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ONGC to invest Rs 3,195 crore
Oil Ministry seeks Re 1 per litre excise cut
TRAI releases draft tariff plan for CAS
GSP review by USA not linked to WTO: India
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Industrialists rue tax holiday extension to HP
TCL plans manufacturing hub in India
M&M gets nod for biotech SEZ
Suzuki to build new factory in Japan
Shareholders accuse Nalwa Sons of fraud
Thai Airways’ additional flights
HPMC registers higher sales after cola row
SBI office
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ONGC to invest Rs 3,195 crore
Mumbai, August 9 Informing the BSE today, the company said the aforementioned investment decisions were made at the Board meeting held yesterday. Accordingly, the development of C-series in Mumbai offshore —located 60 km west of Daman in the Tapti Daman block of Mumbai offshore — will be developed by ONGC at an investment of Rs 3,195 crore. The field, situated at water depths ranging from 19 to 35 metre, are estimated to hold in-place reserves of 15.54 billion cubic metres of gas and 4.46 million cubic metres of condensate. The development of the first phase will be completed by December, 2008. Eight platforms and 17 wells will be drilled to develop the marginal field. The estimated gas production would be more than three million standard cubic metres per day. Though the field was discovered in 90s, it has become viable only recently due to market-determined prices for natural gas. At Dahej, the company will be implementing a global scale petrochemicals complex consisting of 1.1 million tonnes per annum of ethylene capacity dual feed cracker, along with associated units and polymer plants, to manufacture HDPE, LLDPE, PP and Styrene Butadiene Rubber (SBR). This petrochemicals complex will be integrated with the company's own C2-C3 plant which is currently under execution (at Dahej) and naptha, as feedstock from the company's own operational units at Hazira and Uran. The project is proposed to be implemented through a special purpose vehicle (SPV) route, with the company having management control, holding 26 per cent equity. The Gujarat State Petrochemicals Corporation (GSPC) has evinced interest to participate in the project as a joint venture partner. With a projected debt-equity ratio of 2.55:1, the company's anticipated equity investment (26 per cent) would be around Rs 992 crore. — UNI
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Oil Ministry seeks Re 1 per litre excise cut
New Delhi, August 9 The Finance Ministry is considering the proposal, but meanwhile, oil companies could go ahead and increase prices, it would leave any hike in retail fuel prices untouched, official sources said. With global crude oil prices hovering at $77 a barrel today, Indian oil firms had pegged the retail prices at a crude price of $63 per barrel and are incurring huge losses.
— UNI |
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TRAI releases draft tariff plan for CAS
New Delhi, August 9 The major highlights of the tariff plan are: every service provider should offer set-top box (STB) on rent with a one-time deposit and a refund policy or on a permanent rental scheme with no one-time deposit. The STB will be required under the CAS if consumers wish to see pay channels. The TRAI would approve one such package called the standard tariff package (STP). Service providers are free to offer alternative schemes (alternative tariff packages) so long as this option of the STP is given. Earlier, the TRAI had requested the multi-system operators (MSOs) operating in the erstwhile-notified areas of CAS in the three metros to indicate their schemes/prices for supply of set-top boxes to the subscribers. The TRAI has placed a draft of the tariff proposals for STBs inviting comments of the stakeholders. Stakeholders may comment on these alternatives as well as suggest any other options for TRAI to consider for specifying the same as a STP. It has been proposed that each service provider should at least offer one STP in addition to any other alternate tariff package. The TRAI has specified two options for the STP. Under the first option, monthly rent for the STB will be Rs 30, with a security deposit of Rs 999. The multi-system operator (MSO) or cable operator shall be entitled to make deductions from the refundable security deposit at the rate of Rs 12.50 for every month or part of the month for which the subscriber has used a set-top box taken on rent or lease. The MSOs or cable operators will refund such refundable security deposit to the subscribers upon return of the STB in working condition at any time up to a period of five years from the date of hiring or leasing of the STB. The regulator said under the second option, the monthly rental for STB would be Rs 45 and for analogue boxes, this would be Rs 23 per STB. There would be no security deposit. In both options, there will be no payment for installation charges, activation charges, smart card/viewing card, repair and maintenance cost.
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GSP review by USA not linked to WTO: India
New Delhi, August 9 "It has nothing to do with WTO. It is an independent process," a Commerce Ministry Official said, emphasising that the entire Generalised System of Preferences (GSP) programme of the US, which provides duty-free treatment of goods for 3,400 products was scheduled for review. The review has been necessitated as the entire programme was to come to an end by December 2006 and the renewal of GSP requires Congressional approval. Last year too, the US Trade Representative had reviewed the GSP benefits to 10 developing countries, including India and the status quo continued.
— PTI |
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Industrialists rue tax holiday extension to HP
Chandigarh, August 9 Industrialists say it would lead to the exodus of industry from Punjab and Haryana. “With the extension of tax holiday, Himachal Pradesh naturally becomes the best choice for investment. Any industrialist would assess the margin of profits, which would be higher in these tax exempt states and thus more industry will be set up there. It is time that the two state governments to gear up to meet the fresh challenge and offer a better deal to industrialists in their states,” said Mr Rajinder Gupta of Abhishek Industries. The notification extending the excise duty exemption under the industrial package implemented in these three states was issued on August 2. The original notification was issued in January 2003 and the industrial package was formally announced till March 31, 2007, which led to mass exodus of industry, especially in pharma and auto sectors. “Both Punjab and Haryana are not getting any new investment in these two sectors, as most of the established units are now planning to shift to either of the tax exempt states. The production of most of the white goods and fast moving consumer goods (FMCG) has shifted from these two states. Just when we thought the worst was over, the industrial package has been extended,” said Mr Satish Gupta, Chairman of the Haryana Chamber of Commerce and Industry. Mr Jagdeep Singh, President of the Punjab Drug Manufacturers Association, said, “About 80 per cent of the pharma industry has already shifted to HP, as there is a 40 per cent disparity in taxes between the tax exempt and non exempt states.”
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TCL plans manufacturing hub in India
New Delhi, August 9 The sources in the company said market survey and other studies were being undertaken and it would set up its plant only where it would be prudent for the firm to source raw material at low cost, sell in the country at low transportation cost and export its products at competitive price. Punjab, which has been lobbying for the setting up of a manufacturing region, could woo TCL as the company plans to close its factory in France and shift the capacity of the Poland plant in a phased manner in the coming years. Mr Richie Liu, Managing Director of TCL India Holdings, said the company planned to make India a manufacturing hub for television sets and telecom equipments for the global market. The global major with a brand valuation of over $4.1 billion has presence in more than 100 countries with seven R&D centres in key strategic locations. It has six manufacturing plants across the globe. About the company’s India plan, he said it aimed to ramp up its market share to 6 per cent in 2006, from 4 per cent last year. ''We are aiming at a 6 per cent market share this year, and a 10 per cent share by 2007, and are in talks to set up a manufacturing facility in India by 2008,'' TCL Sales and Marketing Vice-President C M Singh told reporters here on the launch of its range of LCD's, Plasma and CTVs. At present, the company sells its assembled consumer durable goods in India through vendors. The company's launch of the largest range of 45 models across different categories include the 42-inch two plasma models priced at Rs 1,29,990, the LCD range from 15 to 42 inches across 12 models priced between Rs 27,990 to Rs 1,39,990 and real projection TV in 43 to 52 inch models.
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M&M gets nod for biotech SEZ
Mumbai, August 9 The SEZ would involve investment of around Rs 150 crore and is expected to generate direct employment for more than 2,000 persons, M&M informed the BSE. “Biotechnology firms are looking for world class facilities to support their global expansion. This SEZ is a perfect fit in our strategy to create a plug-in and play environment for global giants. It will have the dual advantage of the Mahindra World City promise of world-class infrastructure and its proximity to the commercial hub of Mumbai,” M&M Executive Director and President, Infrastructure Development Sector, Arun Nanda said. The proposed SEZ would be spread over 72 acres of land of the company and would be developed by Mahindra Gesco Developers Ltd (MGDL), a subsidiary of the company.
— PTI |
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Suzuki to build new factory in Japan
Tokyo, August 9 In addition to Suzuki's ramped up production plans, the company also raised its sales forecast to 3 trillion yen ($26.1 billion) for the current business year through March 2007, from an earlier outlook of 2.8 trillion yen. The move comes as the company, based in Hamamatsu, southwest of Tokyo, taps surging demand for gas-sipping mini cars, which have engines of up to 0.66 litres. Demand is being fuelled not only by high gasoline prices, but Suzuki's deepening alliance with Nissan Motor Co following the loosening of ties with troubled General Motors Corp earlier this year. The new plant will be built in the central prefecture of Shizuoka and start operations in late 2008. It will produce 2,40,000 vehicles a year, and bring Suzuki's worldwide output to 3 million vehicles in 2009, the Japanese automaker said. The company also said it would boost production at facilities in Hungary, India and Pakistan. Output at the Hungary plant will rise to 3,00,000 units a year by 2008, from 1,60,000 now, while production in India is seen climbing to 9,60,000 vehicles by 2009, from 630,000.— AP
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Shareholders accuse Nalwa Sons of fraud
New Delhi, August 9 During the proceedings in the Company Law Board, Mr Ricky Kirpalani, a minority shareholder, accused that the company deliberately kept him and other small investors out of the annual general meeting, in which it decided to issue shares to its employees under ESOP. Mr Kriplani and other small shareholders have about 30 per cent voting rights in the Rs 600 crore Nalwa Sons. The company is listed on the BSE and the NSE and has substantial investments in many group firms, including Jindal Saw, Jindal Iron & Steel, and JSW Steel.
— PTI |
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Thai Airways’ additional flights
Kolkata, August 9 It currently operates in five to six destinations in India, including Bangalore, Delhi and Kolkata, Thai Consul-General in Kolkata Manop Mekprayo-onthong said today at a meeting on 'Enhancing Indo-Thai business prospects' organised here by the Bengal National Chamber of Commerce and Industry.
— PTI |
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HPMC registers higher sales after cola row
Shimla, August 9 With the Centre for Science and Environment (CSE) once again putting various soft drinks through laboratory analysis and indicating presence of insecticides, the sale of HPMC juices has further shot up. The demand is so much that the HPMC is considering buying apples from Uttranchal and Jammu and Kashmir to meet its requirement. With the current controversy surrounding soft drinks resurfacing even the apple concentrate stocks which were not too much in demand have been exhausted. “Keeping in view the demand of juices and apple concentrate we will not be able to meet our fruit requirement, especially apple from within the state,” said Mr C.R.B. Lalit, MD, HPMC. |
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SBI office
Kangra, August 9 Mr A.K. Garg, General Manager, SBI Chandigarh circle, inaugurated the office at this hill town which would control 39 branches of two districts. Mr Raj Kumar, DGM, and Mr S.L. Srivastava, DGM, Agriculture, were also present on the
occasion.— OC |
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SBI in China JM Financial fund Subhiksha plan Monnet Ispat Gitanjali Gems Spice contract Bank stir put off
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