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Revival of JCT Electronics imminent
Slow and steady is new Indo-Pak trade mantra
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BoP sells 19 pc stake to Bharti, 4 others
A-I Express gets three Boeing planes
Himachal to disinvest seven properties
HP Tourism to introduce gym, sauna in hotels
Proposal to check default in duty payment
Laloo to introduce Jan Saadharan trains FDI in retail to generate jobs: Nath
Keep us out of petrol Bill, say gas firms
Auto scene
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Revival of JCT Electronics imminent
Chandigarh, February 23 Official sources said the government is keen on its revival and would offer exemptions and concessions which can facilitate it without any major financial implications. However, the second demand of the company regarding waiver of the octroi tax has been turned down as the government does not want to offer anything which would cripple the urban local bodies, said a senior official. The abolition of octroi would starve the local municipal committee of the funds, which are used for provision and maintenance of basic civic amenities, the officer added. The revival of the Rs 200-crore industry would help the majority of former employees get back their jobs. As many as 1,375 employees of the unit had lost their jobs following the closure of the company. The JCT plant located in Mohali Industrial Area had pioneered the production of colour picture tubes (CPT) in India. With a capacity of 0.8 million CPTs, the unit produced 20-inch conventional CPTs. The firm, which was set up in technical collaboration with Hitachi has been off production since May 2001. The management subsequently declared a lockout in March 2002. Meanwhile, sources in the Revenue Department questioned the rationale of the government in granting sales tax exemption to the company in the wake of Vat being implemented in the state from April 1, 2005. The company, one of India’s largest industrial conglomerates, had in August 2004 last year signed an MoU with the JCT Employees Union, following its decision to revive its sick unit in Mohali. With this, the first group of its former employees was to start maintenance and repair work on the unit’s premises. While most of the employees who get their jobs would get an average salary of Rs 4,000 per month, the others will be paid an allowance for the period they have been unemployed.
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Slow and steady is new Indo-Pak trade mantra
New Delhi, February 23 The two-day talks resulted in a concrete action. The JSG constituted two working groups on customs cooperation and trade facilitation and non-tariff barriers
(NTBs) and the terms of reference were mutually agreed upon, according to a joint statement released by the two sides. The Pakistani side seemed upbeat with the atmospherics, the nature of talks and the fact that the two sides agreed that bilateral trade between the two countries had not been progressing as much as cooperation in other areas was and that there was a need to bring corrective measures. Pakistan’s Commerce Secretary Tasneem Noorani — who led the talks with the Indian delegation led by his Indian counterpart, Mr S. N. Menon — said India did not raise the issue of most favoured nation at these talks. Sources said both sides showed flexibility in their attitudes. On the Pakistani side, it was quite a climbdown to show keenness on increasing trade ties with India when not too long ago its official stand was “Kashmir-first-trade-later”.
Mr Noorani said the talks focussed on three major obstacles between Indo-Pak trade: tariff disparities,
para-tariffs and non-tariff barriers. “There are some non-tariff barriers in the Indian system, which of course are not Pakistan-specific, which impede the growth of trade. For example, under the Indian system certain goods can be imported only through certain ports, certain goods can be imported only in a certain type of a container.” The upbeat Pakistani mood was visible when Mr Noornai said: “Every barrier has a logic but it can also impede growth. We have to find a common ground.” The
JSG-level trade talks means trade-related talks with Pakistan are now taking place at three levels: Saarc (a multilateral forum), composite dialogue process (a bilateral process) and JSG (an expert-level bilateral initiative).
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BoP sells 19 pc stake to Bharti, 4 others
New Delhi, February 23 The 10-year old bank today informed the Bombay Stock Exchange (BSE) that its board had approved the issue of 24,285,176 shares with a face value of Rs 10 per share to five entities, including Jyotsna Sharma of B.N. Enterprises and V.N. Koura at Rs 38 per share (including Rs 28 per share premium). The total equity inflow into the second generation Bank of Punjab, which has a capital base of Rs 105 crore (as on December 2004), works out to be around Rs 93 crore. Bank of Nova Scotia, which has been eyeing stake in an Indian bank for a long time, has been offered 4.99 per cent stake or 6,451,330 shares for Rs 24.52 crore. Bharti Enterprises and ICB Financial Group too would get 4.99 per cent stake each for a total of Rs 49.04 crore. After picking up stake in TV Today, this is Bharti’s another financial investment which picked up 4.99 per cent stake in private sector Bank of Punjab (BoP). “This is a financial investment made by Bharti Enterprises and today’s deal has nothing to do with Bharti Televentures, the company offering telecom services,” Bharti officials told PTI. The company bought over 64.51 lakh shares of Rs 10 each of Bank of Punjab (BoP) at a premium of Rs 28. Sharma, proprietress of B.N. Enterprises, would pick up 3 per cent equity or 3,878,555 shares for Rs 14.74 crore, while V.N. Koura would get 0.814 per cent stake or 1,052,631 shares for Rs 4 crore. Bank of Punjab, in which promoters’ holding stands at over 31 per cent and public holding at over 44 per cent, said the issue of equity and allotment would be subject to the approval of shareholders and regulatory nod. The bank had earned a net profit of Rs 37 crore during 2003-04.
— PTI
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A-I Express gets three Boeing planes
Seattle, February 23 Beginning April-end, the A-I Express will fly a total of 37 flights a week primarily to Abu Dhabi and Sharjah. Three each of these flights will operate from Mumbai and Delhi, 31 services will operate from Kerala. The new Boeing 737-800 has a red strip running across from the centre till the end of the fuselage with a trunk of a caparison elephant and a camel on the other side of the tail and Air-India Express written in Hindi as well as English. The no-frills A-I Express has taken 62 hostess from Kerala on contract, 30 aircraft maintenance engineers and 45 technicians for the launch of the low-cost airline from three destinations in Kerala to the Gulf in the first phase beginning April end, 2005. Pilots and co-pilots are currently undergoing training while the cabin crew would undergo flight safety training, Mr Bhargava informed. As part of cost containing exercise, the new airline, to be operated by A-I Charters Ltd, a wholly owned subsidiary of A-I, is launching e-ticketing and Internet booking. By March next year, A-I Express plans to launch 127 flights a week, which will include providing direct connection from the four metros to the South-East destinations and between Mumbai and Delhi to the Gulf.
— PTI
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Himachal to disinvest seven properties
Shimla, February 23 It is reliably learnt that disinvestment and active participation of the private sector in tourism promotion have been accorded top priority in the much-awaited tourism policy. Sources revealed that seven properties of the Himachal Pradesh Tourism Corporation (HPTDC), including Apple Blossom, Katrain, Tourist Bungalow, Solan, Yatri Niwas, Chamunda, Hotel Champak, Chamba, Café Neugal, Palampur, Hotel Deodsidh, Bilaspur, and Hotel Bhagal, Darlaghat, have been listed in the tourism policy for disinvestment. During the past six months, the HPTDC has already given three cafes and one hotel to the private sector. The three cafes are Café Shradhanjali, Dalhousie, Café Pancham, Kangra, Café Jaldhara, Bhagsu, and Hotel Nurpur in Kangra. Besides these properties and sites of the Tourism Department, including Saketi Fossil Park, Baddi Golf course and land at Shoja in Kulu district would also be leased out to interested parties as part of the disinvestments plans. The Tourism Minister, Mr G.S. Bali, had announced on December 12, at the time of the Tourism Conclave that the policy would be framed within a period of three months. He had also hinted at leasing out properties of the HPTDC which were showing profit with a view to increasing profitability but this was likely to be done at a later stage. Big names and companies in the hospitality industry had shown a keen interest in setting up their units in Himachal, which had emerged as a major tourist destination. In a major shift from the earlier policy, focus would be on adopting an aggressive marketing strategy both nationally and internationally. “Instead of selling one destination individually, we will promote an entire circuit, which we have developed,” informed officials. An interesting highlight of the proposed tourism policy is the action plan developed for promoting tourism through film shooting and selling places with heritage importance. “Though these aspects were part of the earlier policy, now we wish to take them up at a large scale and attract film units as Himachal fulfils requirements of film-makers and directors,” said officials. Another focus area of the proposed tourism policy shall be decongestion of the over-saturated destinations like Shimla, Manali and Dharamsala by developing satellite townships. Some new destinations which will be developed and find mention in the policy are Jhanjiali in Mandi, Pong Dam, Rajgarh, and Haripurdhar in Sirmour district, Bir-Billing in Kangra and Shoja in Kulu.
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HP Tourism to introduce gym, sauna in hotels
Dharamsala, February 23 “The idea is to woo the foreign tourists coming to the area. Pool and billiard tables would also be set up there. A sum of Rs 25 lakh has already been sanctioned and the hotel would be revamped by next month. A conference hall is also on the cards,” he said. The Club House was opened about two years back following a 10-year contract with a foreign group. The gymnasium and pool tables would be open to general public and membership can be taken on payment of a monthly fee. The Himachal Tourism Development Corporation runs five hotels in the area, including Hotel Dhauladhar, Yatri Niwas and Kashmir House in Dharamsala and Club House and Hotel Bhagsu in McLeodganj. Kashmir House is the oldest among them and has been reserved as the official residence of the Chief Minister for several years. A commercial complex is also being added to Hotel Dhauladhar in Dharamsala. “A banquet hall is being set up and a parking lot, along with some shops, might be set up. Already, this is the only hotel which provides parking facility to its customers,” said an official.
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Proposal to check default in duty payment
New Delhi, February 23 “To monitor the defaults in monthly payment of duty, it is proposed that in cases of default in payment of full dues (including interest) beyond the grace period of one month, the facility of monthly payment of duty should be forfeited for a period of two months or till the payment of all dues, whichever is later. During this period, the assessee shall pay duty consignment-wise from current account alone”, the Finance Ministry said in an official statement. The present provisions are found to be inadequate to check such defaults in payment, it added.
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Laloo to introduce Jan Saadharan trains New Delhi, February 23 Sources in Rail Bhavan told TNS here that the Railway Budget would bear Laloo’s imprint and not entail a hike in fares of sleeper class, general class and suburban services. Speaking on the condition of anonymity, sources in the Railway Ministry said the Railway Minister and RJD leader will not let the grassroots down. Instead, upper class fares are expected to be revised marginally. The hike would, however, be accompanied by incentives to prevent Railway passengers from opting for air travel. The Budget is expected to introduce the Frequent Traveller Scheme for passengers travelling by upper class, Rajdhani and Shatabdi trains. After earning some points for their loyalty, they would be entitled to one free ticket. Sources said 60 lakh passengers depend on Mumbai suburban railway services everyday and the Railway Minister was opposed to the idea of hiking fares of suburban services. Sources said the 22-coach Jan Saadharan trains are aimed at providing economic migrants affordable and dependable means of transportation. The Railway Budget which is being fine-tuned is expected to be short this time and may have a modernisation cess as suggested by proponents of globalisation and modernisation in the Congress-led UPA government. Sources said the trio of Prime Minister Manmohan Singh, Finance Minister P. Chidambaram and Deputy Chairperson of Planning Commission Montek Singh Ahluwalia are in favour of rationalisation of freight for transferring the burden to the passengers. A final decision on fare revision would be taken only after the Railway Minister meets the Prime Minister, the Finance Minister and the Planning Commission Deputy Chairperson tomorrow. Sources said safety would be accorded priority in the Budget, but much of it has been scripted on the basis of the larger national agenda. The Railway Budget will be social in its outlook as it has been in the past. A new tourist train is likely to be
introduced for Digha in West Bengal. The Budget is also expected to make a mention of the two-month old Heritage Directorate in the Railway Ministry.
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FDI in retail to generate jobs: Nath
New Delhi, February 23 “We are looking at it with a great sense of urgency. If we look at the food sector, it is the most compelling reason as 40 per cent of our fruits and vegetables rot due to lack of processing facilities. Should we not give this priority?” he said while speaking at a seminar organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) here. He said that FDI in organised retailing would generate employment, both direct and indirect, but there was no question of it being allowed to replace or displace existing players. At the same time, domestic retail industry must have a level playing field and, therefore, “it is imperative to immediately identify and implement those policy initiatives which are required to give a boost to our own domestic fledgling organised retail industry by providing them the desired level playing field,” the minister said.
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Keep us out of petrol Bill, say gas firms
New Delhi, February 23 Talking to reporters at a conference, Mr Nigel Shaw of British Gas said, “We have told the government that natural gas should be kept separate from petroleum products’ regulation as the two commodities are at different stages of development in the country.” He said the gas companies were not opposed to a regulatory framework for gas, but it should be dealt with in a different manner. The industry has claimed that the proposed Bill should set out the principles governing the award of licences for establishing natural gas distribution companies providing a period of exclusivity for distribution and introducing competition in supply and marketing in a phased manner. The group also opposed a Clause in the proposed Bill, which makes retail service obligation mandatory, and said that any obligation should be judged on an economic basis. The seven companies which comprise GIC are British Gas, ExxonMobile Gas (India) Pvt Ltd, Gujarat Paguthan Energy Corporation, Gujarat Gas Company, Gujarat Petroleum Corporation, Reliance Industries and Shell Gas and Power. Mr Shaw said the group was concerned over the proposal to take over private assets. He pointed out that this did not exist in other business sector legislation in India and would increase risk as well as discourage investment in the industry.
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Auto scene
Mumbai, February 23 Announcing the venture here today, M&M Vice-Chairman and Managing Director Anand Mahindra said the new venture will be called Mahindra Renault Ltd and have a debt-equity component of 1:1. The estimated amount for this project is of the order of € 125 million (rupee equivalent of Rs 700 crore), for an annual production capacity of 50,000 units. Mr Mahindra said “the objective of setting up the joint venture company is to bring Logan, the popular global car, into India”. Even as the project is scheduled to begin production of Logan from the first half of 2007, the company has not yet in which of the three centers — Nasik, Zahirabad and Hardwar — it would undertake the production, Mr Alan Durante, Executive Director & President (M & M Automotive sector) said in response to a query. A right hand drive version of Logan will be developed by Renault in partnership with Mahindra to meet the needs of Indian and other right hand drive markets. Santro price
The country’s second-biggest carmaker Hyundai Motor India Ltd (HMIL) today said prices of its flagship Santro as well as mid-size Accent models will be hiked from early next month when it comes out with Euro III variants. “Santro prices will be up by Rs 6,000 while Accent will see a Rs 9,000 increase,” a company official said. The company would start production of Euro III models from March 1 and these would be available from the second week of the month. Santro prices currently vary between Rs 3.3 and Rs 4.4 lakh. The cost of Accent starts from Rs 5.19 lakh.
TVS Motors
The Board of Directors of TVS Motor Company today approved three proposals with an investment of over Rs 380 crore. This includes the setting up of a manufacturing facility for two-wheelers in Indonesia with an initial annual capacity of 1.20 lakh two-wheelers. The investment would be up to $ 50 million. They would set up a manufacturing facility for three-wheelers at its plant in Mysore with an initial annual capacity of 1 lakh vehicles. The estimated cost of the project is Rs 100 crore. The third is the proposal to set up a two-wheeler manufacturing unit in Himachal Pradesh with an initial annual capacity of 3 lakh vehicles at an estimated cost of Rs 90 crore.— Agencies, TNS
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