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Videocon acquires Electrolux, to pump in Rs 400 cr
Rs 300-cr ADB project for HP
Air Sahara, British Airways sign MoU
India, Bhutan to hike flight frequency
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Oil firms keen on exporting finished products
Alcatel to invest 500 m euros
Satyam, GESICS keen on Punjab
Toyota plans new plant in India
Auto parts clusters to be developed
Low-fat juices launched
Virgin woos students
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Videocon acquires Electrolux, to pump in Rs 400 cr
New Delhi, July 7 As per the agreement signed with AB Electrolux today, Videocon will acquire the Swedish company’s entire 91.85 per cent stake in Electrolux Kelvinator Ltd. In turn, AB Electrolux will invest about $ 94 million (Rs 410 crore) in the GDRs of Videocon Industries to take about a 5 per cent stake in the company. Videocon will take over Electrolux’s manufacturing plants at Shahjanpur (Rajasthan), Warora (Maharashtra) and Butibori (Maharashtra). It will also distribute products under ‘Allwyn’ ‘Electrolux’ and ‘Kelvinator’ brands in India. The three-tier partnership between the two firms includes marketing Electrolux products in India and sourcing components from the country for Electrolux’s global operations. It comprises original equipment manufacturing by a local outfit for Electrolux’s global market in the next five years. All these relationships are targeted to culminate into a trade turnover of over Rs 6,000 crore per year in the next three to five years, Videocon said in a press note. In addition, Videocon will invest Rs 300 crore from its internal accruals in the next three years to upgrade manufacturing facilities. The company will also spend Rs 100 crore on advertisement and sales promotion for the Electrolux brand in India in the next five years. Videocon’s acquisition of Electrolux Kelvinator Ltd comes after persistent problems in the company’s financial health. Electrolux’s trouble started in the late 90s and the bottomline went bust in 2001. After clocking profits of Rs 3.3 crore in 1999-00, it ended with losses of Rs 144.4 crore in 2000-01. Post-merger and acquisitions, Videocon Industries Ltd will have under its umbrella the entire vertically integrated multi-brand domestic Indian consumer durable business, the recently acquired international picture tube business and domestic as well as overseas gas and oil ventures.
— PTI
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Videocon International to merge into Videocon
New Delhi, July 7 The Board of Directors has, in principle, approved the proposal to amalgamate Videocon International with the company subject to necessary approvals, Videocon informed the Bombay Stock Exchange. The board has fixed the swap ratio at 1:5, i.e. a share holder of Videocon International holding five equity shares will get one share of the company.
— PTI
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Rs 300-cr ADB project for HP
Shimla, July 7 Interacting with the Asian Development Bank team, Mr Virbhadra Singh, Chief Minister, said here today that the state was keen to have a modern agro-produce marketing infrastructure, particularly for the perishable fruit and vegetable produce. It would provide all possible help to the private sector in this regard and welcome equity participation. The team was headed by Dr Francesco Goletti and had Dr Gokul Patnaik and Dr S.K. Sharma as members. The Chief Minister said that an ultra-modern marketing yard at a cost of Rs 70 crore was being constructed in Shimla, which would benefit the fruit and vegetable growers of Shimla, Kinnaur, Kulu and Mandi districts. Other marketing yards in the state were also being upgraded to meet the modern marketing requirements so that agri-business could florish and self-employment avenues created in the farm sector. Mr Virbhadra Singh said the government had permitted contract farming in the state with a view to ensuring private and public participation for the expansion and consolidation of the marketing network. With private participation competitive marketing facilities would be available to the growers. The government was taking all possible measures to ensures remunerative returns to farmers private participation in expansion of marketing facilities was a step in this direction. Constant pressure on the ADB enabled Himachal to secure a Rs 300-crore project from the bank. Dr Fransceco Goletti, informed the Chief Minister that the bank was giving the final touches to Rs 300 crore project for horticulture promotion to be implemented in three to five years in the state.
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Air Sahara, British Airways sign MoU
New Delhi, July 7 Making the
announcement here in the presence of British Airways Commercial Director Martin George, Air Sahara President Ronojoy Dutta said the airlines would look at signing an agreement over the next four months for code-sharing and joint fares, the first of its kind in India, subject to clearance from the government. Giving an example he said a passenger wanting to travel from Manchester to Hyderabad would not have to go through the tediuos process of luggage check-in and other problems again and again but would get all facilities on just one ticket. But this would happen only after the final agreement has been signed. Mr Martin George described the signing of the MoU as the start of a long-term relationship where by both airlines could benefit. With the opening up of the Indian skies, British Airways would also increase its flight schedules to the Indian cities by almost 100 per
cent. By March British Airways plans to increase its flights to 45 per week from 19 at present. This would include doubling of the current flight schedule both from Delhi and Mumbai.
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India, Bhutan to hike flight frequency
New Delhi, July 7 The two countries had also agreed to add new destinations from where the flights could be operated. In addition to the destinations of Delhi, Kolkata and Gaya, Bhutanese airline Druk Air could also now fly to Mumbai, Chennai and Guwahati, a spokesperson said. The Bhutanese airlines was now entitled to seven flights a week to all these points of call while it could operate 14 flights a week to Gaya, where it had no flights earlier. At present, Druk Air was operating three services a week to Delhi (via Kathmandu) and five services to Kolkata (with onward rights to Bangkok). No Indian carrier was operating to Bhutan. In addition to the existing fifth freedom rights to Bangkok (over Kolkata) and Kathmandu (as an intermediate point to Delhi), the Bhutanese carrier had been permitted fifth freedom rights to the beyond points of Singapore and Dhaka over Delhi, Mumbai and Chennai, subject to a cap of 14 flights a
week. It had also been permitted fifth freedom rights over Gaya to Bangkok and Yangon and over Guwahati to Bangkok. On the request of the Bhutanese side, it was also decided that a team of Indian experts would visit Bhutan later this year to conduct a feasibility study and draw up a master plan for setting up a new international airport at Gelephu in southern Bhutan.
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Oil firms keen on exporting finished products
New Delhi, July 7 Indian oil companies, including Reliance exported petrol, diesel and other petroleum products worth over Rs 25,000 crore during the last financial year. The exports are expected to rise substantially this year. Industry experts claim that with the rising environment concerns and costs, the European countries are closing down their refineries, offering a good opportunity to India. Since oil companies are earning around $ 6 per barrel as refinery margins, they are also keen on increasing exports. Indian companies are enthused by the rising demand for finished oil products not only in the neighbouring Sri Lanka, Bangladesh and Pakistan, but also in the Middle-East, Europe, China and Africa. Public sector oil major IndianOil Corporation (IOC) has also plans to export diesel from its Panipat refinery to Pakistan. It has already submitted a proposal to the Pakistan government urging it shift import of diesel from India from negative list to positive one. Petroleum Ministry has also proposed to the government to allow industry to set up 100 per cent export units in the petroleum sector to boost exports. The Indian oil companies will also make all out efforts to gain a stake in the refineries in Turkey and Romania and other countries, says Mr Aiyar. “India’s present refinery capacity has been adequate to meet the domestic demand. But in view of the growing exports, the public sector oil companies may set up additional refineries or increase the capacity of present refineries,” says Petroleum Secretary S. C. Tripathi. He said with the increase in Paradip and Mangalore refinery capacity to around 30 MMTPA in the near future, India would have sufficient surplus for exports. Meanwhile, Mr Mani Shankar Aiyar today announced that the government would soon review the New Exploration and Licensing Policy (NELP) in consultation with the stake holders to address their problems. He said a committee headed by Mr M.S. Srinavasan, Special Secretary in the Petroleum Ministry, and Mr Vikram Mehta, President, Shell, would submit a report within six weeks to attract foreign investors in the oil sector.
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Alcatel to invest 500 m euros
Mankapur (UP), July 7 “Alcatel will invest 400 to 500 million euro in India in the next three to four years,” Communications and IT Minister Dayanidhi Maran said after the inauguration of GSM mobile phone equipment manufacturing facility at Mankapur unit of ITI Ltd in Gonda district of the state. The investments by Alcatel in India will be in manufacturing, research and development and allied activities. Alcatel currently has 750 engineers in India working on new technologies. “By the end of this year or early next year we will have 2,000 persons in India engaged in development efforts,” Alcatel’s chairman and chief executive officer Serge Tchuruk said after the inauguration of the manufacturing facility. Congress President and UPA Chairperson Sonia Gandhi inaugurated the facility. The government is also in talks with Alcatel to transfer technology for DSL (Digital Subscriber Line) broadband access equipment. The Mankapur facility will churn out 10 million lines annually. It has capacity of 2,000 base stations which will be doubled over the coming months. ITI has a confirmed order of 30 million lines from Bharat Sanchar Nigam Limited, and the company’s facility in Rae Bareily would also start manufacturing GSM equipment in the next two months to meet the demand. As the manufacturing of mobile telecom equipment at ITI gathers pace, Alcatel will make India a hub of exports or the other markets
across the globe. — PTI
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Satyam, GESICS keen on Punjab
Chandigarh, July 7 The expression of interest by these two companies has come after a high-powered delegation led by the Chief Minister, Capt Amarinder Singh, held discussions with their executives today. The Chief Minister and his team are on a four-day visit to the “IT cities” of South India. Mr Parmod Bhasin of GE Capital said his company was looking at Ludhiana, Patiala and Mohali as a potential destination for their next expansion venture. A team of GE would soon visit Punjab in the near future to identify and finalise a location. Satyam, a Rs 14,000 crore company, has shown an inclination to set up a software development centre at Mohali. A team would visit Punjab next month to discuss the project.
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Toyota plans new plant in India
Tokyo, July 7 The pair will build the new plant near an existing factory run by a joint venture between Toyota and an Indian company in Bangalore, the Nihon Keizai Shimbun said. The initial production will be 100,000 cars a year, with investment likely to total about 12 billion yen (more than $ 100 million), the economic paper said. The move is aimed at expanding Toyota’s global strategy beyond North America and Europe to emerging markets that also include Brazil, China and Russia, the report said. Toyota, which has replaced US giant Ford as the world’s second largest automaker, also aims to catch up with smaller rival Suzuki in India’s fast-growing automobile market by expanding its line-up of small cars. Toyota has a market share of only 5 per cent in India.
— AFP
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Auto parts clusters to be developed
Ludhiana, July 7 To augment the growth of small- scale enterprises, the Centre has identified the Rs 3,000 crore auto parts industry in the three cities for the development of clusters with total funding close to Rs 2 crore. About 6,000 units in the three cities, account for almost 50 per cent of the total auto parts production in India and they export more than 60 per cent of their components to the UK, Germany, USA, Canada, African countries and Gulf.
— PTI
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Low-fat juices launched
Chandigarh, July 7 Balan Foods has rolled out five flavours each of yogurt-based drinks and nectars along with spiced butter milk and natural V3 vegetable juice in the markets of Punjab, Haryana , Chandigarh and Himachal Pradesh. While the juices are being sold under the brand name B-Naturals, the yogurt drinks are available under the brand name - Miruna
yo. By December, the company would bring about 12 flavours. The company registered a turnover of Rs 3.76 crore in the first year of its entering the health foods market. The target is to boost the business revenue to Rs 15 crore by next year. The company would launch more vegetable juices, besides ready-to-eat meals.
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Virgin woos students
Virgin Atlantic has announced discounts for students travelling to the UK. The scheme would be valid till November 30. As part of the offer, Virgin Atlantic would offer a discount of 10 per cent to students on all classes for one-way and return journey valid for one year. It is also offering an extra baggage to the students, besides offering a 5 per cent discount to their family members travelling to the
UK. Students can also participate in a lucky draw where six lucky winners will get to travel on Virgin Atlantic free of cost.
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Bonus shares
New Delhi, July 7
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Jindal Poly mulls Rs 300-cr unit in Jammu Hike in power tariff flayed M. Y. Khan Bonus shares Crude oil hits record high HDFC Bank may float NBFC Anil meets Power Minister Procter & Gamble Megasoft |
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