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Haryana go-ahead to Rs 30,000-cr Reliance SEZ
Oil prices may hit India’s growth, Indian to levy Rs 300 fuel surcharge
Gold spurts by Rs 240, peaks at Rs 9,950
Iran seeks between $8 and $9 per mBtu for piped gas
Toyota Motors faces $190-m sexual harassment lawsuit
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Dell to produce from India
Glaxo to sell off agrivet arm
New directives to resolve disputes between PSEs, banks
ITC to build biscuit unit in Uttaranchal
Michelin to set up tyre facility
Toshiba unveils home appliances
Panacea Biotec eyes overseas acquisitions
Bank Account
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Haryana go-ahead to Rs 30,000-cr Reliance SEZ
Chandigarh, May 3 The government also approved the policy regarding acquisition of land up to 25 per cent in the National Capital Region and Panchkula regions and 50 per cent in the remaining parts of the state for private developers in public-private partnership for setting up SEZs, technology cities, industries parks and industrial model townships. The Cabinet, which met under the chairmanship of Chief Minister, Mr Bhupinder Singh Hooda, approved the Reliance- Haryana SEZ, to come up on 25,000 acres of area. The Cabinet also approved the merger of 1,715 acres of SEZ land at Garhi Harsaru, Gurgaon acquired by HSIDC, for developing it through a joint venture of HSIDC and Reliance Venture Limited for the mega project of Reliance SEZ. The total cost for which the land is to be transferred will include the cost of land acquisition, interest capitalised as holding cost, administrative cost, and opportunity cost to the HSIDC in the form of sweat equity in the joint venture SEZ, in order to adequately compensate the corporation for present and future role of HSIDC. While approving the SEZ Policy, the Cabinet said the objective of the policy is to generate employment, create investment and facilitate dispersal of economic activities in the backward areas of the state. Multi-pronged strategy has been adopted to achieve the mission of creating employment for one million persons within the next 10 years by adopting simplification of rules and regulations, effective institutional mechanism, development of strong infrastructure and providing incentives and concessions to the industry, particularly in the backward areas. The Government of India has approved setting up of 28 SEZs for which the state government had enacted the Haryana Special Economic Zone Act to facilitate setting up industries having export commitments. These proposals on implementation would create investment of more than Rs 1,00,000 crore in infrastructure sector. This will also have spin-off effect on investment of several crores in the industrial sector. In order to reconcile the state’s objective with the preference shown by the private sector, it is envisaged that the state government assist the private sector in developing five to six multi-product SEZs in the NCR region. As far as possible, it shall be the endeavour of the state government to ensure dispersal of these SEZs even within the NCR. Similarly, not more than two industrial model townships would be encouraged in the NCR region. However, no such restriction shall be placed on developers who approach the state government for assistance in land acquisition outside the NCR. Haryana would also encourage setting up of technology cities mainly outside the NCR region. The state would leave it to the private sector to purchase land directly from the landowner for single product, IT/ITeS, biotechnology and warehousing SEZs where area requirement is much smaller. The state government would, however, assist the private sector developer in acquiring left out pockets to ensure contiguity of the SEZs. It was, however, decided that the state government shall not acquire more than 25 per cent of the land required by private developers in the NCR and Panchkula district and not more than 50 per cent outside NCR/Panchkula districts.
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Oil prices may hit India’s growth, says ADB chief
Hyderabad, May 3 Pledging ADB’s continued commitment to India’s development, Mr Kuroda said the bank plans to double it level of lending to New Delhi touching $2.65 billion by 2008, focusing on transport, energy, water and urban development sectors. Mr Kuroda was speaking to reporters on the sidelines of 39th Annual General Meeting of the ADB at the swanky Hyderabad International Convention Centre, being attended by 2,500 delegates from over 65 countries. The greatest threat to private investment and growth in many countries in the region, he said, was the high level of risk arising from regulatory weaknesses, policy uncertainty and market distortions. “How we respond to these challenges will shape the region’s future. ADB’s role in the region’s response will feature prominently among the issues we would be discussing over the next few days,” he said. Another major challenge was to bridge the widening gap between the rich and poor; to ensure the poor are included in, and benefit from, economic growth. He disclosed that the ADB would finalise a new medium-term strategy for 2006-2008 soon after the annual meeting. While acknowledging India’s success story, he said the country needs to address the challenges of a growing economy such as employment generation, efficient energy management and ensuring development without adversely impacting the environment. “ADB is proud of its commitments in India, and looks forward to strengthen cooperation,” he said. Voicing concern over the spiralling global oil prices, Mr Kuroda asked the oil producing countries to look for ways to stabilise oil prices. He said the spurt in oil prices might have an impact on the economic growth rate of India and slow down the growth of developing economies. Expecting a small deceleration in the growth due to ‘unsustainably high’ global oil prices, he projected a 7.2 per cent growth rate for the region. Identifying energy management as one of key challenges of rapidly developing regions in the Asian region, the ADB chief spoke of the bank’s $1 billion programme to assist member countries for coming up with cleaner, sustainable and renewable energy. To a query on protests by NGOs against ADB policies, Mr Kuroda said every one had a right to demonstrate in a democratic society, and pointed out their views were also being heard.
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Indian to levy Rs 300 fuel surcharge
Mumbai, May 3 "The surcharge is applicable on all tickets issued or re-issued on or after May 4, 2006, against both INR and USD tariff for travel on domestic sectors," the airline said. — PTI
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Gold spurts by Rs 240, peaks at Rs 9,950
New Delhi, May 3 The precious metal was in demand by speculators in line with the rising trend in the international markets, which normally set a price band in domestic markets. Gold futures rose to over 25-year-high in overseas markets as mounting tension over Iran’s nuclear programme lifted crude prices, boosting the precious metal’s appeal as a hedge against inflation. Gold for June delivery rose by $9.40 to $676.80 an ounce in the New York Mercantile Exchange, highest since October 17, 1980. They said the bullion markets were more influenced by geopolitical reasons rather than forex, which earlier dominated the dollar-priced metals. Standard gold and ornaments shot up by Rs 240 each at Rs 9,950 and Rs 9,800 per 10 gram, respectively. Sovereign also spurted by Rs 150 at Rs 7,750 per piece of eight gram, a level never seen before. Buoyancy was noticed in silver as the ready stock was traded higher by Rs 250 at Rs 20,700 per kilo and weekly-based delivery by Rs 760 at Rs 20,960 per kilo on speculative support. As the silver prices gained, its coins were higher by Rs 300 at Rs 23,800 for buying and Rs 23,900 for selling of 100 pieces.
— PTI
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Iran seeks between $8 and $9 per mBtu for piped gas
New Delhi, May 3 “Iran has quoted $8.2 to 9 per mBtu price for the gas. This is double the market price of natural gas in India,” a top official said. At this price, Pakistan, with a GDP of $90 billion, would end up paying about $8.3 billion annually for 70-80 million standard cubic meters per day gas it wants to import from Iran. For India, the import of 90 mmscmd gas from Iran would cost around $9.2 billion annually. “Such high price is not acceptable,” the official said. Teheran is also seeking higher price for 5 million tonnes liquefied natural gas (LNG) it plans to sell to India through a separate contract. Against the maximum price of $3.25 per mBtu agreed upon as part of the 25-year LNG contract signed in June 2005, Iran is now seeking $5.1 per
mBtu, he said. “At this price, this would be the costliest long-term LNG deal in the world. We are currently importing 5 million tonnes LNG from Qatar at $2.53 per
mBtu. “This price would rise to $3.5 per mBtu in 2008. National Iranian Gas Export Co
(NIGEC) and a consortium of IOC-GAIL-BPCL had in June 2005 agreed to pay Iran 0.065 of Brent crude oil price at the time of loading of each consignment plus a fixed price of $1.2 per
mBtu. Price according to this formula was capped at $3.215 per mBtu at $31 a barrel Brent price. Now Iran wants the cap to be raised to $60, the official said. —
PTI
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Toyota Motors faces $190-m sexual harassment lawsuit
Detroit, May 3 In the lawsuit filed in New York state court, Sayaka Kobayashi, 42, said Toyota North America Chief Executive Hideaki Otaka, 65, made repeated sexual advances toward her in 2005 when she was working as his assistant in New York. “Toyota has a ‘zero tolerance’ policy towards sexual harassment at all levels within the company and takes any allegations of this nature very seriously,” Toyota said in a statement, declining any further comment. Kobayashi, an employee in the company’s corporate planning unit who was hired in the United States in 1997, was asked to become Otaka’s assistant in March 2005, according to the lawsuit. “Rather than the step forward for her career that she had hoped, the position has turned into a personal nightmare for Ms. Kobayashi,” the lawsuit said. Over the next few months, Otaka repeatedly asked Kobayashi to accompany him to lunches, walks in Central Park and on business trips, where he tried to engage in sexual conduct with her, according to the suit. The lawsuit says Toyota should have known Otaka had a “reputation of abusing positions of authority within Toyota Japan by repeatedly engaging in or attempting to engage in extra-marital sexual relationships”. Kobayashi’s suit names Toyota and Otaka as defendants and seeks $40 million for injury to her career, emotional distress and negligent hiring, plus $150 million in punitive damages. —
Reuters
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Dell to produce from India
New Delhi, May 3 “They have decided to come here with their manufacturing facility,” a senior level government official who held talks with top Dell Computers management, said. Dell Computers, known for its online supplies of its range of products, including personal computers, is scouting around for a suitable place for assembly line. The company’s worldwide business model of online supplies would be followed here as well, sources said. In China, Dell Computers has a manufacturing unit and it has been mulling about
strengthening its Indian presence for quite some time. Company officials who had met Finance Minister P Chidambaram at Davos, met senior officials at the recently-concluded Hannover Fair, in which India was a partner country. Dell’s BPO business has grown quite well in India with the company having established three sites in Bangalore, Hyderabad and Chandigarh. —
UNI
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Glaxo to sell off agrivet arm
Mumbai, May 3 The Board approved the sale of the Agrivet Farm Care undertaking to Virbac Animal, a subsidiary of Europe-based Virbac SA, the company said. The proposed divestment of AFC Undertaking would transfer all rights and obligations of Glaxo in the undertaking, including the services of approximately 240 employees to
Virbac, it said. “The divesting of the AFC business is in the best interests of all stakeholders. We are pleased to say that Virbac meets both these requirements, given their entrepreneurial culture and their commitment to the future of AFC employees,” GSK Managing Director Kal Sundaram said.
— PTI
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New directives to resolve disputes
Chandigarh, May 3 These instructions have been issued by the Department of Public Enterprises, Government of India, in order to give more powers to the PMA, and expedite settlement of disputes between the public sector enterprises, banks and government departments. Directions have now been issued that the PMA will not hear any disputes referred to it, if these did not have the new arbitration clause. All public sector enterprises and government departments have also been asked to refer all disputes to the PMA, within two months of arising of the dispute. In case of borrowers, where documents have already been executed, separate documents are to be obtained from banks, public sector enterprises or the government departments.
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ITC to build biscuit unit in Uttaranchal
Kolkata, May 3 “We are setting up a biscuit manufacturing plant at Uttaranchal with a capacity of 2,500 tonnes per month to start with and it is expected to be completed by February,” ITC Foods Chief Executive Ravi Naware said here today. The manufacturing facility would be spread over 10 acres. The plant is expected to be operational by February-March, 2007. In future, the ITC would consider to build more of its own facilities for other food segments. Currently, all 110 food products are outsourced. The company has lined several new variants in the biscuit segment to strengthen its product portfolio and increase the market share to 12-13 per cent from about 8 per cent now. Mr Naware said spices were also one area where the company was trying to make its national
presence. — PTI
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Michelin to set up tyre facility
New Delhi, May 3 Michelin India CEO Herve Dub said this at a press conference here while launching a new tyre in India, Michelin Energy XM1, designed for the mid-size car segment aimed at low fuel consumption. The tyres are designed to provide drivers with a safer and comfortable motoring experience than any other tyre in the class while being longer lasting and economise on fuel. —
UNI
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Toshiba unveils home appliances
New Delhi, May 3 Initially, the company would import complete range of home appliances and distribute to the dealers and retailers directly. Mr Harry Fujimaki Yoshihiro, Country Manager, Toshiba Consumer Marketing Corporation, said, “Toshiba will launch as many as 12 models of refrigerators, including the state-of-the-art “GR-M72UTA”, which has adopted Toshiba’s original “hybrid plasma unit” and “automatic ice maker” technology.
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Panacea Biotec eyes overseas acquisitions
New Delhi, May 3 “We will soon register the product in India, and hope to produce IPV vaccines for the post-polio eradication, in combination with other vaccines. Under the deal, the NVI will provide us raw material and the finished products would be sold in the global and domestic market,” said Mr Rajesh Jain, Joint Managing Director, Panacea Biotec after signing the deal with Mr Thijs Veerman, General Director, NVI, here today. Talking to reporters, he said the company had achieved a turnover of Rs 1,200 crore and was now looking for acquisition of pharma companies in the overseas market to sustain the annual growth of 20-22 per cent.
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State Bank of Bikaner’s profit declines
New Delhi, May 3 The bank however, achieved an all-time high growth in total business at Rs 37,794 crore in 2005-06 as against Rs 31,294 crore in last fiscal, an increase of 20 per cent, the bank's Managing Director, Mr S.K. Bhattacharya, said in a statement. Deposits grew by 15 per cent to Rs 21,457 crore while advances grew by an impressive 31.3 per cent to Rs 16,096 crore during the year under review, he said. The bank announced a dividend of Rs 65 (65 per cent) on a share of Rs 100 each. State Bank of Mysore
The State Bank of Mysore
(SBM) today reported its net profit at Rs 216.72 crore for the year ended March 31, 2006, a 5.07 per cent rise from Rs 206.26 crore during the previous fiscal. The bank's operating profit had marginally declined from Rs 451.66 crore in the previous year to Rs 437.86 crore, SBM Managing Director Y Vijayanand told reporters here. The net profit for Q4 was Rs 78.89 crore, up by over 3.84 per cent over Rs 75.96 crore reported during the corresponding quarter of previous financial year, he said. Mr Vijayanand said the bank's Board had proposed a dividend of 90 per cent for the year 2005-06. The bank's aggregate deposits increased from Rs 13,342.98 crore in March 2005 to Rs 16,188.53 crore in March 2006, a 21.33 per cent growth. Advances increased from Rs 9,124.50 crore to Rs 12,063.16 crore in March 2006. He said the bank had brought down its net non-performing assets
(NPA) from 0.92 per cent as on March 31, 2005 to 0.74 per cent as on March 31, 2006. —
PTI
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