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Nod likely to Safta trade list on Dec 29
A day of acquisitions
No ADAE shares for RIL investors after Jan 17 |
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5 crore shares change hands
Consensus eludes steel sector mergers
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Baddi firms do vanishing trick
CAG marks corpn
Banking Ombudsman scope to be widened
Rework import tariff structure, urge edible oil producers
Govt shortlists 70 firms for FM radio expansion
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Nod likely to Safta trade list on Dec 29
New Delhi, December 26 “Though the member countries have agreed about the final list of commodities, including the negative list of commodities under the regional trade agreement, yet the respective governments have still to notify the list,” said sources in the Ministry of Commerce and Industry. “The matter has been put in the provisional agenda of the Cabinet for its approval in the next meeting scheduled on December 29 after due consultations with the industry, trade and other stake holders. The list is likely to be issued before the deadline,” said sources. Safta, an agreement between Saarc (South Asian Association for Regional Cooperation) countries India, Pakistan, Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives, was signed during the 12th Summit in Islamabad last year, will be fully operational by 2016. Trade experts said this would open new opportunities for all Saarc members, especially the Northern Indian states including Punjab, Haryana, Himachal Pradesh and Western Punjab in Pakistan. The food processing, IT sector, pharmaceutical units, textile and auto units of Ludhiana and Panipat and steel units of Mandi Gobindgarh would find new markets. Official sources said Nepal and Bhutan have already cleared their list of trade commodities, and the Saarc secretariat is expected to come up with the final list by December 31. “With the Safta coming into effect, the trade in Saarc region is expected to go up from 4 per cent to nearly 8 per cent in the next two years provided the countries agree to bring the main commodities like textile, leather, pharmaceutical products within the ambit of trade,” said Ms Amita Sarkar, Additional Director, FICCI. Ms Sushma Berlia, President of PHDCCI said, “India has already free trade with Nepal and free trade agreement with Sri Lanka that has opened new vistas for economic opportunities for the two countries. The Safta holds wide potential for manufacturing sector of Northern states like Punjab and Haryana, which would found market not only in Pakistan, but also in the CIS countries.” Prime Minister Manmohan Singh has already assured the neighbouring countries India would like to offer its vast market to them to fuel to the economic growth in the region. Under the agreement, the countries have to reduce existing tariffs to less than 5 per cent within the stipulated time frame, except the sensitive tariff lines relating to agro-commodities included in the Negative List. The trade amongst seven members has been projected to grow to $ 14 billion in next two years from present level of $7 billion, as against the total volume of the combined international trade of $350 billion in the region. Trade experts said India, which is the largest of the seven member countries, stands to gain significantly from the pact. Its total trade with Saarc countries has already increased over 8 per cent to $ 5.2 billion in 2004-05.
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Mumbai, December 26 “The purchase of Bouwer Bartlett is part of our long-term strategy to emerge as a specialty/brand company marketing novel drugs, by acquiring front-ends in key markets outside the USA, the EU and Japan,” Managing Director and CEO of the company, Glenn Saldanha, said. This acquisition provides the company a strategic entry point into the South Africa market, one of the largest and fastest growing pharmaceutical markets in the continent of Africa, Glenmark informed the Bombay Stock Exchange. Glenmark said the acquisition of Bouwer Bartlett would facilitate its expansion in the South African market as the latter has a major presence in the dermatology segment and a significant marketing force. It said its South African operations is expected to close at $3.1 million with an EBITDA of $6 lakh in 2006. GHCL bags US firm Dan River
Leading player in home textile segment GHCL Ltd today said it had signed an agreement to acquire over 90 per cent of US textiles major Dan River through its international subsidiary. The equity cost of acquisition will be $17.50 million, which will be funded through recently concluded FCCB issue proceeds, while the existing debts will be refinanced. “This transaction will be completed by first week of January,” said a press note to BSE here. Dan River Inc, which already has its outsourcing arm in the major textile belts of Asia such as China and Pakistan, is a leading player in the US textile markets with an annual turnover of $250 million. The acquisition enables GHCL to enter into existing marketing arrangements of $250 million even before the Indian manufacturing unit at Vapi, Gujarat commences in March 2006.
Sundram Fasteners takes over Peiner
Sundram Fasteners Ltd of the TVS Group today decided to acquire 100 per cent stake of the Euro 50-million Germany-based Peiner Umformtechnik GmbH. The Chennai-based company has entered into an agreement with Textron Deutschland Beteiligungs GmbH, Bonn (Textron) for the acquisition of its subsidiary company, Peiner, it informed the stock exchanges. Peiner’s expertise in high strength construction fasteners will open new vistas for the company globally, it said. The agreement, subject to fulfillment of certain conditions, will take effect on January 1, it said. The consideration payable by the company is based on a formula agreed upon with Textron and would depend on the value of assets of Peiner as on December 31, 2005, it said. ICICI Securities Ltd acted as the sole financial advisor on the transaction, it said.
Sun Pharma buys
Able Laboratories
Sun Pharmaceutical Industries Ltd today said its Michigan-based wholly-owned subsidiary, Sun Pharmaceutical Industries Inc, has purchased all assets of New Jersey-based Able Laboratories Inc. The company informed the stock exchanges that it had purchased all the assets of the US-based company under an auction conducted by the Court at New Jersey. Sun Pharma’s principal activities are to formulate, manufacture and distribute pharmaceuticals and this would be its second asset purchase in the US in the recent past. In September, the company had bought US-based Valeant Pharma’s manufacturing operations in Ohio at an undisclosed price.
— TNS, Agencies
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No ADAE shares for RIL investors after Jan 17
New Delhi, December 26 Clearing the haze on record date and entitlement of RIL shareholders, the ADAE Group today said: "Investors, who buy shares of RIL on the stock exchanges on January 18, 2006 and thereafter will not be entitled to free shares of the four (ADAE) companies." Similarly, investors, who sell RIL shares on the bourses up to and including January 17, will not get free shares of ADAE group companies — Reliance Communication Ventures Ltd, Reliance Energy Ventures Ltd, Reliance Capital Ventures Ltd and Global Fuel Management Services Ltd. Last week, RIL fixed January 25 as "record date" for allocating its shareholders free shares of ADAE companies that were demerged from it. So, investors whose names appear in the register of members as shareholders of RIL as on January 25 will alone be entitled to the ADAE companies' shares. — PTI
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5 crore shares change hands
Mumbai, December 26 Bhumika Trading Pvt Ltd along with a group of persons acting in concert — Ekalavya and Ekansha, have acquired 4,94,99,649 shares of RIL on December 21 by way of block deal, the company informed bourses today. The block deals were carried out as per Section 2(1)(e) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
— PTI
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Consensus eludes steel sector mergers
New Delhi, December 26 However, some companies, including Rashtriya Ispat Nigam Ltd (RINL) and Managanese Ore and Iron Ltd (MOIL) have opposed the merger plans, besides strong opposition from the state governments like Andhra Pradesh. “Maharashtra Elektrosmelt Ltd, a subsidiary of SAIL, wants to be merged with the parent company, but SAIL wants MOIL too to be amalgamated with it, but MOIL does not want that to happen. SAIL wants RINL under its umbrella, but RINL does not want. This is the situation we are facing,” said Union Steel Minister, Mr Ram Vilas Paswan, while talking to reporters here today. “We also have to keep states' interests in mind, such as Andhra Pradesh does not want RINL to be merged with SAIL, as they feel that supply of steel in the state may suffer,” he said, adding that “we are looking into the issues and will take a final decision soon.” SAIL has already embarked upon its own expansion plan, envisaging an investment of over Rs 34,000 crore by 2012 to augment its production capacity to over 20 million tonnes. Ruling out disinvestment in SAIL and RINL, he said, “The question does not arise.” He also said that the merger of Indian Iron and Steel Company (IISCO) with SAIL will be completed by January end next year. He said the government would not allow the closure of Kudremukh Iron Ore Company by making alternative arrangements of iron ore. The Supreme Court has ordered the closure of Kudremukh mines by December 31. On the merger of Nilachal Ispat Nigam Ltd (NINL) with SAIL, he said it had already been cleared by the Committee of Secretaries. The process of detailed valuation of NINL through a merchant banker was on, he said.
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Baddi firms do vanishing trick
Solan, December 26 Senior officials in the excise and taxation department said while a dozen odd sick units have approached the Board for Industrial and Financial Reconstruction (BIFR) to get some reprieve, an operative unit, based at Nalagarh, too has appealed in the AAIFR, the appellate authority of BIFR. This unit, Sigma Cements, has pending tax liability of Rs 5 to 6 crore. Officials said the case has been moved for auction to recover the pending dues, which pertain to the period between 2000 and 2001. In yet another case, pending tax to the tune of Rs 18. 42 crore is yet to be recovered from Vikas Hybrid Seeds. The unit, situated at Bhud village near Baddi, had disappeared in 1998 along with its entire machinery. The department has now moved the case to auction 52 bighas of land. Another amount of Rs 3 crore is pending as tax from Nalagarh-based Tissues and Fibres. This unit too had closed down some time ago in the past and had later vanished with its entire machinery. Officials said that the recovery process had begun now and they were optimistic of recovering their dues. While asserting that the trend was more glaring in the older units, which had disappeared after making good the incentives available under the state industrial policy, officials said it had reversed after the central industrial package in 2003.
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CAG marks corpn directors absent
Chandigarh, December 26 According to the report, in a majority of the corporations the meetings seldom had a full house. It was found by the CAG that Directors in 11 out of 17 corporations run by the state government did not attend the board meetings regularly. In the high-profile Haryana State Industrial Development Corporation (HSIDC), there was one Director who did not attend any of the six meetings held during his tenure in 2002-03. Another Director attended only one meeting out of seven held during 2004-05. Attendance of two Directors as nominees of financial institution was also irregular. The scenario of the Haryana Agro Industries Corporation was even worse. Three out of the 12 Directors of its Board did not attend any meeting held in their tenure. Another Director did not attend a single meeting out of seven held during 2004-05. The worst performance as far as the attendance in the Board meetings are concerned comes from the Haryana Land Reclamation and Development Corporation (HLRDC). According to the CAG’s report, on an average five out of 11 Directors attended the Board meetings of the corporation during 2001-05. In the Haryana Police Housing Corporation, two Directors did not attend any meeting. Other corporations of the state afflicted by the problem are, Seeds Development Corporation, Scheduled Castes Finance and Development Corporation Ltd, Backward Classes and Economically Weaker Section Kalyan Nigam Ltd, Women Development Corporation Ltd, Tourism Corporation Ltd, Power Generation Corporation Ltd and Vidyut Prasaran Nigam Ltd. In the case of Seeds Development Corporation, one Director representing the National Seed Corporation Ltd. did not attend any meeting held during his tenure. Similarly, another Director, a nominee of the central government, showed up only once out of nine meetings of the HLRDC Board during 2001-04.
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Banking Ombudsman scope to be widened
Mumbai, December 26 The revised scheme, to come into effect from January 1, 2006, will also include customers complaints about deficiencies in providing promised services by banks’ sales agents, levying service charges without prior notice to customers and non-adherence of the fair practices code by banks. The scheme would be applicable to all commercial banks, regional rural banks and scheduled primary cooperative banks, according to the statement.
— PTI
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Rework import tariff structure, urge edible oil producers
New Delhi, December 26 Mr I.R. Mehra, Executive Director and CEO, IVPA, in a statement said the vanaspati sector is incurring a loss of Rs 2,000 on every tonne of imported crude palm owing to spot price- tariff value disparity. “The import duty of 80 per cent is fixed on the tariff value. As much as 88 per cent of the crude used by the industry is imported and thus the industry is in a crisis,” he added. “On monthly average production of 1 lakh tonne, the industry loss is over Rs 20 crore, due to various anomalies in the tariff structure. Medium size factory of 3,000 tonne production per month incurs unbearable losses of over Rs 60 lakh. About 120 vanaspati units are working across the country. More 100 units have closed down in the past because of problems like this,” Mr Mehra said. The association said domestic vanaspati industry is facing heavy additional losses of Rs 20 crore per month owing to the large difference between tariff value and spot landed rate of crude palm oil, a raw material used for producing vanaspati. The import duty on crude palm oil is 80 per cent whereas on the finished product (vanaspati) it is only 30 per cent. This has resulted in imports from Malaysia and Indonesia. The second major problem is the duty-free imports from Sri Lanka and Nepal. They get dual advantage of zero percent duty on raw material, which is crude palm oil and also zero per cent duty on the exports to India.
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Govt shortlists 70 firms for FM radio expansion
New Delhi, December 26 As many 100 applications, from diverse sectors, are believed to have been made for the over 300 frequencies or radio stations up for grabs across 91 cities. Others whose application were cleared for financial bidding round include publishers Malayala Manorama, Pudhari Publications, Delhi Press Patra Prakashan and Tarun Bharat Multigraphics, apart from existing radio players like Radio Today Broadcasting and Entertainment Network. The government said it might come with a supplementary list in the next few days if some other players were also found eligible for the second round.
— PTI
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BSNL to offer extra talk time Nahar group to expand Tata Indicom scheme |
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