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Friday,
September 27, 2002, Chandigarh, India  
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India,
Afghanistan trade pact soon Ranbaxy
buys 10 pc stake in Japan firm ICICI Bank
sells 10 cr shares to FIs
Win jobs
through TV show
Hardware
market to grow to $ 6.78 b
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India, Afghanistan trade pact soon
Kabul, September 26 "We have already presented a draft on preferential trade agreement to the Afghan authority," Sibal told the inaugural session of a four-day "Made in India" show organised by the CII here. "An Indian delegation will shortly come to Afghanistan to finalise the trade agreement," he said. Sibal said India and Afghanistan shared strong bilateral trade relations. "There are proposals for further cooperation in the field of information and broadcasting, technology, road construction, power and infrastructure building." The CII flew a high-powered team of CEOs to Kabul on Thursday to explore business opportunities as the global community gauges the colossal economic effort that would go into restoring a nation ravaged by war. The visit coincides with the opening of the "Made in India" exhibition, the first peacetime business and trade fair in Afghanistan. About 150 Indian companies, including the Tatas, the Hero group, Godrej, Bajaj International, Escorts, TVS, Dabur, Kirloskar Electric, Usha International and Atlas Cycles, are participating in the exhibition. The companies represent a wide spectrum of industries, including agriculture, automobile and auto parts, construction, consultancy, consumer durables, education (training), health care and information and communication technology. Sibal called upon Indian private sector companies to explore business opportunities in Afghanistan. "The exhibition not only shows India's industrial strength but also highlights the role of the private sector in reconstruction activities in Afghanistan," he said. Afghan Foreign Minister Abdullah Abdullah said the country was striving to build a new environment for industrial activity in the war-ravaged nation. "The new political climate in Afghanistan provides groundwork for development," Abdullah said. He said the country was looking forward to enter into bilateral trade agreements with all "friendly countries" in the region. Afghan Commerce Minister Sayed Mustafa Kazmi said his government would soon unveil an "investor-friendly" trade policy to boost foreign investment in the country. "Afghanistan is formulating policies to attract major investment from foreign companies. We have to also develop new markets for our products," he said. India has committed a $100 million line of credit to undertake various infrastructure and other projects in Afghanistan in addition to gifting one million tonnes of wheat and other humanitarian assistance.
IANS
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Ranbaxy buys 10 pc stake in Japan firm
New Delhi, September 26 The company spokesperson, however, declined to disclose the amount for which the stake had been acquired. Ranbaxy, which also entered into a business alliance with the NC and the NPI, would launch the NC’s drug delivery system based generic products in Japan, a company statement said here. The agreement also envisaged manufacturing and overseas marketing of the NC’s existing product portfolio by leveraging research and development capabilities and sales and distribution network of both the companies. The NC and the NPI are known in Japan for their ethical as well as branded generic pharmaceutical business with presence in central nervous system, cardiovascular and gastrointestinal segments. Commenting on the acquisition, Ranbaxy President Dr Brian Tempest said,” I am delighted at this first step that Ranbaxy is making towards the second largest pharmaceutical market of the world”, he added. The alliance would provide access to distinctive product portfolio and wide distribution network of the NC and the NPI. While the NC is engaged in active R and D, manufacture and sale of ethical drugs, the NPI focuses on generic drugs business under support from its parent.
PTI
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ICICI Bank sells 10 cr shares to FIs
Mumbai, September 26 These shares, transferred to the ICICI Bank Shares Trust at the time of amalgamation of erstwhile financial institution with the bank, were acquired by the investors, including Hamblin Watsa Investment Counsel (an affiliate of Lombard Insurance of Canada), the Government of Singapore Investment Corporation and Prudential Portfolio Managers (a part of Prudential Plc, the UK). ICICI Bank in a release here said the average acquisition cost for erstwhile ICICI was Rs 12.27 per share. As provided in the amalgamation scheme, the proceeds of the divestment will flow to ICICI Bank. ICICI Bank Executive Director Kalpana Morparia told PTI “the net gain from this deal is about Rs 1,190 crore and the proceeds will add to the capital adequacy of the bank”. The use of these accrued funds would be decided while finalising the accounts for first half of this fiscal ending September, 2002, she said, adding that none of these investors would hold more than the 8 per cent stake. Asked whether the new investors would get representation on the bank’s Board, she said “there is no such agreement”. The Prudential group has a tie-up with ICICI Bank for life insurance business and mutual fund while Lombard is the joint venture partner for general insurance entity. On BSE, the scrip of ICICI Bank opened at Rs 136 but subsequently rose to Rs 142.80.
PTI
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Win jobs through TV show
Berlin, September 26 Two unemployed persons will compete for one-job contract in each show and viewers will get to decide who they think is best suited to the post, said Marcus Wolter, programme Director at the Neun Live channel. "There might be two hairdressers, for example, who have to show how well they treat customers and, of course, how well they can cut hair," he said on Thursday. Neun Live, a game and quiz show channel, largely finances itself through viewers' phone calls and by selling holidays. The new show, which will go on air in late autumn has triggered criticism from unions and social organisations. "Those who want to exploit the unemployed for visual ends are playing with the fears and hopes of people in a shameless and despicable manner," said Walter Hirrlinger, President of the VdK social federation. Germany's DGB trade union federation told the mass-circulation Bild newspaper finding jobs for the unemployed should rest with professionals and not a TV show. But Wolter said TV audiences were well-equipped to choose the better candidate without being employment experts: "If people can vote for their favourite song in the Eurovision song contest without having a music degree, why shouldn't they also vote in our show without being job experts?" The show mirrors a programme in Argentina called "Human Resources", inspired by the severe economic crisis in the country, where the unemployed have to bid for the sympathy of the audience to win a job. Wolter said the German show did not seek to embarrass the jobless but provide help, with experts giving an advice on application letters and interviews: "It can't be wrong to have one less unemployed person each week." People who lose in Wolter's show could get a second chance to win a job in another similar show, due to start next year. A company in Munich plans a show in which up to 75 unemployed people can find work in each session. Employers and the jobless will conduct live job interviews in front of the cameras, said Klaus Elsmann, head of Neue Pallas Entertainment, which has developed the "Headhunter" show. "We can't get rid of unemployment through this show, but we can draw attention to the problem," he said. "And we are not forcing anyone to play silly games."
Reuters
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Bandh hits trading
Mumbai, September 26 Many traders and their staff members could not reach their work places due to the disruption of the rail and road transport system.
UNI
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bb
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