 |
|
|
UWB submits revival package
Auto industry seeks tax sops
Suzuki commits to investing Rs 9,000 cr
NIIT forms $3m JV with Swiss firm
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
TRPs on the way, to help fill in IT returns
Nokia, Reliance offer handset
at Rs 1,999
European firms keen on Haryana
HP to spend $3b on marketing
Nod to changes in pact for Bangalore airport
Philips eyes buyouts in India
Awards to NTPC
Canon to invest Rs 30 cr
ONGC to invest Rs 2,300 crore
|
|
UWB submits revival package
Mumbai, September 7 Backed by the Maharashtra Government and two development financial institutions (DFIs) — Housing Development Finance Corporation (HDFC) and Infrastructure Development Finance Corporation (IDFC) — the beleagured UWB submitted a Rs 350-crore package for its revival to the apex bank before expiry of deadline today. The Chairman of State Industrial Investment Corporation of Maharashtra (SIICOM), Mr R.M. Premkumar, said today the state-owned corporation and the HDFC group will be investing Rs 70 crore each in the under-moratorium UWB while the Government of Maharashtra (GoM) will pump in Rs 210 crore as per a rehabilitation package. While SIICOM and HDFC will be taking equity in the bank, the GoM will pump in money, either in the form of equity or bonds. "The government will decide on this soon," Mr Premkumar said. There are no plans to delist the bank post the infusion of funds, he added. According to sources close to the development, the GoM, which will be infusing the maximum amount of funds at Rs 210 crore, could, at a later date dilute its stakeholding in the bank. With this, the UWB Board has pulled the curtain on the takeover bid made by ICICI Bank, Federal Bank, Andhra Bank, Allahabad Bank, Canara Bank, and Standard and Chartered Bank besides Saraswat Co-operative Bank. Meanwhile, the Board of Uco Bank resolved to submit a proposal to the RBI indicating 'Expression of Interest" for amalgamation of the UWB with it. Earlier, the UWB notified the Bombay Stock Exchange today that its Board yesterday unanimously decided to submit the reconstruction scheme for its revival with the assistance of the state government and two DFIs. Meanwhile, President of the National Association of Small Investors (NASI) Pradeep Bhavnani, who has joined the race to reconstruct the under-moratorium United Western Bank (UWB), claimed that he has increased his stake in the bank to around 15 per cent. “I purchased 4.4 per cent or 21,000 more shares, yesterday, and this, combined with my purchases of 6.67 per cent and 4.50 per cent on Monday and Tuesday, respectively, takes the total of shares presently with me to 15 per cent,” he said. — Agencies |
|
New Delhi, September 7 "In order to spur further growth, the industry has requested that the automotive industry may be brought under the purview of the existing incentive structure, which exist for other sectors of the economy," the industry said in the Draft Automotive Mission Plan (AMP) 2006-16 released by the Society of Indian Automobile Manufacturers (SIAM) here. The AMP was handed over by the Heavy Industries and Public Enterprises Minister Santosh Mohan Dev to the industry for further debate. Other incentives sought by the industry include tax deductions of 100 per cent of export profits, one stop clearances for FDI proposals in automotive sector, deduction of 30 per cent of net income for 10 years for new industrial undertakings. The industry has also asked for concession on import duty on machinery for setting up of new plant or capacity expansion and deduction of 50 per cent on foreign exchange earnings of automotive companies. Speaking on the occasion, the minister said, "The government would play a key role in facilitating infrastructure creation, promote country's capability, create favourable business climate, attract investments and facilitate R&D." On the exports front, the industry has asked for reforms at an accelerated pace by bringing in full country-wide VAT and at the same time withdrawing all other Central and state taxes and levies on manufacturing. The industry has also called for maintaining a three-tier tariff structure for raw materials, intermediate products and finished products and implementation of a comprehensive GST and reduction of tariffs on raw materials before further reduction in automotive tariffs. The government in turn has said it would consider revamping of export promotion schemes, including DEPB, EoU and EPCG schemes, which would be WTO compatible. In order to facilitate expansion of the domestic market, the government has said it would consider rationalisation and simplification of taxation and documentation for inter-state and inter-city movement of vehicles and goods. The minister assured the industry that the government from time to time will device suitable fiscal and promotion policies to make India a hub for manufacture of small cars, MUVs, two-wheelers, tractors and auto components. — PTI
|
|
Suzuki commits to investing Rs 9,000 cr
New Delhi, September 7 Having met the Heavy Industries Minister Santosh Mohan Deb with Nissan’s Vice-Chairman Takeshi Isayama, SMC’s head Osamu Suzuki also announced that they would start contract manufacturing for Nissan from 2008-09. Mr Osamu Suzuki said the companies would not only expand operations and production in the domestic market but gradually use it as a base for exports to other regions, primarily Europe. “Around 90 per cent of the new investments would be met through internal accruals while we may have to take loans for the remaining portion,” Mr Suzuki said. The two had yesterday called on Prime Minister Manmohan Singh, Commerce and Industry Minister Kamal Nath, Railways Minister Lalu Prasad and Road Transport and Highways Minister T R Baalu and apprised them of their plans. Elaborating on the plans, he said Maruti’s new car plant at Manesar, which was expected to begin production soon, would manufacture 1,00,000 units of the ‘Swift’ as well as 2,00,000 units of a new “small car” that the company was developing in collaboration with Nissan. “Out of the production of the new small car, we will export 1,00,000 units ourselves while 50,000 would be exported by Nissan and the remaining 50,000 units sold in the domestic market by us,” he said, adding that the plant will see overall investments of Rs 2,500 crore. Mr Suzuki said his company was also in talks with Nissan for a new 2,50,000-unit plant, location for which is yet to be decided. The investments for this would be around Rs 2,500 crore, though he refused to specify whether Nissan would join in as equity partner or come just for vehicle sourcing. Maruti-Suzuki was also increasing investments in its diesel engine manufacturing plant to Rs 2,500 crore. The plant, in which SMC has a 70 per cent stake, would begin production from December and will start with an initial annual capacity of 1,00,000 units, which will be scaled up to 3,00,000 units later. He said apart from the above investments, Rs 4,000 crore was being put in the company’s existing manufacturing location at Gurgaon as part of ongoing expansion programmes. Agencies add: Tata Motors' plan
Tata Motors would invest Rs 10,000-12,000 crore in India over the next 3 to 4 years and was looking at Russia and China for vehicle sales and component sourcing. "Tata Motors will be investing Rs 10,000-12,000 crore over the next 3-4 years for increasing manufacturing capacities and launching new products," Tata Motors Managing Director Ravi Kant said. Honda Siel
Honda Siel Cars India (HSCI) would pump in Rs 250 crore to ramp up the production capacity of its Greater Noida unit from the current 60,000 cars to 100,000 cars per annum by the end of 2007, Honda Siel President and CEO Masahiro Takedagawa said. HSCI is also scouting locations across India to set up a new plant to cater to the small car segment in the next three to four years. Hero Honda Motors
Hero Honda Motors India was awaiting a clearance from the Rajasthan Government to set up its third plant in the state, even as it would go ahead with a new plant in Hardwar. "We are not putting off the Jaipur production plan and we are hopeful of getting a government clearance and as soon as we get it we will go ahead with the project," Hero Honda Motors Managing Director Pawan Munjal said. M&M eyes buyouts
Mahindra and Mahindra (M&M) was looking for acquisitions in the auto components space in the European markets. "We are always looking out for opportunities and we are trying for acquisitions in the European markets in the auto components space," M & M MD and Vice-Chairman Anand Mahindra said. Toyota Kirloskar
Toyota Kirloskar Motors would bring a small car in the next 2-3 years as a part of its strategy to grab 10 per cent of the Indian automobile market by 2010. |
|
NIIT forms $3m JV with Swiss firm
New Delhi, September 7 The joint venture company, Adecco-NIIT Technologies Pvt Ltd, will be set up in the National Capital Region. The partners are aiming at $140 million of revenue in the first five years of company's operations. As per the agreement signed between NIIT Tech and Adecco's subsidiary Ajilon Holding Europe BV here, both partners will make equal investment of $1.5 million each. NIIT will provide the technical know-how and software solution for efficient execution of services to the clients of the new company. Adecco, on the other hand, will provide the human resource services to them. This partnership will provide Adecco, a Fortune 500 company, with an opportunity to stregnthen its presence in India. The joint venture company will set up its own infrastructure and have an employee force independent of both the patners. — UNI
|
|
TRPs on the way, to help fill in IT returns
New Delhi, September 7 “Since every year 25-30 lakh new tax assesses are joining the income tax fold, the Finance Ministry has decided to help them file returns. The ministry will give licences to 5,000 graduates with basic accountancy skills to help people with an annual taxable income of up to Rs 3 lakh file returns,” a senior official in the Finance Ministry told The Tribune. Graduates with subjects like mathematics, statistics, accountancy, economics or computers would be eligible to work as tax return preparers(TRPs). There will be no age bar for applying under the scheme. Even retired people could apply for a licence. Though these TRPs would not be employees of the government, they would be offered a 5 per cent commission on the income tax deposited by the new assesses in the first year, 3 per cent in the second year and 1.5 per cent in the third year. The Finance Ministry would make it mandatory, said the official, for these TRPs to get nine-day training before getting the licence and three-day refresher training from time to time in view of the changes in tax laws. The government expected the scheme not only to boost revenue collections but also encourage young couples file returns without Like chartered accountants, there would be no restriction on the TRPs to charge other assesses for helping them file returns.
|
|
Nokia, Reliance offer handset
at Rs 1,999
New Delhi, September 7 Reliance Communications President Wireless Business S.P.Shukla said Reliance plans to sell 20 lakh handsets within six months as these phones were targeted at first-time mobile users. This is Nokia’s maiden offer of a CDMA handset below Rs 2,000. ”We are confident that our alliance with Reliance Communications to promote the Nokia 1255 will be well received,’’ Nokia India Director (Sales) Sunil Dutt said. |
|
European firms keen on Haryana
New Delhi, September 7 Mr David Hudson, Regional President, North Africa, Middle East and South-East Asia of the European Business Group, who chaired the meeting, said Haryana was the most exciting state for entrepreneurs. The meeting assumes importance as Mr Hooda is scheduled to visit European countries soon along with a business delegation. Mr Hooda told the delegation that the Haryana Government had identified agro-based
|
|
IJI aims to boost Indo-Japan trade
Sanawar, September 7 In an interview with The Tribune, the corporate honcho stressed the need for striking cultural bonds with Japan before trying to tap its business potential through a constructive exchange of ideas and sharing of cultural diversity and business learning. Ms Kirloskar said. “To foster business ties with Japan, CII and NASSCOM have been organising workshops for Indian software and manufacturing industry every quarter. At the IJI, the corporates are looking at the ways to promote Indian brands. “I am proud to say that Indian brands are doing very well worldwide in every sector. We need to plug loopholes in our infrastructure. Our airports, roads and power sector need upgradation. The rest will follow.” A product of Lawrence School, Ms Geetanjali Kirloskar, pursued a career in advertising for over 15 years. In 2003, she left advertising and entertainment marketing to apply her consumer insight, communication and brand- building skills to a larger canvas. It was when she conceived the idea of this unique venture – the IJI – to promote Indo-Japan ties.
|
|
HP to spend $3b on marketing
New Delhi, September 7 The marketing process will involve advertisements in print and electronic media, organising customer focussed events, industry- focussed events, road shows and channel and distributor programmes, besides training its customers. ''The company will spend a huge sum of around $3 billion towards promotion of the new Integrity product line,'' HP Country Business Manager (Business Critical Servers) Kamal Dutta said here. The newly introduced products include rx3600 and rx6600 servers besides zx2 chipsets and a dual core Intel itanium 2 processor. HP Enterprise Storage and Servers Director (Business Devlopment for Asia pacific and Japan) Vish Mulchand said the new server line would help customers stay ahead of changing business and IT demands and enable them to build cost-effective, next generation data centres.
— UNI |
|
Nod to changes in pact for Bangalore airport
New Delhi, September 7 Due to re-designing of the greenfield airport project at Devenhalli in Bangalore, certain paragraphs of the concession agreement needed to be amended to reflect the enhanced scope of work and specifications, an official spokesperson said. The projected cost, taking into account the redesigning of the project, would go up from Rs 1,411.79 crore to Rs 1,930.29 crore — a hike of Rs 518.5 crore— which would be funded through additional debt. The Cabinet also gave the go-ahead to the signing of a trilateral agreement among India, Brazil and South Africa on merchant shipping and other maritime transport-related matters and ratification thereof. The proposed trilateral agreement is expected to improve shipping links among India, South Africa and Brazil —important from India’s trade point of view — besides strengthening relations and cooperation among the three \countries, an official spokesperson said. The 1st IBSA summit will be held in Brasilia on September 13. Prime Minister Manmohan Singh will participate in the summit, where the trilateral agreement is scheduled to be signed.
|
|
Philips eyes buyouts in India
Bangalore, September 7 Philips would drive organic growth further and continue acquisitions, Mr Rudy Provoost, global CEO of Philips Consumer Electronics and a member of the Board of Management, told reporters at the company’s Innovation Campus here, which celebrated its 10th anniversary today. “Emerging markets are a top priority on our agenda. Brazil, Russia, India, China and parts of ASEAN (BRICA)... We are looking at acquisitions relevant to these markets”, he said. The company was particularly evaluating medium and small size firms for acquisition, Mr Provoost said. Philips would launch a new products in the next six to 12 months globally, some of which would be customised for India. — PTI |
|
Awards to NTPC
New Delhi, September 7 |
|
Canon to invest Rs 30 cr
Kochi, September 7 Mr Alan Grant, President and CEO of Canon India, said here today the company would invest Rs 30 crore for marketing initiatives in the country, including 30 per cent in South India. He said the company, a 100 per cent subsidiary of Canon Singapore, was witnessing an overall growth rate of 30 per cent per annum. The turnover would touch Rs 500 crore by the next fiscal. Canon India Pvt. Ltd. started its operations in India in 1997 and marketed comprehensive digital imaging products that included photocopiers, multi-functional peripherals, fax machines, printers, scanners, digital cameras, camcorders and multi-media projectors.
— UNI |
|
|
New Delhi, September 7 The re-development will enhance production with improved recovery and redistribution of water injection pattern and pressure maintenance. The project includes development of a marginal field B-134 A through Heera facilities, which would not have become viable for exploitation on stand-alone basis. ONGC recently received approvals from regulator Directorate General of Hydrocarbons for redeveloping its Heera oilfield. The project envisages installation of four new well platforms, 72 km of sub-sea pipelines, drilling of 28 wells through new platforms and 6 wells from clamp-on in addition to side tracking of 56 wells. The expenditure on side tracking of wells is estimated to be Rs 700 crore. The estimated incremental gain is estimated at 10.685 million metric tonnes (MMT) of crude oil and 2.265 billion cubic metres (BCM) of natural gas by 2030.
— PTI |
Adlabs Films ACC plan HLL pact Grasim Videocon Godrej Interio Naukri.com |
|||||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
