 |
|
Govt awards 14 oil blocks to ONGC
Mahindra to hive off defence business;
Merger of DA with basic pay to affect |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Moody’s changes ratings of Indian banks
HUDA to auction shopping mall sites The ‘metropolitan culture’ is all set to come to two another towns with the Haryana Urban Development Authority deciding to auction shopping mall sites in Kurukshetra and Panipat.
Govt to increase subsidy Enthused by the success of the Varishtha Pension Bima Yojana, the government has decided to increase subsidy to Life Insurance Corporation to Rs 150 crore for the pension scheme for senior citizens in the next fiscal.
Ranbaxy to set up subsidiary in Spain Domestic drugmaker giant Ranbaxy Laboratories Ltd today announced that it would set up a fully-owned subsidiary in Spain to expand its business in the lucrative European market.
SAIL board approves 3 projects Looking beyond the company’s plan to increase hot metal production by one million tonnes next fiscal, the Steel Authority of India board recently approved three major projects primarily aimed at strengthening the existing facilities for future expansion. 
|
|
Govt awards 14 oil blocks to ONGC
New Delhi, February 6 The ONGC, along with partners, signed exploration licences for 14 blocks while Reliance Industries inked for one. With this, 90 blocks have been awarded in the four rounds of bidding under NELP, entailing a combined investment of Rs 19,050 crore. A minimum investment of Rs 2,010 crore has been committed in the first exploratory phase in the 20 blocks whose Production Sharing Contracts (PSCs) were signed today. The total investment in three phases of exploration, development and production in these blocks comes to Rs 5,500 crore, Petroleum Minister Ram Naik said. Cairn Energy of UK won a Ganga Valley onland block on its own and an onshore block in Cambay basin in Gujarat in partnership with the ONGC. The other big names in fray - British energy firm BG Group, Canadian Niko Resources and Russia’s Zarubezneftgaz drew blank. Reliance Industries, which teamed up with Hardy Oil of UK to bid for eight of the 12 deepwater blocks on offer, could manage only the NEC-DWN-2002/1 deepsea block, he added. PSCs for exploring gas lying below coal seams in eight coal bed methane (CBM) were also signed today. ONGC inked pact for five while the remaining went to Reliance Industries, he said. New entrants Bharat Petroleum Corp Ltd (BPCL), which bid along with the ONGC, was successful in Cauvery onland block CY-ONN-2002/2 and deepwater blocks in Krishna-Godavari basin and Mahanadi Basin. Hindustan Petroleum Corp Ltd (HPCL), in consortium with the ONGC, bagged two Kerala-Konkan deepwater blocks, sources said. Reliance bagged the contract for Sonhat block in Chhattisgarh and two Barmer blocks in Rajasthan.
— PTI
|
|
ONGC to invest over $1 bn
New Delhi, February 6 Of the $ 1,003 million investment committed, the ONGC’s share would be $ 890 million dollars, company chairman and managing director Subir Raha told reporters after signing license agreements for exploring 14 oil and gas blocks. ONGC and its partners — Oil India Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd — have committed a minimum investment of $ 412 million in the mandatory first phase of exploration in these blocks. The second and third phase of exploration depends on results of first phase and the ONGC may decide to abandon any block and not make further investment if commercial quantities of oil and gas is not discovered. Out of the $ 412 million commitment, the ONGC’s share would be $ 360 million. “With the 14 blocks in NELP-IV, ONGC has 51 out of the 91 blocks awarded under the four rounds of bidding in last four years,” Mr Raha said.
— PTI
|
|
Mahindra to hive off defence business; open to FDI New Delhi, February 6 The beneficiary from this new venture would be the Israelis, who were any way emerging as one of the strongest defence allies of India. Mahindra and Mahindra had also tied up with the Israelis to produce more of the defence equipment and achieve a turnover of Rs 100 crore in this year. Mahindra Defence Systems (MDS) vice-president and Head Defence Systems Brig (retd) Khutub A Hai told newspersons at the DefExpo-04 here that the company had tied up with foreign collaborators, mostly from Israel, to produce weapon systems. “These include light armoured vehicles, mobile surveillance vehicles, bullet-proof vehicles, climate control systems for T90 tanks and mines for the Navy,” he said. Brigadier Hai said MDS was taking up the projects in collaboration with foreign partners. For the bullet-proof vehicles the MDS had partnered with Israel’s Plasa Sasa while Remta Division of Israeli Aircraft Division was the partner for the LAV project, which was being undertaken under a licence from them. Similarly, for the surveillance systems the MDS had partnered with Alta of again of Israeli Aircraft system and another company Esc Baz while for simulators the partner was Ruag of Switzerland. “Lastly, we have collaborated with another Israeli company, Kinetics Ltd, for the climate control systems for T90s,” he added. Talking about the investments that Mahindra and Mahindra was making in the defence sector, he said that it was on a case-to-case basis. “We can’t quantify the investments now as work is being done only on the prototypes. Funds will be required once we bag actual orders,” Brigadier Hai added. He pointed out that for production the company would need heavy investments like Rs 400-500 crore in the LAV project and the Sea Mines project would require about Rs 100-200 crore. The cooling systems project would be requiring investments to the tune of $ 15-20 million while for the simulator project would need about Rs 300 crore.
|
|
Merger of DA with basic pay to affect fiscal deficit Chandigarh, February 6 The economic experts said that it would put an additional burden of over Rs 200 crore annually on the state exchequer at a time when the state government was finding it hard to take up development projects due to financial constrains. It was also against the recommendations of the Public Expenditure Reforms Commission, constituted by the state government in 2002. Among other steps, the commission had recommended to check increase in wage bill that had increased from Rs 1,276 crore in 1990-91 to Rs 5,645 crore by 2001-02. Headed by economist, Dr Ashok Lahiri, the commission had recommended to cut down the wage bill through restructuring of different departments, outsourcing of different services and to increase the productivity of employees. Criticising the announcement, Mr Ajmer Singh Lakhowal, President, Bharti Kisan Union, said, “It is outrageous that the state government has announced a bonanza to its pampered bureaucracy and employees, who are already enjoying high salaries and allowances without much productivity. It is nothing but an election stunt.” The employees in the education and health sector would be the major beneficiaries since they constituted over 70 per cent of the total government employees in the state. The decision would have also implications for payment to lakhs of pensioners. Ironically, the state had announced this decision at a time when it was resorting to disinvestment, retrenchment of employees and closure of different corporations in the name of financial constraints. The state will have to keep aside more money for house rent, leave-cum-travel allowance and other allowances linked with the basic salary. Mr Sardool Singh, Minister for Excise and Taxation, admitted that unlike Haryana, the tax collection had not picked up substantially in the state.
|
|
Moody’s changes ratings of Indian banks
London, February 6 The banks affected are: Bank of Baroda, Bank of India, Punjab National Bank, State Bank of India and Union Bank of India. According to a Moody’s statement, the current ratings are all placed at the corresponding FC deposit rating ceiling for such deposits in India. For most of the banks this is based on their stand-alone financial strength, while for the weaker public-sector banks government support is imputed to the ratings. Moreover, Moody’s has upgraded to Baa3 from Ba1 the rating on the $100 million global bond maturing 2009 of Power Finance Corporation (PFC) and the $150 million eurobonds maturing 2004 of Industrial Development Bank of India (IDBI) as well as the foreign currency issuer rating of IFCI Limited, subsequent to an earlier similar rating action on India’s foreign currency debt ceiling. Moody’s notes that these ratings are all closely linked to India’s foreign ratings, given the government ownership and the importance of these financial institutions. Stable outlooks have been assigned to all three ratings. IDBI as the biggest development financial institution, has been for years the main government arm in providing financing to various infrastructure and industrial projects in the country. The upgrade of IFCI’s foreign currency issuer rating is based solely on the high likelihood of external government support, due to its
majority state ownership. The severity of financial problems the IFCI faces, although similar in nature to those faced by the IDBI, are far greater. Without imputing any government support, the IFCI’s foreign currency debt issuer rating would have been much lower considering its weak financial condition. Moody’s also notes that the IFCI may cease to exist as a separate legal entity in the near future since a possible merger with Punjab National Bank was currently being considered. In addition, Moody’s has placed on review for a possible downgrade the ‘D’ financial strength rating (FSR) of the PNB following a recent announcement that it could merge with the IFCI.
— PTI
|
|
HUDA to auction shopping mall sites Panchkula, February 6 Buoyed by an encouraging response to the auction of shopping mall sites in Faridabad and Panchkula, HUDA has decided to auction a shopping mall and hotel site in Kurukshetra on February 23. While the mall site is spread over an area of 2,500 sq metre, the hotel site, which can be constructed from 3 star to 5 star specifications, covers an area of 2.75 acres. Sources told The Tribune here today that setting up of the shopping malls would give a boost to the economic activity in the state as the MNCs and other big corporations would pump in money for the setting up the malls. The state-of the-art malls would have commercial showrooms, health clubs, call centres and retail shops etc. The development of sites would be governed by the HUDA (Erection of Buildings), Regulations, 1979, and the Haryana Apartments Ownership Act, officials highlighted. Under the zoning plan, the allottees would be free to design the interiors so as to maximise the land use. The allottees could sell or lease out the built-up property. And in a attempt to attract more bidders, HUDA had allowed the setting up of the multiplexes in the malls. On the need for such malls, the officials said Kurukshetra had been declared a major religious centre by the Central Government and the mall and a good quality hotel had also been planned there to give boost to tourism. Similarly, Panipat was the handloom capital of the country having a large population belonging to higher income group. The date of the auction of the malls here, to be set up in Sector 11 and 12 of HUDA, near the GT Road, would be announced soon, the sources added.
|
|
Govt to increase subsidy to LIC
New Delhi, February 6 Initial budgetary subsidy to the LIC for Varishtha scheme was at Rs 30 crore which was revised to Rs 45 crore this fiscal considering the overwhelming response, a Finance Ministry official said here today. For 2004-05, the government had budgeted Rs 150 crore subsidy to the LIC for its pension scheme, the official said. Confirming the move, LIC Chairman S B Mathur said the corporation targeted to mop up Rs 5,500-6,000 crore from the Varishtha scheme this fiscal. He said the LIC had already collected about Rs 4,500 crore so far in premium from the scheme this fiscal after selling 2.5 lakh policies. The government has so far paid Rs 30 crore as interest subsidy to the LIC although the requirement can go up to Rs 50-55 crore by the end of March 2004.
— PTI
|
|
Ranbaxy to set up subsidiary in Spain
New Delhi, February 6 The move follows Ranbaxy’s entry into France through its acquisition of RPG (Aventis) SA last month. The city-based pharma major would establish its subsidiary, Laboratories Ranbaxy SL, in Barcelona, Spain. “This move is a key element in our strategy of expansion in Europe. Now is a good time for us to move into Spain as the generics market is predicted to grow significantly in the next few years ,” said RLL Joint Managing Director and CEO Designate Brian W Tempest. Now, Ranbaxy has a presence in five of the top pharmaceutical markets in Europe — UK, Germany, France, Poland and Spain.
— UNI
|
|
SAIL board approves 3 projects
Kolkata, February 6 “The SAIL board has approved in principle three major projects which include rebuilding the coke oven battery no 5 at its flagship Bhilai Steel Plant (BSP), revamping one of the four strands in Bhilai’s wire rod mill and installation of a cast house slag granulation plant at Bokaro steel plant’s blast furnace no 4,” company sources said PTI. These would be in addition to projects already under implementation at an expenditure of Rs 700 crore.
— PTI
|
bb
No revision in LPG price Reliance card HMT bags award Maruti deal Patni IPO HDFC fund PNB rates JM MIP Fund |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | National Capital | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
