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Control steel prices, demands industry
Oracle buys PeopleSoft for $10.3 billion
Microbes to revive oil wells
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Air Deccan to relink Dehra Dun, Delhi
US team may invest in HP hydel projects
Vedanta raises $ 500 million
China not to swamp textile market
Indoco plans IPO to raise Rs 70 cr for expansion at Baddi
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Control steel prices, demands industry
Ludhiana, December 13 ”In the meeting that was held on December 2 in Mumbai, the minister not only asked steel producers to control prices but also said a steel regulatory commission would be set up. However, he retracted from his statement in Parliament and said no further check was required which is shocking,” reacted Mr Varinder Kapoor, general secretary, United Cycle and Parts Manufacturers Association, who had attended the meeting. “While prices have more than doubled, sales have reduced because we were forced to reduce production. Today, Chinese goods are much cheaper than ours and our industry will not stand anywhere in the global market if this situation continues,” Mr Kapoor said. According to industry representatives, it is unfair to compare India’s cost of steel with that of other countries that import iron ore and coal. In a recent letter to the Finance Minister, the Apex Chamber of Commerce and Industry alleged that despite announcing a reduction of Rs 1,000 per tone, Sail did not implement the same. “Sail and RINL have in fact raised prices,” said Mr P.D.Sharma, president of the chamber. He also blamed private producers for devising a dual price system under which he alleged that they charged 70 per cent of HR Coil at higher rates on the plea that it would be exported by the users whereas the remaining 30 per cent was charged at normal prices. The government’s decision to allow incentive for steel export too has drawn flak from various sections. Industry representatives have demanded that besides controlling prices, the government should make sponge iron available at reasonable rates to secondary steel producers. “The two sponge iron producers, who were given licences in the early 1990s, are using sponge iron for their own consumption and part is being exported. This defeats the very purpose of setting up these units. The result is that while bulk sponge iron goes to main steel producers, secondary producers remain short of supply,” Mr Sharma pointed out. Industrialists have also expressed concern over the decision of debarring the ICD at Ludhiana from receiving steel scrap. ”With the ICD at Ludhiana having been debarred from receiving imported steel scrap secondary steel producers in the State are facing severe shortage of raw material. “This has led to a three-four fold increase in rates,” the chamber stated in its letter to the Finance Minister and demanded that besides ensuring price control, imported steel scrap be allowed at the ICD, Ludhiana, and sponge iron be made available at reasonable rates to secondary steel producers so as to save steel consuming industry from further crisis.
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Oracle buys PeopleSoft for $10.3 billion
Washington, December 13 “Oracle Corporation today announced that it has signed a definitive merger agreement to acquire PeopleSoft, Inc., for $26.50 per share (approximately $10.3 billion),” Oracle said in a statement. “The transaction has been approved by the boards of directors of both companies and should close by early January,” it said. Combined, Oracle and PeopleSoft will be the world’s second-largest producer of business software, a sector still firmly dominated by Germany’s SAP. PeopleSoft’s board rejected Oracle initial purchase offer in June 2003 as insufficient. But on November 20, Oracle announced it had obtained control of more than 60 per cent of PeopleSoft’s shares. Again, PeopleSoft’s board said the offer, then at $24 a share, was not enough. The offer of $ 26.50 is the best ever made by Larry Ellison’s group.
— AFP
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Reliance
allowed to sell kerosene
New Delhi, December 13 “Petroleum Minister Mani Shankar Aiyar has approved a proposal to allow RIL and MRPL to retail non-PDS kerosene,” top government sources said. The government had previously stipulated that kerosene retailing for purposes other than for PDS must be done only through imported fuel. Domestically produced kerosene was not allowed to be diverted for purposes other than PDS. Four public sector oil marketing firms — Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and IBP — were selling kerosene through the PDS network. With domestic refiners producing about 1 million tonnes of kerosene more than the requirement for PDS, the Ministry of Petroleum and Natural Gas felt it was a good case to allow pure refiners like RIL and MRPL to enter non-PDS market.
— PTI
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Microbes to revive oil wells
New Delhi, December 13 According to the Associate Director of the Bioresources and Biotechnology Division of TERI, Dr Banwari Lal, the microbial enhanced oil recovery (MEOR) project is being used in 30 ONGC oil wells, mostly located in Ahmedabad and Mehsana, with temperatures ranging around 90 degree Celsius. The joint research by the DBT and the IRS, likely to be completed by the end of next year, is aimed at identifying new microbes which will help scientists revive thousands of oil wells, located in the western and north-eastern and Bombay High regions of the country, that have temperatures beyond 90 degree Celsius, temperatures at which most microbes could not survive. The technique with which microbes could survive at 65 degree Celsius was being used for several years. The Oil and Natural Gas Corporation (ONGC) has used the MEOR technology to revive oil wells in Gujarat with 90 degree C. The MEOR technology, when applied in sick oils of the ONGC, extracted more than 4,500 cubic metres of oil from selected wells, translating into revenues of more than $6,75,000. Its benefits, such as cost-effective use and environment-friendly nature, have also generated interest among oil firms in West Asia and other oil-producing countries. “Even if half of India’s steeper oil wells are revived, the country may save a major chunk of the foreign currency spent in importing 74 million tonnes of extra crude oil for the country,” says Dr Lal. Aging of oil wells is perpetual and a crucial concern that the global oil industry faces. While conventional methods of recovery are extremely expensive, the cost of enhancement of oil recovery from wells through bacterial consortium varies between Rs 5 to Rs 6 lakh, depending upon the well.
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Air Deccan to relink Dehra Dun, Delhi
Dehra Dun, December 13 The Bangalore-based airline will begin the 50-minute flight to Delhi and back on December 23. The state government hopes to get a major fillip in the tourism sector with this. According to the state Tourism Minister, Lieut-Gen Tejpal Singh Rawat (retd), the frequency would depend on the amount of business the airline finds in the state. “The number of times the flight would ply will depend upon the response,” the minister said. The small aircraft and chopper services that began plying on the route earlier were dropped due to lack of passengers. Air Deccan has planned low and middle bracket tariff slots for its 48-seater, turbo-prop aircraft. Until the Jolly Grant Airport undergoes expansion, the aircraft would fly with 40 passengers on board. Beginning at Rs 700 for the first five passengers, Rs 1,000 for the next five and Rs 1,500 for further next five to Rs 2,200 for the rest. The tariff would be on a first come first served basis. The slots are at a competitive stage with the high-end tariffs of the Railways, which is currently the popular mode of transport on this route. According to C.R. Gopinath, MD, Air Deccan, the airline is looking at the swelling market, including students from the upmarket public schools in Dehra Dun and their parents, tourists and government The bookings would begin 45 days in advance. The flight would start from Delhi at 9.30 am and from Dehra Dun at 10.30 am.
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US team may invest in HP hydel projects
Shimla, December 13 A delegation headed by Mr Donald H. Clarke, Executive Director of the US Hydro Power Council, Washington, met the Chief Secretary, Mr S.S. Parmar. Officials from the HP State Electricity Board (HPSEB) and Himurja also participated in the meeting. Mr Parmar informed the team that there was immense hydropower potential in Himachal and the government was keen to exploit this expeditiously with the help of private participation. “We are considering having consultant to ensure technical quality of detailed project reports (DPR) of various projects,” said Mr Parmar. He assured them that the government was extending all possible assistance to the investors so that they go ahead with the project smoothly. The delegates sought detailed information about the power policy and other guidelines for executing of macro, mini and micro hydel projects.
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Vedanta raises $ 500 million London: London-listed Vedanta Resources raised $ 500 million in the largest-ever international bond sale out of India, underlining investor demand for exposure to the subcontinent. The metals and mining company, which has copper, zinc and Aluminium operations across India and in Australia, initially anticipated raising some $ 300 to 400 million through the offering but scaled that up as demand zipped well across the one billion mark, according banks familiar with the deal. Barclays Capital and Deutsche Bank were joint book-runners of the deal, with ABN Amro as a joint lead manager.
— PTI
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China not to swamp textile market
Beijing, December 13 “We will impose export duties on certain textile products,” Ministry of Commerce spokesman Chong Quan was quoted as saying by the ‘China Daily’ today. According to a World Trade Organisation agreement on textiles and clothing, the quota system that has governed textile trade for four decades will expire on January one, 2005, ushering in the liberalisation and integration of global textile trade. Designed for the all-round, coordinated and sustainable progress of Chinese textile export, the new eight-point measures were adopted on the basis of suggestions from industry associations and textile and apparel producers, Chong said. The tariff will help encourage the export of high value-added products and optimise the mix of Chinese textile exports, Chong said. “The tariff rate will be set by considering the conditions of textile manufacturers.” Chong said related departments will offer timely information on the investment increase in the textile sector, improve risk warning for textile producers and fend off over-investment and repeated construction in the sector.
— PTI
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Indoco plans IPO to raise Rs 70 cr for expansion at Baddi
Mumbai, December 13 The IPO is for 30 lakh equity shares of Rs 10 each at a price to be determined by the book-building process, while the price band has been fixed at Rs 220 to Rs 245. Briefing newsmen on the IPO here today, Mr Suresh G Kare, Chairman and Managing Director, Indoco Remedies said: “This IPO is a significant milestone for the company and would widen our investor base.” The issue would constitute 25.38 per cent of the fully diluted post issue paid-up capital of the company. Currently, the equity stakes of the promoters and the promoting group stands at 79.75 per cent of the existing paid up equity of Rs 8.82 crore. Post-IPO, promoters’ stake would come down to 59.51 per cent. The equity after the IPO will be Rs 11.82 crore. Replying to a question, Mr Kare said apart from the expansion programme at Baddi’s formulation plant, the proceeds of the issue would be utilised to part-fund an Active Pharma Ingredient (API) manufacturing plant at Mahad in Western Maharashtra, an R&D centre for APIs at New Mumbai and repayment of loans for brand acquisition and purchase of office premises. It recently acquired the ‘Karvol Plus’ brand for a consideration of Rs 9.37 crore. As part of its growth plans, Indoco Remedies is actively pursuing entering the lucrative contract manufacture of formulations and also contract research and analytical method development for the regulated markets. The book-running lead manager for IPO is Enam Financial Consultants. IL&FS Investsmart is the co-book running lead manager.
— UNI
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Making shoes for rivals under one roof
Baddi, December 13 The Rs 25-cr plant will double up the company’s total manufacturing capacity to 2.5 million pairs per annum as its existing unit at Noida has the capacity to produce 1.25 million pairs annually. Managing Director Inder Dev Singh Musafir said commercial production of men’s brand of shoes had started in the new unit to meet the growing demand for the existing brands and also to meet the outsourcing requirements of new brands. The unit will have the capacity to churn out three million pairs per annum in two phases and production of women’s shoes would also start by next year. During the media’s plant visit here today, Mr Musafir said the company has recently gone in for a manufacturing and marketing tie-up with Marco Ricci, Italy and an outsourcing agreement with Bata. Bata India Ltd would be initially outsourcing half a million pairs from the unit here. The company has estimated an investment of Rs 50 crore for expansion which will help develop the Indian Institutional sales market in tune with the global trends and styles. The other expansion plans encompass entering into manufacturing and marketing alliances with more international brands, launching the kids footwear range to cater to all segments and increasing exports. “We plan to eventually shift all the production for domestic market to Baddi and use the Noida unit for export markets,” he added. The company, which adds at least 60 to 70 designs in the footwear segment every season plans to double its exports to 20 per cent of its production by next year and has signed agreements with Sri Lanka, Nepal and Bangladesh. On the domestic front, Mumbai is the number one consumer followed by Delhi and Punjab. The cost of production here would be 10-15 per cent less than the Noida unit in view of the tax sops and a decision on prices would be taken accordingly in the interest of the consumers.
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