 |
Saturday, February
16, 2002, Chandigarh, India  
|
BG buys Enron stake in oil & gas fields
India inks pact on rice research
HSIDC concessions for loanees
SEBI’s ‘final view’ on RIL for L&T issue shortly |
|
|||||||||||||||||||||||||||||
Indian Rayon defers buyback
Chandigarh, February 15 Hewlett-Packard India today outlined its strategy to deliver on the growing needs of the small and medium business (SMB) segment. The strategy offers easy to buy, easy to use, easy to own IT products and solutions tailored to enable SMBs to successfully meet the challenges of the new Internet age.
BoP’s third branch in South
Bank officers to launch agitation on March 13 Awards given to cement units Berkeley enters used car business
Water bottle with inbuilt filter
|
|
BG buys Enron stake in oil & gas fields New Delhi, February 15 The new company would be renamed BG Exploration and Production India Limited (BG E&P India) and would continue to operate these assets. Discussions with stakeholders regarding this arrangement are on, BG India Chief Executive Nigel Shaw said. Mr Shaw said “completion of this acquisition enables BG India to move ahead with its plans to become further involved in the country’s energy industry and in India’s growing natural gas sector. The company had earlier announced a revised agreement to acquire EOGIL whose assets include 30 per cent interests in the Tapti gas field and the Panna/Mukta oil and gas field, and a 62.64 per cent interest in the CB-OS/1 exploration licence. The partners in the Tapti and Panna/Mukta offshore operations are Oil and Natural Gas Corporation Limited (ONGC), which has a 40 per cent share, and Reliance Industries Ltd which owns the remaining 30 per cent. The other partners in the CB-OS/1 licence are Hindustan Oil Exploration Company (17.36 per cent), Tata Petrodyne (10 per cent) and ONGC (10 per cent). BGE&P India will operate these assets while continuing discussions with other partners which hold a stake in the oil and gas fields. "Discussions regarding this arrangement are going on," according the company statement. The Panna-Mukta fields discovered by ONGC have recoverable reserves of 184 million barrels of oil and oil equivalent in gas. The Tapti gas fields have estimated reserves of 96.3 million cubic metres of gas. Both ONGC and Reliance have opposed the take over by BG Group of the operations of the fields. Both had, in fact, wanted to take over Enron's capital stake in the fields. Enron, which filed for bankruptcy on December 2, has also put the 85 per cent foreign equity stake in its 2,184 MW Dabhol power plant on sale. The plant is to be sold along with Enron's 5.5 million tones per annum liquefied natural gas (LNG) terminal in Maharashtra. The terminal was to supply 2.2 million tones gas to fuel to the power plant while the remainder was to sold to the public. Six energy majors, including three multinationals, had evinced interest in buying the stake and are to undertake a due diligence exercise before making a firm offer for the Dabhol assets. The $2.9-billion power plant has been idle since June 2001 when it was shut down following a payment dispute with its sole customer, Maharashtra State Electricity Board (MSEB), over tariffs. MSEB holds 15 per cent equity in the plant.
TNS, IANS |
|
India inks pact on rice research New Delhi, February 15 Research strategies and applied research will also focus on developing hybrid rice technology and those varieties which will be suited for cultivating in upland, flood-prone and irrigated ecosystem. IRRI Director General (DG) Dr R.P. Canter, who signed the agreement on behalf of his organisation with ICAR Director General Punjab Singh, said the new varieties will be developed keeping in view the requirements of the resource-poor farmers of India’s eastern states. Major collaboration areas under the “workplan” agreement are improvement and development of rainfed rice, hybrid rice technology, bio-technology and rice based cropping system. Both ICAR and Philippines based IRRI would also collaborate in the crop resource management, socio-economic studies, human resource development and joint publications on rice research. It also provides for execution of research programmes that are beneficial for the country’s rice production. Rice genetic and bio-technology programme would be strengthened during the workplan period. Characterisation interaction for aroma and quality traits and improvement of aromatc rice, international network for genetic evaluation, development and field evaluation and nutrition enrichment would be major focus areas. |
|
HSIDC concessions for loanees Chandigarh, February 15 Disclosing the details of this scheme, Mr Miglani informed that the one time settlement will be done in all loan cases like term loan, working capital term loan, bridge loan etc. The policy will cover the doubtful loans where the principal remained overdue for a period exceeding two years. There will be four categories under this scheme. The first category would cover the loan accounts which have remained doubtful for less than three years. In this category, the account may be settled by waiving off entire penal interest plus 25 per cent component of compounded interest. This waiver shall not exceed 25 per cent of total outstanding. The second category would cover the loan accounts which have remaned doubtful for more than three years but less than five years. In this case the benefit permissible is that the accounts may be settled by waiving off entire penal interests plus 50 per cent component of compounded interests. However, the waiver in this case would not be more than 50 per cent of total outstanding. The third category covers the loan accounts which have remained doubtful for more than five years. In this case, the accounts may be settled by waiving of entire penal interests plus 100 per cent component of compounded interests. Only those cases would fall in the last category where the primary and/or collateral securities have already been disposed off by the Corporation. There will be no verification of assets and the
eligibility under the scheme will not be linked with personal assets of borrowers and guarantors. |
|
SEBI’s ‘final view’ on RIL for L&T issue shortly
New Delhi, February 15 “SEBI is in the process of legally examining the stand taken by RIL on this issue and a final view will be taken shortly as to whether this (takeover) regulation has been violated or not,” the regulator said in its interim report. Reliance Industries (RIL) came under SEBI scrutiny after it hiked its stake in L&T from 3.92 per cent in October to 10.09 per cent in November, before selling it to A.V. Birla group’s Grasim Industries at a hefty premium. Reliance, however, justified the move saying that L&T was informed about the 6.62 per cent holding of RIL, Reliance Industries Investment & Holding (RIIHL) and Reliance Capital (RCL) way back in February 1997. During the period April-October 2001, Reliance sold a major chunk in L&T to bring down its holding to 3.92 per cent and then again hiked stake to 10.02 per cent in November. Since the group did not inform L&T about the hike in stake, it was alleged of market manipulation and violating the SEBI Takeover Regulations, which require companies to disclose acquisition of more than 5 per cent stake.
PTI |
Indian Rayon defers buyback
New Delhi, February 15 The company had, in June 2001, taken shareholders approval for buying back up to 15 per cent of its equity from the market, involving Rs 60-70 crore investment and was to take a final decision on the matter in the last week of January. Colgate-Palmolive to pay 25 pc interim Colgate-Palmolive (India) Ltd has declared a 25 per cent (Rs 2.50 per share) interim dividend for fiscal 2001-02. The dividend would involve a total payout of Rs 37.5 crore (inclusive of the dividend distribution tax), the company said in a release here today after the board meeting. Eternit Everest is now ACC subsidiary Eternit Everest Ltd has become a subsidiary of ACC Ltd with effect from February 12 following the acquisition of Etex Group’s 50 per cent equity stake by the cement major. Consequent to the transfer of shares from the Etex Group, ACC now holds 76.01 per cent equity in Eternit Everest. Tata Chem
shortlisted for NFL stake As many as four bidders including Tata Chemicals have been shortlisted for acquiring stake in National Fertiliser Limited (NFL), slated for privatisation next month. “We have shortlisted four bidders for acquiring majority stake in the fertiliser major for which price bids will be invited early next month”, official sources said. Tata Chemicals, Indo Gulf, Chambal Fertilisers and Oswal Chemicals are in the fray for 51 per cent stake in NFL. The government has mandated Rabo Finance Private Ltd to act as global advisors for the strategic sale. It currently holds 97.64 per cent stake in the fertiliser company. NFL had a paid up capital of Rs 490 crore as on March 31, 2000, of which government holds Rs 479 crore. Its net worth was placed at Rs 1407 crore.
Agencies
|
|||||
|
H-P service centres for Ambala, Karnal Chandigarh, February 15 Mr Raj Kumar Rishi, Country Manager, Commercial Business of the company, said here today that target the growing demand for IT solutions by SMBs in the region, the company announced plans to increase its channel strength by 20 per cent to increase touch points for SMB customers. Mr Rishi said according to an IDC (International Data Corporation) study, Chandigarh, Jalandhar, Ludhiana and Amritsar have been identified as being among the top 25 towns with high market potential. The company has planned to open service centres in Karnal and Ambala. Hewlett-Packard has 80 per cent market share in printers. It spends 2 to 5 per cent on R &D of the turnover. |
|
BoP’s third branch in South
Bangalore, February 15 The bank today also opened branches at Banga and Nakodar. Customers banking at Bangalore branch would be able to make use of the bank’s at par cheque facility across 11 cities. Corporates at Bangalore would also be able to make use of the cash management services ensuring fast fund movement across cities. The bank is also opening its 84th banking office at Kurali tomorrow said Mr Tejbir Singh, Executive Director of the bank. He said, “Nakodar, Banga and Kurali are the predominantly NRI areas. The bank is also planning to take its banking offices to 100 by March 31, 2002. The bank plans to take its ATM network to over 350 in the next two years. UNI, TNS
|
|
Bank officers to launch agitation on March 13 New Delhi, February 15 “We have decided to oppose any oppressive move towards privatisation of banks or forcible transfers of Union leaders and would be joining the mass movement called for March 13 and a possible bank strike in April”, General Secretary of All-India Bank Officers Confederation (AIBOC) Shantha Raju told newspersons here today. The agitation will also press for salary revision due in November this year. The proposed amendments to the Industrial Disputes Act in respect of strike ballot and minimum membership “are against the interests of the work force in all the industries, including the banking industry. |
|
Awards given to cement units Faridabad, February 15 A total of 12 awards in various categories were presented. The winners included Shri Cement (unit-II) for best thermal performance, Shri Cement (Unit-I) for best electrical energy performance. The best improvement in thermal energy performance award went to Chettinad Cement and second best to Orient Cement. The Maihar Cement (Unit II) and ACC cement won first and second prize for best improvement in electrical energy performance. ACC, Jamul Century cement, Dalmia cement (Bharat), Gujrat Ambuja Cement (Kodinar plant) and Rajshree Cement won the awards for excellence in environment and quality excellence categories. |
|
rcBerkeley enters used car business Chandigarh, February 15 Mr Rajeev Dahuja, MD, said the reconditioned cars will go through 150 checkpoints before coming to the showroom. The cars will also have a fixed price, saving customer from hassles of bargaining. The company will also provide a three-month warranty and one free service for the purchased car. Berkeley Finance is franchisee of ICICI and financing an estimated 175 cars every month.
|
Water bottle with inbuilt filter Visakhapatnam The key element of the water bottle is its filtering system imported from DHK Inc, the USA, which collaborated with the Delhi-based Medworld Technologies Private Limited. The US-based company is the leader in manufacture of critical devices used for medical purposes such as potable oxygen systems, electronic blood pressure and glucose metres, micro foley catheters, calf feeding containers, animal pill magnets besides several veterinary products, according to Dr Chandan Bhattacharya, Assistant General Manager of the company’s Indian counterpart. Demonstrating the efficacy of the personal portable water filtration system, he told a press conference here today that the company was poised to manufacture all equipment besides meeting the export needs of the south east
Asian countries forthwith. UNI
Maruti Udyog to buy old cars Gurgaon Called “Maruti True Value”, it is part of the company’s four-pronged entry into the services sector, including lease and fleet management, auto insurance and auto finance. Gurgaon is the fifth city after Delhi, Bangalore, Mumbai and Hyderabad where the programme is introduced, Managing Director Jagdish Khattar said here. Under the programme, Maruti cars which are less than four years old, driven up to 60,000 km and not changed two previous ownerships, will be accepted for purchase. Besides, Maruti engineers will also conduct a standard 120-point check of a vehicle brought to the outlet. Every vehicle purchased under the programme will carry a one-year warranty and three free services.
PTI
|
bb
Philips radio Course on safety
|
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
