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DoT to seek Cabinet nod on
Jet on shopping spree at Paris Air Show
Jet Airways faces fresh charges
Boeing, Airbus scout for buyers
Birla Sun Life MF launches GenNext
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Montek prefers Bangalore to Delhi for NDC meeting
Jaya seeks PM’s intervention for auto projects
Daewoo founder returns, arrested
TVS to invest in Himachal
TVS Logistics enters Thailand
M&M forms jv with US firm Plans 1:1 bonus issue
29 Pak Telecom staffers sacked
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DoT to seek Cabinet nod on spectrum tariff
New Delhi, June 14 “The company will announce the decision and the location in the next one month,” Minister of Communications and Information Technology Dayanidhi Maran said today. Mr Maran, who had visited the USA recently, during the discussions with Dr. Craig Barrett, Chairman of Intel, explained the policy initiatives taken by his ministry to promote investment in the IT hardware- manufacturing
sector. The Chairman of Intel assured the minister that the company would expedite its assessment procedure and take the final decision regarding the site location within a month. The minister assured Intel to take up the issues relating to infrastructure, such as availability of water and transportation with the state governments concerned on priority. Mr. Hong Liang Lu, Chairman, CEO & President, UTStarcom., expressed willingness in considering India as a location for starting manufacturing operations. UTStarcom is a major $3 billion telecom equipment company specialised in providing solutions for reaching rural areas. Mr Maran also met Mr. John T. Chambers, President and CEO, Cisco Systems, who agreed to explore the options to increase the presence of Cisco in India. Cisco mentioned that the company was planning to make India the largest R&D hub outside USA. Mr. Chambers would visit India to formalise the initiatives for achieving quick results. Telecom Minister Dayanidhi Maran said DoT was holding discussions CDMA and GSM players on the TRAI proposal of spectrum, including the issue of entry fee for 3G services, before approaching the Cabinet for a clear policy on the issue same. He, however, asked the operators first to utilise the available spectrum efficiently. The issue of entry fee for spectrum to offer 3G services is crucial as CDMA operator Tatas has given a proposal for Rs 1,500 crore as the entry fee the 3G
spectrum, saying that such a valuable resource should not be given free while GSM operators have vehemently opposed such a move, saying that it would raise the cost of infrastructure and thereby telecom tariffs (and also 3G services) harming the growth of the sector.
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Jet on shopping spree at Paris Air Show
New Delhi, June 14 The airline also informed the Bombay Stock Exchange about the new deals to expand its fleet capacity. With the induction of these 30 aircraft, Jet Airways would become one of the largest carriers in India. A Jet Airways spokesman here said the deliveries of the 10 A-330-200/300 aircraft would commence in the first quarter of 2007. Indian Airlines also grabbed the spotlight on the second day of the Paris Air Show on Tuesday, making commitments to buy around $7 billion in jets from Boeing Co. and European arch-rival Airbus. Indian Airlines has been modernising its fleets and expanding as the Indian government has deregulated a sector once strait-jacketed by red tape. Paramount purchase
The Coimbatore-based Paramount Airways today announced plans to buy five Embraer 170/175 series of aircraft for $ 138 million (about Rs 600 crore). The low-cost carrier plans to start operations by August, said its Managing Director M Thiagarajan. Paramount will be the first airline to launch new generation Embraer 170/175 planes in India
SpiceJet services
Low-cost carrier SpiceJet has launched its services on the Bangalore-Ahmedabad and Bangalore-Delhi via Ahmedabad routes. SpiceJet, which launched the service yesterday, is operating Boeing 737-800 aircraft in an all-economy 189-seat configuration, it said.
SIA-Citibank pact
Singapore Airlines in partnership with Citibank today launched, ‘travel now, pay later’ scheme. Citibank credit card customers will now be able to fly on Singapore Airlines and pay back in equal monthly instalments over a period of three, six and 12 months. The service is initially being introduced for customers from Chandigarh who want to book a ticket on Singapore Airlines through authorised IATA travel agents. It allows Chandigarh-based passengers to book and fly to any of the SIA operated destinations across the world from any city of operation within
India. — Agencies, TNS
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Jet Airways faces fresh charges
New York/New Delhi, June 14 The Bethesda, a Maryland-based US company, levelled the new allegations in its answer on June 10 to the Indian carrier’s first rejoinder to the original allegations filed with the US Department of Transportation. Neither Mr George U. Carneal, the attorney representing Jet Airways India, nor Nancy M. Heckermen, Chief Executive and President of Jet, USA, returned calls from IANS for comments on the fresh charges. A Jet Airways spokesperson in New Delhi said the counter-allegations were as malicious as the earlier set of false claims . It announced that it was initiating legal proceedings against US-based Jet Airways Inc to dispel apprehensions in the minds of investors following charges that most of the money raised through Initial Public Offering (IPO) was pumped into the market by “hawala”. A statement issued by the company said: “Jet Airways is initiating legal proceedings in the US through a leading American law firm, Paul Weiss, Rifkind, Wharton & Garrison LLP against Nancy Heckerman of Jet Airways Inc, to dispel the misapprehensions that these reports and allegations may have created amongst our investors.” The US company alleged it had obtained new evidence that substantiated “extraordinary and complex crimes” and broadened “the scope and extent of the averments” against Jet Airways owner Naresh Goyal and Dawood Ibrahim Kaskar. The American company also accused the Indian carrier of employing “underworld tactics” to intimidate it.
— IANS, UNI
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Boeing, Airbus scout for buyers
US plane-maker Boeing Co. will hold a board meeting this month to consider the launch of a stretched version of its 747 jumbo jet, a plan which the head of Boeing Italy said on Tuesday looked set to go forward. The plan comes as rival Airbus prepares to deliver its mammoth 555-seat A380.
European plane-maker Airbus said on Tuesday it expected 200 commitments for its new A350 model and double-digit operating margins for the year. Chief Executive Noel Forgeard hinted that more orders would come at this week’s Paris Air Show a day after Qatar Airways said it planned to buy up to 60 of the mid-sized A350 model worth $10.6 billion. Boeing announced today an order for 20 Next-Generation 737s from GE Commercial Aviation Services worth 1.1 billion dollars at list prices. The 20 new airplanes are scheduled for delivery to GECAS, which specialises in leasing aircraft, from 2006 into 2008. Six of these airplanes have already been placed with airlines, Boeing said in a statement at the Paris Air Show at Le Bourget Airport near Paris.
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Birla Sun Life MF launches GenNext
Ludhiana, June 14 The company’s Vice-President, Marketing and Communications, Mr Ravi Sharma, said the company expected a growth of 30 per cent in FY 05 in comparison to the 22 per cent growth it recorded last year. Talking to TNS, Mr Sharma, who was here to announce the launch of Birla India GenNext Fund, said : “Retail penetration would be the company’s prime strategy for which the focus would be on smaller towns also.” The company currently has 22 offices and cash collection centres at 90 locations. “We plan to add at least three more offices this year,” he said. He added that Punjab was among the high growth markets that registered more than 40 per cent growth last year. He said the company was emphasising equally on investor awareness, for which it conducted regular meetings on systematic investment and stressed on Association of Mutual Funds of India (AMFI) training for its distributors. Talking about equity funds, he said past records had shown that investment in equity had given the highest return over the years. “Of the total mutual funds market of Rs 1,70,000 crore, the share of growth schemes is Rs 50,000 crore. This is nearly one-third of the total market,” he said. For its new fund, Birla Sun Life would invest in equity or equity-related instruments of companies that are expected to benefit from the rising consumption patterns in India. “We would seek companies that have at least 50 per cent of their revenues from sales to end-customers and distinct brand entity . These would include automobile, entertainment (media, TV, music), personal care, pharmaceutical and healthcare, consumer durables and other companies,” Mr Sharma disclosed.
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Montek prefers Bangalore to Delhi for NDC meeting
New Delhi, June 14 Planning Commission Deputy Chairman Montek Singh Ahluwalia has sent a note to Prime Minister Manmohan Singh seeking his confirmation for the change in venue, official sources said here today. A response from the PMO is awaited. The holding of the NDC meeting in Bangalore would be historical as all NDC meetings so far have been held in the Capital. This time, the NDC has already done a first as the meeting is to be held for two days, instead of the conventional one-day affair. The commission is busy giving final touches to the agenda for the meeting, which includes the long-pending issue of transfer of centrally sponsored schemes (CSS), power sector reforms and financial health of state governments.
— UNI
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Jaya seeks PM’s intervention for auto projects
Chennai, June 14 In a demi-official letter to the Prime Minister copies of which were released to the Press here, she said it was important to locate these projects in Chennai, as otherwise, the future growth potential of the Chennai automobile cluster would be severely constrained. The Chief Minister said Chennai, being the largest automobile hub, was the most ideal location for the projects. Hyundai and Ford, located in Chennai, had ambitious export plans that heavily depended on existence of world-class testing facilities to comply with mandatory quality standards of export markets, including the European Union which, of late, had emerged the single largest market for Hyundai. Considering these factors, it was most important to locate these projects in Chennai, she added. She said today’s letter was in continuation of her earlier letter dated March 30, 2005, in which she had committed the full support of her government for this project.
— UNI
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Daewoo founder returns, arrested
Seoul, June 14 Kim Woo-Choong (69), who is said to be ailing, was once revered as the man who built Daewoo into one of the country’s most powerful family-owned conglomerates. Prosecutors whisked the former group Chairman from the airport to their office in Seoul. They said he would most likely face fraud charges for the collapse of the business empire. Kim, dressed in a dark suit and pink tie, was surrounded by law enforcement officials even before he stepped off a plane from Vietnam at Inchon airport. Kim’s aides and flight attendants shielded him with pillows and blankets from South Korean camera crews who flew with him from Vietnam and mobbed the aisles trying to videotape him. Former Daewoo employees who lost their jobs in the business group’s demise gathered at the airport near Seoul carrying placards reading: “Prosecute Kim Woo-Choong”. A phalanx of police and prosecutors kept Kim separated from the
public. — Reuters
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TVS to invest in Himachal
Chennai, June 14 Mr Virbhadra Singh and his team is south India seeking investments for the hill state which is offering income tax holiday and excise duty concessions, besides various subsidies. He said: “In the past two years of Congress rule Rs. 10,700 crores has been invested in various industries in the state other than Rs. 30,000 crore in the hydro-electric sector. Investments in the state are increasing.” He said more hydropower projects would be constructed in the state, which has a potential to generate 21,000 MW. Mr Virbhadra Singh said the Rs. 2000- crore tourism project, Himachal Ski Village, which was a joint venture with US motor giant Ford, would be completed within three months. He was confident that it would be a major attraction for tourists Tourism was one the major industries in Himachal and steps were being taken to attract more foreign tourists.
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New Delhi, June 14 The company has set up a joint venture with Thailand-based Thai Martin Trading Company and Tyvin International Company Ltd to form TVS Logistics SIAM Ltd. The supply chain knowledge of TVS will be out to use by Thailand’s auto industry. — UNI
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M&M forms jv with US firm Plans 1:1 bonus issue
Mumbai, June 14 The Rs 400-crore new entity, Mahindra International Pvt Ltd, set up under a 51.49 joint venture between M&M and ITEC, will manufacture trucks and buses in India for domestic sale and export markets, M&M Chief Operating Officer Pawan Goenka said here today. The JV, which would produce a new range of commercial trucks and buses starting in 2007 at one of M&M automotive’s plants, would also provide engineering services for design and development of trucks and buses for ITEC globally, he added. The vehicles would have 80 per cent local content from the start due to availability of quality parts and materials from Indian suppliers, Mr Goenka said, adding that the light commercial vehicle (LCV) business of M&M would be transferred to the JV. The Rs 400 crore investment would include ramping of production from the present 10,000 - 15,000 LCVs pet annum, vehicle assembly, paint and dye shop, Mr Goenka said. Meanwhile, Mahindra & Mahindra said today said it would issue bonus share to its shareholders in the ratio of 1:1.
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29 Pak Telecom staffers sacked
Islamabad, June 14 “They were all involved in illegal activities,” Mr Junaid Khan, President, PTCL, said today. “They were trying to ... prevent people from coming to the office.” The sackings came as both sides in the stand-off over future job security claimed to be gaining the upper hand, just days before international bidding was due to start. Trade union leaders at the PTCL said the police had also detained around 50 more striking workers late yesterday, four days before bidding begins. Some 700 workers were detained over the weekend according to Mr Shahid Ayub Khan, a member of the PTCL Workers Action Committee, as troops were drafted in to keep services running. Eight international firms were shortlisted to vie for a 26 per cent stake plus management control. Bidding is due to start on Saturday (June 18) after being postponed last week due to earlier protests by worried employees.
— Reuters
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