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Friday,
September 12, 2003, Chandigarh, India  
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Speed up reforms, says Rocca
Summons against Ambanis set aside
Punjab offers sops for new units
Apple growers let down by carton firm
Notebook PC with 3-D images
Asian Paints acquires Fiji
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Vardhman Acrylic to go public on Sept
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Speed up reforms, says Rocca
New Delhi, September 11 Rocca, who arrived here on Tuesday on a five-day visit, also called upon India to work closely with other countries at the World Trade Organisation (WTO) meet in Cancun to open markets and expand trade globally. "US exports is likely to be $4 billion this year and the forward march of India's economic reform programme holds the promise of greater foreign investment," she told a seminar organised here by the CII. "However, both American and Indian businessmen frequently voice their concerns that the pace of reform is too slow and requires more clear direction," said Rocca. "You are all familiar with the impediments that continue to block greater foreign investment and challenge those who wish to penetrate the Indian market." She said although Indian products and services had done well in the US market, American exports to India had languished between $3.5 billion and $4 billion since 1997. "U.S. investment in India has been similarly lacklustre, falling from a peak of $737 million in 1997 to a meagre $283 million in 2002." On the importance of the WTO negotiations, Rocca said: "At Cancun the stakes are high. They're high for the WTO as an organisation, for the global economy and for individual economies. "The U.S. message to our trading partners, therefore, is our collective need to aim high in our aspirations and ambitions to open markets and expand trade for all countries. "We believe this is the best way to promote growth and development and to help alleviate poverty. The U.S. will work with other countries to achieve these ambitions." Trade ministers from 146 countries are discussing a wide range of trade liberalisation issues, including the contentious subject of subsidies in the agricultural sector, at Cancun. The meet began on Wednesday. India is expected to aggressively push developed economies like the US and the European Union to slash farm subsidies, which New Delhi complains undercut its export opportunities. "The US and India see eye to eye on certain issues and on others we disagree. The mark of a mature trading relationship is the willingness to see each other as attentive, productive advocates rather than as adversaries," said Rocca. According to Rocca, India was a critical player in the WTO negotiations and the country has the "wherewithal" to lead the way towards constructive solutions. "The world needs India's creativity and wisdom. We hold great hope that the Government of India will be as ambitious as the US in seeking to open its own and world markets," she added.—
IANS
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Summons against Ambanis set aside
New Delhi, September 11 The case, filed in 1999, related to the alleged pilferage of classified documents of the Union Cabinet regarding decisions on important commercial matters. The CBI had recovered the documents from a Reliance Industries office here during a raid in connection with a criminal case against Romesh Sharma, an alleged property grabber. It was then alleged that Reliance Industries’ then vice-chairman V. Balasubramaniam had links with Sharma. Sharma is currently lodged in the Tihar jail here in connection with several criminal cases. Mr Justice J.D. Kapoor set aside the order issued by former Chief Metropolitan Magistrate Sangita Dhingra Sehgal summoning the Ambani brothers. This was done in view of an earlier order passed by Mr Justice Kapoor, whereby he had set aside a Sessions Court order that had asked Ms Sehgal to summon the Ambani brothers. Mr Justice Kapoor had earlier set aside the order of Sessions Judge P.K. Bhasin, in which the latter had dismissed a revision petition filed by Balasubramaniam and other accused facing prosecution in the case. Dismissing their petition, Mr Bhasin had asked Ms Dhingra to summon the Ambani brothers as accused persons in the case as they could not abdicate their responsibility in the pilfering of classified documents. The accused had challenged Mr Bhasin’s order in the high court, saying that their revision petition had been dismissed without giving them opportunity of hearing. The Chief Metropolitan Magistrate’s court will now hear the case afresh. —
IANS
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Punjab offers sops for new units Chandigarh, September 11 The projects include capital investment of Rs 1,330 crore and would generate a direct and indirect employment potential of 5,000 and 15,000, respectively. Capt Amarinder Singh said the investment would include a terry-towel project and a paper mill by the Trident Group of industries (Rs 830 crore) and the expansion of a paper mill by the Khanna Paper Mills at Amritsar (Rs 500 crore). He assured the industry that the state would provide all necessary and possible help to facilitate the implementation of projects. He said the concessions granted to the industry would include exemption from electricity duty, octroi and purchase tax for five years. He also announced concessions to the Nahar Group of Industries for its industrial estate being set up at Lalru on the pattern of SIEL, Rajpura. Godrej Industries has also been granted concession with regard to the deferment of the sales tax for the period for which it could not avail of the concession earlier.
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Apple growers let down by carton firm Gumma, September 11 It has so far supplied nearly 30 lakh boxes of the total 1.16 crore apple boxes sent out of the state. The state would require over two crore boxes this year. The total capacity of the plant is about 1.5 crore annually, but it is manufacturing about 30 to 35 lakh boxes only, and that too at a higher cost of production as compared to the private manufacturers. Set up in 1990 at a cost of about Rs 30 crore with Japanese technology, the plant has suffered over Rs 40 crore accumulated losses so far. It is incurring losses worth over Rs 3 crore annually due to low capacity utilisation and high establishment costs. Insiders say the present management has failed to properly market its product. Mr Devinder
Jaret, Secretary, Shatala Apple Growers Society, said: “ The quality of its boxes is relatively better but despite government subsidy, the grower has to pay Rs 24.50 per box. However, he can get these from private manufacturers at Rs 20 to Rs 21 per box. Further, the plant fails to supply boxes in time, and its management expects us to deposit Rs 2 per box three months in advance to get the delivery in time.” A visit to the plant revealed that the plant remains non-functional for about six months every year due to lack of adequate working capital and assured demand orders. An official of the plant said: “We can not cater to the demand of other industries due to locational disadvantage .Had the plant been set up at Parwanoo or
Baddi, we would have saved transport costs worth crores and supplied boxes to industrial units of Punjab and Haryana.” Mr Amrit Chauhan, General Manager,
AIPIL, admits: “We are unable to run the plant throughout the year due to lack of assured orders and working capital. The cost of production rises due to 8 per cent sales tax, 16 per cent excise duty and limited orders, not applicable to small units. Most of the farmers still prefer to buy low quality cheap boxes, though they can fetch Rs 100-150 per box by using our boxes, which meet the international standards.” Officials disclosed that the state government was still to pay about Rs 2.5 crore subsidy to AIPIL on account of last year’s production. One of the officials claimed thtat the state government was not interested in running the plant to its full capacity due to subsidy implications.
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Notebook PC with 3-D images
Tokyo, September 11 The 3-D feature, which does not require special glasses, is a world first, said Sharp, Japan's largest maker of liquid crystal displays (LCD). It said the 3-D feature can be used for video games and such purposes as architectural design, and users can switch to 2-D for normal use such as word processing by just pressing a button. "We believe our 3-D technology will create a new growth field in the saturated personal computer market," said Makoto Nakamura, General Manager at Sharp's mobile computing systems division. Although Sharp is the dominant player in the fast-growing market for flat-panel LCD TV with a global share of about 50 per cent, it holds less than 10 per cent of the domestic notebook computer market. The 3-D feature will be in computers with a 15-inch display and Intel Corp's Pentium 4 processor, and will hit store shelves on October 27 in Japan. The US launch is set at around the same time. —
Reuters
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Asian Paints acquires Fiji firm Mumbai, September 11 Taubmans Paints is controlled by Akzo Nobel which has 65 per cent stake in the company, while Fijian Holdings, the local partner, has the balance 35 per cent. APSP will buy the entire stake from both companies. The acquisition will also include Taubmans’ paint business in the neighbouring Samoa lslands. Taubmans is the fourth largest paint company in Fiji and its brands are popular in the premium decorative segment. It is the dominant player in the project sales segment, where Asian Paints has a limited presence. Taubmans consolidated sales in the financial year 2002 was Fiji dollar 4.1 million with profit before interest and taxation margins of around 10 pc in 2002.
L&T to enter China With over Rs 900 crore exposure in overseas projects, Larsen and Toubro (L&T) is set to enter the lucrative Chinese market for integrated turnkey solutions in engineering and construction projects. "We plan to enter the Chinese market by supplying modular equipment system to petro-chemical process industries," L&T President (Operations) K. Venkataramanan told PTI here. L&T is supplying modular fabrication solutions to Shell and BASF for their projects in China, he said, adding that "this time it will be an exclusive L&T entry in China". L&T E&C division has participated in a global bid process for supply of modular solutions used by petro-chemical and hydrocarbon and process industries in China, he said. The foray into China is part of L&T’s strategy to focus on West Asia, South East Asian and select African markets.
IDBI net grows IDBI has reported a net profit of Rs 71.1 crore in 2002-03, recording a 36 per cent growth over last year’s net profit. "The bank has delivered spectacular result by reporting a net profit of Rs 71.1 crore in the financial year 2002-03, which is 36 per cent more than the last year," IDBI Chairman P P Vora told reporters here. The bank will continue on its growth path and create greater value for its shareholders, Vora said, adding that this growth has happened because of high focus on quality.
Raymond unit Textile major Raymond Ltd will invest Rs 80 crore to expand capacity and product development this year even as Raymond Apparel its wholly owned subsidiary, plans to set up a high-end shirt making unit to exploit growing readymade garment business. —
OC and agencies |
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Garment exports Canara Bank Kelvinator Pepsi awarded Mahindra sales PSB camp R&D lab in KU |
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New Delhi, September 11
