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Govt invites EoI for 8 pc stake in Maruti shares
Tata Daewoo to be assembled in Pak
Bihar means business now
Nestle to buy Delta for $287m
DoT awaits PMO nod on ADC issue
Bankers’ meet focuses on credit to farmers
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Punjab CM meets Emmar chief
TVS entices youth with Apache
L&T bags Rs 1,300-crore
Cotton exports likely to double
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Govt invites EoI for 8 pc stake in Maruti shares
New Delhi, December 19 The government holds 5,28,24,020 equity shares in Maruti representing 18.28 per cent of the company’s equity. Of the total number of shares it holds in Maruti, it is offering up to 2,31,12,804 shares, representing 8 per cent equity. Only public sector financial institutions and banks can bid for the shares. Asset management companies and mutual funds, managed by these institutions, are not eligible for participating in this transaction, officials added. “The minimum bid value is Rs 10 crore and a single institution can bid for all shares on offer,” officials said. However, the government has said that the present holding of the institution in Maruti and shares transferred from government to it should not exceed 10 per cent equity of MUL on the date of such transfer. At the time of submission of bids, institutions have been asked to disclose their exact shareholding in the company. The shares comes with a lock-in period of six months. The last date for submitting EoI is January 4. After the EoIs are submitted, the short-listed institutions will be asked to submit financial bids. Going by the current price of Maruti’s scrip on stock exchanges, the government can raise around Rs 1,500 crore from the sale. SBI Capital Markets Ltd and Kotak Mahindra Capital Company Ltd are advising the government on the transaction.
— PTI
Santro prices up
Hyundai Motor India today hiked the prices of its flagship Santro compact car by Rs 7,000 to 12,000 across all four variants citing cost-push factors. The price hike, applicable with immediate effect, has been necessitated by a variety of cost-push factors that have impacted production during the second half of the year 2005, the company said. Post hike, the Santro XK (S) will be available at Rs 3,39,999, Santro XL (S) at Rs 362,999, Santro XO (S) at Rs 3,88,999 and Santro AT (S) at Rs 4,36,324.
— UNI
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Tata Daewoo to be assembled in Pak
New Delhi, December 19 A Technical Assistance Agreement (TAA) has been signed between the two companies, stated a company press statement issued here today. “The assembly of TDCV vehicles in Pakistan is expected to commence by the last quarter of 2006 at the newly-established plant of Afzal Motors (Pvt) Ltd. in Karachi. The assembly plant has a designed capacity to produce 3,000 commercial vehicles a year on a single shift basis,” it said.
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Bihar means business now
Patna, December 19 The meeting with CII was preceded by the interaction between the World Bank representatives and Chief Minister yesterday. Talking to The Tribune at the state guesthouse, the Chairman of the Eastern regional chapter of CII, Mr Ravi Poddar, said the industry was optimistic on an economically resurgent Bihar by exploring its vast potentials in near future. Mr. Nitish Kumar was reportedly impressed by the views expressed by the CII delegation and urged them to facilitate economic development in the region. Mr. Kumar promised to work in tandem with the industry and business sector to bring back Bihar on the path of development. According to Mr Poddar, since Bihar had tremendous potential in the field of agriculture and agro-based industries, the focus should be agro-economic resurgence. The CII favoured land reforms and cooperative farming by focussing on litchi and sugarcane, in particular. The CII also proposed road-shows and promised to work out plans to organise “business conclave” at Patna. The CII was in favour of strong economic ties among eastern regional states including West Bengal, Bihar, Jharkhand, Orissa and Chhattisgarh for the development of Eastern chapter as a whole. Meanwhile, after the meeting with the Chief Minister yesterday, the World Bank has decided to launch a Rs. 350-crore Bihar rural livelihood project in the state. The first phase would cover five districts. The Chief Minister pointed out that the road sector in Bihar needed over Rs 1,500 crore investments and sought a loan from World Bank.
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Nestle to buy Delta for $287m
Zurich, December 19 Delta Ice Cream, which had sales of Euro 122 million last year, is the leading ice-cream business in Greece, Bulgaria, Macedonia, Romania, Serbia and Montenegro, Nestle said in a statement. Over 96 per cent of Delta Ice Cream is owned by the Greek milk and dairy products group Delta Holdings. The deal is Nestle’s latest in a string of acquisitions over recent years in ice-cream, and Kepler Equities, analyst Jon Cox said the acquisition was part of a trend to target premium brands. Delta Ice Cream’s main brands include Nirvana, Boss, Aloma and Magnum, which it owns in Greece. Nestle, the world’s biggest food maker, will buy the 96 per cent stake and make a mandatory offer to purchase the remaining shares.
— Reuters
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DoT awaits PMO nod on ADC issue
New Delhi, December 19 The department is currently awaiting response from Prime Minister Office in this regard, which it expects before the end of this month to give New Year gift to customers. DoT’s communication to PMO while making a strong case for shifting to revenue-share based ADC said it would bring call rate further down while checking evasion of ADC payment. The current turnover of Indian telecom industry is over Rs 1 lakh crore, DoT’s estimation stated. ADC is levy paid by private players to compensate for BSNL’s rural operations. The communication has urged the PMO not to delink ADC from the department’s jurisdiction as it has overall fallout on the policy of giving affordable telecom service.
— PTI
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Bankers’ meet focuses on credit to farmers
Chandigarh, December 19 This was stated by Mr C.P. Swarankar, Chairman of the Haryana State Level Bankers Committee and Executive Director of Punjab National Bank, while presiding over the 94th Committee meeting today. Ms Umesh Nanda, Commissioner and Secretary, Institutional Finance and Credit Control, Haryana, was the chief guest. Mr Swarankar said the advances also increased by Rs 4,721 crore from Rs 15,980 crore to Rs 20,701 crore during the review period, thereby showing a growth of 29.5 per cent. Priority sector advances in Haryana increased by Rs 3,557 crore, while advances under weaker sector registered a significant growth from Rs 1,666 crore to Rs 2,239 crore. In small-scale industry, advances increased by Rs 699 crore. The Chairman stated that a study on agriculture credit indicates that only about one-third of farming community have access to institutional credit while the rest borrow from the non-institutional sources at a higher rate of interest. “Total farmers in India are about 10.50 crore, but only 5.10 crore have been issued kisan credit cards. The disbursement of agriculture credit has to double within three years by March 2007, so every bank branch should introduce 100 new farmers every year, finance two to three new investment proposals and agri-clinics/agri-business centres etc,” he said.
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Punjab CM meets Emmar chief
Chandigarh, December 19 The Sheikh evinced keen interest for technological and financial collaboration with Punjab in the field of infrastructure. A spokesperson of the Punjab Government said the meeting focused on Foreign Direct Investment (FDI) by Emmar Group in various infrastructure projects of Punjab. The group had also obtained approval of FDI of Rs 9,000 crore in India from the Foreign Promotion Investment Board, Government of India. A substantial part of this investment is expected to be made in Punjab. The Punjab Chief Minister invited Sheikh Al Abbar to visit Punjab and assured him all possible support and cooperation of the Punjab Government. The Punjab Chief Minister visited 500-acre real-estate Burj Dubai project of Emmar MGF Group in central Dubai.
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TVS entices youth with Apache
Chennai, December 19 Formally launching the 150 cc, five-speed motor cycle, Chairman and Managing Director Venu Srinivasan told a press conference here: “Apache is spirit of youth and has been designed and engineered to woo youngsters in the age group of 18 to 25 years.” The new bike in the fast growing top-end premium segment was not only a technological marvel but had the best look and style, he claimed. The company proposed to sell about 25,000 units a month and scale up after three or four months. Priced at Rs 52,498, Apache riders would have four colours to choose from with alloy wheels as a standard feature. The bike had an electric start and 240 mm front disc brake.
Bajaj Discover 112
In a bid to up its market share in the executive two-wheeler segment, Bajaj Auto today launched Discover 112 cc. Discover 112 runs on alloy wheels and has all latest features such as ExhausTEC technology, SNS suspension and the Ride Control Switch and also delivers a mileage of 101 kmpl, the company said in a press note here. The 112 cc bike is an addition to the existing 125 cc Discover DTS-i and is priced at Rs 39,000. Since high fuel economy is a critical requirement for a set of executive segment customers, we are introducing the new 112 cc Discover designed to give the rider a category-best mileage of 101 kmpl (under standard test conditions), while retaining the look and feel of the 125 cc DTS-I version,” Bajaj Auto two-wheeler Marketing and Sales Vice President S Sridhar said.
— TNS, Agencies
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Cotton exports likely to double
Gandhinagar, December 19 “China is expected to import a record quantity due to declining production. Similarly, Pakistan is also likely to look at imports. This has widened the scope for cotton exports from India, which is expected to be 25 lakh bales this year,” Mr Vaghela said here yesterday. The minister pointed out that last year the country had imported 10 lakh bales of long staple cotton but was hopeful of reduction of imports this year. The minister pointed out the area under the cotton cultivation, which was 89.20 lakh hectares during 2004-05, had slightly gone down during 2005-06 to 88.17 lakh hectares and the production was estimated at 242.50 lakh bales as against 243 lakh bales last year. Mr Vaghela said that Gujarat had emerged as a leader in cotton production in the country since last year and was likely to produce a record cotton crop of 80 lakh bales during the current cotton season.
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