidiaries. Among the other proposals cleared were those of luggage major Samsonite Corporation for manufacture, marketing and merchandise of “Hedgren” product in its Indian arm, and those of Estee Lauder of the US for providing logistings and managerial support to distributors in India.
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Iran to raise oil export to India New Delhi, January 27 “India is a best customer of Iranian crude oil and we are also fully prepared to raise the volume of share of crude oil exports to India,” Iranian President Syed Mohammad Khatami said, addressing a business session organised by the CII and FICCI. “We welcome all sorts of investments by Indian petroleum companies in our gas and oil industry”, he said. On the proposed Indo-Iran gas pipeline, the Iranian President said: “A relatively long time has passed since its preliminary planning, the project is still in the phase of its feasibility studies.” Mr Khatami said with the findings of the studies and the beginning of the implementation of final decision, the pipeline project will play very significant role in providing India with inexpensive and perennial flow of energy. “Simultaneously, the two countries can explore all other possible ways for the supply of energy by Iran and chalk out ways for implementation” he said. Seeking Indian cooperation in reconstruction of Afghanistan, he said “for this purpose we have presented mutual proposals to raise the infrastructure for the routes of Chahbahar-Fahraj and Delaram-Zaram to be carried out with the cooperation of the Indian counterparts.” On increasing trade with India he said the Iranian route for the transfer of goods to Central Asia and Europe is considered the best one as far as the cost and security and time factors are concerned. The volume of mutual trade (excluding petroleum) has risen from $ 120 million in 1991 to more than $ 500 million in 2002. “We are fully prepared to provide all required facilities for the export of Indian commodities and products to the world markets,” Mr Khatami said. “The considerable gas reserves of the country have attracted the attention of many countries and as a consequence of
this, the export of gas to some countries through pipelines is now underway.” “In addition, one of the best and safest routes to the Afghan market is the transit route via southern and free ports such as Chahbahar. The cooperation of our two countries in the reconstruction of Afghanistan provides a great opportunity for both Iranian and Indian investors, industrialists and employers to exchange information and seek their closer cooperation for the implementation of development projects in Afghanistan”, he added.
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300 attend business law conference Chandigarh, January 27 The conference was inaugurated by Deputy Prime Minister L.K. Advani. Mr Justice V.N. Khare, Chief Justice of India, Mr Soli Sorabjee, Attorney-General of India, Ms Najma Heptullah, Deputy Chairperson, Rajya Sabha, presided over the inaugural function among other eminent dignitaries. Several Supreme Court Judges chaired the working sessions of the conference. Giving details of the conference the Chandigarh delegate, Mr Ranjit Malhotra, disclosed that the conference focussed on the legal issues for the Asia-Pacific region in the e-commerce age. The plenary session deliberated on information technology, media and communications: current issues affecting E-commerce. This session was steered by Gordon Hughes, President Lawasia. The key speaker at the session on environmental law was Mr Justice Kuldip Singh, former Judge, Supreme Court of India. This session was chaired by Mr Justice Arun Kumar, Judge, Supreme Court of India. The Chandigarh delegate presented a paper on judicial activism in the realm of environmental law: in the Indian context. Noted Mumbai-based environmental lawyer and author Shyam Divan dwelt upon the drawbacks in checking environmental abuses. Supreme Court senior advocate K.K. Venugopal, analysed the techniques which are a part of the armoury of the Supreme Court of India to ensure compliance of the provisions of the law. The session on taxation of e-commerce: a tri-regional view, was particularly interesting. This session was chaired by Mr Harish N. Salve, former Solicitor-General of India. Questions relating to principles and issues on e-commerce taxation and evolution of e-commerce tax in India were examined in detail at this session. The session on intellectual property: e-commerce issues was chaired by Mr Justice S.B. Sinha, Judge, Supreme Court of India. While Mr Justice Ashok Bhan, Judge of the apex Court, chaired the session on risks/opportunities in the infrastructure and privatisation in Asia. There were also sessions on transparency and accountability in corporate governance and alternative dispute resolution. Lawasia is a professional association of representative of Bar Councils, Law Associations, individual lawyers, law firms
and corporations principally from the Asia Pacific Region. Lawasia has its
headquarters in Australia. The Australian Deputy High Commissioner in New Delhi, Ms Michelle Marginson lent generous support on behalf of the High Commission. The conference was marked by carefully designed thought-provoking working sessions, with special emphasis on fast emerging e-commerce issues. The conference came to a close with an invitation to attend the 18th Biennial Lawasia Conference, to be held in Tokyo in September, 2003. This conference will be particularly special, because Mr G.L. Sanghi, Senior Advocate, Supreme Court of India, will be installed as the President of Lawsia for a term of three years.
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Maruti IPO to hit market in March
New Delhi, January 27 “As of now the tentative date for launch of the IPO for Maruti, is likely to be March 17,” official sources told PTI here. The public issue is the second stage of disinvestment in MUL where the joint venture partner Suzuki Motor Corporation had agreed to give an underwriting of Rs 2,300 a share as part of the agreement and government had decided to offer 25 per cent equity by March, 2003 through an IPO and the remaining is to be sold by the next financial year. According to Disinvestment Ministry, the roadshows for the IPO in MUL is likely to be segregated in two rounds including a pre-marketing roadshow slated in the first half of next month. The roadshows would be held in US, England, Dubai, Hong Kong and Singapore, Disinvestment Ministry sources said. The next phase would comprise the final roadshow which is likely to take place in early March. The prospectus for IPO is expected to be filed with SEBI sometime in February.
PTI
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Corpn, Allahabad Banks to share ATM
Mangalore, January 27 An agreement to this effect was signed here by Corporation Bank Executive Director P K Gupta and Allahabad Bank Executive Director, K.K. Rai. Speaking on the occasion, Corporation Bank Chairman K. Cherian Verghese said that the Bank had the second largest network on ATM among the public-sector banks. The bank, which had already installed 317 online inter-connected ATMs all over the country, has planned to increase it to 500 by the end of current financial year. Mr K.K. Rai said Allahabad Bank, one of the oldest banks in the country, had at present 47 ATMs and it would be increased to 101 by Sept.
UNI
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PNB net rises 46.6 pc
New Delhi, January 27 The bank’s net profit surged by 133 per cent to Rs 189.25 crore in the third quarter of this fiscal, from Rs 81.19 crore during October-December 2001. “The bank could achieve Rs 601.66 crore in nine months after providing for necessary provisions of Rs 1,036.82 crore towards loan losses, standard advances, income tax, wealth tax, gratuity, pension, bonus, etc, compared to Rs 759.85 crore last year,” PNB chairman S.S. Kohli said in a statement. PNB’s operating was up by 40 per cent to Rs 1,638 crore during April-December 2002-03, while third quarter figure was up by 52 per cent to Rs 551 crore. Kohli said the bank’s total income was up by 12.6 per cent to Rs 5,697 crore with interest income going up by 11.8 per cent to 5,519 crore.
PTI
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Workshop Canara Bank Inflation up Honda Siel |
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