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Chandigarh, Amritsar airports to be upgraded
Air Deccan, Kingfisher not to poach on each other
Ranbaxy restrained from selling blood pressure drug in US
Pak eases visa rules for Indian traders
Tatas may set up car unit in Punjab
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Youth motivated to set up units
EU nod to Wolfowitz as WB chief
Shringar cinema to build multiplex in Punjab
Cement to cost more in Vat regime
FDA serves notice on Wipro
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Chandigarh, Amritsar airports to be upgraded
New Delhi, March 30 “We have a given a clearance to the upgradation of 30 non-metro airports, including Chandigarh, Amritsar, Ahemdabad, Nagpur and Coibmtore airports. Chandigarh and Amritsar airports will be covered in the first phase,” said Minister of Civil Aviation Praful Patel here today. Speaking on the sidelines of an Assocham conference, he disclosed that international consultants have been appointed to prepare the design and the details of the project that would be executed on turnkey basis through private partners. Mr Rajinder Rai, Chairman, Northern Region, Travel Agents Association of India, said, “upgradation of Amrtisar international airport will provide a great relief to the NRIs from the state besides helping the tourism industry. I have already decided to shift my head office to Amritsar.” Mr Patel said bids for the modernisation of Delhi and Mumbai airports would be invited soon and the work would start shortly. The board of Air-India will meet in the next few days to take a decision to bring an IPO in the market for financing the new planes. According to official estimates, the modernisation and restructuring of Delhi, Mumbai airports is likely to cost over Rs 15,000 crore. When asked about recent poaching attempts of private airlines of pilots from the Indian Airlines and Air-India, he said, “we have called a meeting of the players to ask them to stop this practice.” “We cannot stop pilots in the free market economy and I do not believe in any restrictions. But the industry should have some self-discipline in its own interest,” he said. Earlier speaking at the conference “Is Aviation Industry on Acceleration Path?”, Mr Patel said, “the state governments should bring down sales tax on aviation turbine fuel (ATF) to bring down the air fare in the country. They would also benefit in the long term as it would promote air traffic in the states.” In India, the cost of ATF per seat is 28-30 per cent as against 12-14 per cent at the international level. Consequently, it is cheaper to travel from Mumbai to Delhi via Sharjah as compared to the direct Mumbai-Delhi route, he said. Referring to the congestion on airports, Mr Patel said due to increase in air traffic in recent past, the airports were facing congestion. We are aware of the problem, and hope to resolve it soon. “ There are only 60 million domestic flyers out of 100 crore population. You can well imagine the situation if the numbers go up to say 50 million in the next few years,” he observed, adding that the government was determined to develop at least 30 airports over the next three years.
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Air Deccan, Kingfisher not to poach on each other
Mumbai, March 30 Talking to the media after the launch of the “ICICI Bank-Air Deccan Gold Card”, Capt Gopinath said apart from non-poaching of each other’s skilled employees, the alliance with Kingfisher Airlines also envisages sharing of inventory and spares for its Airbus and ATR fleet and the two new simulators being set up at Bangalore and Chennai by Air Deccan involving a capital expenditure of $25 million. Replying to a question, Capt Gopinath said, “We have not filed any case against Kingfisher Airlines as reported by a section of the press, but have filed a case against our own employee who, after obtaining training abroad at our expense, has jumped the bond to join elsewhere.” The airline has recruited 150 pilots as it intends to add 30 A320s and ATR-72 aircraft in the next two years, he said. On the impact of ATF (Aviation Turbine Fuel) price rise, Capt Gopinath said efforts were being made with the government to allow “fuel hedging” by the airlines to offset the hike in rates. Commenting on the performance of his company, he said Deccan Aviation, the holding company of Air Deccan, would break even this year — both cash and net break-even. “We expect our total turnover to exceed Rs 1,000 crore by next year from Rs 450 crore at present. Simple logic will enable us easily estimate the potential of this business.” In a country with a population of one billion, we have merely 600 flights per day compared with the USA which has 160,000 flights per day and Europe 40,000 flights,” he said.
— UNI
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Ranbaxy restrained from selling blood pressure
New Delhi, March 30 The court has ordered besides Ranbaxy, Israel-based Teva Pharmaceuticals Inc to immediately stop marketing the product, known generically as quinapril, which Teva launched in December under its own label as part of an agreement with Ranbaxy. The US District Court for New Jersey has halted the sale of quinapril tablets (5, 10, 20, and 40 mg). Pfizer had reportedly argued that quinapril, marketed by Teva since December through an exclusive arrangement with RPI, was literally infringing its US patent under the doctrine of equivalents. The company said it would seek damages for the lost sales caused by competition from the cheaper generic versions of its drug. Accupril had US sales of $387 million in 2004. Ranbaxy and Teva said they would appeal the decision but will comply with the injunction for the time being. Ranbaxy has not indicated the total sales registered since the launch of the drug in December. Judge Dickinson Debevoise granted the preliminary injunction after finding that Pfizer was likely to prevail in its patent infringement lawsuit filed against Teva and RPI on January 28. Pfizer said that the judge also denied RPI’s and Teva’s request to stay the injunction, while it sought a permanent injunction on generic sales of the company’s blood pressure drug. Ranbaxy and Dr Reddy’s Laboratories Ltd are two Indian firms that are rolling out generics in the US and European markets, including challenging patents holders. Ranbaxy has challenged Pfizer’s patent on the world’s top selling drug, cholestrol-lowering Lipitor, in the US and other countries. It is awaiting a judgement from a US court, which could come around July, but has said it has started making investments to prepare for the launch of the drug, which will weigh on earnings this year.
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Pak eases visa rules for Indian traders
New Delhi, March 30 “Indian businessmen will be granted two-year, multiple-entry visas with no restrictions on the number of places they can visit. I held talks in this regard with Prime Minister Shaukat Aziz, before I came, and he has approved the measure as well as allowing me to make this announcement,” Chaudhry Shujaat, who is currently leading a high-level party delegation here, said. Speaking at a CII function, he said the decision would be formally announced once industry chambers work out certain modalities in this regard. Chaudhry Shujaat, who is also the president of the ruling Pakistan Muslim League, said he saw no problem in the re-opening of the Wagah border for direct trade between the two countries. “I will speak to Prime Minister Aziz about it. This will be a good step, and will resolve several logistic problems that hamper trade between the two countries. I see no problem in this regard,” he said. Admitting that “politics” was a ‘stumbling block’ in better trade and economic ties between India and Pakistan, he said this fact must be recognised and dealt with. He claimed since the Pakistani business community was apprehensive about the threat from the Indian industry, once trade was opened, there was a need for taking certain measures.
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Tatas may set up car unit in Punjab
Chandigarh, March 30 In next three or four months, a number of new industrial units, including some global players in the information technology field, are set to enter Punjab, said Mr Singla. He revealed that Chennai-based Ashok Leyland will set up a Rs 5,000-crore heavy transport vehicle manufacturing unit in the state. The unit would have a dedicated supply to the defence. Tata Consultancy Service (TCS), Wipro, Infosys and other IT giants, he said, would invest in the state in a big way and that would generate thousands of jobs. Four major textile units are also expected to be commissioned in the state in coming months. “A new thrust to industrialisation would generate about two lakh jobs in the next one and a half years,” asserted Mr Singla. “In the present day competitive world, there is no place for territorial concessional policy. If the Centre felt the need to help economically or industrially weaker states, it could have given them some grants. But it cannot allow concessions and benefits at the cost of neighbouring states. “The new excise policy benefiting the hill states has seen flight of pharmaceutical industries from the plains to Himachal Pradesh which has already attracted investment of Rs 1250 crore. How can an existing industry be killed like this. One company which is a major player in information technology has set up an oil unit in Baddi. The cost of the unit is Rs 20 crore and its annual excise benefit would be Rs 26 crore. How can other states compete with them. On our insistence, we have got the ‘Sunset Clause’ added now. But benefits will flow till then (2007) as industrial units would move to Himachal and other hill states,” Mr Singla added.
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Escorts acquires 100 pc stake in Farmtrac
New Delhi, March 30 The acquisition was made by Escorts Agri Machinery Inc, USA, the company’s wholly-owned subsidiary. “We have given a very strategic conclusion to an extremely interesting journey with a promise of even more exciting times ahead. After the Ghana order worth $ 8.56 million, the latest acquisition of our Polish JV will help us get a larger market share for our Farmtrac Tractors in European countries and further strengthen our brand equity in international markets in the times to come,” Rakesh Chopra, Business Head, Agri Machinery Group, Escorts Limited, said in a press note. In June 2000, Escorts had taken up 49 per cent stake in FTES, which was subsequently enhanced to 64 per cent in May 2003. FTES, which was earlier known as Pol-Mot Escorts, is a Polish limited liability company with Share Capital of about $2 million. M&M sells stake
India’s largest utility vehicle maker Mahindra and Mahindra Ltd (M&M) and Ford India have sold their cross-holdings to manage their business goals separately. Mahindra sold its 15.88 per cent stake in Ford, while the Detroit-based carmaker sold its 5.16 per cent stake in the Mumbai-based vehicle maker. The two firms have been in a relationship for more than a decade but both companies operate in different business environments and have to manage their goals independently, Mahindra said today. “Our stake in Ford represented a portfolio investment and selling it was purely a market-driven response. We have a good relationship with Ford and it is better to part when friends,” said Mahindra Executive Director Arun Nanda. Ford Indian officials were not available for comments.
MATL
As it gears up to begin production from the second half of next year, Michelin-Apollo Tyres (MATL) has initiated talks with Tata Motors and Ashok Leyland, the country’s two biggest commercial vehicle makers, for selling its radial tyres. “We are looking forward to doing business with two very important makers of trucks and buses... We have initialised a dialogue to establish first relationship with both Tata Motors and Ashok Leyland,” MATL CEO Herve Dub said. He said talks were initiated “a few months ago.” Asked by when a final decision would be taken, he said: “There is no timeframe. We have just started a discussion and sent a proposal.” The $ 85-million JV for manufacturing truck and bus radial tyres will go on stream by June 2006 and the Pune plant will have a capacity of 3.5 lakh by 2009-10. Michelin is already supplying tyres to Volvo in India and Dub said he expected the market for radial tyres to grow in the coming years. “Even as radial tyres currently comprise a small fraction of the truck and bus tyre market, they are expected to see rapid growth in demand,” he said.
— PTI, UNI
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Youth motivated to set up units
Mansa, March 30 Mr Kumar, who was here today to preside over a seminar organised in connection with the motivation of youth to set up entrepreneurships, said though the Punjab Government could not provide full facilities to the industrialists, no industrial unit had shifted to another state from this state in the past
few years. He pointed out that instead, the investment in the state had witnessed a significant jump as it had gone up to Rs 12,000 crore from Rs 4,000 crore in the past few years. He added that setting up of the refinery in Bathinda district would boost the industrialisation of Mansa district. He advised the youth to take up those industrial units, which were directly and indirectly connected with the oil refinery. He said the youth would be given incentives to jump in the field of self-entrepreneurship and the General Manager, Industries, in each district would look after their
problems. Mr Raj Kamal Chaudhary, Deputy Commissioner, pointed out that as the number of government jobs had been decreasing every year, industrialisation of Mansa district was the only solution to check the problem of unemployment. He added that small-scale industries (SSI) should be promoted in this region to create more jobs. Mr Chaudhary pointed out that about 2800 units of each category had been running in this district. He added that district administration had been trying its best to boost industrialisation in this area.
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EU nod to Wolfowitz as WB chief
Brussels, March 30 Wolfowitz stressed his commitment to the mission of fighting poverty in a statement after the talks, praising the EU’s role in development and promising to consult Europe regularly and ensure it was properly represented in the bank’s management. The executive European Commission said it was happy with the commitments Wolfowitz had given EU finance and development officials and Germany said it expected EU governors to back him. Commissioner Olli Rehn “was satisfied with everything he heard from Mr Wolfowitz concerning free trade and also on poverty reduction and development policy,” a Commission spokeswoman said — Reuters
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Shringar cinema to build multiplex in Punjab
New Delhi, March 30 “We are in touch with property developers in Punjab and Uttar Pradesh for setting up multiplexes and hope to build them in the next two years. Later, we will move to Bangalore, Chennai and Kochi for the same,” Shringar Cinemas Managing Director Shravan Shroff told newspersons here today. He said the company, which is entering the capital market with 81.50 lakh equity shares on April 5, will use its IPO proceeds to build seven multiplexes at Kandivali in Mumbai, Pimpri in Pune, Thane, Aurangabad, Surat, Hyderabad and Kolkata over the next 12 months. Besides opening up of multiplexes, Shringar Cinemas Ltd, an integrated film exhibition and distribution company operating a chain of multiplexes, also proposes to utilise the net proceeds of the issue to create infrastructure for its growth to consolidate its existing market and make in-roads into new markets for funding the exhibition of films and opening up of multiplexes.
— UNI
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Cement to cost more in Vat regime
Chandigarh, March 30 The current excise duty on cement is Rs 400 per
tonne, which is almost 25per cent of the ex-factory price. In addition, the royalty of Rs 40 per tonne for limestone, which translates to Rs 60 per tonne of cement has further aggravated the situation. The impact of this hike will be felt more in Himachal, where an additional goods tax on transportation is levied.
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FDA serves notice on Wipro
Mumbai, March 30 He told reporters that the notice to the company was served four days ago. “We have served notice to Wipro for misbranding and labelling deficiency or mislabelling its baby oil manufactured under the name Wipro Baby Soft,” Mr Ramkrishnan said. The company was given two weeks time to reply to the notice. A similar notice was issued a few weeks ago to Johnson and Johnson. That company has been given time till March 31 to reply. Earlier, Johnson and Johnson had denied that its baby oil was harmful to babies and insisted that its formulation matched international standards.
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