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A-I eyes South-East Asia
IA’s easy fare plan
Direct tax-GDP ratio set to cross 5 pc
HC nod to leasing out of prime property
India to explore alternative routes for Myanmar gas
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Iran keen on tie up
with pharma companies
Haryana allots land to 4 firms
UB Group shuffles finance team
ITI to spend Rs 7 cr on capacity upgradation
Jalandhar hotel provides Internet access
PC sales up by 20 pc
Ford to launch premium model in India
Agro Dutch plans pact with German co
JCB launches new excavator
M&M’s Chinese joint venture
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A-I eyes South-East Asia
Mumbai, July 6 A-I said it was adding Seoul to its list of destinations. It would be flying to South Korea after six years. A-I would operate four flights a week from Mumbai to Seoul via New Delhi and Hong Kong on Mondays, Wednesdays, Thursdays and Sundays. The national flag carrier would now have non-stop flights to Singapore, Bangkok and Kuala Lumpur from Mumbai. In all there would be 16 flights a week from Mumbai, New Delhi, Chennai and Hyderabad. While seven flights would link Chennai with Singapore, four would be operated from New Delhi. Five services a week would be operated from Mumbai every
week. Air-India would also increase frequency of services to Kuala Lumpur. There would be 13 flights a week - seven from Chennai and three non-stop flights each from Mumbai and New
Delhi. The country’s flag-carrier would also more than double its services to Hong Kong. As against five services being operated, the number of flights would be increased to 12. There would be five services from Mumbai to Hong Kong via Bangkok on Mondays, Wednesdays, Fridays, Saturdays and
Sundays. Seven additional flights would be operated to Hong Kong from Mumbai via New Delhi, with three services extended to Osaka and four flights to Seoul. Further, Air-India would operate 11 flights a week to Bangkok from Mumbai, instead of six at present. Of these, five would be extended to Hong Kong and six flights would be operated to Bangkok from Mumbai via New Delhi. Four of the Mumbai-Bangkok flights would proceed further to Shanghai and the other two to Tokyo, thus offering connectivity to Hong Kong, in addition to Shanghai and Tokyo, from Bangkok.
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IA’s easy fare plan
New Delhi, July 6 A unique feature of the easy fares plan is that unlike the apex fares there is no need for advance purchase. Easy fares are level-based fares with a maximum of four levels and are sector-specific. Reservations can be made under the different levels, each of which will have a different fare and class name. For instance, the fare on the Delhi-Ahmedabad sector (inclusive of taxes) will Rs 5,221 at level-1, Rs 4,221 at level-2, Rs 3,521 at level-3 and Rs 2,921 at level-4. However, the number of seats available under each class will be dynamic. Once the allocation for a particular level has been met, the next higher level fare will automatically become applicable. Incidentally, the number of levels could vary. Only two levels of easy fares are available on Mumbai-Kozhikode sector where Rs 5,521 will be the level-1 fare and Rs 3,721 will be the level-2 fare. All tickets issued on or before July 4, under apex fares, positioning flight fares and fly select fares will be accepted on the face value of the ticket.
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SpiceJet to buy 4 planes
New Delhi, July 6
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Direct tax-GDP ratio set to cross 5 pc
New Delhi, July 6 “In 2005-06, the direct tax-GDP ratio is expected to cross 5.0 per cent,” Mr Chidambaram said while addressing an annual conference of Chief Commissioners and Directors-General of Income Tax. He said for the first time the direct tax to GDP ratio has crossed 4 per cent in 2004-05 and termed it as an important “turning point” in tax collections in India. “Like in any other developed country, direct taxes will play an increasing role and contribute largely to exchequer,” he said “The Income Tax Department must gear itself up to face the new challenges. The investigative methods being adopted must graduate from the blunt instruments of search and seizure to the sharper intelligent methods using information technology”, Mr Chidambaram said. He said direct taxes are “on track” this year and the collection is expected to be good. “Last year I collected a tidy sum. This year, I will collect a larger sum”, he said even as he urged taxmen to focus on the international trade and monitor attempt cases of tax avoidance under the double taxation avoidance treaties. The Finance Minister also asked taxmen to spruce their strategies. He exuded confidence that direct taxes would exceed indirect taxes —- customs and excise duties — this year. Mr Chidambaram said the department (Central Board of Direct Taxes) should gear itself up and have a vision over the next 5-10 years for becoming the biggest tax- collecting instrument of the government. To a pointed query on whether chief commissioners were asked to monitor top 100 taxpayers, he said there was nothing wrong in tracking if the corporates have filed their TDS returns on time and their tax payments were in accordance with what they have disclosed in their quarterly statements.
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HC nod to leasing out of prime property
Shimla, July 6 While issuing these directions Chief Justice Vinod Kumar Gupta and Mr Justice Deepak Gupta further directed the HP Tourism Development Corporation to vacate the property without loss of time otherwise the HPTDC have to pay Rs 6,51,000 per month as a rent to the Shimla Municipal Corporation till the time it is vacated by the HPTDC. In the meanwhile, the HPTDC employees union has approached the High Court by moving an application with a prayer that the union be impleaded as party respondent in this PIL. The Bench directed the petitioner and the other respondents to file their replies to this application within four weeks. It may be recalled that the HPTDC, which has been in possession of this property for the past over two decades is paying a monthly rent Rs 23,916 to the Shimla Municipal Corporation. The court passed these directions on a PIL filed by Ravinder Kumar.
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India to explore alternative routes for Myanmar gas
New Delhi, July 6 Petroleum Minister Mani Shankar Aiyar held wide-ranging talks with Myanmar's Energy Minister Lun Thi today, who is here on a day-long visit to speed up the proposed gas pipeline between the two countries. A techno-commercial group would examine possibility of laying the pipeline bypassing Bangladesh. Dhaka, which had in January agreed to a passage of the pipeline through its territory, has now demanded from India a trade and power corridor to Nepal and Bhutan and measures to reduce Bangladesh's $ 2 billion trade deficit. In a joint statement issued after the meeting, both sides agreed that "the best alternative of gas evacuation from Myanmar to India would be through Myanmar-Bangladesh-India pipeline. The pipeline is to carry gas found in the Bay of Bengal block A-1 and possible reserves in the adjoining A-3 and other blocks. Indian firms ONGC Videsh Ltd and GAIL have 30 per cent stake in the A-1 and A-3 blocks. Mr Thi said A-1 block holds 11.9 to 19.4 trillion cubic feet of gas reserves and India's share from it would be 11-12 per cent. Mr Aiyar said possibility of taking the pipeline from Myanmar to Mizoram and onwards to Assam and culminating in West Bengal, a distance of 1,400 km, would also be explored. India has also agreed to extend $ 20 million credit to Myanmar for the
upgradation of Thanlyian refinery. Myanmar also agreed to consider India's proposal to import 12 TMTPA diesel for domestic needs.
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Iran keen on tie up
with pharma companies
Chandigarh, July 6 “On a conservative basis India-Iran bilateral trade is projected to reach $ 5 billion from $ 3.2 billion within three years”, Mr Yaghonbi said while interacting with members of PHD Chamber of Commerce and Industry at Punjab Bhavan, Chandigarh, today. Seeking Indian participation in Iranian industry, he listed tourism, spare parts and manufacturing of cars as the key areas for improving bilateral trade. Tourism could be one the major potential areas where both countries could work together. He also invited IT companies to invest in Iran, particularly in the area of software development and training. “We have around 50 IT parks and five Indian majors are likely to
invest there”. He revealed that the Hindujas were developing a port in Iran, which could provide access to Central Asian markets. Projects in the petro-chemical sector worth $ 1.5 billion were being finalised with Indian companies. The total investment in projects being discussed was in the range of $ 5 – 11 billion. The PHDCCI urged the Iranian Ambassador to accord special preference to exports from India in the field of automotive components, vehicles and processed foods. Earlier welcoming the Ambassador, Mr R.S. Sachdeva, Co-Chairman, Punjab chapter of the PHDCCI said India had developed sufficient expertise in setting up small and medium units. This was one area in which India could play a major role in Iran’s development. Some industries in which the northern region had expertise and could help Iran were textiles, cement, paper pulp, sugar, pharmaceuticals and chemicals / petrochemicals, tea processing, rubber, light engineering industries and electronics, he added.
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Haryana allots land to 4 firms
Chandigarh, July 6 Two of these projects were being set up by Saraswati Industrial Syndicate Limited and India Japan Lighting Private Limited at the Bawal industrial growth centre. The third project was being set up by Seasons Textiles Limited at the
Barhi, industrial estate, in Sonepat district while the fourth project was by Boutique International in the industrial estate developed by HUDA in Sector 37 at Gurgaon. Saraswati Industrial Syndicate, a flagship company of the ISGEC Group of Jagadhri would set up a project for manufacture of sheet metal working machinery involving a capital cost of Rs. 34.19 crore. India Japan Lighting Pvt. Ltd. would manufacture head lamps and rear combination lamps for two and four-wheeler automotives. The company was a joint venture between Lucas TVS Limited and Koito Manufacturing Company Limited, Japan. The project cost was estimated at Rs 46.50 crore. Seasons Textiles would set up an ultra-modern textile weaving unit for furnishing fabrics and made-ups with imported automatic shuttleless looms and electronic jacquards. The company was already engaged in manufacturing premium furnishing fabrics by “Seasons” brand name at its manufacturing unit in Noida. Boutique International would set up a 100 per cent export-oriented unit for manufacture of sweaters and readymade garments at Pace City-II in Gurgaon.
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UB Group shuffles finance team
Bangalore, July 6 The group has appointed Mr P. A. Murali as the Chief Financial Officer of United Spirits operations comprising McDowdell and Company Limited, Herbertsons Limited, Triumph Distillers and Vintners Limited and Shaw Wallace and Company Limited. Mr Murali was until recently Executive Vice-President-Finance of United Breweries Limited. Ms Lesley Jackson has already taken over as CFO for United Breweries Ltd. She has been nominated by Scottish & Newscastle Plc, UK, in accordance with the agreement, with United Breweries which was signed to facilitate the strategic sale of a 37.5 per cent stake. Meanwhile the UB Group said that Chief Operating Officer and President of Kingfisher Airlines Alex Wilcox had not resigned, he had been given “reasonable time” to resolve some personal matters.
— PTI
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ITI to spend Rs 7 cr on capacity upgradation
New Delhi, July 6 The existing infrastructure of ITI has been augmented with an additional capital of Rs 38 crore and has a manufacturing capacity of 1 million lines per annum. ''The capacity will be enhanced by 3 million lines with incremental capital expenditure of Rs 7 crore by September, 2005,'' an official statement said here. Besides meeting domestic requirements, ITI plans to export GSM equipment, including switches and base stations, to the SAARC and Afro-Asian countries. UPA Chairperson Sonia Gandhi will inaugurate the mobile equipment manufacturing facility at Mankapur, near Gonda, tomorrow which has been set up under a technology transfer agreement with French conlgomerate Alcatel. ITI Mankapur is the first plant where manufacturing facility has been set up under the revival plan of ITI.
— UNI
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Jalandhar hotel provides Internet access
Jalandhar, July 6 Since wireless Internet access points have been provided in guest rooms, conference area, meeting rooms, lounges, bar, restaurant and even open spaces for guests with a wireless-capable laptop or notebook could download data or surf the web during their stay. The facility, according to Mr Kranti Mohan, Marketing Manager of the hotel, was extremely useful for business executives and NRIs, who were keen to remain in touch with their offices, business establishments or people even while on a holiday.
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PC sales up by 20 pc
New Delhi, July 6 PC sales, which crossed 36.3 lakh units in 2004-05, is expected to cross 42.5 lakh units in the current fiscal registering a lower growth of 17 per cent, industry association MAIT’s executive director Vinnie Mehta said. The industry had been witnessing lower growth rates in the past four years due to an increasing base of PCs. In 2003-04, the industry had seen a growth of 32 per cent, declining from 37 per cent a year before. He, however, said the association was giving a very conservative estimate of 17 per cent at this point of time, and the growth could be about 25 per cent over the next four years. Mr Mehta said increased usage of broadband and more penetration in small towns could drive up the growth rate to 25 per cent from the estimated target of 17 per cent.
— PTI
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Ford to launch premium model in India
Chennai, July 6 India will be the first market in the world for the new Ford car, which would have "exceptional styling and high-level of local-content," Friedman, who addressed a news conference here, along with the new chief Mathew, said. The new car was designed and developed for the highly competitive Indian market, but the company would also sell the product in other markets as well, he said. The new car will be made at Ford India's manufacturing facility at Maraimalai Nagar near Chennai, and the company hopes the new model would bring in more sales volume.
General Motors
Rains and floods in Gujarat caused a Rs 30-crore loss to General Motors India and the company said it expected sales performance to be hit, for the second consecutive month, in July. "The heavy rains and resultant floods hurt production and dispatches, resulting in a Rs 30-crore loss to the company," GM India spokesperson said in New Delhi.
— PTI
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Agro Dutch plans pact with German co
New Delhi, July 6 The company was planning to invest Rs 1 billion for expansion of its current installed capacity and can making capacity. The company would fund the expansion process through its internal accruals and by tying up with DEG Germany, which would invest 5 million euros for expansion and modernisation of the entire unit, the company said.
— PTI
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JCB launches new excavator
Chandigarh, July 6 The JCB 3DX Backhoe Loader has been launched to further strengthen its position in the Backhoe Loader segment, where target customers are generally contractors executing large excavation jobs in highway, railways, irrigation and power projects. These machines will be built at JCB's Ballabhgarh plant situated near Delhi. Favourable policy decisions by the recent governments, especially in the infrastructure and agriculture sectors, have seen a spurt in the construction equipment industry. "The new range has been designed based on the feedback received from our customers and I hope the machine will come up to their expectations", said Mr Onkar Singh Sunar, MD, JCB India Ltd. He said they were targeting a turnover of Rs 1,200 to Rs 1,300 crore in this fiscal.
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M&M’s Chinese joint venture
Mumbai, July 6 MCTCL is a joint venture between M&M’s 100 per cent
subsidiary Mahindra Overseas Investment Co (Mauritius) Ltd (MOICML) and Jiangling Motor Co Group (JMCG).
— PTI
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