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Hooda seeks better security in NCR for boosting investment
Maruti Swift prices hiked
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Khaitan to acquire stake in tea firm
CPM cautions PM on BHEL divestment
Visits by Indians make Pak traders happy
More A-I flights on SE Asian routes
Air Deccan Re 1 ticket at HP outlets
Max to divest stake in Hutch
Indian Hotels for 100 pc dividend
Hike in furnace oil prices hits small units
Excise help centres mooted
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Hooda seeks better security in NCR for boosting investment
Manesar, (Gurgaon), June 6 Mr Hooda, speaking at a public function in connection with the laying of the foundation stone of Maruti Udyog Ltd (MUL) new car plant in Industrial Model Township (IMT) here said that his government would like that the scale of security infrastructure for Gurgaon and other NCR towns is the same as that of Delhi. He said this in context of providing a sound law and order in Haryana, particularly Gurgaon and other cities falling in NCR, so as to make the area investor-friendly. Also, his government was working for harmony between the industry and labour. Mr Hooda said in Haryana, the Gurgaon-Faridabad region has emerged as an automobile hub of India. Presently, the state produces 60 per cent of the tractors, 75 per cent of cars and 70 per cent of motor-cycles of the country. Out of 250 large and medium units manufacturing original auto equipment in the country, about 50 are located in Haryana. In addition, there are more than 3,000 units in the small-scale sector manufacturing automobile components. Keeping this in view the government is seeking assistance from the Centre for Cluster Development for Auto and Light Engineering Industry at Gurgaon and Faridabad, respectively. The turnover of the ancillary industry has reached Rs 30,000 crore per year out of which the share of the exports is nearly 20 per cent, he added. He further said that his government was setting up a Special Economic Zone close to the Indira Gandhi International Airport. Also, he hoped that the construction of 135 km long Western Periphery Expressway liking National Highway No 2,8,10,work on which is underway, would be completed within one year. Among others, the Ambassador of Japan to India, Mr Enoki and the Managing Director of Maruti Udyog Limited, Mr Jagdish Khattar were present on the occasion. Mr Enoki, while speaking on the occasion, lauded the Haryana Chief Minister saying that his government was very hospitable. It is this kind of hospitality that draws Foreign Direct
Investment (FDI), he added. He said that there would be Japanese boom in terms of investment in India in the next three years. Mr Jagidish Khattar said that the investment in a new car manufacturing plant underlines MUL’s parent company, Suzuki Motor Corporation’s continued commitment to India. The total investment in the new plant will be Rs 15,242 million. The capacity of the plant would initially be 1-lakh car per annum, with scope to scale it up to 2.5 lakh car per annum. MUL will hold 70 per cent equity in Maruti Suzuki Automobiles India Ltd while Suzuki Motors Corporation, Japan, would hold the remaining 30 per cent. The new car plant is part of a larger investment plan finalised by Maruti and Suzuki for the medium term. Based on initial capacity, the plant will directly employ nearly 900
persons. In addition, it will create employment and wealth across the value chain. Also, fresh investments would be made in an engine and transmission facility, upgradation of Maruti’s existing plant in Gurgaon and in new models, he added. The plant, to be set up on sprawling 600 acres of land overlooking the Aravali hills range, would begin commercial production by the end
of 2006.
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Maruti Swift prices hiked
New Delhi, June 6 While the base Lxi model of Swift will cost Rs 8,000 more, the Vxi and Zxi versions would cost Rs 10,000 higher. The revised prices would come into effect on June 8 (Wednesday). The company launched the much- hyped car at Rs 3.87 lakh for Lxi, Rs 4.05 lakh for Vxi and Rs 4.85 lakh for Zxi. The design of the car, which had caught the imagination of many, has already seen the booking of 18,000 units since May 25. Company officials explained that the delivery of the vehicles booked till June 8 would take at least four to five months and they would be able to avail the introductory price benefits. “Even those who book the vehicle tomorrow would get the introductory price benefit,” they added. Meanwhile, Amara Raja Batteries Ltd, a leading automotive battery manufacturer, today said it has become the exclusive supplier of batteries for Maruti Udyog’s latest model, Swift. Amara Raja will supply the premium range of Amaron zero-maintenance and long lasting batteries for Swift. All the three versions of Swift — LXi, VXi and ZX i—will run on Amaron batteries, a company statement said here.
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Khaitan to acquire stake in tea firm
Kolkata, June 6 Announcing the acquisition MRIL vice-chairman Deepak Khaitan told newsmen here in a phone-in conference from London that the acquisition was effected through a buy-out of 100 per cent share capital of Borelli Tea Holdings Limited, UK, from Williamson Tea Holdings of London, which in turn holds 70 per cent of Williamson Tea of Assam. He said the agreed purchase price for 70 per cent of indirect share holding of Williamson Tea inputs a value of about Rs 170 per share, which includes a fee for non-compete arrangement in Indian Tea Industry of about Rs 30 per share in terms of Sebi regulation of 1997. Consequently, Mr Khaitan said MRIL along with its associates now plans to launch an open offer to acquire up to 20 per cent fully paid up equity share capital of Williamson Tea. He said Williamson Tea Assam (WTA) has 17 tea garden in Assam alone with an annual production of 20 million kg and following today’s deal production would be hiked by 42 million kg to become the world’s largest integrated tea company with an annual production of 62 million kg of tea with a revenue of Rs 700 crore. Stating that MRIL also proposed to make further acquisition in Kenya, Tanzania, Vietnam and Sri Lanka within the next 7 to 8 months, Mr Khaitan said today’s deal with BTHL would be acquired through external borrowings and internal accruals. However, Mr Khaitan refused to disclose the names of either the fund managers or the banks with whom talks were on for “obvious
reasons”. Later, Mr Chilit Magor, Chairman of the Willimson Tea Holdings also interacted with the media and expressed his satisfaction at the mega deal.
— UNI
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CPM cautions PM on BHEL divestment
New Delhi, June 6 The Left party, which is opposed to BHEL disinvestment, said its disinvestment in the early nineties benefited only the FIIs. “The
present shareholding pattern of BHEL shows that 22.74 per cent of the 33 per cent shares disinvested earlier are held by FIIs,”
Mr Dipankar Mukherjee, CPM leader in the Rajya Sabha, said in a letter to the Prime
Minister. He said the workers held only 0.12 per cent and the Indian small investors only 0.89 per cent. Finance Minister P Chidambaram announcing the Cabinet decision to disinvest 10 per cent BHEL shares said its workers would get 15 per cent of the 10 per cent shares. Mr Mukherjee said “disturbingly, one of the FIIs, UBS Security Asia Ltd., has recently been debarred by SRBI for one year because of its alleged market manipulation in the market crash of May ,2004, and is reportedly holding a 0.82 per cent share in BHEL.” “Another FII Merill Lynch Capital has a 0.94 per cent share is reportedly having links with UBS as well as GE Capital,” the letter said. The CPM leader said: “our earlier apprehension that the major global competitors of BHEL like GE, Alstom and Simens are eyeing for a foothold in BHEL through FIIs is, therefore, well- founded.” The CPM urged the Prime Minister to review the government’s decision to disinvest 10 per cent stakes in BHEL in view of these disturbing facts as any move to sell the government shares would only result in the backdoor entry of the PSU’s competitors through FIIs and frontal companies.
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Visits by Indians make Pak traders happy
Lahore, June 6 Taxi drivers, hoteliers, shopkeepers are delighted at the entry of so many Indians, who have mostly seen Sikh jathas coming annually for Nankana Sahib and Panja Sahib, as it means more business . “Tell me what is the controversy over “Jo Bole So Nihal movie in India, when the movie is already a flop, asks a fellow journalist Husnain Jameel working for an Urdu daily. He claims that though Sunny Deol, hero of the movie, is quite popular in Pakistan but the movie is not worth so much criticism. Urban traders are enthused over the ongoing peace talks between India and Pakistan. The economy of the country, which was a shambles till recently, is again booming. The Economic Survey of Pakistan claims “the economy is growing at 8.4 per cent, highest growth rate in two decades, backed by 7.5 per cent growth in agriculture, 12.5 per cent in manufacturing and 7.9 per cent in the services sector. Shopkeepers in the Anarkali market will try to attract Indian groups, clearly recognised by their jean-clad women members. “I am happy with the coming of so many Indians this year. They purchase all sorts of things like clothes, shoes, Punjabi music cassettes, CDs and DVDs,” says Valayat Khan, a taxi driver. Crowds in the upmarket, ongoing construction projects along the Lahore-Islamabad road and the mood of businessmen are sufficient to admit the government claims that Pakistan’s per capita income has crossed the $ 700 mark, higher than India’s per capita income. Unlike New Delhi or Ludhiana, where shops will usually close around 10 pm, shops are open up to 1a.m. in Liberty market. Contrary to Indians’ perception that Muslim women remain under burqa, one will find girls, women here in latest fashionable clothes. One is surprised by the clean and garbage-free markets of Lahore, the cultural capital of Pakistan. Rehman will tell you” the buildings in Food Street like Gopal bhavan, Vidyamandir were owned by Hindus and Sikhs, who later migrated.” One can also see the history of Lahore written here on a brass plaque. Our city is named after Hindu God Rama’s son, Luv, as it was known as Loh and later turned into Lahore. “To check the skyrocketing prices, the government made an announcement a few months back to import food items like potato, tomato, meat from India. The prices crashed within days though the government never imported these items,” says a cloth merchant with a smile. “Do you know that persons coming along with Indian Prime Minister Vajpayee had come to our shop to buy dozens of Pathani suits for their friends,” informs Pervez Chaudhary in the Anarkali market, adding that the opening of the borders will help the traders of Lahore and Amritsar make brisk business.
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More A-I flights on SE Asian routes
Mumbai, June 6 There will be three non-stop services each from Mumbai and Delhi to Kuala Lumpur and four services between Mumbai and Singapore, A-I Chairman and Managing Director V. Thulasidas told reporter here today. One Mumbai-Kuala Lumpur service will operate via Delhi and Hong Kong four times a week while three other services would operate up to Hong Kong, he said. Commercial Director V.K. Verma said the airline was looking for more aircraft to be taken on lease for deployment on other sectors also, both for Air-India and Air-India Express. A-I Express, the budget airline, presently operating flights mostly out of Kerala to the Gulf. Mr Thulasidas said the low cost airline, whose load factor is as high as 95 per cent, is expecting four aircraft between January and April next year. — PTI
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Air Deccan Re 1 ticket at HP outlets
New Delhi, June 6 Talking to reporters after the signing of the agreement between Air Deccan and the HPCL Capt Gopinath Managing Director of the airline said that the idea with which this scheme has been brought out is to fill each and every vacant seat. The airline plans to offer 1,000 tickets at Re 1 plus the airport tax of Rs 220 every month. The tickets would be available from tomorrow 6.30 am and the June tickets would be valid till July 31. The tie up concept with the HPCL was first launched in Bangalore and would give the passengers the opportunity to book tickets even during non-office hours as the petrol outlets are open till late in the night. Besides they can also be purchased through the Internet, airdeccan.net and its call centre and also through the travel agents and the airport ticketing counters. Air Deccan hopes to lure thousands of rail travellers with fares that are 40 per cent lower than the country’s main carriers.
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Max to divest stake in Hutch
New Delhi, June 6 “We are planning to divest our 1.8 per cent stake in Hutchison India to take care of the financial needs of the company. We are waiting for an opportune moment,” Max India Joint Managing Director B. Anatharaman told reporters. Asked as to what would be that opportune time, he said: “Hutch is likely to come with an IPO some time in the last quarter of this fiscal and Max India will sale its stake around that time.” He further added that the valuations for the telecom stakes were growing. “We hope that our stake will garner a significant amount.” Meanwhile, Warburg Pincus today enhanced its stake in Max Healthcare to 23 per cent with a second round of investment of Rs 115 crore. The current round totalling Rs 115 crore is for Max Healthcare’s 28.75 million equity shares of Rs 10 each at an issue price of Rs 40 per share.
— PTI
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Indian Hotels for 100 pc dividend
Mumbai, June 6 The board has recommended a dividend of 100 per cent for the fiscal as compared to Rs eight in the previous fiscal, Indian Hotels informed the Bombay Stock Exchange (BSE) today. Total income during the reporting fiscal has increased to Rs 1365.42 crore from Rs 1045.50 crore in FY-04, it said. On a standalone basis, the company has posted a profit after tax of Rs 105.86 crore for the reporting fiscal as compared to Rs 60.65 crore in the previous fiscal while total income has increased to Rs 873.24 crore (Rs 693.76 crore in FY-04), it said. In the fourth quarter ended March 31, the company posted a net profit of Rs 42.18 crore as compared to Rs 36.81 crore in the corresponding quarter previous fiscal while total income increased to Rs 269.82 crore (Rs 221.41 crore in Q4 of FY-04), it added.
— PTI
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Hike in furnace oil prices hits small units
Jalandhar, June 6 Furnace oil is the main raw material for nut-bolts, motor parts, handtools, pipefittings and other casting and forging manufacturing units. The Mathura refinery of the Indian Oil Corporation (IOC) has increased the price of furnace oil to Rs 18 from Rs 14.19 per kilogram in March 1. The IOC has now notified to sell the oil for Rs 17.05 per kg w.e.f. May 16. The oil is currently being sold at Rs 18 per kg from June 1. Small-scale industrial units have been badly affected due to the price hike. Besides, there was a shortage of furnace oil at the IOC. “The shortage of this basic raw material has forced us to purchase the oil in the black market at a rate ranging from Rs 19 to Rs 20 per kg. This has increased our input cost,” said the owner of a handtools manufacturing unit. Mr Anshu Moudgill, Area Manager, IOC, admitted that there was a shortage of the furnace oil.
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Ludhiana, June 6 To be supervised by the Central Excise department, the representative body will comprise six-eight members including SSI representatives, Chartered Accountants, retired excise officers, NGO and Additional or Joint Commissioner of Central Excise. “Following an All India initiative, the department will set up help centers in the form of a representative body which will hold a meeting fortnightly to remove the doubts of SSI,” V K Garg, Commissioner, Ludhiana Central Excise Department, said here. — PTI
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