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| Tuesday,
November 21, 2000, Chandigarh, India   
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National cooperative policy on the anvil Maruti, GE Capital set up call centres NTPC exit a setback to French oil firm India to raise IFAD
contribution: Sinha LKP offers overseas
mediclaim insurance |
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LIC gets
two MDs Shalimar Paints to
buy back shares
Wipro ties up
with AgentGo
Kidnapping through Net Hind Lever
top advertiser Reliance tops
in Asia
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National cooperative policy on the anvil NEW DELHI, Nov 20 (PTI) — The government today said it will soon come out with a national cooperative policy to ensure an independent and autonomous cooperative movement for meeting the challenges of a rapidly changing economic environment. “We have initiated the process for formulating a national cooperative policy to make the recently announced agriculture policy more meaningful and effective”, Agriculture Minister Nitish Kumar said delivering the valedictory address at the 47th All India Cooperative Week celebrations here. He said a committee has already been set up under the chairmanship of Minister of State for Agriculture Shripad Naik to have wider consultations for preparing the policy. The proposed policy, he said, would enable the cooperative societies to function to meet the challenges of liberalisation and globalisation more effectively. The minister said the government would also bring amendments to the Multi-State Cooperative Societies Act in the current session of Parliament to minimise government control and existing restrictions on the functioning of cooperative societies. The Cabinet has already approved the draft Bill after threadbare discussions and it would be introduced during the winter session as soon as possible, he said. The proposed amendments would give autonomy and independence to cooperative societies, he said, adding that however the societies would have to function in a democratic manner and ensure transparency in their financial management. After the modifications in the law the centre would have the power to give directive only in case of societies in which it has 51 per cent or more stake. The minister strongly defended the contracting and leasing systems under the agriculture policy and dismissed criticism that these could lead to takeover of farmers’ land by industrialists and businessmen. He said the contracting system has been successfully functioning in sugarcane cultivation and it is not a new practice at all. Asking the cooperatives to gear up to meet the challenges of economic liberalisation and globalisation, he said various long pending demands of the cooperative sector would be addressed by the government in an appropriate manner. Speaking at the function organised by the National Cooperative Union of India (NCUI), Minister of State for Agriculture Shripad Naik said amendments to the Multi-State Cooperative Societies Act would make it easier for cooperatives to function in more than one state. NCUI President S.S. Sisodia said cooperatives should be allowed to enter the insurance sector. |
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Maruti, GE Capital set up call centres NEW DELHI, Nov 20 (PTI) — Maruti Udyog (MUL) has launched a programme in alliance with GE Capital to provide people information on the company’s vehicles and services, MUL officials said today. As part of the venture, the automaker will provide all information relating to vehicles, sales outlets, workshops as well as various finance schemes in the country. However, the facility which operates through a toll-free number is, at present, available only in Delhi and Gurgaon and will soon be launched in other parts of India. “These call centres, manned by trained personnel, operate round-the-clock and assist existing customers or anybody who is interested in MUL products or even the current labour unrest in the factory,” the officials said. “Bangalore is the next destination where the service will be launched in tie up with Hutchinson Max Telecom Ltd. After that, it will be extended all over the country,” they added. The step is seen as a move by the market leader to boost its sagging sales although Maruti officials contend the current move is a step to maintain its current numero uno ranking achieved in the recent India Customer Satisfaction Index Study (CSI) 2000 conducted by market research firm, JD Power Asia Pacific. The survey examined Indian customer satisfaction with vehicle quality and dealer service at 12-18 months of ownership. “The customer relationship programme will help in creating a database of our existing and prospective customers,” the officials said and added Maruti has an over three million strong customer base in the country. The country’s largest car maker is also considering taking a plunge into the automobile insurance and second-hand cars business and the current programme, the officials said, would serve as an advantage to serve its customers in those new areas. At present, Maruti has 173 dealers in 130 cities. The company operates 216 sales outlets, 274 dealer workshops and 1,296 authorised service stations which cover 640 towns and cities in India. |
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NTPC exit a setback to French oil firm NEW
DELHI, Nov 20 (PTI) — French oil company Gaz de France today said the exit of National Thermal Power Corporation
(NTPC) from joint sector Petronet lng Ltd (PLL) was a setback even as it was committed to pick 10 per cent equity in the jv which would execute the one billion dollar lng import project. “Exit of
NTPC will make the project more difficult. However, we still see much potential and will pick up 10 per cent stake in the company,” Gas de France Chairman Pierre Gadonneix said here. Gas de France
(GDF) would invest $ 50 million in taking 10 per cent equity in PLL, which would import 7.5 million tonnes of liqueified natural gas (lng) from Qatar at Dahej and Kochi, and 11 per cent equity in Gujarat State Petronet Ltd
(GSPL) that would set up build-and-operate gas transmission system in Gujarat, he said. NTPC
still remains the biggest potential buyer and it was upto PLL promoters - Indian Oil Corporation
(IOC), Gas Authority of India Ltd (GAIL), Bharat Petroleum Corporation Ltd
(BPCL) and Oil and Natural Gas Corporation (ONGC) - to convience the state-owned power utility to take lng for its four proposed gas-based power projects, he said. “The project is very much viable and we would offer very competitive prices to
NTPC when compared to other energy suppliers,” Gadonneix said. Gas de France was ready to consider a larger share in the project, the
shareholder agreement of which was likely to be signed by January 31, 2001, he added. Gadonneix said the
PLL project envisages an investment of $ 700 million for the lng terminal, a further $ 400 million for the two carriers required to transport lng, plus one billion dollars for the additional installations to be built in Qatar. Besides holding 10 per cent equity in
PLL, Gas de France, which is presently acting as consultant for selection of the ship owner who would operate the two lng carriers yet to be built, was interested in becoming joint operator of the lng terminal, he said. “Via Petronet Lng, Gaz de France also wishes to establish a foothold at the upstream end of the lng chain (gas production and liquefaction),” he said while pointing out that as of now there was no concrete plan to take up downstream activities. RasGas, a consortium of Qatar General Petroleum Corporation and Exxon Mobile of the USA, would supply lng while
IOC and BPCL would be marketing lng, he said adding all pending issues have been resolved and a stage set for commencing the physical work for the lng terminals including award of engineering
procurement and commissioning (EPC) contracts lng would be marketed in Gujarat, Madhya Pradesh, Rajasthan, Uttar Pradesh, Haryana and Delhi through the
HPJ pipeline network, he said. Gadonneix said besides taking equity in gspl’s 2,500 km gas supply network in Gujarat, Gaz de France was also studying the feasibility of converting a depleted natural gas field into an underground storage facility downstream of the dahej terminal.
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India to raise IFAD
contribution: Sinha NEW DELHI, Nov 20 — The Union Finance Minister, Mr Yashwant Sinha, today said that the International Fund for Agricultural Development (IFAD) assisted projects have had a marked qualitative impact on development initiatives of the Government and empowerment of the weaker sections like women and tribal communities. He expressed these views in a meeting with Mr Fawzi Hamad Al-Sultan, President of IFAD. IFAD, a specialised agency of the UN, was set up in 1997 to finance agricultural development projects primarily for expansion of food production in developing countries. India is one of the original members of the IFAD and has over the years contributed 35 million dollars towards the fund. The Vth replenishment of IFAD is due shortly and the contribution of India is likely to go up from $ 9 million, which was made at the time of the IVth replenishment. The IFAD President is currently on a nine-day visit to India and apart from Delhi, he would be visiting Pune, Mumbai, Chennai and
Pondicherry. |
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LKP offers overseas
mediclaim insurance CHANDIGARH, Nov 20 —LKP TRAWELL has launched an overseas mediclaim insurance service in India. It is the first company to have a tie-up with Indian insurance companies, and is authorised to issue the overseas mediclaim insurance policy on the latter’s behalf . The policy not only gives medical coverage but also gives other benefits like personal accident coverage, loss/delay of checked-in baggage, loss of passport and third party liability coverage, according to a press release. Meanwhile LKP Forex, a division of LKP Merchant Financing Ltd, has entered into a strategic tie-up with Joint Frequent Flyer Programme of Air India and Indian Airlines. With this tie-up, LKP Forex offers an opportunity to Flying Returns members to earn free tickets faster. On first purchase of foreign exchange from LKP forex, members will get a start-up bonus of 1000 AOMPs (add on mileage points). AOMPs will also be awarded to Flying Returns members travelling on Air India or Indian Airlines or code share flights of Air India with other airlines — giving a triple benefit to the frequent flyers. |
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LIC gets
two MDs MUMBAI, Nov 20 (UNI) — Mr A. Ramamurthy and Mr N.C. Sharma have been appointed Managing Directors of the Life Insurance Corporation of India (LIC). Mr Ramamurthy, who was the Executive Director (Management Services), has had a distinguished career of over three decades. He has a master’s degree in statistics from the Presidency College, Chennai. He joined the LIC as a direct recruit officer in the fourth branch in 1965 and started his career at Hyderabad. He has held many important positions since then, the notable among them being Senior Divisional Manager, Ernakulam and Bangalore and Chief (Management Services). Mr Sharma, who has the head of the western zone of the LIC, is a contemporary of Mr Ramamurthy. He holds a master’s degree in English literature. He has served the insurance major for 35 years in various capacities, notable among them being Senior Divisional Manager, Dehra Dun, General Manager (HRD), LIC Housing Finance Limited, and Executive Director (Personnel). Shalimar Paints to buy back shares CALCUTTA, Nov 20 (PTI) — Fresh from reducing its debt burden by pre-payment of debentures, repayment of loans and reduction in working capital finance, Shalimar Paints Ltd is planning to buy back its shares. Officials said necessary amendments will be made to the Articles of Association to make the company eligible for buyback. The details on how many shares the company proposes to buy back was not available, but the entire payment will be made out of its free reserves or securities premium account or proceeds of any shares and other specified securities, officials said. The company has a issued and subscribed capital base of Rs 3.78 crore in the form of 37,85,620 equity shares of Rs 10 each as on June 30, 2000.
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Wipro ties up with AgentGo BANGALORE, Nov 20 (PTI) — Wipro Technologies, and ‘AgentGo,’ the mobile decision support solutions provider, today announced their strategic alliance to jointly develop and deploy mobile applications for ‘Global 2000’ and emerging enterprises. Through this partnership, Wipro will use the ‘agentWORKS’ mobile application platform for deploying mobile solutions. ‘AgentGo’ will leverage the integration expertise and resources of Wipro professional services. In addition to platform and device independence, the “agentWORKS” product is known for its fast, reliable integrations with back-end data systems. Combining this with Wipro’s extensive knowledge of legacy enterprise software systems, it will be able to deploy customers faster and with a more powerful solution than currently available in the market, a Wipro release said. |
Kidnapping through Net MUMBAI: It was “chatting” on the Net that led to the kidnapping of a 16-year-old boy at Wadala in Central Mumbai. According to police, Abrar Khatri, a student of class 7, had been reported missing from his house at Wadala since November 2 by Abrar’s father, an exporter. Acting on a clue that the boy had been interacting with a young lady through the Net, the sleuths of the missing persons’ bureau immediately traced a 25-year-old woman employee of a private firm, identified as Percy Williams, police said. Close watch on the e-mails of the missing teenager revealed that he had corresponded to his cousin during his period of absence. Acting on the information the police along with officials of the Videsh Sanchar Nigam Limited traced the e-mails to a
cyber café at Dombivali in neighbouring Thane district. The vigil yielded success when the boy visited the cafe yesterday. The boy admitted to having developed an infatuation for the lady after chatting on the Net. He bunked school on November 2 to meet the lady, who had accommodated him in a house of her accomplice. She later shifted him to Thakurli. A passport of the boy was also recovered from the Andheri residence of the woman. According to the teenager the woman had made arrangements to send him abroad for a job. He was also provided with a mobile phone, clothes, a gold chain and a new pair of shoes during his stay. A case of kidnapping has been lodged since the boy is a minor, police said adding a manhunt has been launched for the absconding woman.
— PTI
Hind Lever
top advertiser NEW DELHI:
Hindustan Lever Ltd has retained the number one position among the country’s top spenders on advertising having hiked its budget by 38.8 per cent to Rs 668.95 crore. HLL’s ad spend is Rs 476.71 crore more than ITC which is at the second place, according to an annual survey brought out by ‘A&M’ magazine. The Survey of India’s Top 200 advertising and marketing spenders places Colgate-Palmolive (India) at the third slot with the budget of Rs 163.87 crore. Dabur comes at the next position with an ad budget of Rs 114.12 crore on advertising in 1998-99. Others in the Top 10 advertisers include Nestle India, Videocon, McDowell & Co, Tata Tea, Maruti Udyog and Godfrey Phillips India. While BPL dropped to the 14th position from the seventh, Tata Tea moved up the chart to number eight slot. Among the top spending marketers, Maruti Udyog jumped to the number one slot from eighth with a budget of Rs 168 crore, while Ashok Leyland was the second biggest in market spend. The Top 10 list features Smithkline Beecham Pharma, Asian Paints (India), Core Healthcare, Bajaj Auto, Jagatjit Industries, Tata Infotech, Madura Coats and Glaxo India.
— UNI
Reliance tops
in Asia MUMBAI: Reliance Industries has emerged as the highest profit-making chemical company within Asia with a profit of 11.8 per cent on sales, 8.2 per cent on assets and 17.2 per cent on its equity including reserves. On all three parameters, the company ranked first among the 30 chemical companies in Asia. Of the top 30 chemical companies in Asia, only Reliance Industries recorded a profit of more than 10 per cent on sales followed by the South Korean giant LG chemical at 7.2 per cent. Four companies recorded a profit of more than 5 per cent on sales while 11 companies recorded less than 2 per cent.
— UNI
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Exit route Customer meet SBI branch Sugar mill |
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