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Govt favours merger of oil cos
Free power: World Bank not to stop funds to Punjab
PFC shelves foray into banking
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Tatas to acquire UK-based firm
Minister assures of liberal FDI policy
Pay BoI Rs 124 cr, DRT orders Parekh
India to have 25 crore
mobile phones by 2007
Reliance Info launches global roaming
Hyundai launches Getz variant
Alliance Air losses touch Rs 80 lakh
Intel to invest more in India
Jetstar connects Kolkata, Singapore
Presentation on ‘Sky bus’
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Govt favours merger of oil cos
New Delhi, August 18 The government has given the go-ahead to the merger of Indian Oil Corporation Ltd (IOC) and its subsidiaries, Indian Oil Blending Ltd (IOBL), IBP Co. Ltd (IBP), Bongaingaon Refinery and Petrochemicals Ltd (BRPL) and Chennai Petroleum Corporation Ltd (CPCL). Petroleum Minister Mani Shankar Aiyar informed the Lok Sabha today that the government had already given its approval for the merger of IOBL with IOC. The minister said the IOC and IBP boards had approved a scheme of amalgamation of IBP with IOC. “ The proposal is under examination,” he said. Regarding the merger of BRPL, the minister said: “ The Boards of IOC and BRPL have been given approval in principle for the proposed merger of BRPL with IOC. These companies are in the process of appointment of various agencies with a view to working out a fair swap ratio for equity shares and also for developing a scheme of amalgamation.” Since the IOC had embarked in a big way in petrochemical business with the setting up of linera alkyl benzene (LAB) project at Gujarat and the proposed paraxylene (PX) purified terephthalic acid (PTA), naphtha cracker complex at Panipat, it has initiated a process for the merger of CPCL with the parent company. The CPCL is also engaged in the business of petrochemicals. The minister said in CPCL, approximately 15 per cent of the total equity is held by National Iranian Oil Company (NIOC), and its consent was essential before any process of merger was initiated. He said it would be essential that NIOC holding in CPCL was first acquired by IOC before merger. A senior official in the ministry said unlike oil- marketing companies, the refineries were raking in profits due to high margins on refining, as they got import parity prices for their products. The Krishnamurthy committee had suggested restructuring of the oil companies for greater operational efficiency. In the case of Bharat Petroleum, the company already has plans to merge its subsidiary Kochi Refineries with itself, the official said.
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Punjab keen on more petrochem units
Chandigarh: The Punjab government has started negotiations with the Union Ministry of Petrochemicals and the representatives of Hindustan Petroleum Corporation Ltd (HPCL) for setting up more petrochemical projects at Bathinda.
Sources in PSIDC told TNS today that a senior official of the organisation (PSIDC) would be going to Mumbai later this week to hold discussions with HPCL officials, including its Chairman. Foreign players like Ramco may also be roped in to execute some of these projects, which entail heavy investment. The state is looking at an investment of Rs 8,000 crore in these projects pertaining to ethylene and propylene derivatives to provide raw material to the
SMEs.
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Free power: World Bank not to stop funds to Punjab
Chandigarh, August 18 It may be recollected that when the Akali-BJP regime came to power in 1997 they provided free power to all farmers. Subsequently, the World Bank made it clear that it will not provide loans for new projects till power-sector reforms are carried out. Last month the Punjab Chief Minister, Capt Amarinder Singh, had promised free power to farmers who have small holdings. The mode of laying down the parameters to define who is a “small farmer” are being worked out. The Chief Minister is expected to announce the scheme on August 20, the birthday of former Prime Minister Rajiv Gandhi. Even as the scheme was at its initial stages, Punjab’s Finance and Planning Minister, Mr Surinder Singla, met World Bank officials in Washington. Mr Singla told the Tribune: “The World Bank is not going to back out of any project due to this subsidy and that is very clear.” The Congress Government when it came to power in 2002 stopped the free power scheme, thus opening up a new era with the World Bank which then funded roads and water supply projects. These development works will carry on, Mr Singla added. The logic given to the World Bank is that the free power will not be given to all farmers but just to the poor farmers. The shortfall of revenue will be met by the Punjab Mandi Board and this is close to Rs 450 crore. Thus the Punjab State Electricity Board will not face any losses or face a financial crunch. This ill-health of the PSEB had been earlier objected to by the World Bank. Meanwhile sources in the Government said it is more or less decided that small farmers will be those who have less than five acres of land. There are about 18,000 such farmers as per the records of the Revenue Department. There has to be some demarcation or a cut-off point to say who is “small farmers”, another official said A final shape was yet to be given on what kind of subsidy will be given to those people who do not even have tubewells and meet their requirements by operating diesel run motors. They do not even have power connection and fall in the small farmer category. They can either be given immediate power connections or be allowed bonus on produce at the time of procurement.
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Punjab out of red after 20 years Chandigarh, August 18 Multiple factors, including a ban on recruitment, have resulted in a surplus revenue of Rs 185 crore for the first quarter, according to information gathered by The Tribune. This, sources in the government pointed out, was at the cost of stopping recruitment, even depriving crucial social sectors like education and health of the requisite number of teachers and doctors. Interestingly, despite the ban, Punjab still has the highest ratio of government employees in the country. There are 2.2 government employees for every 100 of the population while the all India ratio is 1.4 employees per 100 population, says a recent report of the World Bank. Just a week ago, while partially lifting the ban on recruitment, Punjab allowed the recruitment of nearly 1,300 doctors and 2,800 paramedics. A senior official said the initial data for the first quarter was ready. This showed that Punjab earned Rs 3,247 crore while the spending was Rs 3,062 crore. The spending included salaries, plan expenditure and the money used for debt servicing and the repayment of interest. “This kind of surplus has not been recorded in 20 years,” an official said while confirming the development. A major contributor has been value added tax (VAT). The state earned Rs 1,204 crore from VAT during the first quarter. Last year, when sales tax was imposed on goods, the collection was just Rs 857 crore for the same period. Another factor has been the increase in stamp duty. This has netted Rs 419 crore in three months as against Rs 288 crore during the same period last year. The third factor is that the state is now coming out of the financial problems created by the Fifth Pay Commission that had jacked up employees’ salaries by 30 per cent in one go. The sources pointed out that the effects of the pay commission were now tapering off. The arrears payable to employees ran into hundreds of crores of rupees. Close to 30 per cent of Punjab’s earnings go towards the repayment of debts and interest. A large part of the this debt is of the period between 1984 and 1994 - the phase of militancy.
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PFC shelves foray into banking
New Delhi, August 18 The plan to convert into a bank had to be shelved as it would mean that the entity would have to follow prudential lending norms laid down by the RBI. Meanwhile, the PFC signed a consortium MoU with 11 financial institutions to provide for a ‘’single-window shopping’’ for 20 to 25 per cent of the country’s power projects in need of finances. The PFC signed the deal to form a consortium with the LIC, Bank of Baroda, Canara Bank, Central Bank of India, Corporation Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank and Union Bank of India.
— UNI
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Tatas to acquire UK-based firm
Mumbai, August 18 Tata Technologies Limited
(TTL), a subsidiary of Tata Motors, today announced its intention to make a cash offer at 220 pence per share (Rs 169.40 per share) for 100 per cent equity shareholding of
INCAT, which is listed on the alternative investment market of the London Stock Exchange, Tata Group said in a press note. The acquisition is to be made through Tata Technologies Inc., US
(TTUS), a subsidiary of TTL and is expected to be completed in 20
days. TTL’s offer price represents a 4 per cent premium on INCAT’s closing price of 211.5 pence a share, as on August 17, 2005, it said, adding, that the value of the total offer is 53.40 million pounds (approximately Rs 411 crore), for INCAT’s entire equity holding. The Board of INCAT has approved and recommended acceptance of this offer to its
shareholders. INCAT, established in 1989, posted a turnover of £ 65.3 million (approximately Rs 507.32 crore) and an operating profit of £ 2.4 million (approximately Rs 18.65 crore) in the year ended August 31, 2004. With over 650 employees, INCAT services customers in North America, Europe and Asia-Pacific in the automobile, aerospace and engineering industries. Tata Motors Executive Director Praveen Kadle said under the current shareholding pattern for
INCAT, the employees and directors hold about 59 per cent while 33 per cent is held by the financial institutions.
Tata Tele to invest in East
Kolkata: Tata Teleservices Ltd would invest Rs 200 crore for expanding the optical fibre network
(OFC) network in West Bengal, Orissa, Bihar, Jharkhand and Kolkata telecom circles. Rajesh Puri, Chief Operating Officer (East) of Tata
Teleservices, told reporters here today that by March 2006, the company would be laying an additional 5,000 km of OFC in the five licensed areas. Mr Puri said that in West Bengal, the company would lay another 2,000 km of
OFC, while adding 800 km, 700 km, 1,100 km and 360 km in Bihar, Jharkhand, Orissa and Kolkata, respectively.
— PTI Tata Indigo variant Tata Motors Ltd today introduced luxury variants of its mid-sized sedan the Indigo SX series priced between Rs 5.65 lakh and Rs 5.99 lakh. The Indigo SX and the GSX would cater to the premium end of the sedan segment. The Indigo SX Series is available at an ex-showroom Delhi price of Rs.5.65 lakh for the GSX (petrol) and Rs 5.99 lakh for the SX (diesel), it said.
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Minister assures of liberal FDI policy
New Delhi, August 18 The FDI in the telecom sector since 2001 has been a mere 5.25 per cent of the total investment, Parliament was informed today. Minister of State for Communications Shakeel Ahmed told the Rajya Sabha the FDI in the telecom sector was just Rs 5,830 crore out of a total of Rs 1,11,000 crore. One significant development in the sector was the increase in teledensity from 4.29 in March 2002 to 8.95 in March 2005. The country, he said, had set a target of achieving 250 million telephone connections by 2007 and the BSNL had undertaken a drive to roll out 15 million connections in various zones. To a question on the survey conducted about IT services in India and China, the Minister said it had provided information on market overview for outsourcing, consulting and systems integration service providers in the two countries.
— UNI
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Pay BoI Rs 124 cr, DRT orders Parekh
Mumbai, August 18 BoI said here yesterday that the DRT had also confirmed the orders of injunction on all assets of Parekh and his group of companies to continue in execution of decrees which means that Parekh and others cannot deal with any of their properties and assets. BoI will now proceed in execution of decrees before the recovery officer and hopes to recover its amount. The payorder scam had hit the country in March, 2001, when payorders for the sum of Rs 137 crore issued by Madhavpura Mercantile Co-operative Bank in favour of Ketan Parekh and his group of companies were purchased by BoI and dishonoured when presented for payment. BoI had filed a criminal case on April 1, with the CBI and also a civil case in the DRT for dishonour of pay-orders.
— PTI
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India to have 25 crore
mobile phones by 2007
Chennai, August 18 Mr. Maran dismissed reports appearing in various sections of the press faulting BSNL for negative growth and tardy progress and pointed out “though private players had a 10- year start on us, we are still giving them a run for their money”. He said: “Before long the public sector telephone system would be on a par with the private sector, because of the support and encouragement we are getting from the PM and the entire Union Cabinet.
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Reliance offers virtual rakhi experience!
Lucknow, August 18 Siblings could avail of this service ‘ab raksha, no bandhan of distance’ by signing up with 240 Reliance WebWorld centres across the country. “The charges for 10-minute facility within the country would be Rs 250 and Rs 1,200 to Rs 3,000 abroad depending upon the countries they reside in,” a company statement quoting Mr Sundeep Saksena, head, Reliance WebWorld (UP circle), said today. The scheme would remain open on Raksha Bandhan (August 19) and also on August 20 and 21.
— PTI
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Reliance Info launches global roaming
Mumbai, August 18 It is also in talks with 12 operators in 11 countries, including Japan, Taiwan, Korea, Australia, Hong Kong, Thailand, and Canada and the US.
— PTI
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Hyundai launches Getz variant
New Delhi, August 18 Pricewise Hyundai’s export variant, Getz GLE, is pegged alongside Maruti Suzuki’s Swift VXi (the middle version of the Swift range) at Rs 4.15 lakh (ex-showroom Delhi). The introduction of this export variant comes a day after Hyundai said it would review the prices of its medium-sized sedan Accent along with ‘Getz’ by next month. The new Getz GLE, which will now be the base version, comes fitted with an AC and a power steering as standard features, Hyundai Motors India said in a statement. HMI has also re-badged its existing Getz models in line with its global range with four Getz variants now available in the market. The erstwhile Getz GL will become Getz GVS (Rs 4.5 lakh ex-showroom Delhi while Getz GLS remains the same (Rs 4.75 lakh ex-showroom Delhi) Getz GLS (with ABS) will now be rechristened Getz GLX (Rs 5.11 lakh ex-showroom Delhi).
— PTI
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Alliance Air losses touch Rs 80 lakh
New Delhi, August 18 The airline had been facing a shortage of operating crew since January this year, Civil Aviation Minister Praful Patel said in a written reply. As many as 75 pilots and 43 technical staff left Alliance Air during the past two years, he said. Accordingly, curtailment and adjustments had been made in the schedule in order to maintain services within the resources available. Mr Patel’s statements hid more than they revealed. Alliance officials say the total strength of pilots has now been reduced to 35 from over 95 in January, 2004. The domestic carrier is also saddled with 11 fuel-guzzling Boeing 737s which are over 20 years old with high maintenance and operational costs.
— UNI
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Intel to invest more in India
New Delhi, August 18 “We continue to invest in India..the development centre is growing...we are continuing to hire and grow...it is part of our existing plan...Our presence in India is growing in terms of number of cities and towns. So, our overall Mr Ketan Sampat, President, Intel India, skirting questions about the exact number of people to be hired at the company’s India Development Centre in Bangalore, said: “We don’t divulge specific numbers.” Sampat, however, refused comment on Intel’s plans to set up a manufacturing unit in India. Intel had announced $ 41 million investment in its Intel India Development Centre in 2003.
— PTI
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Jetstar connects Kolkata, Singapore
Kolkata, August 18 The budget carrier will operate with one-way tickets to Singapore beginning from Rs 4000 plus Rs 2100 in taxes for a round trip, Jetstar Asia Chief Executive Officer Ken Ryan said after launching the operation of the Quantas-backed airline here. “Travellers from Kolkata will now have affordable access to destinations throughout Asia, including Hong Kong, Bangkok, Manila and Taipei, through our hub in Singapore,” Mr Ryan said. The Singapore-based airlines would offer optional food packets at nominal prices, he said. Jetstar would operate Airbus A-320 aircraft with a seating capacity of 180 in a single-class category on the sector. The flights from Kolkata would operate on Tuesday, Thursday and Sundays.
— PTI
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Presentation on ‘Sky bus’
Chandigarh, August 18 Konkan Railway Corporation, MD K.K. Gokhale, said the “Sky Bus” project was based on the concept of Sky Wheels presented at the World Congress for Railway Research in 1989. It had lightweight coaches known as “Sky Buses”, which are suspended below the rail guides. Therefore, minimum land was required at terminal points. The construction cost of this two-way “Sky Bus” project would be Rs 55 crore per kilometer. The passengers could travel by paying Re 1 per kilometer. The maximum speed of the Sky Bus was 100 km per hour. Any town or city with a population of 20 lakh might have a 10-km-long route with two to three lakh journeys a day.
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OBC to widen base in North Aar Aar Castings into TMT steel |
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In video: (
Agreeing with the recommendations of the Krishnamurthy Committee report on Synergy in Energy, the government has favoured the merger of oil marketing and refinery companies to restructure the oil sector, besides bringing down the financial losses of the oil- marketing companies, expected to reach Rs 40,000 crore this year.
