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Anil Nanda takes the fight to government
BIMSTEC nations for regional power grid
Quota activists threaten to disrupt IT.In
Electrolux to merge with Videocon
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$30.4 m awarded in lawsuit against Ford
OVL, Kazakh firm to jointly explore oil in Caspian region
SBI MD: Right to Information Act may hit banks
Corporate News
Audatex to invest in India
Havell’s set for first overseas acquisition
India for FTA with Australia
Acting CMD of IA
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Anil Nanda takes the fight to government
New Delhi, October 4 Anil approached the Ministry of Company Affairs on Monday after the Delhi High Court ordered a “status quo” in the EHIRC deal till November 22, sources said. In a representation to the ministry, in which he has alleged irregularities in the deal, Anil has requested the ministry to take appropriate action in the matter in the public interest. The ministry is looking into the matter, sources said. When contacted, Anil refused to say anything since the matter was sub judice. Rajan Nanda also declined to comment, saying only the court could deal with the issue. Rajan sold 90 per cent stake in EHIRC to Fortis for Rs 585 crore on September 28, even as Anil moved the Delhi High Court to prevent the hospital’s sale and seek re-conversion of EHIRC into a charitable trust. The deal was expected to bail out Escorts from its financial crisis. Escorts had ceased making profits after 2002-03, the year it made a post tax profit of a paltry Rs 2.4 crore on a total income of Rs 1,124 crore. During the quarter ended June 2005, the company posted a net loss of over Rs 57 crore, largely due to heavy interest burden. Rajan Nanda had recently undertaken business and organisation restructuring as part of which his son Nikhil took over as COO after resigning from the Board of Escorts Limited.
— PTI
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BIMSTEC nations for regional power grid
New Delhi, October 4 At the end of a one- day meeting, the ministers agreed that a task force led by Thailand, with representatives of the member- countries, would give a report within one year on a draft MoU for grid inter-connections. The task force would consider flow of electricity on a non-discriminatory basis taking cognizance of capacity availability in the respective national grids. A joint statement said a task force would be set up to study the feasibility of trans- BIMSTEC gas pipeline(s) and to suggest further course of action after taking into account the work done so far. Thailand would host the first meeting of this task force early next year. The next meeting would be held in Thailand next year. India would host a conference in February-March 2006 to consider an energy charter treaty and other such arrangements that had emerged for regional energy trade. Speaking on this occasion, Water Resources Minister Priyaranjandas Munshi said India would host a workshop on sharing of experiences in developing hydro projects. Nepal would host a workshop on small hydro projects. Thailand would also host a workshop and site visits for the member-countries in the area of rice husk co-generation in the second half of 2006. An expert group would be constituted with participation of all member- countries on standards and labelling to be led by India. This would include testing systems, procedures and hardware. The BIMSTEC Energy Ministers adopted a plan of action for cooperation in the energy sector at the end of the conference.
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Quota activists threaten to disrupt IT.In
Bangalore, October 4 Ironically, the issue of reservation for Kannadigas was raised by the state government during the recent attrition with the IT industry. State Industries Minister PGR Sindhia raised the issue after the IT industry announced that it would boycott the IT.In conference. The minister had claimed that the IT companies, while demanding infrastructure upgradation, should also provide employment to
Kannadigas. The minister had gone on to announce that the government had issued 167 notices to various companies, including software companies, asking them why they were not providing reservations in jobs to Kannadigas by implementing the Sarojini Mahishi Committee report. A majority of the IT companies did not reply to the notices as implementation of the Sarojini Mahishi report is not binding on them. Even as the government has let off the pressure on this front after a truce with the IT companies who are now set to participate in the IT. In conference in strength, the issue is set to snowball into a major source of conflict in the state. The Karnataka Rakshana Vedika
(KRV) launched an agitation on this issue last week by picketing the gate of IT major Infosys. KRV activists also broke some windowpanes near the main gate as a hapless police force tried to pacify them. The KRV state president A. Narayan Gowda said that the actvists would disrupt IT.In conference in case the recommendations of Sarojini Mahishi Committee recommendations were not implemented. The state government, which had rode on this issue to put pressure on the IT sector earlier, does not seem to display the same vigour in pressing the demand now. Secretary IT and BT Shankarlinge Gowda when questioned in this regard at a function held to unveil the programme of the IT. In conference last week said the concern of the government had already been conveyed to the IT sector. When pressed further, he said the government was viewing the incident as and individual law and order problem. He said the government would view the issue in the same manner in case any attempt was made to disrupt the IT conference.
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Electrolux to merge with Videocon
New Delhi, October 4 “We have decided to merge Electrolux with Videocon Industries but will continue to promote the Electrolux brand in the market to cater to the premium segment. The Videocon brand will be aimed at the lower segment of the market,” said Mr Anirudh Dhoot, Managing Director of Electrolux Kelvinator Ltd, here today. Electrolux, a brand of the large portfolio of a $ 17 billion Swiss company AB Electrolux Group, was taken over by Videocon in July in a cashless deal. He said Videocon had already increased its equity to 94 per cent in Electrolux from 91 per cent in July after the acquisition. With the launch of mega marketing campaign “Tathasthu Baba” during the current festival season,, the company was expected to register growth of 40 per cent over the previous year. The company was also targeting over 300 per cent growth in the microwave category and 150 per cent growth in airconditioners. Mr Dhoot said after the merger of Electrolux with Videocon Industries, it would work as a separate unit, and was likely to break even by March next year. The turnover of Electrolux was likely to reach Rs 400 crore during the current calendar year as against Rs 350 crore last year. Mr Dhoot said after getting an overwhelming response during Onam in the South, Videocon would strengthen its network across the country. Both Electolux and Videcon brands would be sold under the same roof.
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$30.4 m awarded in lawsuit against Ford
Brownsville (Texas), October 4 The family had sued the automaker, saying that the roof of their truck failed to protect Jennifer Garcia in the crash that caused the Ford truck to roll over. The accident occurred as Garcia was traveling with her parents to Corpus Christi in a 1993 Ford F-150 and their truck was struck by a motorist leaving a fruit stand near Sebastian. Ray Marchan, an attorney for the family, said he hoped the state court lawsuit would result in better products from Ford. Ford spokeswoman Kathleen Vokes said Ford products were safe and met strict government safety standards. “Our condolences go out to the family, but Miss Garcia died because of the negligence of another driver hitting the Garcia vehicle while traveling at highway speeds,” Vokes said in a written statement. Marchan said the Texas Department of Public Safety reports showed the girl was wearing her seat belt. Ford plans to appeal the jury’s decision. The jury found Ford 90 per cent at fault in Garcia’s death. She spent 18 days in a coma and later died.
— AP
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OVL, Kazakh firm to jointly explore oil in Caspian region Almaty (Kazakhstan), October 4 “We have agreed to have strategic energy cooperation. KazMunaiGaz and OVL will work together in the Caspian Sea,” he said after an hour long meeting with India’s Petroleum Minister Mani Shankar Aiyar here. Kazakhstan has offered OVL, the overseas arm of state-owned Oil and Natural Gas Corp, medium-sized blocks Satbayev and Mukhanbet. OVL has signed confidentiality agreement and is examining data for the two blocks. A decision on which block it will takeover would be taken by the year end. Mr Aiyar said OVL’s participation in the exploration blocks in Kazakhstan was discussed during the meeting but he declined to give specific details. “We discussed the entire range of specific issues in our relationship,” he said. KazMunaiGaz would hold 50 per cent stake in the two exploration blocks while the remaining would be held by OVL. India and Kazakhstan would set up a task force on energy under the Indo-Kazakh Joint Working Council which would look into placing an energy corridor parallel to the North-South transport corridor. “We also considered the possibility of Kazakh gas being made available for augmenting supplies through the Turkeminstan-Afghanistan-Pakistan (TAP) gas pipeline to make it more commercially viable for India to join it,” Mr Aiyar said. OVL was also keen on a stake in the Kurmangazy field, which has been awarded to Total of France. — PTI
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SBI MD: Right to Information Act may hit banks
Chandigarh, October 4 The Managing Director of the SBI, Mr T.S Bhattacharya, said here today that the buyout targets are small and mid-sized banks having small number of employees. Refusing to divulge details, he said they had already identified four international banks and a final picture would emerge by December end. However, none of these banks is in the US but would generally be in the developing countries. He said the Right to Information Act, which will be fully implemented across the country by October 12, could create problems in the functioning of banks. Since nothing is clear on its legal implications, it will create hassles in maintaining the secrecy of customers’ accounts. He said they had already sought some more guidelines from the RBI in this regard. Answering a question, he said the interest rate on various loans was likely to go up and it was mainly because of the recent hike in oil prices and freight charges.
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Sushma Chawla is acting CMD of Indian Airlines
New Delhi, October 4 The regularisation was done ex-post facto by the Appointments Committee of Cabinet (ACC) on September 21. The ACC has also directed the Public Entreprises Selection Board (PESB) to take expeditious action for selection of IA’s regular Chairman and Managing Director, according to an official statement. The official statement came in the backdrop of reports that the Prime Minister’s Office and the ACC had questioned her appointment to the top post as an interim measure. LIC notice to UP corpn
The LIC has served a notice on the UP State Power Generation Corporation (UPSPGC) to clear dues of Rs 850 crore by October 15 as per the One-Time settlement (OTS) agreement. The total dues of over Rs 2,200 crore were reduced to Rs 850 crore by the LIC under the OTS signed in March. As per the OTS, the power utility had to clear the dues by May 31, 2005. The power utility is struggling to make the payment and has asked the state government to stand guarantee enabling it to contract a fresh loan from the Power Finance Corporation or HUDCO.
Orchid tieup
Orchid Chemicals and Pharmaceuticals Ltd has entered into a marketing alliance with Australia-based Mayne Pharma, for distribution of select life-saving injectable antibiotic formulations. The alliance will cover markets in the USA, Canada, European and Australian geographies, the company said. The products to be marketed through Mayne Pharma have a current market size of over $ 1 billion in the said markets.
Stake bought
Kotak Mahindra Bank Limited (KMBL) said today the Kotak group had acquired a 40 per cent stake in Kotak Mahindra Primus Limited (KMP) held by Ford Credit International (FCI). The acquisition of a 40 per cent stake in KMP has enabled Kotak Mahindra Bank and its subsidiaries to have complete ownership of KMPL. The Kotak group had also sold its stake in Ford Credit Kotak Mahindra Ltd (FCKM) to FCI, it said.
HAL dividend
Hindustan Aeronautics Limited (HAL) has handed over a final dividend cheque for Rs 64.06 crore for the year 2004-05 to the government. Together with the interim dividend of Rs 36.15 crore paid in February, 2005, the total dividend for the year amounted to Rs 100.21 crore (83.16 per cent of the paid-up capital), according to a HAL press note.
— Agencies
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Audatex to invest in India
New Delhi, October 4 Audatex, which today rolled out software that allows manufacturers, insurers and repairers to process motor insurance claims online, is also evaluating plans to undertake software development in India. “Audatex has invested around $4 million in India since it began operations last year. We will invest a similar amount over the next one year in hardware, software, data and training infrastructure,” Audatex Managing Director (UK and International Business) Paul Trucker told reporters here. The company has a data development centre in Minden, Germany, where it invests $30 million annually. “Audatex is planning to move a part of that work to India, most likely to Hyderabad,” he added.
— UNI
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Havell’s set for first overseas acquisition
Chennai, October 4 This decision by Havell’s, part of the $10 billion QRG Enterprises, followed after three months of intense deliberations with several European companies, a press note said here. Havell’s India Chairman and Managing Director Qimat Rai Gupta said “in the past three quarters we have been exploring various options to create a strong Havell’s presence in southern and eastern Europe.’’ The new acquisition, a mid-sized profitable one, was aimed at keeping tremendous synergy, common to the group and the new company, Havell Director Anil Gupta added.
— UNI
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India for FTA with Australia
New Delhi, October 4 After discussions with Dr Geoff Gallop, Premier of Western Australia, the minister said such an agreement could cover trade in goods and services as well as investment. Mr Kamal Nath indicated that he would discuss the matter with Mr. Mark Vaille, Deputy Prime Minister and Minister of Foreign Trade of Australia, on the sidelines of a WTO meeting scheduled in Geneva next week. Both sides acknowledged that complementarities between the two economies would facilitate closer economic cooperation, especially with western Australia which accounts for over 40 per cent of Australia’s total exports.
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New Delhi, October 4 The regularisation was done ex-post facto by the Appointments Committee of Cabinet (ACC) on September 21. The ACC has also directed the Public Enterprises Selection Board (PESB) to take expeditious action for selection of IA’s regular Chairman and Managing Director, according to an official statement. The official statement came in the backdrop of reports that the Prime Minister’s Office and the ACC had questioned her appointment to the top post as an interim measure. — PTI
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