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IA may induct
wider aircraft soon 1.43 cr shares of
ONGC reserved for ordinary holders Reliance to set
up power project at Dadri Market committees
to go hi-tech in Punjab Crude oil
production up 4.1 per cent Chautala woos
investors from other states Maruti may set up
third plant in Haryana EPFO attaches HMT
bank accounts |
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Punjab, Chinese
province sign agreement Grains output
may touch 216 tonnes ST Micro to
invest $100 m in India Graphics:
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IA may induct wider aircraft soon New Delhi, February 19 While the IA Chairman and Managing Director, Mr Sunil Arora, had already set up a committee headed by Deputy MD and Chairman T.S. Chandrasekar to go into various aspects of the state-run airlines tapping the business once the international routes were thrown open, the committee itself would identify the likely type (size and range) of the aircraft needed to be operated in the near future. Sources here said that one of the options which the committee was likely to consider was taking at least six A-330 aircraft on lease from the Airbus
Industry while keeping an option open for leasing another aircraft at a later date. The new induction plans had primarily been put on paper keeping in view the future when the state-run airlines might see stiff competition from both the Air Sahara and the Jet Airways. With the new aviation policy on the anvil the two private airlines would also be in line to fly to destinations abroad, including those as far away as New York or London. The six leased aircraft would add to the existing 62-aircraft fleet of the IA. The IA’s consideration on the option to lease the wide-bodied aircraft also came in the wake of no decision being taken on acquiring of 43 aircraft for the domestic carrier. Despite tremendous pressure from all quarters the government had failed to take a decision on these new acquisitions. Now with the general election in view a final nod would be further delayed at least till late after the new government took over. Efforts were also made earlier last month to get the Public Investment Board (PIB) to meet last month but it was not successful. However, with this decision having been put off presumably for a long time now the state-run airliner was apparently left with no other option but to lease the aircraft from the Airbus
Industry whose planes form the majority of the IA fleet. The seven-member committee, headed by Mr Chandrasekar, would also look to identify geographical areas, markets and routes beyond the present network of operations and also the estimate market potential of such markets. It would submit its report within the next two months. With the view to the future the IA had also started hiring around 150 senior trainee and trainee pilots and 400 cabin crew members. The new staff will be inducted by June. Over the past decade, Jet Airways and Air Sahara had eroded IA’s dominance over the local air routes with their superior services and younger fleet. Jet has a fleet of 41 planes while Sahara has a fleet of 16 jets. Earlier this month, the civil aviation ministry had also attempted to finalise plans to allow all private airlines with two years of experience to fly international routes. The new foreign route policy had failed to receive the Cabinet approval after some ministers opposed it. The policy would now be considered afresh by a new government that would take over after the general elections in April-May. This had given the IA not only fresh lease of life but also time to act on improving its service before the competition got tough. Meanwhile, Indian Airlines will have a chance to hold further negotiations on the pricing of the new all-Airbus aircraft fleet, which it intended to buy after formal government clearances, a senior official of the French aircraft manufacturer said today. “Though the IA Board had taken a decision after September 11, 2001 (terror attacks) when the market was on a downswing, it is standard that there is price escalation, especially now when the aviation scenario has firmed up,” Airbus Industries’ Regional Communications Manager David Velupillai said here. Asked whether there would be a price escalation since the IA Board decision of April 2002 to acquire 43 aircraft from Airbus Industries, he said once the government gave its nod after clearance by the Public Investment Board (PIB), the IA would negotiate the prices on the basis of its decision to acquire such a large number of aircraft.
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1.43 cr shares of ONGC reserved for ordinary holders
Kolkata, February 19 Indian Oil Corporation and GAIL India (Ltd), which held quite a significant number of shares of ONGC would, however, not be entitled to apply under the reservation, official sources said here. Hindustan Petroleum Corporation Ltd, which held over 14 per cent in MRPL, would also be not entitled for application under the reservation, they added. The government held 84.11 per cent of the equity shares in ONGC and had announced its intention to make an ‘Offer for sale’ to the public up to 10 per cent of the equity shares in the domestic capital market through book building process in March. Following the reservation announced by the government, MRPL officials said the company had fixed February 20 as the specified date for determining the list of shareholders who would be entitled to apply under the aforesaid reservation. Meanwhile, Petroleum and Natural Gas Minister Ram Naik has ruled out possibility of splitting the ONGC stock before the public sale of 10 per cent of the company’s shares. “So far as the Petroleum Ministry is concerned, there will be no stock split in ONGC before the offer,” Naik said yesterday.
— PTI
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Reliance to set up power project at Dadri New Delhi, February 19 Commenting on the decision, Mr Anil D. Ambani, Vice-Chairman and Managing Director, Reliance Industries Ltd said, “The proposed mega power project will produce clean, green power using environment-friendly natural gas as fuel.” Dadri project site will be about 40 km away from Delhi. The company will use water from main Ganga canal, 2-3 km away from the site, and will use the HBJ gas pipeline to transport natural gas from Dhirubhai gas fields in the Krishna Godavari basin in Andhra Pradesh. With an investment outlay of Rs 10,000 crore, the power project is expected to bring substantial benefits to millions of consumers in northern India. The company press release added that the project would be developed in phases.
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Market committees to go hi-tech in Punjab Chandigarh, February 19 Speaking after inaugurating the Agmark Exhibition here today, Mr Singla said the board would be setting up Export Zone for Basmati in Amritsar and cotton market at Mansa by March 31, 2004. Modern mandis and link roads were also being constructed to link every village with the markets. The people of Punjab will be able to savour the taste of fresh kinnows in the peak of summers, if the plans of the board to set up more cold storage chains are any indication in this regard. The waxing of kinnows, which is being undertaken on a war footing in the grading centres of Hoshiarpur, Muktsar and Ferozepore, will further ensure proper storage and they will be available to the consumers right uptil May. The board has with the help of the Punjab Agriculture University, Ludhiana, also started grading the quality control of honey in the state. Advocating contract farming, he said use of
high-yielding varieties, seeds, pesticides and farm power have led to bumper crops of wheat and paddy. Due to abundant storage of crops, there was no scope for increase in the Minimum Support Price also ( MSP). Mr A. Venu Prasad, Secretary, Punjab State Agricultural Marketing Board and Mr K.V.S. Pundhir, Assistant Agricultural Marketing Advisor, also addressed the farmers. The three-day exhibition which started today also highlighted new programmes like Gram Bhandaran Yojna, Agmarknet etc.
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Crude oil production up 4.1 per cent
New Delhi, February 19 Oil production from Mumbai High field in Arabian sea increased by 6.5 per cent to 1.39 million tonne as opposed to 1.495 million tonne in January 2003, according to the latest data released by Ministry of
Petroleum and Natural Gas here. Eighteen refineries operated at 106.5 per cent capacity to produce 11.092 million tonne product in January 2004 as against 10.234 million tonnes produced at 105.1 per cent of the rated capacity in the same month last year. Crude oil production at 27.754 million tonnes in April-January this
fiscal was marginally higher than 27.665 million tonnes oil produced in the corresponding period last fiscal.
— PTI
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Chautala woos investors from other states
Chandigarh, February 19 According to informed sources, Mr Chautala will visit Madhya Pradesh, Assam and Chhattisgarh from February 21 to February 24 to meet prospective investors in these states. Mr Chautala will hold a business meet in Jabalpur in Madhya Pradesh on February 21. Similar meetings would be held in Tinsukhia and Gauhawti next day. On February 23, Mr Chautala will meet businessmen of Raipur and Bhilai in Chhattisgarh. It seems Mr Chautala is confident that his lieutenants in the party as well as the government would successfully look after the arrangements for the proposed Jhajjar rally on March 2 when his government would complete its four years. Otherwise, he would not have taken time off his busy political schedule.
— TNS
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Maruti may set up third plant in Haryana New Delhi, February 19 “In the first instance, the matter has been taken up with the Government of Haryana to ascertain the availability of land and related infrastructure,” the company said. Once the details of the state government’s response were available, a detailed proposal would be placed before the company’s Board of Directors for consideration, it said. MUL at present enjoys more than 50 per cent of the market share in the Indian car market with a number of models starting from Maruti 800 to various versions of Alto, Zen, Versa, Esteem and Baleno.
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EPFO attaches HMT bank accounts
New Delhi, February 19 In a release, EPFO, the country’s largest provident fund manager, said the total outstanding dues against HMT Machine Tools, Ajmer, had been assessed at Rs 5.15 crore, including the interest payable at 12 per cent. The establishment would also have to pay damages by way of penalty of 17-37 per cent for delayed payments depending on the period of delay. Labour Minister Saheb Singh Verma had earlier warned that the defaulters would not be spared. EPFO had earlier lodged a police complaint against the
General Manager of HMT Machine Tools, Ajmer for not depositing the employees’ contribution deducted from wages. “Any employer who deducts employees’ contribution from the wages payable to employee for credit to Provident Fund and makes default in the payment of such contribution shall be deemed to have dishonestly used the said amount, commits criminal breach of trust within the meaning of Sections 405
and 406 of Indian Penal Code,” EPFO said. The offence is cognisable and non-bailable in nature and whoever commits breach of trust shall be punished with imprisonment extending upto three years of fine or both, it said.
— PTI
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Punjab, Chinese province sign agreement Chandigarh, February 19 The duo signed a Memorandum of Understanding (MoU) today to establish business relations essentially to promote cooperation in the Information Communications Technology ( ICT) sector. As part of the MoU signed between Mr Wang Xiang-kun, Vice-Mayor of the Shenyang Municipal Government and Mr Subodh C. Aggarwal, Principal Secretary (Industries), they will jointly cooperate to invest in Mohali and city of Shenyang in China. The delegation also met the UT Finance Secretary, Mr A. Karan Singh, who discussed the idea of setting up a Chinese school in the city, which will go a long way in promoting trade. They visited the Information Technology Park, Chandigarh and Quark Inc. Mohali.
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Grains output may touch 216 tonnes New Delhi, February 19 “The agri-performance this year has been astonishing and foodgrains output could touch even 216 million tonnes. The estimate of 212 million tonnes is only second in a series of estimates and third and fourth estimates are yet to arrive”, he said here. He said it is possible that oilseeds could touch 250-255 lakh tonnes, if the current favourable trends in weather continue. On the sidelines of an official function, he said the credit for the all-time-high output goes to both the toiling farmers and scientists who have contributed in increasing productivity and helped developing high quality of seeds. Earlier this week, government had released the second advance crop estimates in which the foodgrains and oilseeds output was pegged at an all-time-record of 212.2 million tonnes and 24.9 million tonnes, respectively, thereby contributing to the overall growth of the economy.
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ST Micro to invest $100 m in India New Delhi, February 19 “The major chunk of this investment will go into the setting up of a development centre in Greater Noida, with a capacity to house 5000 engineers. ST has purchased 25 acres of land in Greater Noida, Uttar Pradesh, and the state-of-the-art facility is likely to be functional in the next 5-6 years”, ST Microelectronics President and CEO Pasquale Pistorio told reporters in Noida near here. The company which has clocked a turnover of $ 7.24 billion will also raise its number of employees to 3,000 from the current 1400 people, 2006. ST’s third centre in Noida, which was inaugurated today, has the capacity to house 550 embedded software engineers. The Noida centre is the company’s single largest design facility outside Europe. “Further, ST is setting up a design centre for 100 engineers at Bangalore. It will develop telecom applications in the initial phase. “The Bangalore centre will be functional from April 4 next,” Mr Pistorio added.
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Sensitive items
New Delhi, February 19 |
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