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Jet calls off deal, claims Sahara
Hyundai mulls hike up to Rs 15,000 , MUL to follow
3 more held in Hyundai slush fund probe
Arcelor Board takes up Severstal offer
Posco to pull out if denied iron mines
Industrial proposals pour in HP
Govt plans land port authority
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Citi Group buys 6.3 pc in VSNL
RIL moots Rs 4,000-cr investment in WB
Mines Ministry term for Nalco
disinvestment
Tech Mahindra public issue
Wockhardt plans heart hospital
Lockheed keen on tie-ups with Indian firms
Punj Lloyd jv bags Rs 142-cr order
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Jet calls off deal, claims Sahara
Lucknow/Mumbai, June 21 Jet Airways, on its part, moved the Bombay High Court seeking a similar restraint on Air Sahara, saying the rival carrier had failed to fulfil conditions in the agreement like transfer of airport infrastructure facilities and hence should be stopped from operating the account. District Judge (Lucknow) Shiv Charan Sharma also restrained ICICI Bank, where the account has been opened, not to make any payments to Jet. The judge, in his interim order, said: "It has been alleged on behalf of the petitioner that the opposite party (Jet) has terminated the contract, hence there is a dispute and for which arbitrator is to be appointed in due course." The order came on a petition filed by Sahara India Commercial Corporation Ltd, the holding company of Air Sahara, under Section 9 of the Arbitration and Conciliation Act. The court gave Jet Airways time till June 23, the next date of hearing, to file objections to Sahara's contention on the Rs 2,300-crore deal. Air Sahara, in its petition, claimed that Rs 1,500 crore was lying in the escrow account, while Jet submitted before the high court that Rs 500 crore had been transferred to the account as advance for purchase of Air Sahara. Meanwhile, Air Sahara tonight said it would start operating the airline with its own management from tomorrow if the deal did not materialise by the midnight deadline due to technical reasons. After remaining silent for the whole day, Air Sahara President Alok Sharma said in a hurriedly convened press conference "Air Sahara will not renegotiate on the price...But if they (Jet) want extension of deadline we are open to increase by another 15 days." "We have not got regulatory clearances and this held back the completion of the deal," he said. The issue has become more complicated with the Ministry of Home Affairs reflecting in the evening that it was in no hurry to take a decision about the security clearance for Jet Airways Chairman Naresh Goyal to be on the Board of Air Sahara. “The issue of Mr Naresh Goyal did not come up today,” Home Secretary V.K. Duggal told reporters after the meeting. Jet Airways came out with a brief statement, saying: "We are still waiting for all regulatory approvals to be in place." — PTI
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Hyundai mulls hike up to Rs 15,000 , MUL to follow
New Delhi, June 21 While Hyundai said it was working out the exact quantum of hike on each model, sources in Maruti indicated that the company could announce a hike “over the next few days”. Car companies have been under severe pressure as production costs have gone up due to higher prices of input material. Also, the recent hike in oil prices has seen freight go up, adding to the pressure. “The hike can be expected on all models and it will be up to Rs 15,000,” Hyundai India Vice-President (Marketing and Sales) Arvind Saxena told PTI here. Hyundai sells the popular hatchback ‘Santro’ in the Indian market, apart from premium hatchbak ‘Getz’, midsize ‘Accent’ and luxury sedan ‘Sonata Embera’. “We are working the exact quantum of hike on each model,” Mr Saxena said. Maruti had earlier said it would review hiking car prices after June 24 as it faces increased pressure due to a “significant” rise in input costs. The company said it was “watching the situation” arising out of the increased costs of inputs. — PTI
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3 more held in Hyundai slush fund probe
Seoul, June 21 The three included Kim Yoo-Sung, former head of the state-run Korea Asset Management Corp (KAMCO) in charge of overseeing corporate restructuring, another former KAMCO official and a former insurance company executive. Hyundai Motor Chairman Chung Mong-Koo, 68, is on trial on charges of embezzling 79.7 billion won and breach of trust by causing millions of dollars of damage to his group.
— AFP |
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Arcelor Board takes up Severstal offer
Brussels, June 21 France's AMF said it had asked for the shares to stop trading until the company issues a statement explaining the situation in talks with rival Mittal Steel Co. and Severstal. The shares also stopped trading in Spain, Luxembourg and Belgium. Arcelor, fighting off a $33-billion bid from rival Mittal Steel Co. since January, announced a merger with Severstal last month that — combined with a share buyback — was viewed as a defence against Mittal. But Mittal's move to woo Arcelor and its shareholders with a higher offer, reforms to the way the Mittal is governed and promises to stick to Arcelor's existing labour deals appeared to pay off last week when Arcelor and Mittal executives met for the first time to discuss "possible improvements" to the takeover. It is unclear if the talks will cause Arcelor's Board to turn around its opposition to Mittal's offer. It has repeatedly said the deal is not a good fit as the two companies do not share the same business logic. Arcelor would not comment on today's meeting, which followed a Severstal statement yesterday that it was responding to shareholder pressure by upping its offer by $2.5 billion and promising to reduce the Arcelor stake held by its controlling shareholder Alexei Mordashov from 33 per cent to 25 per cent. Meanwhile, Mittal faced further pressure to raise its 23-billion-euro bid after Russian suitor Severstal improved its friendly merger offer. "It seems to be a win-win situation for Arcelor because Severstal has improved the offer substantially and now this might force Mittal to sweeten its offer if it really needs Arcelor," said a trader at a French brokerage. Mr Mittal said today it had no immediate comment to make about the Russian group's move to block its proposed takeover of Arcelor, which also declined to comment ahead of the Board meeting.
— Agencies |
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Posco to pull out if denied iron mines
Bhubaneswar, June 21 "There is no meaning without captive mines," Chairman and Managing Director of Posco-India Soung-Sik Cho said while addressing a press conference on the eve of the first anniversary of the company's signing of the MoU here. Mr Cho said, "We believe the Orissa Government as well as the Centre have committed 600 million tonnes of iron ore for the 12 million tonne steel plant. We have no doubt that mining leases will be accorded to us." The controversy over captive mines cropped up following a media report which said the Hoda committee, preparing guidelines for India's new mining policy, could recommend scrapping of the captive mining lease policy adopted by some states, including Orissa. At present, we are preparing a mine development plan." Mr Cho reiterated that the company could minimise swapping of iron ore with the Brazilian ore as their latest finex technology can even utilise ore having high alumina content. Meanwhile, highly-placed sources in the Orissa government said, "We will not scrap captive use clause. We will go by the MoUs signed with different companies." — PTI
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Industrial proposals pour in HP
Shimla, June 21 Hero Honda Motors is the latest to have come up with a proposal to set up a two-wheeler and three-wheeler manufacturing facility at Nalagarh. To be set up at a cost of Rs 550 crore, the plant will produce 15 lakh two-wheelers and three-wheelers. The company has approached the government for 300 acres for the purpose. The proposal will be put up in the next meeting of the single-window clearance authority. The company hopes to commence production by January, 2007. It will be fourth and the biggest automobile unit to be set up in the state. TVS Motors is also in the process of setting up a unit in the state. New proposals are still coming up though only nine months have been left for the expiry of the package. The new units will have to commence production before the expiry of the deadline to avail incentives under the package. The state government has been pursuing the case for extension of the package up to 2013 on the pattern of other special category states in the face of stiff opposition from Punjab and Haryana, who maintain that such incentives were resulting in flight of industry from their respective states to Himachal Pradesh. The government's plea was that since all the special category states had been given similar packages for a period of 10 years, an exception could not be made in respect of Himachal and Uttaranchal by restricting it to 2007.
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Govt plans land port authority
New Delhi, June 21 A Cabinet note is likely to be prepared for this purpose within a week and the authority is expected to be set up in two months, Minister of State for Commerce Jairam Ramesh said. The authority would come under the Ministry of Home Affairs, which would move the Cabinet note, he said. A Rs 850- crore plan had been formulated to modernise the border trading points and provide necessary connectivity, he said, adding that the plan would be executed by RITES. RITES would be entrusted with developing infrastructure including proper road connectivity, facilities for testing and customs, including electronic data interchange. The 15 dry ports include eight on Indo-Bangladesh border, four on the Indo-Nepal border and one each at borders with China, Myanmar and Pakistan.. The proposed authority was necessitated as infrastructure on the Indian side was more underdeveloped as compared to the neighbouring countries. Mr Ramesh said out of the 15 dry ports, three at Attari, Petropole and Raxaul, where the existing check posts had to be revamped, were likely to be completed in a year. With China, the Nathula trading point, which opens on July 6, would be improved first. This would be followed by the other two border trading points at Lipulekh in Himachal Pradesh and Shipkila in Uttaranchal.
— PTI |
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Citi Group buys 6.3 pc in VSNL
Mumbai, June 21 With this, Citi owns 1.86 crore shares in VSNL, according to the information that it filed with the US Securites and Exchange Commission. Before this transaction, Citi was holding 1.53 per cent in the company. Currently, Tata Group owns 44.25 per cent stake in VSNL.— PTI |
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RIL moots Rs 4,000-cr investment in WB
Kolkata, June 21 "We will set up an agro retail chain across all districts in West Bengal, including Kolkata, with an investment between Rs 1,500 crore and Rs 2,000 crore over a period of three years. Our primary focus will be linking farmers with consumers and transforming agro-business into agro-processing, " he said. Mr Ambani said RIL would also supply natural gas to Haldia from the Andhra basin in the east coast with an investment of Rs 2,000 crore . The company had already signed an agreement with West Bengal Industial Development Corporation (WBIDC) in this regard. Describing the day as a "historic" one, Mr Ambani said RIL was privileged to step in West Bengal and participate in agro-retail business and supply of gas in the state. The Chief Minister said the agro-retail project of RIL would help the farmers as well as the consumers. Earlier, Mr Ambani also held a meeting with Chief Secretary Amit Kiran Deb over the proposed projects. — UNI
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Mines Ministry term for Nalco
disinvestment
New Delhi, June 21 “We are against disinvestment of profit-making PSUs under the Mines Ministry and Nalco has been doing reasonably well. However, we have agreed to the Finance Ministry’s proposal to offload a 10 per cent stake in the
PSU, but money accrued from the disinvestment should be re-invested in Nalco,” Mines Minister Sis Ram Ola said here. The Finance Ministry has proposed the splitting of shares of Nalco ensure maximum participation of retail investors in the disinvestment of the
PSU. “In view of the high market price of the share of Nalco, it would be necessary to consider splitting of the shares in order to provide affordability to small investors and to allot shares to a large number of investors,” the Finance Ministry said in a note for the CCEA for off-loading a 10 per cent of the shares in Nalco through public offer.
— PTI |
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Tech Mahindra public issue
New Delhi, June 21
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Wockhardt plans heart hospital
Bangalore, June 21
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Lockheed keen on tie-ups with Indian firms
New Delhi, June 21 The firm’s advanced development programms division, which works on research in cutting edge areas like stealth and surveillance technologies, is also keen on forging ties with Indian information technology and research firms, said Lockheed’s Director of Communications Joseph Stout.
— PTI |
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Punj Lloyd jv bags Rs 142-cr order
New Delhi, June 21 |
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HDFC Bank SBI expansion Idea Chairman ATM-sharing pact
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