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Hydrogen-run
cars in 3 years: Tata TRAI
interim recommendations on CAS Petronet
LNG IPO on March 1
Bank staff
strike today GM to
shift contract jobs to India Airtel
crosses 6m customer mark |
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Shell
for regulator in oil sector Polls
not to hit airports’ Govt
invites bids for Conware again Tourism
Deptt bags PATA Gold Award IPCL to
invest Rs 350 cr Decision
on Gail price on February 25 Graphic: Performance
of infrastructure industries
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Hydrogen-run cars in 3 years: Tata New Delhi, February 23 The hydrogen-run cars may run on the roads in the next three-four years. Since instead of working on the fuel cell technology, on which the USA and Europe are working, the Tatas will work on the modification of internal combustion engines in the present vehicles that can be run on hydrogen fuel itself. This was stated Mr Ratan Tata, Chairman, Tata Sons, here today. He was speaking at the first meeting of the National Hydrogen Energy Board organised by the Ministry of Non-Conventional Energy Sources. Referring to the technological developments in the USA and other countries in the field of hydrogen fuel cells, Mr Tata observed, “Instead of following the West, India should focus on to develop internal combustion engines, that can be run on hydrogen fuel in the next few years. We are keen on this project and will work to make it economically feasible.” Mr Tata opined that to address the problem of transportation and storage of hydrogen fuel, the car tanks could be filled with water and through electrolysis process in the engines, the hydrogen could be produced to run the vehicle. Referring to the issue of financing of the technology, he said, the government should float “tax-free Hydrogen Bonds” that could be subscribed by the public on the pattern of infrastructure bonds. In addition, the private sector should be offered attractive financial incentives to commercially exploit the technology. Instead of having long-term goals, the Hydrogen Energy Board should have mid-term goals. Commenting on the cost factor, Prof. O.N. Srivastava, BHU, Varanasi, said, “At present, the hydrogen produced as byproduct by the caustic soda units, that is freely available, could be used as a fuel. Even if it is sold at Rs 120 per kg, its price will work out in comparison to petroleum products.” Mr N.K. Singh, Member (Energy), Planning Commission, said, “The group on hydrogen energy headed by him in the Planning Commission will soon submit a detailed report suggesting some ‘aggressive initiatives’ in this sector. Since hydrogen has the potential to emerge as an alternative fuel to India’s growing energy needs, there is a need to work.” The research institutes working on this new technology would have to make coordinated efforts to develop cost-effective hydrogen run vehicles. The group in the Planning Commission has also identified areas for research and international cooperation and its report will be utilised for providing inputs in the preparation of the National Hydrogen Energy Road map. Mr Kariya Munda, Minister of Non-Conventional Energy Sources, while chairing the meeting, said, “The government is fully committed for the development of hydrogen fuel in the country in the near future. But the private sector will also have to come forward to work in this field.” Among others, Mr A.Mahindra, President, CII, Dr Y.K. Modi, President, Ficci, Mr Mahindra K. Sanghi, President, Assocham also participated in the discussion.
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TRAI interim recommendations on CAS New Delhi, February 23 The TRAI said that the sector needs regulation till effective competition can be introduced and it would take about three months to finalise such regulation. It said that Chief Ministers/ Chief Secretaries of Delhi, Maharashtra, Tamil Nadu and West Bengal, where CAS is to be implemented in four metro cities, are unanimous in their views against implementing CAS in its present form. “The present system of CAS needs immediate reconsideration, as offences are being committed by the cable operators in showing pay channels without set top boxes and with state governments having requested for reconsideration”, TRAI said. CAS or any other addressable system should be implemented only after TRAI, in consultation with the states governments, is able to issue regulations in this regard and thereafter changeover can be effectively monitored. Before the introduction of CAS, the broadcasters, multiple system operators and cable operators had assured that the introduction of CAS would lead to lower tariffs and wider choice to the consumers. “This has not happened and due to absence of a regulatory system the situation can neither be properly monitored nor the various assurances offered”, it said. The CAS market today is an area-wise monopoly, often vertically integrated. Unless regulations prescribe the behaviour of stakeholders in the monopoly, TRAI said.
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Petronet LNG IPO on March 1 New Delhi, February 23 The company has opted for the 100 per cent book building method for efficient price discovery. The price band has been fixed at Rs 13-15 per equity share of face value of Rs 10. The post-issue paid up capital of the company would stand at Rs 750 crore, of which the four main promoters, viz. ONGC, BPCL, GAIL and IOC would hold 50 per cent. Gaz de France will hold 10 per cent and ADB will hold 5 per cent, said Mr Suresh Mathur, Managing Director and CEO, Petronet LNG Ltd.
Bank of
M’rashtra to raise Rs 230 cr
Bank of Maharashtra (BoM) will tap the capital market on February 25 to raise Rs 230 crore, which would be used for both organic and inorganic expansion. “We will expand in those areas where there is business potential,” BoM chairman S.C. Basu said launching its initial public offer here today. The bank plans to raise Rs 230 crore from the IPO of 10 crore shares at a price of Rs 23 per share — face value of Rs 10 and a premium of Rs 13.
— PTI
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Bank staff strike today
New Delhi, February 23 Convener of the United Forum of Bank Unions Mr Shankar Raju told newspersons that the employees of all public sector banks will participate in the strike. Moreover, many old generation private sector banks such as the Karnataka Bank and the Nainital Bank will participate in the strike. Mr Raju claimed that workers’ unions of oil and coal public sector undertakings
(PSUs) have decided to support the strike. The banking unions are also demanding a revision in wages and are also pressing for coverage of all employees under the pension scheme. “The feel good is not being felt by the people. As many as seven lakh factories have been closed down since reforms were initiated in 1991, rendering 18 lakh workers jobless”, Secretary of the All Bank Employees’ Association C H Venkatachalam said.
— TNS |
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GM to shift contract jobs to India
New Delhi, February 23 The company reduced more than one-third of its contract workforce as part of its ongoing cost-cutting efforts, according to a report. The firm joins a growing list of multinational corporations that have sent information technology work or other white-collar jobs to cheaper labour in India. ‘’Many of those contractors did design and engineering work at GM’s vast Warren Technical Center. The cuts often go unreported or unnoticed because they come in small bursts of five contractors in one area or 10 in another,’’ the report in the Detroit Free Press said. ‘’With contract workers, they come in when they are needed or their skills are needed. But when those needs go away, we reduce the number we need,’’ GM spokesman Kerry Christopher said. He said GM now had about 7,500 contract workers, down from 12,000 at the end of 2001. Workers estimate GM has eliminated about 300 contractors this year. Mr Christopher acknowledged that the cuts are continuing but said fewer than 150 jobs had been eliminated in 2004, the newspaper said. Some of GM’s most recent contractor cuts put the automaker at the centre of a brewing political controversy. Some computer-based work previously done by US contractors — such as design or engineering support — had been shipped to a new GM research lab in India. The report said GM spokesperson would not say how many jobs or how much work was going to its tech centre in Bangalore, which opened in September.
— UNI
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Airtel crosses 6m customer mark Chandigarh, February 23 Mr Manoj Kohli, President-Mobility, Bharti Tele-Ventures Ltd., said, “We at Airtel are delighted to reach the coveted 6 million customer mark.” According to Mr Vinod Sawhny, CEO, “The customers of Punjab, Haryana and Himachal Pradesh have given us tremendous support and our crossing the 1 million mark in such a short span of time.
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Shell for regulator in oil sector New Delhi, February 23 While there is a Bill in Parliament to set up this regulator, there are several clauses that can undermine its independence and, therefore, its efficacy, he said. Mr Mehta was speaking at a meeting on energy outlook organised by the CII here. The regulatory Bill also did not address another crucial area that had to do with conflicts of interest such as in the cases of production, transport and marketing of oil. Gail is engaged in all three activities. While the Bill provided for unbundling of Gail, the company would function as three divisions rather than three separate corporate entities. This was not enough, he said. Even though the government of India was keen to create competition that would benefit consumers of natural gas, the pre-requisites for this did not exist. This had to be viewed against the fact that this would be the preferred fuel in the next 20 years. Consumption of natural gas in India was being by three-factors — supply, demand and technology. Mr Mehta said the supply of natural gas in India would double by 2007 to about 150 million cubic metres a day. The demand for natural gas led by environmental and economic concerns. However, the government had not provided enough incentives to push the use of gas as an eco-friendly fuel.
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Polls not to hit airports’ privatisation: Rudy New Delhi, February 23 Dispelling notions that there may be delay in the privatisation plans due to the polls he said infact several international companies have shown interest in the projects. Talking to reporters on the sidelines of a seminar on aviation operations, safety and environment he said “There will be no delay due to elections”. The last date for submission of expressions of interest (EOIs) has been set as June 4. After that, global technical advisers will be shortlisted who will then be asked to submit detailed proposals for final selection. The adviser will work with the government to finalise new designs for the airports, besides assisting in construction activities. According to the EOI document, interested parties will have to demonstrate their expertise in airport operations and have a minimum net worth of Rs 500 crore. In case of a consortium, only the combined net worth of “prime members” will be considered. The government along with its public sector entities will, however, hold not more than 26 per cent equity in the joint venture while retaining key functions such as security, air traffic services, customs and immigration. The time-frame for handing over the project to the selected joint venture partners is eight months after their selection. The JV companies will be given the airports on concession for a period of 30 years, with a provision for extension of another 30 years subject to mutual agreement.
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Govt invites bids for Conware again Chandigarh, February 23 Ms Vinni Mahajan, Director-cum-Secretary, Directorate of Disinvestment, Punjab, said all bidders would have to submit their expression of interest (EOIs) by March 22. Following the rejection of the earlier bid, Conware officials were asked to take steps and a core group of officers had recently recommended that the process of disinvestment be re-initiated and this was accepted by the Cabinet Committee on Disinvestment
(CCD) at its meeting held recently. The Punjab Government’s move to disinvest Conware had received a setback when the sole bid offered by United Liner Agency was rejected by the Disinvestment Department in September, 2003, on the grounds of being a conditional
one. The bidder reportedly failed to meet the necessary conditions, including bank guarantee. Ms Mahajan said “We are expecting better response this time, as the company had addressed issues like execution of sale deeds with Cidco, a Maharashra Government undertaking which had allotted the land at Navi Mumbai and
restructuring of loans with Sidbi and the commercial banks. The Financial Commissioner (Development) and MD, Conware took effective steps to remove the irritants, which resulted in the poor response to the bid last time.
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Tourism Deptt bags PATA Gold Award New Delhi, February 23 Another award for the department has come with its “The Incredible India Spirituality Campaign” winning the Pacific Asia Travel Authority (PATA) Gold Award in the travel advertisement print media category. The awards will be presented at the 53rd Annual Conference being held at Cheju Island, Korea during April 18-20. PATA has also recognised the Department’s e-mail newsletter through a special mention. The awards were announced by PATA CEO Peter D. Jong at Bangkok late last week. The other winners for this year are Singapore Airlines for its fabulous offer campaign, Master Card for the See Australia Campaign, Banyan Tree and Resorts for the Best SPA and Tourism New Zealand for the best Website. PATA Gold Awards recognise exceptional achievement in a variety of endeavours bringing acclaim to the best regions the travel industry has to offer.
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IPCL to invest Rs 350 cr
Kolkata, February 23 Announcing this here today, senior Vice-President (Marketing) of IPCL J.B. Kamat told reporters that the company, which is controlled by the Reliance group, would make investments in upgrading PVC production capacity.
— PTI
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Decision on Gail price on February 25
New Delhi, February 23 According to sources associated with the process, the floor price for public offer of Gail, will be announced on February 25, while that of Dredging Corporation of India (DCIL) is expected to be decided by tomorrow. The Gail public offer for disinvestment of the 10 per cent government equity is scheduled to open on February 27. The sources further said the final offer price for IPCL public float would be announced by February 29 or March 1 after the issue closes on February 27. The floor price for IPCL has been fixed at Rs 170 per
share. — PTI
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The Tatas have pledged to develop
hydrogen-run auto vehicles in the next few years that will revolutionise
the Indian auto market. The hydrogen-run cars may run on the roads in
the next three-four years. Since instead of working on the fuel cell
technology, on which the USA and Europe are working, the Tatas will work
on the modification of internal combustion engines in the present
vehicles that can be run on hydrogen fuel itself.
Video
