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Ratan Tata impressed as CM hardsells Punjab
We want your money, FM tells US firms
Bids invited for 10 coal-bed methane blocks
Aircel to invest $500 m
RIL ready to resolve issues with ADAG
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AES to set up 1,000-MW plant in Chhattisgarh
Essar moves govt on Hutch’s action
No plan for foreign banks in rural areas
Frito Lays chips found adulterated
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Ratan Tata impressed as CM hardsells Punjab
Chandigarh, March 3 The meeting was not just restricted to setting up a car-manufacturing unit. Mr Tata said that he would soon despatch teams of senior executives to examine the feasibility of a few projects proposals that were discussed in today’s meeting. A spokesperson of the Punjab government said that the Tata Group was looking to foray into various sectors by pumping in huge investments in the state. The Punjab Chief Minister made a presentation outlining the main features of the industrial climate in Punjab, which had already drawn a record investment of Rs 56,130 crore in 149 mega projects. Mr Tata said that he was highly impressed by the progress made by Punjab recently. He said he was satisfied with the wide- ranging discussions, not restricted to any specific project, during the meeting and hoped for a positive outcome in the near future. The Chief Minister assured Mr Tata that the state government would extend all possible support and cooperation to the Tata Group for making investments in Punjab. Capt Amarinder Singh pointed out that Punjab would prove to be far more viable ‘investment destination’ due to its advantageous position in terms of logistics, manpower, excellent market network and ancillary units.
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We want your money, FM tells US firms
New Delhi, March 3 “This is a very different India from what we were 20 years ago. In the next 20 years, we will be all the more different. All these are opportunities that beckon investment,” Mr Chidambaram said. India is on a sustainable 8 per cent annual growth track, Mr Chidambaram told US business leaders accompanying US President George W. Bush at a conference on Indo-US Economic Cooperation, organised by the CII and the US India Business Council. He renewed the government’s commitment to economic reforms and said he is ‘confident’ he could win passage of measures in Parliament to raise foreign investment caps in key sectors such as insurance. Higher growth meant eight million jobs in a year, 1,000 km of roads, 10,000 MW of power, 50 million telephone connections and the capacity to make “young children become globally competitive,” Mr Chidambaram said. “Let me tell you, we want your money. Those who have money have the technology also. I want your technology also. I want your good management policies, good governance norms,” he said. He invited US companies to invest in infrastructure, IT hardware, auto (especially small cars), financial sector, leather, textile and gems and jewellery. Mr Chidambaram said India is looking for a large flow of foreign direct investments to boost the economy. He said cumulative foreign direct investment of $ 37 billion in the past half decade of which the US contributed only $5 billion, did not reflect the ‘real potential’ that India held for foreign investors FDI inflow was crucial for India to raise overall investment rate to 34-36 per cent of GDP from the present level of 30 per cent and attain a higher growth of 8 to 10 per cent, the minister said. As growth is a function of investment and efficiency, he said at the current efficiency level, investment rate at 30 per cent of GDP and savings rate at 29 per cent, the Indian economy cannot grow beyond 7.5 to 8 per cent. Even if domestic savings rate are raised to 30-31 per cent, the country still requires 4 per cent of GDP to come from FDI, Chidambaram explained. In this context, he said there was immense opportunities for US companies to invest in India and reaping the benefits of liberalisation and incentives offered in manufacturing and services sectors in the Budget. Meanwhile, in the Lok Sabha he said, the state governments should penalise usurious moneylenders or financiers under the Anti-Usury Acts for charging astronomical interest of 50 to 60 per cent from farmers.
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Bids invited for 10 coal-bed methane blocks
New Delhi, March 3 “We have so far signed 16 contracts for exploration of CBM to harness a new and emerging source of hydrocarbon from coal fields of the country. Three operators have already established in place gas reserves of over 6 trillion cubic feet, and we are sure to grant contracts for new blocks by October this year,” said Petroleum Minister Murli Deora while speaking at a roadshow on the CBM blocks. He is likely to meet Finance Minister P. Chidambaram on Monday on fuel pricing and subsidies and has not ruled out a marginal increase in prices. With the Budget leaving the oil sector high and dry, the Petroleum Minister is expected to demand a review of the provisions for the sector in the Budget. Petroleum Ministry officials, he said, were to meet their counterparts in the Finance Ministry on Monday and he “may join them when they meet the Finance Minister.” Mr Deora said his efforts would be to ensure that public sector oil companies did not lose money on selling petrol, diesel, LPG and kerosene while ensuring that the common man was not burdened with the price hike. Asked specifically if LPG and PDS kerosene consumers may be spared from any increase and a marginal increase in the petrol and diesel prices effected to shore up revenues of oil firms that are losing heavily on account of selling fuel below cost, he said: “I can’t say (that) just now.”
ONGC to invest
Rs 100 cr in CBM
Meanwhile, the ONGC has announced to invest upwards of Rs 100 crore in the exploration of coal-bed methane projects over the next five years. The ONGC-IOC combine bagged two of the seven blocks that were offered for competitive bidding in April,2001. The awards were announced toward the end of last December. The ONGC-IOC combine bagged the Bokaro and North Karanpura blocks in Jharkhand. The East and West Sohagpur blocks in Madhya Pradesh were bagged by Reliance Industries while the Essar group, which had bid for three blocks, was awarded the East Ranigunj block. There were no bidders for blocks in Satpura in MP. Awards have been finalised for five of the six remaining blocks for which tenders were received before the final date of August 31, 2001.
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Aircel to invest $500 m
Kuala Lumpur, March 3 Maxis CEO Datuk Jamaludin Ibrahim, who also sits on the Aircel Board, said the investment covers to some extent Aircel’s two current areas, Tamil Nadu and Chennai. “But a bulk of the investment is predominantly for the 10 new circles, five of which have been launched while the other five will be launched by the year-end,” he was quoted as saying by the daily ‘New Straits Times’ today. Mr Jamaludin said the significant investments are necessary to make Aircel a pan-India player. He said out of the $500 million to be raised by Aircel, $300 million is already in place as extended by 11 Indian banks. Mr Jamaludin was speaking to reporters after Maxis’ extraordinary general meeting in Kuala Lumpur yesterday to seek shareholders’ approval of its $1.08 billion acquisition of Aircel. The proposed acquisition now awaits approvals from the Malaysian and Indian regulators, the report said. Upon completion, Maxis will hold a controlling 74 per cent equity interest in Aircel, as a result of its 65 per cent direct stake and 9 per cent indirect stake via its participation in a joint-venture company Deccan Digital Networks Private Ltd. In total, Maxis will directly invest $702 million for its equity interest while Deccan will invest the remaining $378 million. Aircel recently launched new circles namely, West Bengal, Orissa, Assam, North-East, and Jammu and Kashmir. Aircel expects to roll out mobile services in five other circles — Bihar, Himachal Pradesh, Madhya Pradesh, Uttar Pradesh (East) and Uttar Pradesh (West). On whether Maxis is interested in another Indian mobile phone operator Spice Telecom Ltd, Mr Jamaludin said: “We have been talking to many parties, not just for equity reasons but also alliances in areas such as infrastructure sharing and product development.”
— PTI
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RIL ready to resolve issues with ADAG
Mumbai, March 3 The assurance has come in the wake accusation by RCoVL that RIL was yet to fulfil its promise of providing Rs 3,100 crore in cash and in supporting in import of capital goods of Rs 10,000 crore by the Anil Ambani-controlled company. RIL sources said of the total commitment of Rs 3,100 crore it has already made cash payment of Rs 372.08 crore and the balance was paid in the form of deep discount bonds of Reliance Communication Infrastructure Ltd, a group company of RCoVL, earlier held by RIL. The sources said that RIL had already given a guarantee of equipment imports worth Rs 10,000 crore to the State-owned Export Credit and Guarantee Council (ECGC). RCoVL, slated for listing on BSE and NSE on Monday, in an information memorandum filed with the stock exchanges, said transfer of only Rs 372.08 crore in cash and Rs 2,727.92 crore of deep discount bonds without informing the representative of the Anil Ambani has “ reduced the financial flexibility of the company.” The reconstituted Board of RCoVL has decided to take “appropriate action” to restore the position as agreed to earlier, the memorandum said. To this, RIL sources said, “it is committed to the agreement signed at the time of separation between the two brothers.” RCoVL said as per the agreed position, RIL has to continue support the company and its affiliates such as Reliance Infocomm in the shape of export obligations against import of goods and services of up to Rs 10,000 crore during April 1, 2005, to March 31, 2007. “RIL has not yet executed any agreement in connection with this obligation. The reconstituted Board has decided to take appropriate steps to enter into appropriate agreements with RIL in line with the agreed position to protect the interests of the company and its shareholders,” RCoVL said.
— UNI
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AES to set up 1,000-MW plant in Chhattisgarh
Mumbai, March 3 The company has signed a Memorandum of Understanding with the Chhattisgarh government in this regard, a company press note said here today. Upon operation, the plant would supply electricity to power deficit states in the country, it said. AES would also have the right to develop this project, which will be integrated with a captive coalmine, it said. AES India has begun a feasibility study to identify the specific location and other requirements for the project.
— PTI
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Essar moves govt on Hutch’s action
New Delhi, March 3 Essar, the single largest equity holder in the mobile major, shot off letters to Prime Minister Manmohan Singh and Telecom Minister Dayanidhi Maran last week after it failed in attempts to get a satisfactory answer from Hutchison. Essar, which was kept out of the loop about the Orascom deal, wanted to know from the government whether the sale of equity in an Indian telecom jv by a foreign partner to another foreign company, directly or indirectly, necessitated approval and regulatory clearance, including from the FIPB. Although Essar officials were not available for comments, their communication wondered whether such indirect change of shareholding through a foreign holding company, without the consent of serious Indian investors in the telecom company, could constitute a serious threat to national security. And “it will be difficult to hold serious Indian investors responsible in a situation where the entire shareholding pattern has changed without the consent of the Indian investor,” the letter, which was sent to Finance Minister P. Chidambaram, said. Hutchison sources, however, maintained that the Orascom transaction had not resulted in the sale of HTIL, which holds about 50 per cent stake in the jv, shares in India and the management of HTIL continues to be unchanged with long-standing Hutchison employment in place. — PTI
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No plan for foreign banks in rural areas
New Delhi, March 3 Replying to a question whether any target has been fixed for foreign banks to give credit to farmers, the minister said “they do not have rural semi urban branches... The policy does not allow that and at present there is no proposal to reconsider this policy. Please do not put pressure to change it as the policy is quite sound.” “There is no special target stipulated for foreign banks lending to farmers. For that, we have to first ask them to open branches in rural areas. I am not sure that is a right thing to do,” he said. Rejecting allegations that agriculture credit growth has slowed down during the UPA
regime, Mr Chidmabaram said “rather it has been phenomenally high. We had said that we will double the credit to farmers in three years but I am sure that we will achieve this in two and a half years.” He said that in 2000-01, the total credit flow to agriculture was Rs 52,827 crore, which shot up to Rs 86,981 crore in 2003-04 and “and we are sure to achieve a target of Rs 1,40,000 crore this year and Rs 1,75,000 crore next year.
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Frito Lays chips found adulterated
New Delhi, March 3 “It is a fact that the contents of the sample of Frito Lays Chips contained black specks. Hence the sample was found adulterated and unfit for human consumption by the Public Analyst, Punjab,” Health and Family Welfare Minister Anbumani Ramadoss said in the Rajya Sabha today. He said in a written reply that the local health authority of Sangrur has lodged a complaint against Pepsico India Pvt Ltd (Frito-Lays Division). A case has been lodged in the court of law under the PFA Act, 1954, against Pepsico India Pvt Ltd.
— UNI
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