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Reliance Capital, RCVL merger okayed at 5:100 swap ratio
India Cement to set up Rs 900-cr plant in Himachal
Lifetime validity under Trai scanner
Air Sahara offers Delhi-London return ticket at Rs 10,000
FM’s New Year wish: Over 7 pc growth
BHEL bags Rs 800-cr order from Nalco
ATF prices up
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Reliance Capital, RCVL merger
Mumbai, January 2 The statement by Reliance Capital said the merger would take place under a share exchange ratio of five equity shares of Rs 10 each of the company for 100 shares of Rs 10 each of RCVL (after the allotment of shares pursuant to the demerger of Reliance Industries). “The share exchange ratio is based on the number of shares of the company held by RCVL, and as recommended by KPMG,” the statement added. The shares of the company held by RCVL will be cancelled under the proposed scheme of amalgamation. The fully diluted equity capital of the company will remain approximately Rs 245 crore, the statement added The proposed scheme comes as a bonanza for 23 lakh shareholders of Reliance Industries, who will be entitled to free shares of four Anil Ambani group companies. This will lead to enhancement of their value, elimination of dual listing of the company and RCVL. The other benefit of the merger include elimination of potential “holding company” discount through RCVL market price, increased liquidity for all the company’s shareholders and wider domestic and international shareholder base for the company, it said. The proposed scheme of amalgamation is, inter alia, subject to the approvals of the Board and shareholders of RCL and RCVL, the stock exchanges, High Court of Gujarat, High Court of Judicature at Mumbai, and all other requisite permissions, sanctions and approvals, it added.
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India Cement to set up Rs 900-cr plant in Himachal
Shimla, January 2 The cement firm from Chennai in Tamil Nadu beat global cement major Lafarge, Ambuja Cements, ACC, Grasim, Madras Cements, Jay Kay, Shree Cements and Peuna to bag the project. The sources said that the plant would have an annual turnover of two million tonnes, adding that an MoU would be signed soon, that it would be set up in five years. Over 200 million tonnes of limestone reserves are estimated in the Gumma-Rohana region of Shimla district of the state, the sources said. The India Cement Ltd would have to convert half of the residue into cement at the plant side, while the remaining half can be taken outside the state. The sources said, the firm would also have to acquire the environmental clearance from the Union Environment and Forest Ministry before starting the production.
— UNI
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Lifetime validity under Trai scanner
New Delhi, January 2 Trai has undertaken a suo motu exercise to see that whether the concept of lifetime validity, being offered by the mobile operators on pre-paid cards with one time entry fee, was viable and is likely to give its verdict in a day or so. It is pertinent to mention that Tata Teleservices was the first player to offer two-year validity on its pre-paid card and was strongly opposed by the Cellular Operators Association of India (COAI) saying it tantamount to predatory pricing. However, no operator could stand losing the race in adding new subscribers to their fold and this virtually triggered tariff war among the service providers. To begin with Sunil Mittal-owned Bharti offering mobile services under Airtel barnd launched lifetime validity card with one-time fee of Rs 999 followed by Hutch, Reliance Infocomm, Tatas and also by the state run companies MTNL and BSNL to join the war. Tata-Birla owned Idea cellular went a step ahead of other by offering similar services in both pre-paid and post-paid segments raising doubt over the viability of these schemes. “We will look into all aspects concerning these schemes and may take some action, if required,” a top TRAI official said adding TRAI would come out with its decision within a day or two. Meanwhile, international long distance telephony call rates of BSNL are likely to fall by up to 20 per cent after March as the telecom monolith is all set to put its own long distance infrastructure in the four metros and lay its own cable in partnership with Sri Lanka Telecom. At present, BSNL routes its ILD traffic through other private ILD operators.
— PTI
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Air Sahara offers Delhi-London
New Delhi, January 2 These limited tickets, which would be up for grabs from tomorrow, would be available on the re-designed website of the premier airline and would be valid for one year from the date of purchase, its President Ronojoy Dutta told reporters here. Air Sahara also plans to start services to Hong Kong and Bangkok and a second daily flight to Singapore in the next few months, he said, adding that it would launch these services as it inducts seven Boeing 737-800s in the next 12 months. Asked whether the domestic fares would further decline, Mr Dutta said: “Quite potentially, yes. The (domestic) fares should continue to fall... not just due to the decline in jet fuel prices... we are ready for this eventuality internally”. On the international sectors, he said the London and Singapore services were doing very well in terms of passenger load factor. Air Sahara carried 3.5 million passengers in calendar 2005 compared with about 2.8 million the previous year, Mr Dutta said, adding that the projection for 2006 was another 15 per cent growth, especially taking into account the 7 new aircraft which would be inducted this year. To questions on the government’s insistence on training pilots to use CAT-III instrument landing system to overcome fog-related problems, he said it would go ahead with imparting training to flight instructors and examiners. “But we are continuing dialogue with government” on ways to relax the strict conditionalities prevailing on this count, he said.
— PTI
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FM’s New Year wish: Over 7 pc growth
New Delhi, January 2 “In 2005, India received significant international recognition as potential global economic powerhouse. I hope that in 2006, India will make substantial progress towards realising that potential,” Mr Chidambaram said in his message for the New Year. “The only way to make growth more inclusive is to sustain the rate of growth in excess of 7 per cent over the next year. And I am confident that 2006 will continue the trend,” he said. In order to sustain high growth, he said investment needed to be stepped up, particularly in infrastructure, agriculture and the social sector. “The key to addressing growth with equity in this country is agriculture,” he said, adding that the UPA was committed to stepping up public investment and flow of credit to the farm sector.
— PTI
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BHEL bags Rs 800-cr order from Nalco
New Delhi, January 2 The company has received an order of Rs 800 crore from National Aluminium Co. Ltd. (Nalco) to set up two 120-MW power generating units at an existing power plant. The order has been won by BHEL under stiff International Competitive Bidding
(ICB), outbidding Japanese and Chinese companies as its offer was found techno-economically the best. BHEL also services sets commissioned by foreign players. This market could throw up opportunities worth Rs 10,000-15,000 crore in the next five years. In 2004-05, it achieved an all-time high order booking of Rs 1,450 crore from the services sector - up 53 per cent over the past year. With the turnover crossing Rs 10,000 crore, claim the BHEL management, this behemoth is yet to see the best. “This is the largest single-value order bagged by us for a captive power plant,” BHEL said in a statement today.
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ATF prices up
New Delhi, January 2 The ATF prices for domestic airlines in Delhi will be Rs 34,099.80 per kilolitre (KL) as against Rs 31,750.56. Prices in Mumbai also increased to Rs 35,965.47 per KL against Rs 32,564.27. The revised prices in Kolkata and Chennai have been increased to Rs 38,628.24 and Rs 37,349.10 per KL, respectively. Prices for international airlines in Delhi would be $577.73 per KL, in Kolkata at $606.09, in Mumbai at 4 569.88 and in Chennai at $565.90.
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Mimansa Jewellery
Ramco cement Indian Seamless Walky tariffs Khaitan plans unit at Kala Amb Mazda bags orders from Siemens Ranbaxy’s Toansa plant bags award Nectar Lifesciences to expand Bibek Debroy is PHDCCI Secy-Gen |
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