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BMW chooses Chennai for
Merrill Lynch ups stake in Indian jv
Gold attains new peak
Tata launches sports utility truck
M&M mulls 4-wheeler plant in Hardwar
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FDI needed to up oil output: Aiyar
Club One plans helipad in Baddi
Essar signs pact with Trinidad, Tobago
Suzuki sues 10 Indian companies
REL, L&T eye HP power projects
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BMW chooses Chennai for Rs 180-cr plant
Chennai, December 8 The MoU was signed between the government and the BMW Group in the presence of Chief Minister J. Jayalalithaa at the Secretariat. BMW, a leading automobile manufacturer in the global market with an annual turnover of about Rs 2,19,240 crore, had selected a site in Mahindra World City in Maraimalainagar, near Chennai, to set up its assembly plant. It held discussions with many state governments, including Tamil Nadu. After detailed evaluation of the infrastructural facilities and support packages, BMW decided that Chennai was the “best location’’ for establishing its car assembly plant. BMW Senior Vice-President Klaus Berning told the Chief Minister that the company had decided to establish its car assembly unit in Chennai due to the ‘’favourable investment climate’’ in the state.
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Merrill Lynch ups stake in Indian jv
Mumbai, December 8 The US-based company will also start the process of delisting DSP Merrill Lynch from the BSE by making an offer for the traded shares of the joint venture, Merrill Lynch said in a statement today. “The deal is expected to close in the first half of 2006 subject to various regulatory approvals,” the statement said. Merrill Lynch did not disclose whether the entire 50 per cent stake has been bought from its partner Hemendra Kothari, who will continue to remain Chairman of DSP Merrill Lynch. “Hemendra Kothari will continue as Chairman, DSP Merrill Lynch, and will take on added responsibility as vice-chairman of Merrill Lynch International, supporting Merrill Lynch’s growth plans internationally and assisting Indian companies in their global endeavours,” the statement added. As part of the deal, DSPML Fund Managers, a wholly-owned asset management subsidiary of DSPML, will continue to be operated as a joint venture by DSPML, which will own 40 per cent, with Hemendra Kothari and related entities holding the remaining 60 per cent. — UNI
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Gold attains new peak
New Delhi, December 8 Gold rose to 24-year high in Asia as funds bought the precious metal to diversify their portfolios. Standard gold and ornaments shot up by Rs 100 each at Rs 7,850 and Rs 7,700 per 10 gram, respectively. The metal gathered Rs 230 from Monday. Sovereign also shot up by Rs 100 at Rs 6000 per piece of eight gram. A similar firm trend was noticed in silver as ready stock shot up by Rs 100 at Rs 13,000 per kilo.
— PTI
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Tata launches sports utility truck P.M. Telang (right), President, Light and Small Commercial Vehicles along with Shyam Mani,
Vice-President, Sales and Marketing, Tata Motors, pose at the launch of “Tata TL 4x4” sports utility truck (SUT) in Mumbai on Thursday. The truck is priced at
Rs 5,90,000. — AFP photo
Mumbai, December 8 Tata TL 4x4 claims to be the first of its kind offering by any Indian automobile company. It is a sturdy 1.2 tonne warhorse with sporty and contemporary features of a passenger car. It offers three derivatives consisting of a 4x2 double cab, 4x4 single cab and a 4x4 double cab in colours of quartz black and artic silver. Tata Motors President (Light and Small Commercial Vehicles) P.M. Telang said, “Tata TL 4x4 carries heavy loads while negotiating the toughest of terrains and at the same time, is an ideal vehicle for customers with a penchant for adventure and outdoors. It provides a pick-up that keeps one way ahead of the rest.” Stating it has many firsts to its name, Mr Telang said a gradability of 72 per cent, for the first time in India, made it adaptable for steep inclines. For the first time in India for light truck applications, Tata TL 4x4 runs on tubeless tyres, thus ensuring that there is no fear of tyre bursting at high speeds. Additionally, to ensure luxury and comfort, airconditioning is a standard fitment. Mr Telang said the TL 4x4 had proven its mettle in countries like South Africa, Turkey, Saudi Arabia and the Middle East through extreme climes and arduous terrain. “Tata TL 4x4 is equipped with a 1,948 CC indirect injection turbo-charged
intercooler diesel engine, generating a power output of 92 PS at 4300rpm and a torque of 190 Nm at 2000-3000rpm.” A five-speed synchromesh gearbox with well-distributed gear ratios facilitates easy and efficient driving, Tata TL 4x4 will be launched in a phased manner across the country.
— UNI
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Hikes prices of medium, HCVs
India’s second biggest car-maker Tata Motors today hiked the prices of its medium and heavy vehicles by 2-2.5 per cent due to an increase in the input costs.
“The prices have been raised by 2-2.5 per cent and will come into effect from December 1,” Tata Motors sources said. The prices have been raised due to the rising input costs. Last month, Ashok Leyland too had raised its prices by 2.5 per
cent. — UNI
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M&M mulls 4-wheeler plant in Hardwar
Hardwar, December 8 ‘’We are in talks with the Uttaranchal Government for setting up a new plant to manufacture four-wheeler vehicles’’ Mahindra Vice-Chairman and Managing Director Anand Mahindra told newspersons after inaugurating a three-wheeler plant here today. He, however, did not specify the kind of vehicles the new plant would manufacture. ‘’We have enough land here for further expansion. The company may invest up to Rs 1,000 crore if the state wins the project in competition with other states,’’ he said. Notably, M&M has already signed a 51:49 joint venture with the US-based International Truck and Engine Corporation to make trucks and buses in India. The group has an annual turnover of $2.59 billion, and is diversifying into various fields. Besides Uttaranchal, the company was negotiating with two more states. ‘’Wherever we get the best deal in terms of infrastructure, tax exemptions and other basic facilities, we will establish the plant there,’’ Mr Mahindra added. Uttaranchal provides excise and income tax exemptions and continuous power supply and is well connected with northern India. Earlier, inaugurating the plant, Uttaranchal Chief Minister
N.D. Tiwari said: “After the announcement of the new industrial policy the state has so far attracted investments over Rs 16,000 crore, including Rsv
25,00 crore investment in this industrial estate.” Mr Mahindra added that M&M, besides Neel Metal Products Ltd, an exclusive vendor for this plant, were making an initial investment of Rs 70 crore. The joint venture — Mahindra International – has plans to invest Rs 360 crore in the commercial vehicle project.“ The money would be invested in a new truck assembly facility and possibly in an engine testing facility. We are likely to start production of the new range of medium and heavy commercial vehicles in 2007,’’ said Mr Mahindra. According to Mahindra President (Automotive Sector) Pawan Goenka, the plant will have a capacity to build 20,000 light commercial vehicles (LCVs) and 50,000 medium and heavy commercial vehicles annually. Currently, Mahindra International is manufacturing LCVs under a contract manufacturing arrangement with M&M at the Zaheerabad plant. He said the production of three-wheelers in Zaheerabad would be shifted to the Hardwar plant within one year and the Nashik production portfolio would be transferred to Zaheerabad as the former’s facility would utilised for producing the Logan car from the Mahindra-Renault JV stable from mid-2007. Initially, Mahindra will manufacture 30,000 three-wheelers of different load capacities and range from the Hardwar centre before it attains its full capacity of 50,000. also want to make the new plant as our hub for
electric three-wheelers, which will be a big success in this power-surplus region,’’ he added. Mahindra, which already has a plant at Rudrapur in Uttaranchal, will soon roll out electric three-wheelers in Dehra Dun, following the shifting
of production to Hardwar.
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FDI needed to up oil output: Aiyar
New Delhi, December 8 Admitting that there was surplus capital amounting to more than Rs 3,50000 crore available with some PSUs with over Rs 100,000 crore being held by ONGC alone, the minister, however, maintained that as some existing oilwells were getting depleted fast ,the country needed more money not only to maintain the present level,
but also to increase oil production to meet the future needs of the developing economy. He also agreed to the contention of some members during question hour that the profits of the oil companies were increasing despite the decrease in production. It could be attributed to the hike in the
international prices of crude oil, he said. Mr Aiyar, however, maintained that 51 per cent of the burden of the recent hike in the crude prices was borne by the oil companies, 36 per cent by the government and the remaining 13 per cent was passed off to the consumers. The main objection raised by the members was that why the government was inviting 100 per cent FDI in the oil sector while oil companies and some other PSUs were holding surplus
capital. They apprehended that the government policy on FDI would go a long way establishing the grip of foreign investors on the Indian economy.
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Club One plans helipad in Baddi
Ludhiana, December 8 “We have received a tremendous response. At least, four more industrial houses in Punjab are expected to go in for fractional ownership soon,” Mr Jaideep Chakravarty, Chief Marketing Officer, Club One Air, told The Tribune here today. Within three months of its operations, Club One Air has acquired eight fractional owners. He said the company has added to its fleet, three new aircraft, one of which would be dedicated to Chandigarh or Baddi. Besides, the company has also acquired land for constructing a helipad in Baddi, where 45 new large-scale projects are being started soon, he added. “Punjab is a high potential area. Industrialists from the state, particularly from Ludhiana and around, are investing in other states, which requires them to travel frequently. Similarly, Baddi is attracting huge investment but suffers on account of poor connectivity. Owing to tremendous potential we decided to dedicate one aircraft to Chandigarh or Baddi and also construct a helipad there.” The company’s fractional ownership concept, introduced for the first time in India enables corporates to fly anytime within as well as outside the country by paying a certain amount. The company also launched a new concept of ‘Block Hours’ through its ‘Jet Card’ programme in India today. The concept, which targets high networth individuals and industrialists, involves pre-purchase of guaranteed number of flying hours as per one’s annual requirement by paying only a fraction of the amount one would pay in case one goes in for fractional ownership. A Jet Card would mean assured availability of aircraft, discounted rates of flying, discounted positioning and overnight charges. For instance, a fractional owner spends at least Rs 2 crore that goes up to Rs 10 crore also. But in case of Jet Card, one can pay as little as Rs 50,000 and avail services. However, in this case, one would not be a fractional owner, he explained: “Fractional ownership entails heavy investment. With Jet Card companies can avail the facility by paying a fractional amount only.”
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Essar signs pact with Trinidad, Tobago
Port-of-Spain, December 8 The agreement, signed earlier this week between the representatives of Essar and National Energy Corporation of Trinidad, said the Indian corporate giant would set up the complex in Point Lisas Industrial Estate in Central Trinidad. The project is expected to generate employment for 5,000 persons during the construction phase and another 1,400 after completion, Trinidad Prime Minister Patrick Manning said, adding another 6,000 persons would get indirect employment through the plant. Essar has brought with it state-of-the-art technology and a whole new range of steel products, including steel components for automobile manufacture, he added.
— PTI
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Suzuki sues 10 Indian companies
New Delhi, December 8 These companies are in various businesses like finance, textile manufacture, spinning and weaving. Through the suits, SMC has sought injunction against the use of the word ‘Suzuki’ by these companies, a statement by Maruti Suzuki, the company’s Indian subsidiary, said. The SMC is the owner of the registered trademark ‘Suzuki’ and the 10 companies, against whom the SMC has filed the suits, were using the word ‘Suzuki’ without its permission. “These companies have no connection with the SMC and the use of the word ‘Suzuki’ by them creates the impression that these companies are connected to the SMC,” the statement said. It said suits against the companies were filed as the companies were continuing to use the word ‘Suzuki’ despite cease and desist notices. In India, the SMC has granted a licence to Maruti Udyog Limited (for cars) and Suzuki Motor Cycle India Private Limited (for motor cycles and other two wheelers) to use the ‘Suzuki’ brand name. —
PTI
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REL, L&T eye HP power projects
New Delhi, December 8 “We have so far received 42 offers for various projects. Reliance, Torrent, Jaypee and L&T are among those that have submitted their offers,” Member (Civil) HPSEB R.L. Chauhan told PTI on the sidelines of a conference here. The bids are in response to the Himachal Pradesh State Electricity Board’s tender in October, inviting private companies to set up hydropower plants on the Build, Own, Operate and Transfer basis. The tender was for 15 projects with a total capacity of 1,767 MW. Of these, 11 projects are small and medium sized ranging from 6.5 MW to 99 MW with a total capacity of 421 MW. The remaining four projects are the 126 MW Chamba project and 260 MW Kutehar project on the Ravi and the 480 MW each Jangi Thopan and Thopan Powari project on the Satluj. —
PTI
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