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Wednesday,
March 27, 2002, Chandigarh, India  
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IOC calls
for cut in duties on petro products Nestle
among FDI proposals okayed BSNL to
launch cell services in Punjab Airbus
submits bids for VIP planes Jet
Airways plans flights to hills State
Bank of Indore opens branch in city Escotel
joins hand with HDFC Bank |
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BoP
bonds issue oversubscribed PNB
Ludhiana zone profit touches 300 cr The 13th Duke of Argyll Torquhill Ian Campbell launch the Chivas Regal in Chandigarh on Tuesday.
— Tribune photo Pankaj Sharma G7 to
tackle corporate disclosure problem ROUND-UP HPCL
rolls out ‘Club HP’ Beware the US
‘double-dip’
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IOC calls for cut in duties on petro products New Delhi, March 26 “We are in talks with the government to adjust excise and other duties following increase in crude prices”, Chairman designate of IOC, Mr M. S. Ramachandran told newspersons here today. Mr Ramachandran will take over from, Mr M. A. Pathan as the Chief of IOC, who retires on March 31 this year. “It will be difficult to maintain the prices at the current level... we have told government what will be the impact and what relief are required,” he said. Mr Ramachandran said that an increase of $4 a barrel in the international price of crude would involve an impact of Rs 400-500 crore annually to the company. He said that IOC was in the process of working out the mechanism for retail pricing after the dismantling of the Administered Pricing Mechanism (APM) and indicated that there could be a differential pricing structure in the country given the fact that local levies will be different across states. He said the government had desired that prices be held steady for three months, which is the time needed for us to understand implications of dismantling of Administered Pricing Mechanism and work out new pricing strategy. Mr Pathan said that IOC were in holding discussions with the Reliance Group on the issue of marketing of products of the Reliance Petroleum Limited.
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Nestle among FDI proposals okayed
New Delhi, March 26 Amongst 29 proposals cleared by Commerce and Industries Minister Murasoli Maran include a proposal by merchant banker Jardine Fleming to increase its equity in J.P. Morgan India from 75 per cent to 100 per cent involving an investment of Rs 101 crore, an official release said. Nestle proposes to hike its stake in Indian arm by 10 per cent from 54 per cent, involving an investment of Rs 9.64 crore. Maran also approved a proposal by Ballarpur Industries for a rights issue in favour of Non-Resident Indians (NRI) amounting to less then 19 per cent for Rs 240 crore. Koleman Foods has been permitted to increase its equity in Koleman India from 77.77 per cent to 78.66 per cent Asia Ventures has been allowed to amend its existing approval for investment in MTV India. Shaving products major Gilette has been granted permission to infuse fresh funds into its Indian arm Gilette India. Similarly Reebok International has also been permitted to amend its existing approval for Reebok India.
PTI
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BSNL to launch cell services in Punjab Jalandhar, March 26 The BSNL is upbeat and enthusiastic about its plans and has reportedly placed a purchase order for setting up of some GSMs (global switching for mobile) with Ericsson, a Sweden-based company. It has already set up three base switching stations at Bathinda, Ludhiana and Amritsar for covering whole of Punjab. Release of as many as 1.10 lakh mobile phone connections has been planned in the first phase of the launch scheduled to take place in July. Talking to
TNS, Mr K.C. Jindal, General Manager (Telecom), Jalandhar, said about 90 per cent of the infrastructure required for initiation of mobile services was ready since, primarily, the BSNL was going in for extensive use of the existing facilities and network. “There will be no problem in the launch as we have enough air conditioned spaces, most of basic equipment and a network of optical fibre in different towns and exchanges,” Mr Jindal said, adding that for further exchange of technical know how the BSNL had tied up with Ericsson. In the first phase, about 57 cities, towns and their adjoining areas would be covered and the BSNL would charge about Rs 6000 for a connection. “We will be just giving SIM cards as others do,” Mr Jindal said. The BSNL had not decided about the tarrif plans as yet, but was planning to keep charges a little less than what was being charged by other players in its bid to boost the simmering competition in the market. “The decision about tariff would be taken in the light of the TRAI’s directions,” Mr Jindal said. Of the 1.10 lakh connections in the first phase, the BSNL was planning to issue about 17,000 such connections in Nawanshahr, Kapurthala, about 10,000 in Jalandhar, 2,000 in Phagwara, and 1,000 in Nakodar township. The BSNL would launch another set of 1.10 lakh mobile phone connections during the next year to cover entire Punjab.
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Airbus submits bids for VIP planes New Delhi, March 26 Airbus Vice-President of Sales for India Dr Kiran Rao said the European consortium had offered its Airbus Corporate Jet (ACJ) which is based on the 124-seater A-319. The Indian Air Force is looking at three aircraft to replace its 20-year old Boeing 737s. Airbus and Boeing have already made presentations in this regard. Airbus officials said that the consortium had made significant changes to ensure cockpit security after the September 11 terrorist attack in the United States. Dr Rao said Airbus had offered the 100-seater A-318, 124-seater A-319, 150-seater A-320 and 185-seater A-321 for Indian Airlines’s fleet expansion. The consortium feels that Air-India could induct the A 340-500, the longest range aircraft which has only recently undergone test flights. The 313-seater plane, with four-engine capability, can fly direct from Delhi to New York over the North Pole in 14 hours. Dr Rao said Airbus was also seeking Hindustan Aeronautics Limited’s participation in the A-380 project. The 555-seater super jumbo, Airbus claims, will be the most advanced and spacious aircraft. HAL is already making door sets for the A-320.
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Jet Airways plans flights
to hills Chandigarh, March 26 Mr Desai accompanied by Mr Sanjay Suri and other senior executives of the airline were here last night in connection with the annual awards function of the
airline. Bajaj Travels, Business Bytes and Hargobind Travels got the first, second and third prizes, respectively, for recording outstanding sales in the Chandigarh region. Mr Desai said the airline was considering picking tourists and visitors from all directions at the union Capital for taking them to various destinations in the hills in the north, including Jammu, Srinagar and Leh. Mr Desai said Jet Airways had already introduced Boeing on the New Delhi-Chandigarh sector. The suggestion of extending the New Delhi-Chandigarh flight to Jammu and back was under active
consideration of the airline.
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State Bank of Indore opens branch in city Chandigarh, March 26 “This branch is a gateway for us to the region and at this fully computerised branch we aim to provide the best services to our customers ’’, Ms Premlata, General Manager, Operations, said. The branch here, apart from the routine services, will conduct foreign exchange business and provide facilities like lockers , personal loans, housing loans at easy terms etc. “Not only retail, we will lay equal emphasis on all segments especially corporate advances”, Ms Premlata said. She said housing loans and personal loans could be availed in a much lesser time compared to other banks and at lower processing costs. This branch will shortly have ATM, Internet banking and tele-banking also available. The bank will open its branches at Ludhiana and Jalandhar within two months and 15 more branches will be added shortly. She said the bank, which has been rated as the second best bank by a financial daily , on major parameters — financial, operational, profitability and productivity, registered a growth of 41.1 per cent during the year and had doubled its turnover in the past three years.
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Escotel joins
hand with
HDFC Bank Chandigarh, March 26 “The common customers of HDFC Bank and Escotel can now view their account balance, last three transaction details, issue stop cheque instructions and send in requests for cheque books by simply sending a keyword through SMS once they register for the service”, stated Mr Deepak
Khanna, Chief Operating Officer, Haryana in a press release. Request statement for current period and fixed deposit balance enquiries can also be made.
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BoP bonds issue oversubscribed Chandigarh, March 26 The present bond issue will further augment the capital adequacy of the bank. Bank of Punjab will open its 90th office at Chandni
Chowk, Delhi tomorrow. The bank plans to open 18 more banking offices in the next financial year out of which 50 per cent will be in the rural and semi urban areas of Punjab and Haryana and the rest spread across the country in important cities. |
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PNB Ludhiana zone profit touches 300 cr Ludhiana, March 26 Mr P.N.
Khurana, Zonal Manager, PNB Zonal Office, Ludhiana, said, “The Ludhiana zone has emerged as the largest profit earning zone of the bank. The business of the zone has crossed Rs 18,000 crore by the end of February during this fiscal, that was much higher than the total business of various small nationalised banks.
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City Beautiful says cheers to Chivas Chandigarh, March 26 Chivas Regal will now be available at all top retail outlets and the top hotels, clubs and restaurants in the city. But it comes at a price. A 750-ml bottle of Chivas Regal will be priced around Rs 4000 while the other one-litre bottle will cost around Rs 5400, subject, of course, to the prevailing taxes. His grace, Torquhill Ian Cambell, the 13th Duke of Argyll, and the International Regional Manager, Chivas Brothers, was at hand to formally launch the famed drink that cheers and unfold the unique and colourful 200-year-old history of Chivas Brothers. Attired in a traditional Scottish kilt, the Duke of Argyll recreated the magic and wizardry that goes into making the unique Scottish blend of Chivas Regal. The Grace, Torquhill Ian Campbell, is the 13the Duke of Argyll in the peerage of the United Kingdom and hereditary master of the royal household in Scotland. Queen Victoria was his great, great, grandmother. At the age of 30, he holds the position of International Regional Manager at Chivas Brothers Ltd. He has been working for Pernod Ricard since 1996 and overlooks the regions of India and Australia for a large number of brands such as Royal Salute Chivas Regal, The Glenlivet and many others. His family seat is the Inveraray Castle in Argyll, Scotland. He owns and manages a large 50, 000 acre Scottish Rural Estate. He hails from a family with a association with whisky industry and his parents have been Patrons of the ‘Keepers of the Quaich’ Speaking on the occasion The Duke of Argyll said “Chivas Regal derives its unique taste from the
great Scottish tradition of blending aged malt and grain whiskies. The result is the richer, smoother, mellower taste of Chivas Regal, lived the world over as the classic, premium Scotch whisky”. The reputation of Chivas Regal has been built on successive generations of Master Distillers, and rests on the world famous blended whisky they have created. But what is blended whisky? Officially, a blended Scotch whisky must contain both single malt Scotch whiskies and Scotch grain whiskies, selecting exactly the right amount of whiskies from exactly the right casks - at exactly the right time. Chivas Regal 12 and 18 are blended using an expensive but vastly superior system called triple blending. And it is this triple blending that makes Chivas Regal the smoothest Scotch whisky in the world. First, the aged single malt whiskies are blended in the correct proportions and left to “marry”, then the separate aged grain whiskies are mixed together in a separate blending vat. Finally, when the malts and the grain blends are considered to have married for long enough, the two are blended together. It takes time, patience and hard work to do this successfully, but the result is a richer, smoother, mellower whisky. Mr Ramesh Vasistha, Vice-President (Sales), Seagram India, said, the “the people of Chandigarh are known to appreciate the good things of life. As great connoisseurs of whisky, Chandigarh offers a huge market potential for Chivas Regal, the world’s leading premium Scotch whisky”.
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G7 to tackle corporate disclosure problem
Hong Kong, March 26 FSF Chairman Andrew Crockett said G7 participants at the forum’s meeting here requested the FSF, set up by the G7 in 1999 to promote stability in financial markets, report on what could be done to prevent similar collapses in the future. “The potential threat to market integrity and market functioning posed by inadequate transparency and disclosure in the corporate sector — and I’m thinking here about some of the lessons from the Enron bankruptcy — is a significant source of concern,” Crockett said. The FSF’s two-day meeting, which ended here today, also focused on combating the financing of terrorism.
AFP
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