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Air Sahara signs pact with
Volkswagen plan on: Reddy
Three more oil wells located
Traders selling fake Kashmiri shawls warned
J-K plan to revive viable PSUs
Samsung unveils washing machines
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Unicorn production suspended
Reliance Info moves SC
Reliance Info scheme
RCF signs MoU with Siemens
P&G to sell detergent business
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Air Sahara signs pact with American Airlines
New Delhi, July 12 As part of a code-sharing agreement, American Airlines has made an announcement
to launch a non-stop daily flights between Delhi and Chicago from November 15. The Indian carrier is also considering joining a global airline alliance in the near future. With the opening up of the Indian skies and the airlines world over competing to grab a piece of the cake, agreements have been on the anvil with Indian carriers. Only last week, Air Sahara had announced a tie-up with leading global carrier British Airways to provide seamless travel for Indians to the UK and other parts of the world. “Air Sahara will codeshare on the new service and jointly market and promote it alongside American Airlines,” Air Sahara president Ronojoy Dutta told reporters here after the signing the agreement. He said the Indian carrier would soon hold discussions with Cathay Pacific for covering the South-East Asian market. In reply to questions, Dutta did not rule out the possibility of Air Sahara joining a global airline alliance. British Airways, American Airlines and Cathay Pacific, besides Qantas, Aer Lingus, Finnair and LAN are part of the ‘OneWorld’ Alliance. As part of the code-sharing, Air Sahara’s 23 connecting flights from Delhi to destinations throughout India will carry American Airlines flight numbers which will provide an increased choice of convenient connections between the two countries.
A-I flight to Mauritius
Air-India will launch its direct flight
from India to Mauritius from September 12, its Chairman and Managing Director V Tulasidas has said. Air-India is firmly on its growth path, Tulasidas said, adding "we plan to introduce direct flight to Mauritius from September 12 and shortly thereafter to South Africa." Tulasidas, who was chief guest at a function organised in his honour by the Bharatiya Vidya Bhavan in London, said last night that the national carrier would be adding 68 aircraft at one go, most of them being the latest state-of-the-art planes. He said the first Boeing787 "dream-line aircraft" would join the Air-India fleet in 2008.
Budget airline
The Kerala Government today said it was considering a proposal to start a budget airline with the participation of private sector. The international airline will mainly cater to the demands of non-resident Keralites staying in the Gulf region, Chief Minister Oommen Chandy said today. In a written reply in the Assembly, he said the Cochin International Airport Limited (CIAL) had been authorised to study the feasibility of the plan.
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Volkswagen plan on: Reddy
Hyderabad, July 12 The money (Rs 11 crore) that the government paid as equity into Vashist Wahan (VW) the Indian nominee of Volkswagen, is safe, even if the services of the India project team leader of Volkswagen, Dr Helmut Schuster, were terminated Chief Minister Y.S. Rajasekhara Reddy clarified at a press conference here today. The carmaker considered locating its 1 billion euros (about Rs 6,000 crore) plant at the port city of Visakhapatnam. The 300-acre site opposite the Visakhapatnam Steel Plant had been approved by the company. After news broke out about the unauthorised deals of some of its employees, VW had initiated action against several staff members, leading to speculation in local papers here on how Dr Schuster had taken the state government for a ride by floating a company, which had no sanction of the VW Board. Charges were levelled by the opposition Telugu Desam Party that the Industries Minister B Satyanarayana played a crucial role in diverting Rs 11 crore to thiscompany Vashist Wahan in collusion with Schuster. The Chief Minister, who along with Mr Satyanarayana, returned to the state capital after a week-long tour of Israel, Egypt and Dubai, clarified that Mr Schusterhad been representing VW since 2003 when the TDP was in power and it was on his insistence that the government paid the money as equity. The Industries Minister, who spoke to reporters earlier, dismissed charges that Vashist Wahan was a conduit to siphon off money and said VW had written to the government only last night, confirming that the former was indeed its Indian subsidiary. However, officials who did not want to be named disclosed that Mr Schuster had mounted lot of pressure on the Minister to release the money to Vashist Wahan without proper checks. He apparently threatened that the project would go to Chennai if Andhra Pradesh failed to become equity partner in the subsidiary.
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Three more oil wells located
Ahmedabad, July 12 "The new rig will enable us to go further than 5,061 metres where huge reserves of gas exist ", GSPC's Managing Director D J Pandian said. GSPC will be acquiring three-dimensional siesmic data for another 500 square km in the eastern region that was left out earlier. The hiring of the rigs could cost more than $ 1 lakh per day. The existing rig can only enter up to 5,061 metres, but it has been found that large quantities of gas exist below this level and hence the need for new rigs, Pandian said. NEW DELHI:
Meanwhile, British firm BG Group has opposed the government's move to take its share of production from gas fields in kind saying it will distort level playing field and give unfair advantage to state-run gas utility, GAIL India Ltd. "The right of government to take profit gas in kind is erroneous as it will restrict the marketing rights of contractors and result in them being unable to commit definite volumes to customers," it said.
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Traders selling fake Kashmiri shawls warned
Srinagar, July 12 “Selling spurious shawls in the name of Kashmiri shawls would bring a bad name to our handicraft sector which, in turn, would badly affect the economy of those connected with this trade,” Deputy Chief Minister Mangat Ram Sharma said, adding that “such unscrupulous traders would be blacklisted”. Appreciating the Centre’s assistance in various sectors, he said this aid had helped push up the economic profile of the state. The state government had taken several measures to rejuvenate the industrial sector and promote export of industrial and handicraft goods. To give an added thrust to the industrial sector, the government would organise exhibition-cum-sale melas at the international level, he said. There was tremendous potential for export of various Kashmiri goods, particularly handicrafts, sports goods, walnuts, wooden furniture, leather goods, software, silk and silk products, he said adding that the state government is exploring new markets at the international level also. State Industries Minister Raman Mattoo said the state had an annual turnover of Rs 900 crore from exports. Meanwhile, the government has agreed to classify carpets under handicrafts to make the sector eligible for exemption from VAT. “Deputy Chief Minister Mangat Ram Sharma has agreed to classify carpets under the handicraft sector for the purpose of making it eligible for exemption under VAT,” Chairman of
Northern Region Federation of Indian Export organisations, R.K. Dhawan said at a seminar here today. Mr Dhawan said the government would also examine the issue of exemption from input stage VAT
on exports. — PTI
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J-K plan to revive viable PSUs
Srinagar, July 12 He asked officials to work out a strategy for revival of at least 11 units which were economically viable. The units could be revived by their sale to private entrepreneurs or the government could run them in joint ventures with private investors. At present, there are 2,410 employees on rolls in the 15 units of which 1,702 are surplus.
— PTI
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Samsung unveils washing machines
Chandigarh, July 12 Asserting that the company would continue to keep “freshness” and “health” as its marketing plank, Mr Zutshi unveiled four models in the ‘front loading’ category and five in the ‘top loading’ version in the capacity range between 6 kg and 9 kg (priced between Rs 12,990 to Rs 25,990). The company has 11 machines in its top-loader line-up and a majority of these are equipped with patented silver nano TM technology. It now had seven front-loading machines priced
between Rs 22,900 and Rs 75,900. Mr Zutshi said: with a view to enhancing our brand image in the market, four Samsung Digital Homes, plazas would be set up this year at Patiala, Chandigarh, Ludhiana, Bathinda. Mr Zutshi said, “We are aiming at over an 40 per cent growth in home appliances this year.” The company was looking to do business worth Rs 6,500 cr by year-end. Mr Zutshi said that Samsung India had commenced exports of refrigerators to Africa, West Asia and CIS countries from India in April. About the plans for northern states comprising the Punjab market, he said the company expected to do business worth Rs 300 crore by year-end.
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Unicorn production suspended
New Delhi, July 12 “We had to stop production of motor cycles as almost all existing manpower and resources are being diverted for scooter production,” company sources said. Before the strike, the company’s labour force had 1,911 workers. Of this, only 38.6 per cent are working at the plant, with the rest still on strike. Trouble started last December when a Japanese executive allegedly slapped a worker. A flash strike followed, and the executive apologised. There were two other incidents where workers were allegedly humiliated. That is when the workers felt the need for a union and accordingly
AITUC, a union affiliated to the CPI, set up a union about a month back. The company then terminated the leaders, suspending the workers at the same time. The workers struck work in protest.
— UNI
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Reliance Info moves SC
New Delhi, July 12 In its appeal filed against the TDSAT’s March 4 order, Reliance Infocomm sought return of the fine amount, deposited by it with the DoT following the tribunal’s directive on the ground that call re-routing was not illegal as per the international practice among the telecom service providers. It has pointed out in the special leave petition (SLP) that even the public sector companies like MTNL and BSNL were "indulging" in the practice of re-routing the incoming International Long Distance (ILD) calls as local calls to their subscribers. The DoT had imposed the fine on Reliance Infocomm alleging that by re-routing the ILDs as local calls, it had caused loss to the department. The company had deposited the money on condition that it had a right to challenge the TDSAT order.
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Reliance Info scheme
New Delhi, July 12 PTI adds: In yet another top level appointment, Anil Ambani has inducted Ramesh Venkat, Chief Financial Officer with Vedanta of Sterlite Group into ADA Enterprises.
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Infosys net up by 36.97 pc
Plans to hire 13,500 persons within 9 months
Bangalore, July 12 The Nasdaq-listed India’s second largest software exporter said it had earned income of Rs 2,071.59 crore, a 36.52 per cent year-on-year growth. Announcing the financial results, Infosys Chief Executive Officer, President and Managing Director Nandan M Nilekani said the company had “marginally’ revised upwards its revenue guidance to 26-27 per cent during the current fiscal. Income is expected to be in the range of Rs 8,947 crore to Rs 9,051 crore for the year ending March 31, 2006, a 25.49 per cent growth. Continuing its hiring spree, Infosys added 3,056 employees for the quarter, taking the total headcount for itself and its subsidiaries to 39,806 employees as on June 30. The Bangalore-based company planned to hire 13,500 more in the next nine months, Infosys Chief Operating Officer and Deputy Managing Director S Gopalakrishnan said. “We are scaling up the infrastructure to accommodate 21,000 persons,” he said. Infosys and its subsidiaries added 36 new clients, including nine marquee names in the list of global 500 companies across diverse industries in the US and Europe, he said. Nilekani said Infosys would build a centralised financial and management reporting system for a leading bank in the US. He said Finacle, Infosys’ banking solution, had been chosen by one of Australia’s top five banks to power its internet initiative, with plans to roll it out globally. Infosys BPO subsidiary Progeon reported revenue of Rs 78 crore for the first quarter ending June 30. MphasiS BFL
Leading software and BPO service provider MphasiS BFL Ltd today announced that its profit after tax (PAT) had dipped by 4 per cent following a fall in the company’s foreign exchange income. Filing its first quarter results for the period ended June 30, before the BSF in Mumbai today, the group said its profit dropped to Rs 33.69 crore as compared to Rs 35.28 crore for the first quarter.“Total Income has decreased from Rs 71.06 crore in Q1-05 to Rs 65.56 crore, an MphasiS press note said. Meanwhile, the group, said the consolidated net profit increased to Rs 33.70
crore.
GNFC
The fertilisers and chemicals major Gujarat Narmada Valley Fertilizers Co Ltd
(GNFC) has posted an impressive results for financial year ended March 31. Announcing the highlights of results, Mr S.S.
Mankad, chairman of the company said it recorded highest ever sales of Rs 1936 crore up by 25 pc. It recorded a profit before tax of Rs 330.4 crore, a jump of 79 per cent. Profit after tax (PAT) remained at Rs 224 crore, a jump of 92 per
cent. — Agencies, TNS
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RCF signs MoU with Siemens
Kapurthala, July 12 Meanwhile, RCF has started the production of 36 meter gauge coaches to be exported to Myanmar during this financial year. The RCF would earn a foreign exchange of Rs 20 crore from the export of these
coaches. — PTI
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P&G to sell detergent business
New Delhi, July 12 The unit will be sold to Procter & Gamble Home Products Ltd, a fully owned unit of US-based Procter & Gamble Co (PG).
— UNI
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LIC plans IPO for Saudi venture
New Delhi, July 12 The LIC, along with LIC International (Bahrain) and New India Assurance will hold a 31 per cent stake while the Al Hoiker group of Saudi Arabia will have 29 per cent interest in the Indo-Saudi Insurance Company being floated with a initial capital of about Rs 114 crore. “The remaining 40 per cent would be offered to the public through an IPO,” LIC chairman A.K. Shukla said.
— PTI
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PNB dividend
Mumbai, July 12
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REL Board to meet on July 19 ADS offerings Stake in NDTV Udyog Ratna Yes Bank Raymond plan BSNL service SBI-ICA tie-up |
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