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Sunday,
June 15, 2003, Chandigarh, India  
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Disinvestment
body to decide on PACL
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Spice
Telecom investment to touch Rs 1000 crore Incentives
for silkworm rearers
Govt
issues excise notification CAs Act
to be amended Kribco
to take over 51 pc equity in NFL FICCI
delegation to visit China L&T
Board defers move on demerger
AAI
website for flight information
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Disinvestment body to decide on PACL Chandigarh, June 14 The Directorate is finding itself in a tight spot after the failure of the Punjab Government to take a decision on disinvestment in these two major units. According to Ms Vini Mahajan, Director-cum-Secretary, Directorate of Disinvestment, Punjab, the committee will decide whether the bids have to be called for the second time. She said despite initial setback, disinvestment move was earnestly moving in the right direction. The process of due diligence-sharing of information with the prospective financial bidders, in the Punjab State Container and Warehousing Corporation (Conware) had been completed on June 14. Now the financial bids would be invited soon and the process was likely to be completed by the end of next month. Talking to The Tribune, she said after the completion of this process, share agreements would be signed with the prospective bidders. After that the process of financial bids would be completed by the end of next month. The government had already proposed to sell its 100 per cent equity stake in the corporation to a private partner. According to officials sources, about 10 major companies in the ship and container handling business had submitted their expression of interest (EOI) to buy government’s stake. After checking the credentials and financial worthiness of these bidders, in collaboration with Delhi-based global advisers, R.R. Consultants, the Directorate had called them to see the documents and balance sheets of the corporation before signing the share-purchase agreement. They said Conware was incorporated in 1995 to set up a container freight station (CFS) and undertake terminal services such as container handling and warehousing and allied activities relating to exports and imports to and from Punjab routed through the Jawaharlal Nehru port. For this purpose, a CFS was built on 27.5 acres at Dronagri, Nhava Sheva, near Mumbai, at more than Rs 90 crore. Officials disclosed that the project was commissioned in August, 1999, delayed by over one year resulting in an additional expenditure of Rs 20 crore. At present, there are about 70 contractual employees working at the port, in addition to about 20 employees taken on deputation from the Punjab State Warehousing Corporation. They said the corporation had initially suffered huge losses due to the lack of lower business volumes, higher costs and inefficient management. However, during 2002-03, they said, the corporation had earned operation profit of about Rs 5 crore, after keeping Rs 5 crore for depreciation and repaying the loan instalments. Though some officials expressed apprehension about the ‘success’ of the disinvestment process in the corporation, yet sources associated with the global adviser, claimed that since the state government had declined to put in more money after losing about Rs 25 crore in equity, it had no option but to get rid of the financial assets that could be utilised to repay the loans besides paying statuary liabilities.
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Spice Telecom investment to touch Rs 1000 crore Ludhiana, June 14 Spice services he said had already covered over 90 per cent of the state and the remaining 10 per cent areas devoid of service would be put under the Spice circuit soon. Most highways in the state would be covered by the end of 2004. He said that the traffic on the cellular network had increased three time from three crore minutes each month to five crore minutes during the last five months. The company was committed to improve service and with this in mind it had already increased the number of towers from 120 to 225 during he last one year. The state would have 300 towers by the year end, he said. Spice has a total investment of Rs 1800 crore in Punjab and Karnataka. So far the company was not making any profits, but by the end of June this year, the company expects to break even according to Mr Ashok Goyal, Executive Director, Spice. Explaining the reason for this he and Mr Modi said that the industry has been passing through a very turbulent period in the recent past. Mr Modi said that the cellular prices in the country had bottomed out and the consumers should not expect any major fall in prices in the future. Spice views the lower middle class as the biggest segments of consumers entering the cellular market. To cater to their need Spice has come out with a Spice card costing Rs 200 per month that allows the consumer to receive any number of calls and make a few outgoing calls. Spice is also working at bundling low cost cellular phones with the service for this market. Scotching rumours about difference with Siemens and Motorola, Mr Modi said that the company owed these two companies Rs 500 crore, but the matter was being amicably addressed and the re-financing of the amount would be settled as per new terms by the year end.
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Incentives for silkworm rearers
Srinagar, June 14 The incentives provided by the government to boost cocoon production in the state include massive plantation programme of mulberry under which saplings are provided to the farmers at the rate of Rs 1 per sapling, Zargar told the State Legislative Council during question hour. As much as Rs 15.58 lakh have been paid as incentive on mulberry plantation during 2001-02 and 4500 rearing kits supplied to farmers, he said, adding during 2002-03 an amount of Rs 26. 89 lakh was paid to silk worm rears and organised marketing support was being provided to the rearers. He said of the 19,500 families involved in silk rearing in Jammu division, 4,530 families had abandoned the trade. He said 26 reeling units are presently functional in the state out of which 10 are in Kashmir and 16 in Jammu division. The expected raw silk production through these units during the current year is expected to be 25 metric tonns, Zargar said. The minister said more reeling units were being set up in the state during the current year with government assistance.
PTI
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Committee to monitor Bt-cotton performance New Delhi, June 14 In view of the varying agro climatic conditions, the advantage/performance of Bt cotton cannot be established based on one year data. Since the GEAC has approved commercial cultivation of Bt-cotton only for a period of three years, its performance would be evaluated during this period. Chairman of the Committee V.K. Duggal said that the country is still in the evolutionary stage as far as transgenic crops are concerned. He said the committee should associate actual stakeholders at some stage in the decision making so that there is greater transparency. For the Kharif 2002 season, six committees constituted by the ministry visited some of the Bt cotton fields. The committees have observed that the performance of Bt cotton is satisfactory in terms of bollworm infestation and reduction in use of pesticide sprays as compared to its non Bt counterpart. On the proposal of transgenic Bt. cotton hybrids developed by Rasi Seeds Company Ltd. which had submitted their application seeking approval of GEAC, the committee observed that the trials conducted by the company and ICAR are not conclusive and therefore commercialisation cannot be permitted at this stage. As the new hybrids developed by Rasi require further evaluation, the committee gave its consent for largescale trials in the Central and Southern zones. The committee noted that the earlier trials RCH 2 hybrid gave appreciable more seed cotton yield over a variety of controlled cotton cultivars consistently. In view of its superiority the GEAC permitted seed production of RCH 2 Bt hybrid in an area of 1 lakh acres. The subsequent trials conducted by the company and ICAR during Kharif 2003 would be further evaluated by the GEAC prior to approving commercial release.
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Govt issues excise notification Solan, June 14 The Director Industries, Mr V.P. Gupta while informing about the notification said that under the package the new units would get a ten-year outright exemption in excise duty from the date of commencement of commercial production. The existing units can also avail the benefits under the new package by undertaking 25 per cent expansion within a stipulated period. The thrust of the department would be to revive the sick industries, added Mr Gupta. A number of big groups like Wipro, Colgate, etc have shown their willingness to invest in Himachal after the new industrial package. The industries department which has received a number of proposals from induction furnaces is chalking out a policy to suitably locate them. While most of the industrialists were interested in investing in Baddi, Barotiwala, Nalagarh and Kala Amb which lie close to plains to cut down transportation costs, efforts were being made by the department to attract investment in other places where rail network existed. Under the new package thrust has been focused for industries relating to floriculture, medicinal herbs and aromatic herbs, horticulture and agro based industries and food processing industries among others. The new package also
enlists other benefits like a 100 per cent income tax exemption for an initial
period of five years and thereafter 30 per cent for companies and 25 per cent for other than companies for a further period of five years.
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CAs Act to be amended
New Delhi, June 14 He said the government was driven by the objective of liberalising, modernising and reforming the Corporte Law as well as providing greater investor protection to create a conducive environment for business growth, freeing it from the clutches of state control where-ever possible and making
punishment stringent for those found guilty of violating the law.
TNS
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Kribco to take over 51 pc equity in NFL Ropar, June 14 He told that earlier the Union Government had not allowed the inter state cooperative institutes to bid for the public sector units (PSUs). However, he personally met the Prime Minister and got permission for Kribco to bid for the 51 per cent stake in of the NFL. The Kribco has already the expression of interest and efforts would be made to ensure that its bid was highest for the NFL.
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FICCI delegation to visit China New Delhi, June 14 Besides attending business seminars in Beijing and Shanghai, FICCI and China Council for Promotion of International Trade will have the 11th meeting of India-China Joint Business Council. Some of the critical issues constraining bilateral trade between India and China will be discussed at the JBC meeting. “Problems in negotiation of letters of credits, slow progress of bilateral protocol on exports of mango and other fruits and possibility of exchanging tariff lines under Bangkok Agreement in thrust sectors of mutual interest will constitute some of the specific issues which will be raised with Chinese counterparts,” FICCI said in a statement here.
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L&T Board defers move on demerger
Mumbai, June 14 Talking to reporters after the Board meeting here, Mr Nayak, however, was not forthcoming on the intensity of the discussion that took place nor on the date of next board meeting. Mr Naik merely said the Board had not yet decided on the date of next meeting. L&T’s demerger of cement business was still in a limbo, market observers said. With poor response to Grasim industries’ recent open offer for L&T share at Rs 190 per share as against the then prevailing price of around Rs 210 per share, speculation was rife in the market that it might offer a relatively higher price in line with the assessment and recommendations of ICRA. Market perception was that Grasim would clinch the deal at the Board meeting today. ICRA was asked by the L&T Board to study the mode of demerger after Grasim and L&T disagreed over how to seperate the cement business.
UNI
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rc
by K.R. Wadhwney AAI website for flight information The Airports Authority of India’s (AAI) website
‘wwwairportsindia org in’ has been an instant success at the Indira Gandhi International Airport (IGIA). It provides information pertaining for flight departures and arrivals and several services available at the airport. Passengers waiting for their flights are seen using it as it also provides detailed information on customs, immigration and several international airlines operating their flights from the airport. The AAI has some other plans to make the passengers’ stay in the terminal enjoyable. Soon the AAI will synchronise the details of the latest departures and arrivals of flights from the IGIA with the air traffic control which has also improved its working. The civil authorities, along with the Air Force personnel, are currently working with great harmony. An ATM has been installed at terminal 1-B for the passengers travelling by Jet Airways and Sahara. Similar facility already exists in terminal 1-A for the Indian Airlines passengers.
Contrasting scenario Uncertainty persists. But concerted efforts are being made to resume air services between India and Pakistan. The resumption of flights will be greatly appreciated by the citizens of both countries. Initially, the flow of traffic may not be enough but soon it will be sufficient for both Indian Airlines and Pakistan International Airlines to operate at least one flight a week. Once the two governments take decision on the resumption of flights, both airlines will have to establish their offices — IA in Pakistan and PIA in India. While the Minister of State for Civil Aviation, Mr Rajiv Pratap Singh Rudy, categorically stated in Patna that the air services will be resumed only after cross-border terrorist activities were discontinued, Pakistan’s Foreign Minister Khurshid Mehmood Kasuri had stated in Islamabad that air services will be restored soon. The resumption of flights will be beneficial to both governments and airlines. Once the air link between India and Pakistan is established, both airlines will be able to save a sizeable amount of fuel and money as these will no longer be required to take longer routes to fly to several other destinations.
Pilots plea dismissed Air India Pilots Guild suffered yet another severe blow as Bombay High Court rejected its plea against the suspension of pilots, who had refused to fly to SARS-affected countries. Air-India’s firm stand has left the guild in turmoil. Its unity has been broken and the national carrier will not face similar kind of illegal and illogical action from arrogant pilots.
New scheme Plagued by several impediments from within and outside, Air-India is planning to operate ‘no-frill’ services from Kochi to the Gulf. Experts feel that the scheme will not be successful in the long run. Air-India Charters, which has been reinitiated, will run this service if the board of Directors approve the proposal.
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