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Gas may come to India via Turkmenistan
Software firm Director held in Rs 595-crore stock market scam
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Firms seek TRAI’s nod on lifetime validity offer
RasGas may come to Dabhol plant’s rescue
Gold rate variations keep buyers at bay
Videocon plans unit at Siliguri
Plastic industry seeks cut in tax
Safilo eyeware targets Punjab
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Gas may come to India via Turkmenistan
New Delhi, February 13 A delegation of GAIL, IOC and Petroleum Ministry officials led by Minister of State of Petroleum Dinsha Patel has gone to Turkmenistan’s capital Ashgabat to participate as observer in the three-day ninth meeting of steering committee of three nations to weigh the project’s technical, financial and geopolitical aspects. A senior official of the Petroleum Ministry today disclosed that if the Indian delegation submits a positive report, the Ministry would ask for Cabinet approval to make India a full-fledged member in this $4 billion project. A decision is likely to be taken before the US President George Bush’s visit to India by next month. “US sponsored Asia Development Bank (ADB) has also shown keen interest in the project, claiming that the 1,680 km pipeline can be laid down from Dauletabad gas fields in Turkmenistan to Northern region of Afghanistan, passing through Pakistan’s Punjab region to enter in India through Punjab near Amritsar. A feasibility report conducted by the bank has been submitted to India for consideration,” said official. The bank has also considered a second route from Dauletabad to Herat, Kandhar, Multan before entering India near Fazilka in Punjab. The project, which was conceived in early ’90s by Argentina’s Bridas has been shelved, said official, due to uncertain political environment in the region, besides doubts over enough gas reserves in Turkmenistan and its commitment to Russia. US major Unocal and Saudi Delta had joined the project, only to withdraw later. However, after growing conflict with the Iran over nuclear issues, the US has offered Pakistan, India to consider the project as an alternative to Iran gas pipeline. Official sources said: “Considering the growing influence of Taliban in the southern region of Afghanistan, India would prefer northern route passing through Mazar-e-Sharif, Jalalabad, Peshawar, Attock, Islamabad and Lahore before entering near Amrtisar.” On Iran gas pipeline, the senior official maintained India was still pursuing this project He said if the project moves forward in coming years, Dauletabad could become an Asian gas grid to tap huge gas reserves of Uzbekistan, Kazakhstan, Azerbizan and later, Russia.
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Software firm Director held in Rs 595-crore stock market scam
New Delhi, February 13 Dalmia against whom an Interpol red corner notice had been issued was taken on a transit remand to be produced before the Additional Chief Metropolitan Magistrate (ACMM), Egmore, Chennai, where a case against him is pending, a CBI press note said here today. The accused was nabbed late on Saturday night from South Delhi by the CBI.He had fled the country in December,2003, and set up base in the USA after it came to light that his company’s Rs 595-crore preferential allotment during the 2000-01 bull run in the stock markets was a fraud. Dalmia, accused of criminal breach of trust, cheating and fraud, is alleged to have induced National Securities Depository Limited (NSDL) to dematerialise and credit 130 lakh equity shares of the software company as fully paid shares. The 130 lakh shares were transferred allegedly by Dalmia to his front companies and entities without the payment of any sale consideration. These shares were then illegaly sold through brokers notwithstanding the fact that these shares were unallotted or unlisted and prohibited for trading, the CBI press note said. Dalmia is accused of having misappropriated the sale proceeds of these shares amounting Rs 594.88 crores and diverted the money to group companies controlled by him. The CBI produced Dalmia in the court of Link Metropolitan Magistrate Sanjiv Jain today who allowed the probe agency to transfer Dalmia to Chennai to be produced in the court of the Additional Chief Metropolitan Magistrate.
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France wary of Indian politics in economics
New Delhi, February 13 “Our companies are expecting and hoping that the range of possibilities (in India) would be broadened as much as possible,” French Ambassador Dominique Girard said in an interview here. Asked how his country saw the opposition by Left parties to further opening up of the economy, he said: “India is a democratic country... It is for you to solve that.” Noting that India’s growth after liberalisation was “very much in tune” with what it started in 1991, Mr Girard said, “today, yes, it is for Indian polity, India’s political forces to set the kind of way it (economic reforms) is to be done.” The envoy underlined that it was “not for we to dictate or to request But it is a fact that we are quite hopeful that the reform process will open up new opportunities. It is for you to decide.” Left parties, which are providing crucial support to the UPA government, have been resisting economic reforms in various sectors, particularly raising caps on FDI. The Communist parties have been critical of the Manmohan Singh government on easing FDI in retail trade and given warnings of reviewing support to it. Queried whether voices of opposition here to further opening up of economy were causing inhibition to companies of his country from coming here, the Ambassador referred to retail trade and said French firms had “opened lots and lots of operations and activities in most of Asian countries but not in India yet because your regulations do not permit”. Mr Girard said French retail businessmen were “waiting and watching”. They will seize the opportunities when they come up. Today, it is not possible. They think, may be tomorrow it will become possible”. He went on to add: “The problem is not the position of the Left or Communists or whoever. It is not the problem of whose voice is raising this or that. The problem is what the overall situation is. We take it as a whole.” The envoy said “when tomorrow, it is possible to invest in retail trade in full speed, when it is possible to invest in Indian defence industry without any limit, etc, we will be there and our companies will be there.” Pointing out that India’s image had undergone a change lately with it being seen as a major opportunity for business, Mr Girard said “none of those people (business leaders) ignore India”. Mr Girard said the economic relations between India and France had witnessed good development over the last eight years and French exports to India had increased by 40 per cent while the Indian exports to France had grown by 20 per cent. According to French trade statistics, the two-way trade between the two countries stood at Euros 3.29 billion in May 2004. The sectors of key French interest have been in fuel (power and oil refinery) followed by chemicals, cement and gypsum products, glass and food processing industries. Major French companies, particularly Lafarge, Asltom, Alcatel, St Gobain, Air Liquide, L’Oreal, Danone are already operating in India. Other areas of French interest include power, hydrocarbons, telecommunications, auto components, agro-industries, drugs, pharmaceuticals, environment, water resources management and waste management.
— PTI
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Firms seek TRAI’s nod on lifetime validity offer
New Delhi, February 13 TRAI had sought response from them as to what would happen to the plans if the traffic patterns and Interconnect Usages Charge (IUC) regime changes substantially. Operators have univocally sought review of these tariffs under a new Interconnect Usage regime if it comes. “The tariff plans that have been introduced by the operators have been designed/ structured keeping in view the prevalent licensing and regulatory regime, including the prevalent IUC regime. Any substantial change in the regime may necessitate a change in the tariff package offered by the service providers,” Cellular Operators Association of India (COAI) stated. CDMA operators association AUSPI said: “Any change in IUC regime and/or licensing conditions will necessitate corresponding recalibration in the pricing to reflect the changed cost scenario.” Any change in IUC regime will necessitate a corresponding recalibration in the pricing. The new cost scenario may necessitate reduction or increase of costs to the consumers, as the case may be. The IUC charges as specified would implicitly function as a floor to the retail tariffs. “We do not expect a significant change in the traffic pattern. If it does happen, operators should be allowed to change the tariffs, once every six months to compensate for the same,” said Tata Teleservices Ltd. Bharti Televentures said any tariff plan, which is introduced by the operator, is designed keeping in mind the prevalent licensing and regulatory regime, including the prevalent IUC regime. Any substantial change, which may arise in the future, may or may not necessitate a change, depending upon the market conditions, in the tariff package offered by the service providers.
— PTI
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RasGas may come to Dabhol plant’s rescue
Doha (Qatar), February 13 RasGas’ contract for supply of 2.5 million tonnes per annum of LNG to India’s Petronet LNG Ltd from 2009 is being advanced to third quarter of 2007 to run the Dabhol plant in Maharashtra, a top official said. India’s Petroleum Secretary M.S. Srinivasan today began talks with Qatari authorities here for advancement of 2.5 MTPA contract that was go to Petronet’s Kochi terminal. The Kochi terminal would not be ready before 2009-end and till than the Qatari gas could fire Dabhol plant. “Dabhol plant’s new owner Ratnagiri Gas and Power (jointly owned by GAIL and National Thermal Power Corp) will by then tie-up long-term LNG supplies,” he said. Petronet currently imports 5 MTPA of LNG from RasGas at Dahej in Gujarat at an 2.53 dollars per million British thermal unit (price exclusive of shipping and regasification cost) but the additional 2.5 MTPA may cost $3.35 per mBtu. “At $3.35 per mBtu, electricity from Dabhol plant will cost Rs 2.30 per unit,” the official said, adding such a price would be very acceptable to Maharasthra State Electricity Board which is to buy the Dabhol power. India plans to restart the 740 MW Phase-I. If Dabhol was to restart as per the original schedule of June-July this year, Ratnagiri Gas and Power Pvt Ltd would need 0.64 million tonnes per annum of LNG in 2006, which would go upto 2.83 mmtpa in 2007 and 5 mmtpa from 2008 onwards.
— PTI
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Gold rate variations keep buyers at bay
Jalandhar, February 13 Markets of Punjab, particularly that of Doaba region, which, otherwise, remain abuzz with gold-buying activity in winters due to heavy arrival of NRIs to their homeland in this season, wears a deserted look nowadays. Gold buying season in Punjab coincides with marriage season, which, starts from October and lasts till the end of February or at the most first fortnight of March. It is for the first time after 27 years that prices of gold have jumped so high in one go and it is first instance after 1947 that gold prices have witnessed such a wide-scale fluctuation. If 10 grams of 22-carat gold could be purchased for about Rs. 6,200 in first week of April in 2005, the price of 10 grams of 24-carat gold remained shuffling between Rs. 7,920 and Rs. 8,250 during past seven days this month. This wavering situation has forced common gold buyers, NRIs and their families to adapt ‘wait and watch’ mode. The fluctuation has also lowered the buying capacity of a common man. Enquiries revealed that the unprecedented hike in gold prices was caused by those, who, play ‘satta’ on the precious metal in bulk and who, virtually, control the market directly from the US, Dubai and Mumbai. ‘Satta’ is also said to be popular in main markets of Delhi, Ludhiana and Jalandhar.
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Videocon plans unit at Siliguri
Kolkata, February 13 Videocon group chairman V.N.
Dhoot, who met West Bengal Chief Minister Buddhadev Bhattacharjee here today, apprised the government of the company’s plan to expand its base in the state. While Mr
Dhoot, who also met Urban Development and Municipal Affairs minister Ashok Bhattacharya, did not comment on the plans, the Chief Minister said the foundation stone for the Siliguri unit was likely to be laid on February 20. He, however, did not disclose the proposed investment for the Siliguri unit. Videocon, which had bought the Salt Lake factory from Philips India for Rs 9 crore in 1999, had last year announced a Rs 200 crore IT park project to be set up on the excess land there.
— PTI
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Plastic industry seeks cut in tax
New Delhi, February 13 It has also called for tax exemptions for R&D to make “biodegradable plastic as an economically viable option for the masses.” With over a 100 per cent increase in the crude prices in the past three years, said industry watchers, the plastic prices have increased by around 60 per cent. “In view of the growing importance of plastic material in agriculture, infrastructure and retail sector, the government should bring down tax burden from the present 30 per cent to about 17 per cent,” said Kamla P. Nanavaty, Chairman, National Executive Council of PlastIndia, 2006. The industry, dominated by Reliance, GAIL (India), IndianOil, posted 21 per cent growth last year. After the USA and China, India is the largest consumer of plastic, besides exporting plastic products to over 60 countries.
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Safilo eyeware targets Punjab
Chandigarh, February 13 Though the France-based Safilo Group has its presence in four cities in the region-Chandigarh, Ludhiana, Jalandhar and Amritsar, it now proposes to make its fashion eyewear available in the backyards of Punjab Mr Amarbir Singh, Country Sales and Marketing Manager, Safilo India, said it had tied up with dealers in Bathinda, Patiala, Hoshiarpur and Kapurthala. “As of now we have 20 dealers in Punjab. But a large chunk of the clientele comes from small towns, especially in the Doaba region. Fuelled by a 35 per cent annual growth rate in the north in the past three years, Safilo will double its dealership network in Punjab by the end of 2006 as Punjab is the next biggest market for high-end fashion eyewear after Delhi and Mumbai,” said Mr Amarbir Singh. About its strategy to counter the mass brand presence of Bosch and Laumb (Ray Ban sun glasses) in India, he said Safilo, too, was targetting the ambitions middle class. “Our product range is between Rs 4,000 and Rs 14,000 and Safilo frames, sunglasses and sports glasses reach some 130,000 customers in over 120 countries with a total sales revenue of over one million Euro (Rs 5500 crore).”
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PSEB inks pact with CCL
Ranchi, February 13 According to the MoU, signed by CCL General Manager (washeries construction) H L Sapru and OSD to member generation of PSEB A K Singhal here, the PSEB would construct and operate a washery at KD Hesalong in N.K. area to increase supply to its power plants in Northern India.
— UNI
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Credit card
New Delhi, February 13 SBI card CEO Roopam Asthana said the card would be free of cost for the first year, but would charge Rs 700 per annum if purchase on the card were less than Rs 7,500.
— PTI
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