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Wednesday,
August 6, 2003, Chandigarh, India
  
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Due
diligence of Escorts Heart begins Himachal
to revive tea industry Reliance
most admired business house Social
benefits lure investors to Canada
High-speed
Internet access scheme in Hisar |
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Citizen
to promote eco-friendly watches
Reliance
Energy to pay 10 pc
Bank of
Punjab net grows 15 pc
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Due diligence of Escorts Heart begins
New Delhi, August 5 “The Escorts Heart Institute and Research Centre (EHIRC) deal is in due diligence stage. We normally do a comprehensive due diligence before investing,” Global Head of Standard Chartered Private Equity Karam Butalia told PTI from Singapore. The fund is in negotiations with Escorts Limited, which holds a majority 80 per cent stake in the heart institute, for buying 17.1 per cent of its stake in the EHIRC. Butalia, however, did not give details saying “we also have a confidentiality agreement and hence are unable to provide any additional details on the EHIRC deal itself.” However, the deal has been questioned by Escorts Limited Vice-Chairman Anil Nanda, who says the EHIRC was created as a charitable institution and should remain so while elder brother and Escorts Chairman Rajan Nanda says equity sale will help internationalise the institute. Asked about whether the fund is rethinking on the deal after the filial spat became public, Butalia cited the confidentiality clause and declined to comment. Butalia said the Stanchart Fund invests in “later stage” companies and will be looking at other sectors like healthcare and pharmaceuticals for similar investments. The fund’s comments come close on the heels of Anil Nanda virtually rejecting the peace offer by Rajan, who said the deal will not be done unless the “family matter” was resolved. “My stand has not changed. By smoking a peace pipe with me, this deal will not become legal....the only way to resolve it (controversy) is to convert the heart institute back into a charitable institution,” Anil said. “My stand has not changed,” Anil repeated when asked if he to consider softening his position or rethink his stand. Anil’s tough stand follows Rajan Nanda saying he wanted to first resolve the “family problem” before controversial equity sale in the Escorts Heart Institute. As if to mollify an angry Anil, Rajan had said he may soon talk to his younger brother to discuss the entire issue. “I have no differences of any kind with Anil....the sale of equity in the EHIRC has not happened and will not be undertaken till the family problem is solved,” he said.
— PTI
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Himachal to revive tea industry Shimla, August 5 Stating this, while presiding over the meeting of the reconstituted state Tea Development Board here, he said the 150-year old industry remained concentrated to Kangra and some parts of Mandi district due to the lackadaisical approach of planters. The declining production is a serious issue and the Tea Development Board should come out with a long-term strategy to made tea cultivation economically viable and self-sustainable. Although tea production in the state is only a fraction of country’s total out-turn it had earned a name because of its flavour-rich quality the world over. At present, over 6,000 persons are employed in the industry. The Chief Minister said the neglected tea gardens had to be rejuvenated with the better management. The government will give special attention for the
revival of the tea industry in the state keeping in view its economic and ecological importance. He advised the tea board functionaries to explore possibilities for production of organic tea for export purposes and value addition. Mr Virbhadra Singh said in the era of
globalisation the quality of the product has to be maintained and appropriate strategies and measures had to be adopted to face emerging challenges. The customs duty on import of tea had been increased from 70 to 100 per cent and the excise duty reduced from Rs 2 per kg to Rs 1 per kg. There was unlimited market for high quality and organic tea but Himachal tea is facing tough competition from other tea producing areas in the country. Cheap tea from Sri Lanka, Indonesia, Vietnam and Kenya has also affected the tea industry in the state. He sought liberal financial and technical assistance from the Tea Board of India for the revival of the industry. He said the services of scientists of the CSIR and agriculture university will be requisitioned to rejuvenate the tea industry and necessary steps initiated to increase yield and improve the quality of tea. It is decided at the meeting to explore possibility to handover the tea factories in Bir and Sidhbari in Kangra district to private entrepreneurs running and take effective steps to revive the Palampur and Baijnath tea factories. Mr Raj Kishan Gaur, Agriculture Minister, said the state government has identified and surveyed 5,038 hectares in Chamba, Mandi and Kangra districts for expansion of tea cultivation.
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Reliance most admired business house Chandigarh, August 5 The company was ranked number one in management quality, financial performance and returns to shareholders The opinion poll, carried out by TNS Mode — the Indian affiliate of the world’s second largest market research agency — reflects the perceptions of the CEOs and senior managers on various aspects of corporate excellence.
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Social benefits lure investors
to Canada
Chandigarh, August 5 WWICS here has claimed that these benefits are not available in the USA, Australia or New Zealand. On an average the social security benefits worth Rs 7 lakh or Rs 8 lakh will be available per annum to each member of the family in Canada.
— TNS
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High-speed Internet access scheme in Hisar Hisar, August 5 Mr R.K. Tyagi, General Manager, Hisar Circle, said here today that the department will levy a one-time installation fee of Rs 3,000. The scheme has been introduced following a demand by several education institutions. The subscriber will also get telephone access from the same line which will be billed separately. The GM said the department has launched the sale of Sancharnet cards in the circle. These cards provided immediate Internet access. Besides, these can be used to renew old connections. There are around 3,000 Internet users in the circle. As many as 163 new Net connections were released last month. He said the department has introduced the scheme for reconnecting landline telephones that had been disconnected due to non-payment of bills. Under this scheme, the department will not charge rent for the period for which the telephone remained disconnected. The arrears can be paid in instalments. The activation of Sim cards of mobile telephones has been started in Sirsa which will expedite release of BSNL mobile connections. The department has so far released about 5,000 post-paid and 17,000 pre-paid mobile connections in the Hisar circle. Mr Tyagi said consumer service centres have also been started in Dabwali and Kalanwali in Sirsa district. Mobile telephony will be introduced in Uklana and Ellenabad shortly.
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Citizen to promote eco-friendly watches Chandigarh, August 5 Addressing a press conference, he claimed that the Citizen group will target its watches for the middle income group, that comprised 15 per cent of the total market worth of 40 lakh watches annually. In the first phase the company has opened seven ‘‘First Citizen’’ showrooms in major cities. In the next two years, the company will open 30 such showrooms which showcases Citizen’s international range of watches in a world-class ambience. Apart from that the watches will be available at 300 outlets. Mr Nakazaki admitted that the company has failed to compete with the Titan group which is dominating in the range of below Rs 2000 per watch. The company will now target for the slightly higher segment by offering watches in the price range of Rs 5000 to Rs 15,000. He claimed that Indian watch manufacturers were using batteries that were causing pollution in the environment.
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