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LPG-run vehicles suck oil companies’ profits
New law on SEZ to be tabled, says Nath
Haryana hoteliers seek review of
Punjab SMEs to showcase products
in Canada
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HSBC Bank to infuse $243 m in India
Left leader brandishes list of top bank defaulters
Reliance Info gets a breather
Woodland to step into Pakistan
PTDC sheds loss-making complexes
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LPG-run vehicles suck oil companies’ profits
New Delhi, March 10 Public sector oil companies IndianOil, HPCL and BPCL have reported a rise in under-recoveries due to alarming rise in demand for LPG in the recent past. Further, rise in steel prices from Rs 17,600 crore per tonne in December 2003 to over Rs 26,000 per tonne has also aggravated the situation. According to Petroleum Ministry estimates, “the demand for LPG has increased by 17.5 per cent during April-June 2004 period, as against 8.6 per cent during 2002-03 and 13.4 per cent during 2003-04.” Meanwhile, 74 lakh new connections were released to the customers across the country during 2004-05 as against 72 lakh connections released during 2003-04. With sharp increase in demand for subsidised LPG, oil marketing companies (OMCs) reported an under recovery of Rs 5,523 crore during 2004-05 as against Rs 3,363 crore during 2002-03. During the current fiscal year, oil companies have projected under-recovery of Rs 8,700 crore on account of subsidised LPG. According to industry estimates, OMCs are suffering annual losses worth over Rs 1,000 crore due to diversion of domestic cylinders to the commercial establishments. Since the government is not providing any budgetary support to the companies, they have to pass on this burden to the petrol and diesel consumers. In fact, on account of subsidised kerosene and LPG, they have reported under recovery to the tune of Rs 18,000 crore during last fiscal year. Replying to a written question and supplementary questions, Petroleum Minister Mani Shankar Aiyar today informed the Lok Sabha that the government has been concerned about the alarming increase in the LPG consumption. Since the government and oil companies are subsidising the domestic fuel by over Rs 120 per cylinder the oil marketing companies (OMC) have directed to properly monitor the supply of LPG to domestic and commercial customers. Members from various parties expressed concern over the shortage of LPG in the urban and rural areas and undue delay in delivery of cylinders leading to black marketing. “We have decided to take stringent action against the dealers and customers indulged in illegal marketing of the LPG while assuring to supply LPG to all the genuine customers,” said Mr Aiyar. However, he tried to justify the decision of the oil companies to supply second cylinder after a gap of at least 21 days to the domestic consumers in normal circumstances. Industry analysts said,” since the government has failed to set up a parallel marketing network to supply LPG at reasonable rate, most of the commercial establishments including restaurants, tea stalls and auto owners are illegally using subsidised LPG cylinders meant for domestic consumption. Instead of imposing restrictions on genuine customers, it should rather allow other users to buy gas at less subsidised rate. Officials at the OMCs admit that few customers were buying commercial connections, sold at market price, due to wide variation between the price levels. Private sector has also been discouraged due to continuing subsidy regime.
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New law on SEZ to be tabled, says Nath
New Delhi, March 10 Inaugurating the India Trade and Investment Forum on “The Resurgent India: It’s Challenges & Opportunities,” organised here jointly by the Confederation of Indian Industry (CII), Commonwealth Business Council (CBC) and the Department of Industrial Policy Promotion (DIPP), Mr Kamal Nath said the Indian economy was among the fastest growing economies in the world, with an average GDP growth in the last 10 years of 7 per cent. India’s exports were set to cross $ 75 billion, growing at over 25 per cent per annum, despite a strengthening rupee. “The Foreign Trade Policy that I announced in August last year seeks to double India’s share in global merchandise trade, and to reach a level of exports of $ 150 billion four years from now,” he said.
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Haryana hoteliers seek review of excise policy
Karnal, March 10 Under the current excise policy, the bars in the state are restricted to purchase selected brands of Indian Manufactured Foreign Liquor (IMFL) on retail price with a heavy licence fee of Rs 5 lakh per year. And, to sell Imported Foreign Liquor (IFL), hoteliers have to pay an additional licence fee of Rs 5 lakh per year. The state government has also adopted double standards on supply of liquor and beer to the private bars and the bars owned by the tourism development corporation. There are 30 bars owned by the tourism corporation and 43 bars in hotels, restaurants and clubs running in the state. As far as the bars in various tourism complexes in the state are concerned, the tourism corporation has got separate L-1 permit (wholesale permit) that enabled its tourist complexes to purchase liquor and beer comparatively at a very less price than the private bars who purchase liquor and beer at more than double the price from L-2 permit holders (vendors). Further, the tourism corporation can open any number of liquor bars in the state by depositing just Rs 1 crore, whereas, the department has granted the bar licence to only to those hotels and restaurants having at least three-star rating. They have to pay Rs 5 lakh for sale IMFL and Rs 10 lakh to sell both IMFL and IFL brands. In addition to the licence fee, the Haryana Government has also levied 20 per cent sales tax on sale of liquor and beer through bars. Interestingly, none of the neighbouring states are charging sales tax on sale of liquor in hotels, restaurants and clubs. Demanding that the sales tax should be reduced to 4 per cent, Colonel Manbeer Chaudhary (retd), president, Hrani, while talking to TNS today said: “The heavy sales tax is not in the interest of promotion of tourism and hospitality industry.” Instead of promoting the hoteliers and restaurants of Haryana to attract foreign currency, the state excise department is charging an additional licence fee of Rs 5 lakh that has become a hurdle in further promotion of tourism and hospitality industry, he further alleged. It may be mentioned that the licence fee for sale of liquor in hotels, restaurants and clubs in Haryana is maximum in the entire north India. The licence fee applicable in Punjab is Rs 2 lakh, Haryana Rs 5 lakh (additional Rs 5 lakh for selling IFL), Himachal Pradesh Rs 1.2 lakh, Uttaranchal 2.5 lakh, Chandigarh Rs 1.5 lakh and Rajasthan from Rs 3 lakh to Rs 5 lakh depending upon the category of hotels.
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Punjab SMEs to showcase products
in Canada
Chandigarh, March 10 Being organised by the Centre for International Trade and Industry (Citi) with the Punjab Government, Mr Mohan Singh, Director-General of Citi, said trade ties between Canada and India have been on the upswing for the past few years. Regular business delegations have
been visiting each others’ countries to explore opportunities, he added. Citi is expecting two delegations from Canada in March and April. The Made in Punjab show is being organised for the first time to provide a platform to the small and medium enterprises (SMEs) of Punjab to showcase their goods in the international market and explore opportunities. For entrepreneurs unable to participate in the show, due to financial or other constraints, a catalogue exhibition is being organised in association with Punjab Industry and Trade Alliance (Pita).
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HSBC Bank to infuse $243 m in India
Mumbai, March 10 The parent HSBC Group has already allocated $ 150 million to its Indian arm while another $ 30 million was mobilised from the profits generated in India, HSBC CEO in India Niall Booker said here today. The rest $63 million will be infused by June-July. The infusion become essential as the bank’s capital adequacy ratio fell to 10 per cent on December 31, 2004. With the additional capital, the capital adequacy ratio would go up to 13.5 per cent by March-end this year. Mr Booker said the Indian operations demonstrated strong organic growth and the additional capital was expected to support managing the bank’s growth strategy in coming 12-18 months. The bank’s home loans portfolio in the current financial year grew by 85 per cent while credit cards business rose by 28 per cent. HSBC’s India operations posted a profit growth of over 34 per cent during the calendar year 2004. Its profit was at Rs 197 crore as on March 31, 2004. In India, HSBC has a balance sheet size of about $ 6 billion (nearly Rs 27,000 crore) which is still minimal compared to the group’s global operations. The retail business is around 42 per cent of overall assets portfolio of the global bank headquartered in London.
— UNI
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Left leader brandishes list of top bank defaulters
New Delhi, March 10 At a press conference here, Mr Dasgupta, accompanied by leaders of All-India Bank Employees’ Association, also released the names of top 10 defaulters on whom “not even a civil suit” has been filed so far and top 10 against whom cases have been filed. He said top defaulters, which owe over Rs 6,000 crore include: “ Malavika Steel Ltd, Maharashtra (Rs 1,227 crore), Modern Syntex Ltd (Rs 867 crore), Parkash Industries, Hisar (Rs 725 crore), Lloyds Steel India (Rs 595 crore), Usha Ispat ( Rs 555 crore), Balaji Hotels & Ent Ltd, Chennai ( Rs 477 crore) and Mafatlal Industries, Ahmedabad (Rs 440 crore). Other defaulters include Hindustan Photo Films, Tamil Nadu (Rs 422 crore), DCM Ltd, New Delhi (Rs 372 crore) and JK Synthetics Ltd, Kanpur (Rs 352 crore). The defaulters against which the banks have filed suits by March 31, 2004, include Daewoo Motors (Rs 300 crore), Koshika Telecom (Rs 241 crore), JCT Electronics, Delhi (Rs 237 crore), Continental Glass (Rs 209 crore), Marida Chemicals, Gujarat (Rs 561 crore), Marida Steels (Rs 284 crore), Altos India, Haryana (Rs 226 crore), Shrishma Fine Chemicals and Pharma Ltd (Rs 275 crore), Harshad Mehta (Rs 812 crore) and Rajinder Steels, UP (Rs 140 crore). Others include Uptron India Ltd., UP (Rs 137 crore), Malavika Steels, UP (Rs 1037 crore), Rajinder Pipes Ltd UP (Rs 127 crore), DSQ Industries, Agro Division, West Bengal (Rs 127 crore) and Uttam Singh Duggal & Co. Ltd , WB (Rs 106 crore).
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Reliance Info gets a breather
New Delhi, March 10 Justice S K Aggrawal passed the interim stay on MTNL’s disconnection notice to Reliance Infocomm after the latter’s counsel gave an undertaking to the court that the balance amount of Rs 125 crore would be paid to the public sector company within four weeks. The MTNL had raised a bill of Rs 341 core against Reliance for illegally converting incoming international long distance (ILD) calls coming to its subscribers through the former’s network, causing huge revenue losses. While the connectivity charges for ILD per minute is Rs 4.55 it is only 30 paise for local calls and the public sector company had accused Reliance of violating the licence norms and committing a “fraud” on it. Reliance, which recently had paid a penalty of Rs 150 crore for “illegal conversion” of ILDs following a TDSAT order, had already paid Rs 110 core to MTNL on this account. Besides, the company also owed over Rs 200 crore to another public sector company, BSNL for illegal conversion of ILD calls. MTNL, in its conditional notice, had given Reliance Infocomm time till March 12 to clear all dues, or else its inter-connectivity facility would be disconnected. This could have drastically affected the Reliance subscribers.
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Woodland to step into Pakistan
Chandigarh, March 10 Speaking to The Tribune here today, he said the company, with a Rs 150-crore turnover, was waiting for a conducive atmosphere to develop between the two countries before venturing into business in Pakistan. “There is a growing demand for a Woodland store in the neighbouring country. Now, since there is a thaw in relations, we will begin by opening stores in the metros of Pakistan. Given the response to these stores, we will consider giving out franchises,” Mr Harkirat Singh added. Among the new shoes on the anvil, he stated that the company was making waterproof shoes with leather soles. “Though these would be water-proof, we are ensuring the shoes are ‘breathable’. These shoes will be priced around Rs 8,000 and would be in the shops by August,” he maintained. The company is also likely to launch a waterproof jacket around the same time. Made of Gortex, special material with membranes which allow it to breathe, these jackets cost nearly Rs 15,000. Claiming that their sales accounted for 60 per cent of the market share in the footwear industry, the MD said the company would nearly double its stores all across the country this year. “We are targeting a turnover of Rs 200 crore and are looking at opening 100 more stores. Of these, the region will get the maximum share while five new stores will come up in the city and its satellite towns,” he held.
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PTDC sheds loss-making complexes
Ropar, March 10 Sources informed that faced with a financial crunch due to continued losses on the tourism front, the government has decided to sell or give them on lease 18 tourist complexes run by the Punjab Tourism Development Corporation (PTDC) in the state in two different phases. In first phase, the Queen’s Flower tourist complex spread across 7 acres on the bank of the Sirhind canal was sold for more than Rs 2 crore to private party. About 60 employees of the tourist complex had been given VRS (Voluntary Retirement Scheme). Kadamba which was built during the time of excavation of the Bhakra Dam has been given on a lease of Rs 22,000 per month to a private party. The main tourist complexes located in
Amritsar, Jalandhar and Ropar would also be auctioned soon. The state government has completed the formalities to sell International Hotel in
Amritsar, Sukhchain tourist complex in Jalandhar and Pincassia tourist complex in Ropar. The sources added that the government had taken consent from the employees of tourist complexes that they were ready to go for the VRS. A total of 350 PTDC employees working in the various complexes had accepted the government proposal earlier. The PTDC had already given VRS to about 80 employees. “We had no choice when we were asked to accept the proposal of the VRS. We have seen the suffering of Punwire employees who have not have their dues even after several years of the closing down of the state-run unit” said many employees of the local tourist complex on a condition of anonymity. They added that they have no alternative. They had requested the government that all their dues, including DA and increments, be cleared before the complex is handed over. Senior officials of the PTDC, when contacted, said the decision had been taken to overcome the financial crisis. For the past few years, most of the tourist complexes had been suffering losses. He added that all employees had agreed to go for VRS and the process to wind up the complexes would be completed soon.
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Queen’s Flower to get new look
Ludhiana: Post-disinvestment, Queen’s Flower Tourist Complex at Neelon, nearly 25 km from here, is getting a new look.
The tourist complex, which has been bought by Ms Manpinder Kaur, an NRI, for around Rs 2.5 crore, would witness changes not merely in its looks but even in operations. Said Mr Gurinder Singh Jyoti, who is managing the complex in the owner’s absence, “We plan to renovate the complex. There are changes in the food being offered as well and now people would get Continental food as well apart from Indian and Chinese.” The new management has employed 16 people to run the complex. While changes have already begun happening, despite the fact that the new owner took over only two days back. “Around 10-15 per cent increase in room charges would be effected as also in the prices of food items as we are incurring a heavy expenditure in renovations,” Mr Jyoti said. The name of the complex would remain unchanged.
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