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Nod to 100 pc FDI in certain sectors
VSNL completes purchase of Teleglobe
Shital Fibres bags export award
IOB set to corner 70 pc stake in Bharat Overseas
Reliance Capital acquires stake in DTDC
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Software to address BPO sector needs
UK to award Indian cos
Rai Bareli, Amethi to have SSI units
Kumarmangalam to get Century Textiles and Enka
Bata India to raise housing complex
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Nod to 100 pc FDI in certain sectors
New Delhi, February 14 The government has also issued guidelines for the FDI in single brand retail sector where it has already permitted multinational companies to offer multiple products with prior government approval. Other sectors, which have been opened for 100 per cent FDI through the automatic route, include brewing of potable alcohol, manufacturing of industrial explosives and hazardous chemicals, cash-and-carry wholesale trading and mining of diamond and precious stones will be also to invest 100 per cent through the automatic route. The notification pertaining to retail sector states that FDI up to 51 per cent in retail trade of single brand products would cover only those that are sold under the same brand internationally and are branded during manufacturing. The guidelines said that the application for retail FDI would specifically indicate “the product or product categories which are proposed to be sold under a single brand.” “Any addition to the product or product categories to be sold under single brand would require a fresh approval of the government,” said Department of Industrial Policy and Promotion in a notification. The notification, which comes into effect immediately, says that FDI in retail would be allowed only with prior government approval. A company would have to file an application to the Secretariat of Industrial Assistance under the Department of Industrial Policy and Promotion. The application would later be considered by the Foreign Investment Promotion Board
(FIPB). The notification permitted 100 per cent FDI in existing airports with prior permission from FIDB and subject to sectoral regulations notified by the Ministry of Civil Aviation. The government has also removed the mandatory requirement of disinvestment of 26 per cent foreign equity in favour of resident Indian shareholders within five years for companies engaged in B2B e-commerce.
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VSNL completes purchase of Teleglobe
Mumbai, February 14 Informing the BSE today, the company said at Teleglobe’s current revenue levels, the acquisition could increase their annual revenues by up to 200 per cent in 2006-07. The new combined unit will own and operate one of the world’s largest international mobile, data, and voice networks with coverage to more than 240 countries and territories. The foundation of the new company’s capability will be the integration of its leading pan-India presence and unequalled cable diversity to and from India, the world’s largest designed global backbone capacity, and Teleglobe’s network. With its acquisition of Teleglobe, the company’s wholesale customers will benefit from superior network reach, and scalability from a single partner worldwide for voice, data and mobile services. As part of its strategy to deliver next-generation solutions to Fortune 1000 customers, VSNL International will leverage Teleglobe’s network and capabilities to further expand services offered through its Global Business Pathway providing the world’s leading businesses with diversified multi-technology connectivity, significant commercial flexibility, and innovative managed services. “The Teleglobe acquisition is a critical step toward our vision to become a global industry leader providing customers with converged communications solutions,” commented Executive Director N. Srinath. “We are now a key player in the international wholesale market, supporting more than 1,400 customers. The combined company will operate under the name of VSNL International, and will provide the wholesale and enterprise sectors with key mobile, data and voice offerings. Teleglobe will continue to serve as the product brand for the voice, mobile and IP transit wholesale services.
— UNI
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Shital Fibres bags export award
Jalandhar, February 14
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IOB set to corner 70 pc stake in Bharat Overseas
Chennai, February 14 IOB’s Board of Directors, which met today, has approved the proposal of buying BhOB shares held by six other banks at a price of Rs 155 per share. IOB is the single largest stakeholder with 30 per cent interest in BhOB, a private bank based also in Chennai. The other shareholders are Bank of Rajasthan (16 per cent), Vysya Bank (14.66 per cent), Federal Bank (10.67 per cent), Karur Vysya Bank and South Indian Bank (10 per cent each) and Karnataka Bank (8 per cent). In a communiqué to stock exchanges, the IOB said it would approach regulator and other authorities for approval of the acquisition of shares. The Bank of Rajasthan will get the highest amount at about Rs 39 crore for its 16 per cent stake, followed by Vysya Bank (Rs 35 crore), Federal Bank (Rs 26 crore), Karur Vysya Bank and South Indian Bank (24 crore each) and Karnataka Bank (Rs 21 crore). “South Indian Bank has agreed in principle to transfer the 10 per cent stake it holds in BhOB to IOB,” a senior South Indian Bank executive said. BhOB’s total business stood at Rs 4,429 crore in 2004-05 with deposits at about Rs 2,749 crore and advances at Rs 1,680 crore.
— PTI
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Reliance Capital acquires stake in DTDC
New Delhi, February 14 The management of the company would continue to be in the hands of DTDC CMD Subhashish Chakraborty, who has retained the remaining 56 per cent stake, DTDC said. “Reliance Capital, apart from its investment, also endorses DTDC’s unique business model. The alliance is also expected to bring a lot of value addition to the company. We chose Reliance Capital because of its professional approach, and speed of implementation,” he said. The announcement comes within hours of Reliance Capital Ventures, which is proposed to be merged with RCL, saying that it has filed a revised information memorandum with Stock Exchanges for listing the company.
— PTI
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EU: opposition to Mittal takeover bid not due to racial discrimination
New Delhi, February 14 “The EU is clear that nationality is not relevant and it should be decided according to the laws in place and commercial merits, ”Mr David O’Sullivan, European Commission Director-General for Trade, said here. He said it was “‘unfortunate” that such allegations crept in and added that any violation of law would be a great concern for the union. He said the EU had the interests of farmers in the Third World high on agenda and was particular in changing polices to benefit them. French Finance Minister Thierry B reton has said he has “profound concerns” about a bid he called ill-prepared and hostile. India is likely to raise the issue when French President Jacques Chirac arrives here at the weekend with a delegation of business leaders. Chirac has yet to pronounce stand on the issue. Arcelor is trying to fend off the bid. Mr Lakshmi Mittal, the founder and majority-owner of the steel group, has said his company’s bid for Arcelor would safeguard European jobs. The country’s southern Walloon region owns 2.3 per cent of the steelmaker. Meanwhile, reports said European regulators were studying the draft prospectus of the Mittal Steel offer. Meanwhile, India Inc. is clearly peeved by efforts of European officials to block Mittal Steel’s bid as a majority of the CEOs polled by industry chamber Assocham have described Europe’s fears as xenophobia. An overwhelming 95 per cent of the CEOs, who took part in the Assocham Business Barometer (ABB) survey, dismissed the “misplaced European fears as nothing but a xenophobia”. As many as 75 per cent of the respondents wanted the Indian government to take up the issue with individual governments in Europe as well as with the European Commission. Kiev: Arcelor is holding talks on acquiring Ukraine’s number two steel-maker Mariupol Ilyicha, according to a newspaper report. The steel giant has offered to buy the Ukrainian firm, the Delo newspaper said, quoting an anonymous source at Mariupol Ilyicha. Analysits have said that Arcelor is trying to increase its assets in an effort to fight off the hostile bid by Mittal Steel.
— AFP
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Issue not to hit ties
The Indian Government has indicated that the issue would not affect India’s relations with the countries opposing the Mittal takeover bid.
“India’s foreign policy is that of the country and is not linked to any one incident,” Minister of State for External Affairs Anand Sharma told reporters here today amid reports that the government was contemplating backing off on its plans to sign a double taxation avoidance agreement with Luxembourg in retaliation for the treatment meted out to Mittal. Mr Sharma said any policy of the country had to be “comprehensive”. “India takes a view in larger global context. India has been taking independent policy decisions for which India is respected globally,” he said. The Government of Luxembourg, a shareholder of European steel major Arcelor, has indicated that it could rush through a bill aimed at thwarting the NRI industrialist’s $ 23 billion hostile bid to take over Arcelor.
— PTI
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Software to address BPO sector needs
Chandigarh, February 14 “The over 150 call centres in the North region are going all out to ensure the privacy of customer information, as security is the over riding factor for success,” informed Col. I S Gehlot, a consultant with the Confederation of Indian Industry (CII). From banning use of camera phones to getting technical help for maintaining data security — the BPO industry is all out to woo the confidentiality of its US and European clients. The information threat environment, with incidents like in Gurgaon (wherein a call centre employee had sold off confidential information) has led to the information security becoming the primary business concern. CII and SecureSynergy have launched a programme on data security
— eSecure.
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UK to award Indian cos
New Delhi, February 14 “The UK Trade and Investment Business Awards, 2006, is the first award by any government worldwide recognising India’s global business influence and success,” British High Commissioner Michael Arthur said here. This event is unique as it is for the first time that awards would be given by a foreign government to Indian firms, he said, adding that this was also the first time that Britain had instituted such awards for any country in the world. The awards would recognise business excellence, two-way investments, entrepreneurial talent, innovation, UK-India partnerships, new business models, first time market entrants and individual achievements. There are about 500 Indian companies in the UK, Mr Arthur said, adding that there had been an increase of over 25 per cent from a year ago. About 65-70 per cent of the companies belonged to the IT and biotech sectors, he added.
— PTI
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Rai Bareli, Amethi to have SSI units
Rae Bareli, February 14 This was announced by Central minister for Small-scale Industries Mahavir Prasad at a function in Feroze Gandhi Polytechnic here. Calling upon officials to effectively implement various schemes related to small industries, Mr Prasad said this would enable the rural poor to derive “maximum benefit’’. Chief General Manager of SIDBI B.S. Rathore said a five-year village industries programme was being conducted in Rae Bareli since 2004.As many as 56 units had so far been set up under the programme at an investment of Rs 2 crore.
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Kumarmangalam to get Century Textiles and Enka
Kolkata, February 14 “I have already worked out the succession plan for my companies and there is no confusion about it but I will continue to look after these companies till I am active,” Mr Birla said in an interview here. The 86-year-old Birla, who is still active and regularly attends office, said Century Textiles and Industries, the flagship company of B K Birla group companies, along with Century Enka would eventually go to Kumarmangalam Birla. Jayshree Tea and Industries would go to his daughter Jayshree and Kesoram Industries to another daughter, Manjushree, he said. When asked whether induction of Mr Kumarmangalam in Century Textlies Board a few days back was part of the plan to hand over the company to younger Birla, he said: “I wanted him to take over the company but he said he is too tied up with his own companies and wanted me to continue overseeing these companies for the time being.” Mr Kumarmangalam, whose cement and aluminium giant Aditya Birla Group is the third largest corporate entity in the country behind Reliance and Tatas, was inducted into the Century Textiles Board on February 7 amid speculation that it may be a part of the plan to merge the company with AVB to further consolidate its position as country’s number one cement company. Mr Birla, however, dismissed the speculation about merger emphasising that he would like Century to maintain its identity even under the control of Kumarmangalam. “I will run the company independently till my health allows and even after that I will not like the dissolution of my company and want to see Century continuing with its identity,” he said. To a query whether he has already prepared his will to ensure smooth succession, he said “It’s not required, I have told my wife, my children and other family members. Everybody knows it and there should not be any confusion about succession.” “Even if I die tomorrow, everyone will know which company will go to whom,” he said. Mr Birla said that he had worked out his succession plan quite some time back, much before the will controversy for the succession in the M.P. Birla group came to fore in July 2004. The move to pick up controlling stake in Pilani Investments last year was part of that exercise.
— PTI
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Bata India to raise housing complex
Kolkata, February 14 The Cabinet, which met at the State Assembly, also approved the
setting up of a satellite township at Dankuni in neighbouring Hooghly district under public-private partnership, informed sources said. As per Bata India’s plan to diversify into housing activity on its unused 266-acre land adjacent to its Batanagar factory in South 24 Parganas district, about 50 km from here, the area would be developed with all infrastructural facilities within two years. Besides building a number of modern multi-storeyed buildings, a 100-bed hospital and a secondary school would come up within the proposed complex.
— UNI
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