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Infosys shuns Bangalore for further expansion
A-I, Boeing sign deal for 68 planes
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Air Sahara, Jet may enter into alliance New Delhi, January 11 No deal has been signed between Air Sahara and Jet Airways, but discussions are on for a strategic alliance between the two private carriers.
Sonalika’s Rhino for Rs 5.45 lakh
VW may set up Rs 1,500-crore unit in Haryana
India loses Myanmar gas deal to China
Govt seeks private role in road projects
Mumbai, Delhi among top 10 most expensive office locales
K. Birla is advisory panel chief
Bosch to invest Rs 1,800 crore in India
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Infosys shuns Bangalore for further expansion
Bangalore, January 11 Apparently miffed at not being able to get land in the city for its expansion plans, its Managing Director Nandan M. Nilekani chose these words to describe the situation at a meeting held to disclose the third quarter results of the company. “The matter is outside our hands. We will grow where there is least resistance.” Mr Nilekani went on to say that since there was no space in Bangalore, there was no question of adding any capacity in the city. “As many as 21,200 offers are going to be made to candidates this year. These people need to sit somewhere and there is no option but to develop centres outside the city,” he said. The company is, however, not aborting further development in Karnataka, with Mr Nilekani saying that both Mysore and the Mangalore centres of the company would be strengthened further. Besides land, Infosys is also unhappy with the inordinate delay in developing infrastructure in Bangalore as well as the increase in travel time. Mr Nilekani said due to rapid development, conditions were also not favourable for those coming to work in the city, adding there was practicably no space for them. “In such a situation we have to look outside”. The company also feels that most IT companies will be returning lower revenue figures in the fiscal 2007 from Bangalore because of these factors. “It will take this much time for the trickle down effect to take place”, Mr Nilekani said. As far as the city is concerned, the company has not given up hope on the land needed by it for future development. Its Chief Financial Officer Mohan Das Pai told TNS that he would be attending a meeting of the Land Allotment Committee, scheduled to be held on February 17, to discuss the company’s proposal for allotment of 300 acres of land on the Sarjapur road. The proposal had run into a road block after former Prime Minister and Janata Dal (Secular) President, whose party is part of the coalition government in the state, had objected to it. However, capacity addition in Bangalore has been definitely delayed as it would not be possible before one and half years even if the land demanded is allotted to it. This does not seem likely in the near future as there is no change in the political environment in the state forcing Infosys to make expansion plans in which Bangalore has no place. Logs robust results Infosys Technologies Limited today reported a 30.58 per cent jump in net profit at Rs 649 crore for the third quarter. The Bangalore-based firm clocked revenues of Rs 2,532 crore for the quarter ended December 31, 2005, a year-on-year growth of 34.97 per cent, and lived up to analysts’ forecasts. The company’s outlook for the next quarter also looks bright. It expects income to be in the range of Rs 2,590 crore and Rs 2,599 crore, registering a growth between 30.35 and 30.80 per cent. Earnings per share are expected to be between Rs 24.30 and Rs 24.70 registering a growth between 27.83 and 29.93 per cent. Subsequently, net profit increased by 7.1 per cent and revenues by 10.4 per cent. The software major and subsidiaries added 36 new clients during the quarter, Mr Nandan M Nilekani told a news conference here. The company also announced that Amitabh Chaudhry, currently Chief Operating Officer, will take over as Managing Director and CEO of its business process outsourcing arm, Progeon. Mr Chaudhry will take charge on March 2.
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A-I, Boeing sign deal for 68 planes
Mumbai, January 11 The agreement was signed by Air-India Chairman V.Thulasidas and President and CEO of Boeing Commercial Airplane Alan Mulally at the Air- India office in south Mumbai. While Air-India will buy 23 Boeing-777s and 27 Boeing 787-800 Dreamliners, its subsidiary will buy 18 Boeing 737-800s, sources said. The delivery of the aircraft will begin in November this year and continue into 2012. The announcement regarding the purchase of the aircraft was made by A-I Chairman V.Thulasidas. He said the deal was the biggest in Indian aviation history. The Indian Government had earlier approved the purchase of 50 aircraft from Boeing for a price tag of $6.9 billion. However, another 18 aircraft were added to the basket following the launch of Air-India Express to take on budget carriers in Asia and West Asia. An empowered group of ministers cleared the deal after securing a discount of about Rs 1,000 crore. The 787 Dreamliners, Boeing’s new fuel-efficient long-range aircraft, will fly nonstop on the New Delhi-New York and Mumbai-San Francisco routes. A-I will also begin direct flights to Europe and the USA from Bangalore, Chennai and Hyderabad. Meanwhile, the Indian Government has managed to woo Boeing to invest in a $100 million repair and maintenance facility
in the country apart from a pilot training facility costing $75 million, according to Civil Aviation Minister Praful Patel. The company will also source products and services from India worth $1.9 billion.
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AutoExpo begins in New Delhi today
New Delhi, January 11 On the eve of the
AutoExpo, the biannual showcase of the country’s march in the auto sector, which begins here tomorrow, industry leaders emphasised the need for relook at the labour policy by the government to enable the country to take advantage of the human resources potential. “There is a need to change outdated and archaic laws. We do understand the political compulsions of the government. We would expect the government to come up with more Special Economic Zones and other specific areas where flexible labour laws could be applicable to begin with,” said Mr Madhur Bajaj, president, Society of Indian Automobile Manufacturers (Siam). Mr D.K. Jain of the Automotive Component Manufacturers Association of India
(ACMA) said the rigid labour laws is placing the country in an unhappy situation, where the industry has to think in terms of capital intensive situations, at a time when India can take advantage of its huge human resources to its optimum benefit. Supporting the view of the industry players in the auto sector, CII president Y C Deveshwar said flexible labour laws “does not mean only hire and fire. There are seasonal industries, where the labour needs are for a limited duration. There should be flexibility for an industry close down if it cannot survive efficiently in a competitive environment.” According to a study by
McKinsey, auto component manufacturing is expected to go up to $25 and 30 billion by 2010. The study said that Indian firms match the global benchmarks in quality, efficiency, and research at competitive costs and are projected to be leaders in new product development. The growing influence of the auto component sector is even attracting international players to invest in the country. Auto component major Bosch today said it would pump in Rs 1,800 crore by 2008 to expand its presence significantly in the booming market in the country. A major part of this investment will be to expand its auto- parts making business, with a special focus on modern diesel technology, the company said in a statement here. The commitment is an extension of the previously announced investment plan of Rs 1,000 crore between 2004-07. The company has already invested Rs 540 crore of the total amount. The growing presence of auto component sector is visible in the AutoExpo which begins here tomorrow two third of the show arena have been blocked by this segment with 976 component manufacturers vying to display their products and a number of them to announce the global launch of their innovative products. The eighth AutoExpo would witness the participation of 300 companies from 22 countries including China, Germany, Italy, Taiwan, and UK.
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Sonalika’s Rhino for Rs 5.45 lakh International Cars and Motors Ltd (ICML), a unit of the Sonalika group, today unveiled its multi-utility vehicle, Rhino, with an entry price of Rs 5.45 lakh and said that CitiBank has picked up a 20 per cent stake in the venture. The vehicle is being produced in technical collaboration with UK’s MG Rover. Sonalika Group Chairman L.D. Mittal said the company is in the process of developing a four-wheeler to be run on hydrogen. The other two variants of the Rhino, being produced in Himachal Pradesh, are priced at Rs 5.95 lakh and Rs 6.85 lakh, he said. Meanwhile, Ford Motors will be adding zing at the Auto Expo, which opens tomorrow, by displaying one of the world’s most loved sports car from its stable, Mustang, for the first time in India. The company’s pavilion at the Expo will bring the Mustang to India, and the company hopes to grab attention with the legendary model, company officials said. — PTI
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India loses Myanmar gas deal to China
New Delhi, January 11 Myanmar has reportedly entered into a deal with Hong Kong-listed PetroChina to sell gas from A1 Block in the Bay of Bengal. India has been pursuing gas imports from Iran, Myanmar and Turkmenistan via transnational gas pipelines to meet the growing energy needs as domestic production barely meets half of its requirements. Sources said India had been informed that the Myanmar Energy Ministry signed an MoU with PetroChina on December 7 for the sale of 6.5 trillion cubic feet of gas from Block A-1 reserve over 30 years. A-1 block has South Korea’s Daewoo as the operator and India’s ONGC Videsh Ltd (20 per cent) and GAIL (10 per cent) as its partners. India had proposed to build a $1 billion 290-km pipeline from the west coast of Myanmar to West Bengal via Bangladesh for importing gas from the A-1 block and possible reserves in the adjacent A-3 block. OVL and GAIL hold a 30 per cent stake in the A-3 block as well.
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Air Sahara, Jet may enter into alliance
New Delhi, January 11 “No deal has been signed with Jet Airways,” Vice-President of Air Sahara Alok Sharma told reporters here. Jet Airways Executive Director Saroj Datta also confirmed that no deal had been signed between the two carriers. Aviation sources said that the issue of strategic alliance with Air Sahara would come up at the Board meeting of Jet Airways, which is likely to be held at the end of this month. Asked about the strategic alliance, Mr Sharma said he would not like to divulge any further details. “In today’s aviation industry, every airline needs to grow fast... we have looked at many opportunities and within this pursuit, we are talking to Jet for a strategic relationship for a better tomorrow,” he said. The Sahara Airline Vice-President said as talks progress, the relationship would unfold. “At this point, I cannot go beyond this since we are in discussions right now.” Earlier, an IANS report said that the Indian aviation industry was expected to witness the biggest acquisition when Jet Airways sealed a deal to buy rival Air-Sahara at an estimated cost of $560 million. — Agencies
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VW may set up Rs 1,500-crore unit in Haryana
Chandigarh, January 11 A state government press note said here today that a seven-member delegation of Volkswagen led by Head of Volkswagen India Project Peter Wolters had a meeting with Principal Secretary to Haryana Chief Minister
M.L. Tayal. Mr Tayal, who is also Chairman of the Haryana State Industrial Development Corporation (HSIDC), and representatives of the German company, discussed various aspects of the proposed car project. The project would generate direct employment for about 2,500 persons and indirect employment for hundreds of others. Mr Tayal urged the Volkswagen delegation to visit various locations in Haryana to the infrastructure and other facilities available in the state. The HSIDC also gave a presentation to apprise the delegation about the achievements of Haryana in the field of industry.
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Govt seeks private role in road projects
New Delhi, January 11 “The government is looking forward to an intense private sector participation in future road projects. Of the total planned Rs 1,85,000 crore to be invested in road projects by 2012, around 80 per cent of works will have to be executed by private firms,” Adviser to Planning Commission Deputy Chairman Gajendra Haldea said at an Assocham conference on highways here today. The government cannot finance huge investment required in infrastructure, thus increased participation from private players is inevitable, Mr Haldea said adding the government’s role would be more like an enabler. He said government intended to invest Rs 1,85,000 crore on road, Rs 60,000 crore on port and Rs 40,000 crore on airport projects. He said the government has finalised a blue-print to join all road and railway missing links to ports and a dedicated railway freight corridor would soon be put in place.
— PTI
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Mumbai, Delhi among top 10
Bangalore, January 11 DTZs ninth annual global office occupancy costs survey, published recently, was a guide to accommodation costs in major prime office locations covering 117 business districts. While London , Washington DC, and Hong Kong occupied the top three positions globally, Mumbai and Delhi had risen through the global ranks and currently occupy 20th and 43rd positions, respectively. Bangalore and Chennai were the other cities to find mention in the global list. However, in the Asia-Pacific region, Mumbai and Delhi stood at fourth and seventh places respectively.
— UNI
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K. Birla is advisory panel chief
Mumbai, January 11 The committee has been mandated to examine matters arising out of the administration of the Companies Act and to suggest a mechanism to make the regulations easier without hampering entrepreneurship, said a press note. This newly constituted committee, which has a tenure of two years, is the first of its kind for the MCA, and assumes importance more so at a time when the Company’s Act is undergoing a comprehensive review. Mr Jitesh Khosla, Joint Secretary, MCA will be the convenor.
— UNI
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Bosch to invest Rs 1,800 crore in India
New Delhi, January 11 “India is a growth economy, and we are confident that the steep upward trend will continue in the future,” Mr Bernd Bohr, member, code of management, Robert Bosch GmBH, said. A major part of the new investment will go toward expansion of the company’s automotive activities in India, with a special focus on modern diesel technology. Among the subsidiaries Bosch has in India the flagship is MICO.
— PTI
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