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India, Iran agree to renegotiate LNG price
PM calls for tax reforms
FDI in retail: Govt may relax norms
Mittal retains richest Indian tag
Indo-EU aviation meet from Nov 23
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Norms for domestic carriers to fly abroad to be reviewed
SEBI: 51 per cent public holding in exchanges must
RIL in pact with Timor for oil block
Wipro Infotech bags Rs 304-cr contract
Citigroup consortium wins bid for Guangdong bank
Tata Sky takes SUN to TDSAT
NTPC to invest Rs 3,425 cr
Haryana to set up TEZ
Cotton County targets 250 stores
Inflation up at 5.3 pc
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India, Iran agree to renegotiate LNG price
New Delhi, November 17 The deal between the two nations did not materialise after New Delhi rejected Tehran's demand for $5.10 per mBtu, compared to the agreed price of $2.90 per mBtu. “A little more price is ok, but the new price should not be very high from what we had offered,” Petroleum Minister Murli Deora said after an hour-long meeting with the visiting Iranian Foreign Minister Manouchehr Mottaki. The softening of the stance on part of Tehran should be seen in the context of Indo-US civilian nuclear deal going through the Senate and New Delhi tapping other regions to meet its energy requirements. Mr Deora said, “Iran has given a specific formula on the basis of which we will see how we can move further. There is some understanding between us of the need to renegotiate. Iran has given us time.” “With the new formula I am hopeful that the deal would fructify,” he said, without disclosing the formula. Mr Mottaki said Iran was keen to press ahead with both the LNG deal and the gas pipeline. "I am sure with further negotiations with a specific formula we will finalise the LNG imports from Iran to India," he said. "Based on political will, India will receive gas very soon," he added. The Iranian minister said the price offered earlier by New Delhi was very low. He said there was “political will on both sides” to finalise the LNG deal as also the multi-billion dollar tri-nation Iran-Pakistan-India gas pipeline project. Both ministers said the final report of the consultants on the price to be paid for Iranian gas to be delivered through the proposed $7 billion pipeline would be available soon and a Secretary-level trilateral meeting would be held in Tehran next month on the issue. Mr Deora said India required more gas supplies, primarily to meet the requirement of the power and fertiliser sectors, and said the high global gas prices had necessitated India's decision to agree to renegotiate. While India has so far been maintaining that the deal, clinched in June 2005 in Tehran for LNG supply from 2009, is final and binding, Iran has taken the stand that the contract needed to be ratified by higher authorities.
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PM calls for tax reforms
New Delhi, November 17 “We must reform our tax system, make it simple and transparent and ensure moderate rates of taxation that enable widest possible compliance,” Dr Singh said, addressing the biennial conference of anti-corruption bureaus/ vigilance bureaus and the CBI here at Vigyan Bhavan. “This (tax system) remains an area where most citizens encounter corruption,” the Prime Minister said. This statement of the Prime Minister assumes great significance as it reflects the thinking of the government at the highest level and that the budget exercise has already kicked off. In this context, it may be recalled that Dr Chidambaram, at the Economic Editors’ Conference on November 7, had hinted that tax rates of personal income and corporate could fall further. “There is scope for further tax moderation. However, this will depend upon greater tax compliance,” Dr Chidambaram had said. Statistics available from the Finance Ministry indicate that there has been a 30.56 per cent rise in income tax, including FBT and STT, and a 47.88 per cent rise in corporate tax collections in 2006-07, year on year.
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FDI in retail: Govt may relax norms
New Delhi, November 17 "You will soon hear some news (on liberalising FDI in the sector)," Commerce and Industry Minister Kamal Nath said on the sidelines of Hindustan Times Leadership Summit. "Retail in India is concentrated in the neighbourhood shops. Any FDI should not destabilise the small shops," he said adding the government wants large retail chains to be suppliers for the smaller shops without damaging their businesses. India currently allows 51 per cent FDI in single brand retail chains. "They (big chains) will be at the back end...they will build the infrastructure," he said, adding that they would also handle refrigerated products. Earlier, participating in a panel discussion, he said, "No post-harvest reforms in agriculture has taken place and lack of investment in cold chain leads to wastage of 40 per cent of our fruit and vegetables." While some Indian companies have started investing in post-harvest activities, the money coming into the sector is not enough. One argument is that by liberalising FDI in retail, more investments could flow into the cold chain infrastructure. He said the second generation of reforms should consolidate the achievement of first generation reforms and pay attention to agriculture so that income of 650 million people involved in it improves. Mr Nath said while services sector was performing strongly, the manufacturing sector's contribution in the economy should go up to 25 per cent from the current 17 per cent. — PTI
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Mittal retains richest Indian tag
New Delhi, November 17 According to Forbes magazine special report on India's 40 richest, NRI steel tycoon Lakshmi Mittal has maintained his top place with a networth of $25 billion. The Ambani brothers who split their business empire last year, saw their fortune swell up this year with Mukesh's assets rising by $11.5 billion and Anil's net worth rose by $9.3 billion, grabbing the second and third places on the list, respectively. Mr Azim Premji has slipped to the fourth position followed by real estate major DLF's Kushal Pal Singh at the fifth slot. There are five newcomers in the list this year, including owner of Sun TV Kalanithi Maran, promoter of Unitech Ramesh Chandra and Jignesh Shah, who set up India's largest commodities exchange. Two others who have returned to the list were tractor tycoon Keshub Mahindra and Infosys Technologies co-founder K Dinesh. — PTI
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Indo-EU aviation meet from Nov 23
New Delhi, November 17 To be inaugurated by Civil Aviation Minister Praful Patel and European Commission’s Vice-President Jacques
Barrot, the summit will also bring together top policy makers and industry executives from aviation and aerospace industries and services. The meet is being jointly organised by the Civil Aviation Ministry and the Directorate General for Energy and Transport of the EC. Other issues to be discussed would include political and regulatory developments, developments in passenger and cargo markets, infrastructure needs, new challengers in commercial aircraft technology, air traffic management and technological and industrial cooperation. The summit will be attended by key players from the public and private sectors in India and the
EU, including representatives of governments, airlines, airports and aerospace industries and service providers. |
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Norms for domestic carriers to fly abroad to be reviewed
New Delhi, November 17 The current guidelines are that an airline has to put in five years of domestic service and should have a fleet of at least 20 aircraft. Official sources said the review would be holistic and would take into account the number of international sectors available, the number of flights already being mounted by designated Indian carriers, the fleet position of various airlines who want to fly abroad and other issues. The review would be carried out only after the completion of the proposed merger of the two state-owned airlines by the end of the current financial year, the sources said. The review would also include the Gulf sector, which is now being serviced from India only by Air India and the Indian as per the government policy of allowing them to generate revenue from the money-earning routes. As per the guidelines laid down by the Union Cabinet in December 2004, private Indian carriers are not allowed on the Gulf sector till the completion of three years in early 2008. — PTI
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SEBI: 51 per cent public holding in exchanges must
Mumbai, November 17 According to the notification, a minimum of 51 per cent of any recognised stock exchange’s equity share capital should be held by the public. The stock exchange can raise the holding by fresh issue of equity shares or through private placements, it said. SEBI has also put a cap on shareholding and transferability of shares. “No person shall acquire or hold more than 5 per cent in the paid up equity capital of a recognised stock exchange at any time,” the regulator said. At the same time, no person can hold more than 1 per cent of the paid up equity capital of a recognised stock exchange without SEBI’s approval. The market regulator wants recognised stock exchanges to enter into an agreement with the depositories for dematerialisation of equity shares. Stock exchanges should also give an option to the subscribers or transferees to receive the share certificate or hold the shares in dematerialised form with a depository, SEBI said. The market watchdog would undertake inspection, conduct inquiries and audit the stock exchange or any shareholder having trading rights. — PTI
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RIL in pact with Timor for oil block
New Delhi, November 17 As per the terms of the contract, RIL will have majority interest and operator-ship in the die awarded block K of 2,384 sq km area. The acreage offered lies in the proven petroleum province of Australian North West Shelf and is adjacent to the Timor Sea, which is a joint petroleum development area between Timor Leste and Australia. This region contains discoveries like Bayu-Undan, which commenced production in 2004, and Greater Sunrise. “The company is confident that it will be able to significantly contribute to the upliftment of the Timor Leste economy and its population,” an RIL statement said. Timor Leste Minister of Natural Resources, Minerals and Energy Policy Jose A ernandes Teixeira and RIL President (International Operations) Atul Chandra signed the contract in Dili yesterday.
— UNI
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Wipro Infotech bags Rs 304-cr contract
New Delhi, November 17 Wipro Infotech is the India, Middle East and Asia Pacific division of the $2.39-billion Wipro Limited. “This is Wipro’s 10 win for total outsourcing (TOS) in India. It is an endorsement of the maturity of integrated service delivery processes, deep domain and technology expertise, and superior customer experience we have delivered in our engagements,” said Mr Suresh Vaswani, President (Global IT Service Lines), Wipro Infotech.
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Citigroup consortium wins bid for Guangdong bank
Beijing, November 17 The Citigroup consortium and the Guangdong bank signed an agreement of 24.267 billion yuan ($ 3.033 billion) for 85.59 per cent of GDB shares last night. Among the consortium, Citigroup, China Life Insurance Group, the nation's largest insurer, and the China Guodian Corp, a major electricity distributor will hold 20 per cent of GDB shares, respectively, while the other three will hold the remaining 25.59 per cent. GDB Board Chairman Li Ruohong said the restructuring would help the development of bank with the participation of both international and domestic players. The bidding for the GDB was made public when Citigroup was reported last year to be seeking a 40 per cent stake as part of a consortium that would take 85 per cent of the bank. On December 28, Citigroup submitted an offer of 24.1billion yuan ($3.01 billion), while Societe Generale bid 23.5 billion yuan ($ 2.94 billion) and Ping An 22.6 billion yuan ($ 2.83 billion) for an 85-per cent stake in GDB. But they had to revise their bids after banking rules issued in May imposed the foreign ownership restrictions. — PTI
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New Delhi, November 17 Tata Sky, one of the three DTH service providers in the country, has dragged SUN Group to the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) alleging that it had been refused signals by the south-India based broadcaster. Interestingly, SUN Group, administered by industrialist Kalanidhi Maran, has obtained licence to enter the DTH market place. Tata Sky, a 80:20 joint venture between Tata and Star India, had also approached the same forum seeking a direction to competitor Zee-Turner to share feed. Ironically, Zee group's ASC Enterprises, which runs its own DTH service 'Dish TV' had in May approached TDSAT seeking signals from Star. — PTI
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Mumbai, November 17 The Board of Directors at its meeting yesterday approved the investment of Rs 3425.03 crore for the Tapovan Vishnugad Hydro Electric Power Project (4 X 130 MW) as a merchant power plant, NTPC informed the BSE. — PTI
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Haryana to set up TEZ
New Delhi, November 17 Addressing mediapersons at the India International Trade Fair-2006, state Chief Secretary Prem Prashant said the TEZ was being conceptualised on the lines of Disney World and other similar tourism destinations. For setting up the TEZ, he said private parties would be invited to build up the infrastructure. “The location has not been finalised… It could be near Delhi or the hills. Feasibility studies are going on,” the Chief Secretary added. Meanwhile, Haryana has also signed an MoU to set up a knowledge city near Ambala, he said. |
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Cotton County targets 250 stores
Chandigarh, November 16 Mr Sachin Sahni, Associate VP, Sales and Marketing, said Cotton County, which was launched a year ago, had more than 150 stores and by the end of this fiscal the target was to open 250 retail stores. “In addition to this, Cotton County is also foraying into women and kidswear segments. Our aim is to capture a Rs 100-crore market in this year which will rise to Rs 250-300 crore in 2007,” he added. |
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Inflation up at 5.3 pc
New Delhi, November 17 |
Dr Reddy's to raise Rs 898 cr BSNL mobile subscriber base Reliance tariff Mankind Pharma Teledata deal Punjab Chemicals New flights |
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New Delhi, November 17
