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Six Reliance Energy directors quit
51 Central projects completed in time: minister
Cut sought in entertainment tax in North
Textile exporters apprehensive about post-quota regime
India, Iran fail to seal LNG agreement
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Press Note 18 under review, says Nath
Govt agencies dominate Punjab pavilion at trade fair
Indian Hotels eyes overseas business
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Six Reliance Energy directors quit
Mumbai, November 25 Shortly after trading opened today, Reliance Energy intimated the Bombay Stock Exchange about the resignation of the six directors. Among those who resigned from the power utility's board included Amitabh Jhunjhunwala, representative of Reliance Industries Ltd on the board of Reliance Energy. The other directors who quit the board include Satish Seth, executive chairman, Reliance Energy Ltd, S. C. Gupta, J. P. Chalsani, K. M. Mankad and J. Ramachandran, independent director. Mankad, Gupta and Chalasani are whole-time directors in charge of finance, operations and business development, respectively. No reasons were given for their resignation till late afternoon. However, the industry has interpreted the resignations as yet another round in the battle between Mukesh and Anil Ambani. The shares of all Reliance companies slipped into the red in the face of severe bear hammering. The Sensex closed at 6031 logging marginal losses from the previous close. Both brothers are said to be consulting lawyers though only Mukesh Ambani has so far commented on their differences in public. Anil Ambani has been staying away from the media ever since the controversy broke last week. The Nifty also slipped into the red with marginal losses to 1901. The resignations hit Reliance Energy the hardest with its scrip dropping 5 per cent to Rs 554. Reliance Industries, which had managed a short-lived recovery earlier, also slipped over 1 per cent to Rs 508. Reliance Capital slipped nearly 2 per cent. Reliance Energy and Reliance Capital are said to be controlled by Anil Ambani and received the brunt of the bears' goring.
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Anil breaks silence Mumbai: Reliance Vice-Chairman Anil Ambani broke his silence on the row between him and brother Mukesh Ambani. Speaking to journalists this evening, he confirmed that six directors of Reliance Energy Ltd, the company controlled by him, had put in their papers. “Their resignations will be considered by the board,” Anil Ambani said on a cautious note. He, however, refused to speak on the differences between him and brother Mukesh Ambani. “I will make a statement at the appropriate time,” he said. Of the directors who resigned here today, Satish Seth has been on the board of Reliance Industries Ltd for many years. He is seen as an important strategist in the Reliance group. Mr S C Gupta, who quit today has been one of the longest-serving board members and was actively involved in the design and implementation of power plants.
— TNS
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51 Central projects completed in time: minister
New Delhi, November 25 Mr Oscar Fernandes, Minister of State, Ministry of Statistics and Programme Implementation, while addressing a press conference here today, said in the past six months, 51 Central projects worth Rs 23,910 crore had been completed.. These included 11 projects of the railways, nine of road transport and highways, five in shipping and ports, two in urban development, one in power, three in petroleum, two in steel, one in atomic energy, 11 in coal, one in information and broadcasting and two in the mines sector, he said. Mr Fernandes said in view of delays, the government had decided to re-prioritise the projects in the light of resource constraints, besides making it compulsory to set up core management team for every project costing Rs 50 crore and above and delegation of adequate financial and administrative powers. He said these projects would add new capacity of 27.58 million tonnes of coal production per annum and 1000 MW capacity for power generation through the Nathpa hydroelectric power project in Himachal Pradesh. Mr Fernandes informed that overall cost overrun in projects was coming down as a result of several measures taken by the government and constant vigil on projects under implementation. At present, there are 605 Central projects under implementation, with an anticipated cost of Rs 2,67,815 crore. Of the total projects, 22 are proceeding ahead of schedule, 140 on schedule, 250 behind schedule and 149 projects yet to be assigned a definite date of commissioning. Apart from these, the minister said, high cost of environmental safeguards and rehabilitation measures, higher cost of land acquisition, change in the scope of the project and under-estimation of original cost, have also contributed to time delays and cost-escalation.
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Cut sought in entertainment tax in North
New Delhi, November 25 In a representation submitted to the chief ministers of northern states, including Punjab, Haryana, Uttar Pradesh, Uttaranchal, Madhya Pradesh and Rajasthan and the union territory of Chandigarh, the PHDCCI said despite being given industry status by the Union Government, growth of the entertainment sector was being hampered by high rates of entertainment tax prevalent in the northern states. The chamber has lamented that the entertainment tax was as high as 125 per cent in Punjab, 60 per cent in UP and Uttaranchal and 50 per cent in Haryana and Madhya Pradesh. It was affecting the growth of industry in these states, besides adversely affecting employment opportunities in the entertainment sector. The entertainment industry is confronted by a number of challenges which call for remedial action by the state governments. One such important issue is the differential and high rates of entertainment tax among northern states. Recently, the Union Ministry advised a cap of 45 per cent entertainment tax to states, the chamber pointed out.
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Textile exporters apprehensive about
New Delhi, November 25 A survey conducted by the Federation of Indian Chambers of Commerce and Industry (Ficci), has revealed that a large section of textile exporters feel that to restrict the increase in exports from low cost destinations like India, the developed countries may resort to protectionist measures like imposition of anti-dumping duties and anti-subsidy measures. The industry representatives feel that textile exports may also have to face impediments in the form of link-up with non-trade issues both social (labour) and environmental. Another way in which the exports from India may be restricted is through developed countries' discrimination and their giving preference to exports from countries like Bangladesh, Pakistan and Sri Llanka. The study on "Ending of Multi Fibre Agreement and the Indian Textile Industry" pointed out that industry was not adequately laying emphasis on studying changing consumer trends, styles and tastes. The report is based on responses of 60 companies with a wide geographical spread and turnover ranging from Rs 10 crore to Rs 2300 crore. " The key areas where the Indian textile industry has laid stress in recent years is in its preparation for the post-quota regime include technological upgradation, benchmarking costs and improving product quality standards, reducing lead-time in supplying orders and capacity and workforce augmentation," stated the report. The study has appreciated the role of Duty Entitlement Pass Book (DEPB) and the Technology Upgradation Fund Scheme (TUFS) has proved useful. However, with the industry focusing on technological upgradation, the government should further encourage the TUFS and make it available to the synthetic fibre industry as well. Industry players have reported that signals given by global sourcing majors to them are strong and positive and that they would see their exports rising substantially beginning next year.
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India, Iran fail to seal LNG agreement
New Delhi, November 25 Petroleum Secretary S. C. Tripathi had led a delegation to Tehran on November 23-24 but the deal could be finalised. The official refused to indicate the price Iran was quoting but said it was much higher than the $ 2.53 per million British thermal unit (mBtu) price at which New Delhi currently buys LNG from Qatar.
— PTI
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Press Note 18 under review, says Nath
New Delhi, November 25 “We are reviewing Press Note 18 and a decision would be announced in a fortnight,” Commerce and Industry Minister Kamal Nath told newspersons here today. Mr Nath added that the government would possibly come out with different guidelines on retrospective and prospective investment agreements with domestic joint venture partners. “We want to look at prospective and retrospective agreements differently,” the minister said. Press Note 18, which was issued in December 1998, requires that a foreign company in a joint venture with an Indian company cannot set up another wholly-owned subsidiary in a similar line of business without the domestic partner’s permission. Left parties, however, have been consistently opposing any move to scrap Press Note 18 as they feel that such a move would go against the interests of the domestic industry. The domestic industry is also not in support of such a move, “as it would give complete leverage to foreign investors”. The view within the domestic industry is that scrapping of the circular would tantamount to allowing “back-door” entry to foreign investors and carries the danger of “crowding out” domestic industry. The primary objective of this provision was to protect the interests of the local industry and not allow foreign partners to float a 100 per cent subsidiary and compete with the original joint venture producing a similar product as it would hurt the interests of all stakeholders in the original joint venture.
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Govt agencies dominate Punjab pavilion at trade fair
New Delhi, November 25 In fact, the exhibition arena served to illustrate that the state lacked serious industrial, business and trading activity. Dominated by stalls put up by the government agencies, like Markfed, Milkfed, Punjab Agro, Phulkari, the show has no ingredients to make it stand out from the rest of pavilions. However, the state has attempted to project the state as a technology centre and the advances made in agriculture, the two being theme issues of the trade fair this year. Though the front of the pavilion depicts an amalgamation of the two, the boards and inquiry counters put by Quark Media, the largest
software company, Puncom and a few others under common nodal point Punjab Infotech did not seem enough to send across the message. Few leading international companies who are keen to set up their base in Mohali, near Chandigarh or other parts of the state had also not marked their presence. Ludhiana, known as the Manchester of India, is also not represented the way it should have been. None of the leading textile companies have put up its stalls. The exhibits of cycle manufacturer like Hero Cycles or sports good industry of Jalandhar was also symbolic. There is nothing to showcase the tourism of the state and its related activities. An attempt has been made to show how information technology and biotechnology was being used to get better yields for agriculture. Information was being made available about new varieties of wheat, particularly PB-W-232, which is disease free and meant primarily for export and other such high-yielding varieties developed through research for the benefit of farmers. The cultivation of sugarcane through tissue culture for mills across the state has also been adequately highlighted. However, the Punjab government officials at the fair claimed that the pavilion had generated a better response this year as compared to last year. The Chief Minister, Capt Amarinder Singh, who visited the pavilion on Tuesday, said for the first time more emphasis had been laid on information technology than agriculture. The lower section of the pavilion has Punjabi Bazar displaying handicrafts, including traditional Phulkari and other ethnic items. Though it managed to draw some visitors, but those manning the stall said there were more inquiries than sales. Even the heat and eat range of Markfed or the fresh produce of Punjab Agro did not generate much interest as was evident by the crowds at the pavilion. The statue of an old man at the end of the pavilion says it all - he is disappointed as the pavilion and does not have much to carry home about. It only leaves you wishing that it had a more techno-savvy look.
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Indian Hotels eyes overseas business
New Delhi, November 25 “We are eyeing these markets to augment our growth plans especially the lucrative UK and US markets. In China we plan to open serviced luxury residences,’’ Indian Hotels Company Ltd Managing Director Raymond Bickson said today on the sidelines of a function to mark Taj Hotel Resorts and Palaces management contract with Jodhpur’s Umaid Bhavan Palace here. The Indian Hotels Company Ltd recently launched its first serviced luxury residences in Wellingdon Mews and in Dubai, which was aimed at extending the brand of Indian Hotels.
— UNI
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Though the government is claiming that there would be a rise in textile exports in the post-quota regime beginning from January 2005, textile exporters fear that they may have to face non-trading barriers in the European countries.
