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Anil Ambani takes over four
India Inc offers fat pay packages
GDP growth rate pegged at 8.1 pc
3 make India proud
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India ready to pay more for
SEBI keeping vigil on market
Telekom Malaysia eyes Spice
Arcelor plans buying US Steel
Corporate News
Auto
Scene
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Anil Ambani takes over four demerged companies
Mumbai, February 7 RIL nominees Mr Sandeep Tandon and Mr L.V. Merchant, who were Chairman and Director, respectively, on the Boards of all four companies, today resigned, paving the way for induction of the nominees of the ADAG. Mr Anil Ambani will head all four new companies under the umbrella of his ADA group, an RIL statement said tonight. The four companies are Reliance Energy Ventures, Reliance Capital Ventures, Reliance Communications Ventures and Reliance Natural Resources Ltd. The Mukesh group also handed over the management of the four companies to the ADA group following the reconstitution of boards of the new entities. The settlement was concluded following the transfer of the shares of the Mukesh Ambani group-promoted companies to Anil Ambani. The reconstituted Boards of the new companies under the control of Anil Ambani would now take the remaining procedural steps for their listing on the stock exchanges, which have been notified of the developments tonight. Besides Anil, Mr Bakul Dholakia, Mr S.L. Rao, Mr J.P. Chalasani and Mr J.L. Bajaj have been appointed Directors in the reconstituted Board of Reliance Natural Resources, while Mr J. Ramachandran, Mr Gautam Doshi and Mr S.P. Talwar find place as Directors on the Board of Reliance Communication Ventures. Mr Satish Seth, Mr S.L. Rao and Mr V.R. Galkar have become Directors on the Board of Reliance Energy Ventures, while Mr A. Jhunjhunwallah, Mr S.P. Talwar and Mr R.P. Chitale are Directors in the reconstituted Board of Reliance Capital Ventures. The Anil camp said all four companies would be listed on the stock exchanges by March, 2006, as committed by ADAG earlier. The reconstituted Boards under the control of Anil Ambani will now take the remaining procedural steps for their listing on the bourses, which have been notified of the developments tonight. Commenting on the development, a RIL spokesperson said the primary objective of the demerger process completed today was to unlock value of scrips for the shareholders of both the demerged and the resulting companies. Earlier today, Union Minister for Company Affairs P.C. Gupta had advised the Ambani brothers to implement the demerger plan as approved by the Bombay High
Court. — UNI
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India Inc offers fat pay packages
New Delhi, February 7 Faced with a severe crunch of talented professionals, a high attrition rate, the financial sector, IT and IT enabled services, media houses and accounting firms are ready to pay fat packages to the professionals-a salary increase of 15-17 per cent after raising the pay packets by the same level in 2005. “Employees in India received an average salary increase of between 11.4 per cent and 15.4 per cent on a par with last year’s increases,” according to the 10th annual salary increase survey conducted by Hewitt Associated, a global human resources services firm. Hewitt, which surveyed more than 650 foreign-owned, locally owned and joint-venture companies this year analysing information on more than nine lakh employees, said the highest salary increase had been noticed in asset management companies (17.1 per cent) like insurance, information technology (16.5 per cent), IT enabled services(16.1 per cent), accounting, consulting, legal services (15.9 per cent) and investment banking (15.8 per cent) in 2005. The survey has forecast the highest salary increase in asset management companies (16.6 per cent), IT (16 per cent), Print and electronic media besides entertainment (14.6 per cent) IT enabled services (15.4 per cent), besides in the hotels, airlines and auto sector. The overall average increase in salary has been projected at 13.7 per cent in 2006 after witnessing a rise of 14.1 per cent in 2005. Mr Nischae Suri, Asia Pacific business consultant leader with Hewitt Associates, said with the entry of new media houses, FDI in retail, civil aviation, telecom, coupled with eight per cent GDP growth, companies were finding it hard to recruit talented skilled persons, leading to a rise in salaries. The survey showed that locally owned organisations (14.7 per cent) are giving higher salary increases than multinational companies (13.8 per cent). These companies had begun to align their compensation practices to global standards, strengthen their reward management practices and focus on pay for performance,’’ Mr Suri explained.
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GDP growth rate pegged at 8.1 pc
New Delhi, February 7 It shows the success of economic team headed by Prime Minister Manmohan Singh, who has said the India is all set to achieve a double digit growth of 10 per cent fuelled by rise in national savings rate. With good monsoon this year leading to bumper crop, besides good performance shown by Indian Inc, the economists said, Indian economy is ready to take on Chinese economy growing at 9.5 per cent annually at present. The Central Statistical Organisation (CSO) data released here today said the manufacturing sector was set to grow 9.4 per cent for the year after an 8.1 per cent gain the prior year. The Central Bank RBI’s latest forecast is for 7.5-8.0 per cent. The Reserve Bank of India (RBI) raised a key interest rate by a quarter percentage point to 5.5 percent last month, surprising many in the market. The vital agricultural sector expanded a more modest 2.3 per cent in the fiscal year but that was up from the 0.7 per cent gain registered in the prior year.
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3 make India proud
London, February 7 Mr Aamod Gokhale, who is a systems and business development Manager for Cognizant Technology Solutions in Pune, flew in for the event. He beat over 400 candidates worldwide to receive the best score in his certificate in investment management paper. Two other Indians from the UK were also awarded in different categories. Mr Nilay Singh achieved the top score amongst FE College candidates for his Introduction to Investment Award while he studied at Tower Hamlets College in London. The third Indian awardee was Ms Mandeep Rai, Trainee Private Banker, Coutts Group, London, who got the Investment Advice Certificate (IAC), beating 300 candidates.
— UNI
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India ready to pay more for Myanmar gas
New Delhi, February 7 Official sources in the Petroleum Ministry said: “We may end up paying double the price for Myanmar gas through the North-East route as compared to that through a pipeline via Bangladesh. Mr Aiyar’s move was shot down by the Ministry of External Affairs, which disfavoured of India allowing a transit route to Bangladesh for trade with Nepal and Bhutan in return for the gas pipeline route,” said a source in the Petroleum Ministry. In view of the dim future of the Iran-India gas pipeline after India’s voting at the IAEA, the government is keen to import Myanmar gas at any cost, given the fact that India is dependent on gas imports to meet about 50 per cent of its demand. “The proposed pipeline will now be routed through the states of Mizoram, Assam, West Bengal and Bihar. The pipeline is also having the provision to transport gas from developing gas fields in Tripura and Assam,” said a senior official of GAIL, adding that Myanmar gas would be injected at Gaya in the proposed Jagdishpur-Haldia pipeline.
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SEBI keeping vigil on market
New Delhi, February 7 But at the same time, he advised investors to take informed decisions or invest through mutual funds. After meeting SEBI Chairman M. Damodaran here today, the Finance Minister cautioned investors saying: “Do your research and invest cautiously. If you can’t, invest through mutual funds or other intermediaries.” He said SEBI was keeping a close vigil on the market movements. “Surveillance is part of SEBI responsibilities and it was precisely why we had a meeting,” he said. Elaborating, Mr Damodaran said the regulator was not less vigilant when Sensex was at 9,900 and more vigilant when it is at 10,100. “We are keeping vigil. But I would advise investors to take informed decisions.” He declined to comment on the Ambani feud, saying that “I don’t talk on individual cases.”
— PTI
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Telekom Malaysia eyes Spice
Kuala Lumpur, February 7 The move comes barely a month after its rival Maxis bought a stake in Tamil Nadu’s Aircel. Telekom Malaysia’s wholly-owned unit, TM International Sdn. Bhd., is “currently in preliminary discussions for a stake. This is consistent with TM’s continued interest in India, which we see as complementing our other South Asian investments in Sri Lanka, Bangladesh and Pakistan,” the company said in a statement. Telekom Malaysia missed a chance to enter the lucrative Indian telecommunications market when regulatory requirements forced it to abandon an earlier deal to buy India’s Idea Cellular Ltd.
— PTI
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Arcelor plans buying US Steel
Frankfurt, February 7 Arcelor had originally considered buying Nucor, the healthiest North American steel maker, but finally decided against the acquisition in view of Nucor’s high stock market valuation of over $12 billion, the newspaper reported, quoting investment banking sources.
— AFP
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Sona Koyo to invest Rs 400 cr
New Delhi, February 7 The company is a major vendor of the Maruti Udyog Limited. The group also announced the setting up of Sona AutoComp Inc in USA, a joint venture of all group companies and unveiling of its new visual identity. The investments will be towards Sona Koyo’s current capacity expansion plan in its various facilities and new locations. The expected layout of proposed investments would result in a total capacity of three million pieces of manual steering gears, 5 lakh of hydraulic power steering gears, 2.5 lakh of EPS (electronic power steering) and double the present capacity for steering columns from one million parts to two million parts. NHPC profit
National Hydroelectric Power Corporation Limited, (NHPC), India’s major hydro power player in public sector, has earned a net profit of Rs. 124.07 crore in the third quarter ended on December 31, 2005, as against Rs. 92.27 crore during the corresponding period in last fiscal. The net profit for the nine months ended December 31, 2005, has increased to Rs. 508.82 crore registering an increase of 18.17 per cent, from Rs. 430.58 crore during the nine month period in last fiscal, stated a company statement.
J&K Bank’s pact The Jammu and Kashmir Bank has signed a memorandum of understanding (MoU) with the Kotak Mahindra Asset Management Company for distribution of its mutual fund products, a bank spokesman said today. The spokesman said the bank had taken the initiative to bring in world class products to its customers. The bank will enter into similar strategic tieups with other leading assets management companies in the near future, hinting at launching some other products to boost income.
Patni, SAP alliance Patni Computer Systems and SAP India have entered into a strategic alliance to jointly address the small and medium business (SMB) market in India. This partnership will enable both companies to address the high-growth SMB, which has a market potential of over Rs 700 crore and is growing at a CAGR of 15-20 per cent — Patni will provide end-to-end mySAP ERP solutions across several verticals, with special focus on the rubber and tyre industry.
UTI Equity dividend UTI Equity Tax Savings Plan (UTI-ETSP) today declared tax-free dividend of 60 per cent (Rs.6 per unit on face value of Rs.10) with effect from February 23, 2006. All unit holders registered under the dividend option of UTI Equity Tax Savings Plan as on February 23, 2006, will be eligible for this dividend. Also, investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend, a company statement said.
— TNS and Agencies
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Auto
Scene
Rohtak, February 7 The German car maker’s representatives were accompanied by Haryana’a Resident Commissioner in Delhi, Mr Ashok Lavasa, and the Executive Director of the Haryana State Industrial Development Corporation (HSIDC), Mr Randhir Singh. The delegation went round the city to assess facilities available here. The delegation then visited several sites around the city, including Bohar and Sunaria villages. Volkswagen needs more than 200 acres for its proposed plant. The company plans to invest Rs 1,500 crore on the project. It will generate about 2,500 jobs while producing one lakh cars per year. Earlier, a team of company officials had met Chairman of the HSIDC and Principal Secretary to the Chief Minister, Mr M.L.Tayal, at Chandigarh on January 11. Today’s visit was a sequel to the talks held on that day. Official sources said Haryana was also keen on offering the German car maker every possible facility to attract investment. The government was also keen that the plant come up in the vicinity of the city as it would generate jobs and bring prosperity to Chief Minister Bhupinder Singh Hooda’s home district. The sources said the company would be offered other sites in the state if it did not find this area suitable for any reason since the Volkswagen plant was finally expected to generate revenue almost equal to that of Maruti Udyog in Gurgaon. Battery-run two-wheelers
Induction furnace and electric motor-makers Electrotherm India Limited (EIL) today launched the first-ever indigenously designed and developed battery-operated two-wheelers, christened “YO Bykes’’ in Ahmedabad. The company has launched seven models with ex-showroom prices ranging from Rs 13,999 to Rs 23,249. They come in both bicycle shape with large wheels and scooty type with smaller wheels. Company Chairman and
Managing Director Mukesh Bhandari said these vehicles could carry one adult and a child with a maximum payload of 75 kg. They could attain the maximum permissible speed of 25 kmph. The company planed to launch YO Bykes next in Madhya Pradesh, Rajasthan and parts of Maharashtra. The company also plans to roll out battery-operated three-wheelers by December, 2006 and battery-operated low-floor buses by December, 2007. Volvo eyes Pak, Mauritius
Volvo India, a subsidiary of Swedish Volvo Bus Corporation, plans to enter new South Asian markets like Pakistan and Mauritius. Launching its bus here today Mr Akash Passey, Head and Vice-President of the Volvo Buses, a division of Volvo India, said, “We have our presence in China, Hong Kong, Singapore, Bangladesh and around 5000 buses had been sold in those countries. Now we want to venture into new markets like Pakistan and Mauritius.’’ “However, we would not be supplying Volvo buses and trucks to Pakistan from our Indian factory as it is not permitted. We would be supplying these from the Chinese factory if a deal is struck,’’ he said. Tatas mull engine plant in Zambia
Tata Motors Ltd may set up a factory in Zambia this year to put together engines, Finance Minister Ngandu Magande said. “I can confirm that we have been discussing with the Chairman of Tatas himself over the setting up of a Tata motor assembly plant,” Mr Magande said today in Lusaka, the southern African country’s capital. “The plant is expected to be set up in Ndola,” located 350 km from Lusaka.
— TNS and Agencies
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