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Presidential assent for petroleum regulator
Kabul woos Indian firms with tax benefits
Tata Chem to contest Excise order
LG to produce OLED TV on large scale |
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Single IPO for AI, Indian under study
India, China to dictate world economy
OVL may rope in Sinopec
iGate to set up unit at Dalian
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Presidential assent for petroleum regulator
New Delhi, April 11 “The President gave his assent today and the regulatory board would start functioning in four to five months,” Petroleum Secretary M.S. Srinivasan told reporters here. Mr Srinivasan said the Petroleum Ministry, in consultations with Law Ministry, would finalise the rules and regulations governing the regulator within one month. Asked whether the board would be given the authority to fix prices, he said: “The government will come up with a policy and the Board will act within that policy.” Petroleum Minister Murli Deora will meet Finance Minister P. Chidambaram next week to discuss the implementation of Rangarajan Committee report, which has recommended a hike in petrol, diesel, LPG and kerosene prices, besides restructuring oil duties. “We have taken a note of the demand of oil marketing companies to hike price of oil products. I will meet Finance Minister next week to take up the matter, besides issue of exemption of service tax for oil and gas exploration and production companies,” Mr Deora told reporters here today. With reports of potential US military attack strike on Iran, London’s Brent oil contract has soared to a record high touching $69 billion. The oil companies have been demanding a hike of Rs 3 to 4 per litre in diesel, petrol, and substantial hike in LPG and kerosene prices. Mr Deora, who visited London, Houston and Washington to attract oil majors for exploration of 55 oil and gas blocks offered under the sixth round of New exploration Licensing Policy (NELP), said country will rake in more than $7 billion as investments in this field. “We hope that all 55 blocks will be snapped up. We expect over $7 billion investment within 24 months in comparison to $1.7 billion investment under NELP-V.,” he said. “We expect a production of 20 million cubic metres of gas per day from next year from Coal Bed Methane blocks, which is 3.5 million tonnes of oil equivalent,” Petroleum Secretary Mr Srinivasan said. The first round of NELP would commence production from 2007, he said. “The reserves of 650 mmt of oil and oil equivalent gas have been established in last five years,” he added. “We have already sold data worth Rs 40 crore to oil companies worldwide. We will collect about Rs 100 crore by selling data only,” the minister said. The bids for the CBM round will be received by June 30 while those of NELP-VI by September 15.
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Kabul woos Indian firms with tax benefits
New Delhi, April 11 With political support from Indian Prime Minister Manmohan Singh, Afghanistan is wooing Indian companies with tax benefits and a promise to enter unexplored markets. Inaugurating a six-day ‘ Festival of Afghanistan’, showcasing the culture, cuisine and handicrafts of the country here today, Afghan President Hamid Karzai invited Indian companies to invest there. The festival brings under one roof specials like Kandhari and Ghazni stones, Aisha Aziz’s Afghan stones, silk chapans (Afghan jackets), clothings by Sara Afghan, Hanifa and Nasima’s silk scarves and pottery. India was a priority country for attracting business and investment into Afghanistan and the presence of Indian industry in large numbers will go a long way in convincing other overseas investors of the business-friendly policies being adopted by Kabul, said Dr Omar Zakhilwal, leader of the Afghan business delegation to India, while addressing a meeting organised by FICCI here today. He listed several areas of cooperation between Indian and Afghan business enterprises, including aviation, IT, banking, media, construction oil & gas, cement, energy and tourism. Concurring with the suggestion of Dr Amit Mitra, Secretary- General, FICCI, Dr Zakhilwal pointed out that it would be prudent to focus on business collaboration in a few sectors to begin with, hold road shows of products in both countries and gradually enlarge the scope for two-way trade and investment promotion. Dr. Zakhilwal said just as stability and peace in Afghanistan would spell prosperity in the entire region, promotion of business opportunities would open up prospects of overseas investors to reach out to Central Asia. This, he said, could be done profitably by making Afghanistan a manufacturing hub.
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Tata Chem to contest Excise order
Mumbai, April 11 The order passed by the Commissioner, Central Excise Haldia Commissionerate, Kolkata, was unsustainable in law and similar kind of issues were settled by various judicial pronouncements in favour of the manufacturers or companies, Tata Chemicals told BSE today. The contention of the excise department was that Neutral Filter Cake (NFC) and Spent Sulphuric Acid (SSA) generated during the course of manufacture of an excisable product Sodium Tri Poly Phosphate (STPP) has been used as an input for manufacturing of a non-excisable product like Di Ammonium Phosphate (DAP) and Single Super Phosphate (SSP). The order covers the period from September 1, 1999 to September 30, 2005. The company produces excisable products such as STPP and Sulphonic Acid and non-excisable products like DAP and SSP.
— PTI
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LG to produce OLED TV on large scale from 2008
Seoul, April 11 The Korean firm recently displayed the prototype of the 20.1-inch TV at a trade show in Japan. The technology has immense potential for the TV to be thin enough to be rolled into a tube. “The mass production of around 20 inch TV would begin in 2008. Already the company has started the mass production of OLED display panel up to three inches,” said Tae Young Jeong, Chief Research Engineer, told a group of visiting journalists. The small OLED panels are used in mobile phones to display, not only telecom information, but also play high definition live television, games and other interactive programmes. The Korean firm has joined hands with Philips to conduct joint research in this high-end technological marvel. The technique is based on “low-temperature polysilicon,” where active components are integrated across the display glass. Plans factory for ACs
South Korea’s LG Electronics said it had reached an agreement on a joint venture to build an air-conditioner factory in Saudi Arabia. LG said it would own 51 per cent of the $30 million joint venture with 49 per cent controlled by Saudi Arabia’s H.G. Ibrahim Shaker. Construction of the plant with an annual capacity of 250,000 units would begin during the second quarter of this year. LG planned to use the new plant, its ninth overseas, for exports to other West Asian countries. LG said Saudi Arabia’s air-conditioner market would rise from $450 million this year to $700 million by
2011. — AFP
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Single IPO for AI, Indian under study
New Delhi, April 11 The Civil Aviation Ministry has started receiving reports from merchant bankers, including on the issuance of a single IPO against the separate IPOs contemplated earlier, the officials said but pointed out that no final decision had yet been taken on the matter yet. Replying to questions on the issue, Civil Aviation Minister Praful Patel reiterated that the government had decided to merge the two airlines in 2006 but said no decision had been taken on a single IPO for the merged entity. Reports said that the bankers had also suggested that the IPO or IPOs could be issued only after the new aircraft, ordered by both Air-India and Indian, started joining their respective fleets as it would add value to the offer. The issuing of the IPO, either one or one each for the two carriers, was aimed at raising resources for not only financing the new fleet of the two public sector carriers but also strengthening their financial base. Talks were also on to establish a single maintenance, repairs and overhaul (MRO) facility for both carriers, the officials said.
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India, China to dictate world economy
New Delhi, April 11 The US accounting for 16 per cent of the world’s growth, will continue to outpace other major developed economies between now and 2020. These are the findings of the research report of the Economist Intelligence Unit, sponsored by Cisco Systems. The US is forecast to grow by almost 3 per cent a year, compared to 2.1 per cent for the EU and less than 1 per cent for Japan, whose population will be shrinking. But it says, talk of Asia’s century is premature. “On a per-capita basis, China and India will remain far poorer than Western markets and the region faces a host of downside risks,” said Laza Kekic, director of forecasting services at the Economist Intelligence Unit. “Asia will narrow the gap in wealth, power and influence, but will not close it.” Despite rise in wages in India and China, it said lower-cost economies would still enjoy a massive wage advantage over developed markets. Labour-intensive production processes will continue to shift to these markets, although fears of the death of Western manufacturing are premature. It forecasts that annual average real GDP growth of the world would be 3.5 per cent during 2006-20, which include India growing at 5.9 per cent annually on an average, Russia ( 3.3 per cent), China (6 per cent), US (2.9 per cent), Brazil ( 3.2 per cent).
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OVL may rope in Sinopec
New Delhi, April 11 Top OVL officials last week held parleys with China’s national oil company for joint submission of the bid for Omimex de Colombia Ltd, industry sources said. Scotia Waterous, hired by Omimex to select a partner, has indicated that Omimex Resources would be willing to sell 100 per cent of its interest if offered the right price, they said.
— PTI
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Nasscom chief
New Delhi, April 11
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iGate to set up unit at Dalian
Mumbai, April 11 The Board of the company today proposed to move its existing operations in China from Wuxi to Dalian, iGate informed the Bombay Stock Exchange. The company would merge the wholly-owned subsidiary, iGate Technology Services Pvt Ltd with itself and initiate necessary steps in this regard. Riding on higher offshore contributions, the company notched up a net profit of Rs 22.83 crore in the financial year ending March 2006 as compared to Rs 20.79 crore recorded in the preceding financial year. Disclosing this at Bangalore today while announcing the fourth quarter results of the year ending March 2006, iGates CEO Phaneesh Murthy said this represented a 9 per cent year-on-year increase. He said similarly there had also been a 15 per cent increase in revenue in the fourth quarter. Speaking about the net profit, Mr Murthy said this had increased to Rs 4.7 crore during this period as compared to Rs 1.5 crore in the same period last year Revenue for the year ended March 31, 2006, was Rs 636 crore compared to Rs 580 crore the previous year.
Essel Propack Essel Propack Ltd has acquired Singapore-based Avalon Medical Services Pte and US-based Tacpro Inc. Essel acquired the two companies through its wholly-owned subsidiaries Mauritius-based Lamitube Technologies Ltd and Lamitube Technologies (Cyprus) Ltd, the company informed the Bombay Stock Exchange. The company has paid the requisite consideration for the acquisition however it did not disclose the amount. Essel Propack manufactures laminated and seamless tubes catering to the oral care, cosmetics, personal care, pharmaceutical, food and industrial sectors.
Dr Fixit centre Dr Fixit centre, an initiative of Fevicol-maker Pidilite Industries Ltd, today announced its foray into Northern India with the launch of its centres in Delhi. The centres will address problems of the large users including consultants, contractors, builders, architects, painting contractors and interior designers, by providing total solutions in repair and maintenance. They will provide consultation on the correct practices of waterproofing and protection of structures, latest technological know-how in the field of materials and advise on relevant issues to uplift the quality of construction. Pidilite Industries Ltd has a bouquet of brands including Fevicol, Fevikwik, Fevicryl and M-Seal to their credit.
EFI in India EFI, a global leader in digital controllers, printers and print management solutions, has announced expansion plans for the Indian market. The three-year-old company, which moved its operations to a new facility here, now employs 150 people and plans to “greatly expand” its workforce during the current year, Guy Gecht, Chairman and CEO of EFI Inc, told reporters here. He also said EFI spends 25 per cent of its revenues on research and development and a “big portion” of it would be spent in India but gave no specific figures.
Stake in SEZ Dalmia Group’s Landmark Holdings, along with its international affiliate Banyan Real Estate, has acquired 16.5 per cent stake in Vipul’s Rs 1,200 crore proposed Special Economic Zone (SEZ) project in Gurgaon. The SEZ, which has received an in-principle clearance from the Ministry of Commerce, would cater to the fast growing IT and BPO businesses, Landmark Holdings said in a press note. The total investment in the project is likely to be in excess of Rs 1,200 crore, it added.
NEPA recovers NEPA Ltd, a languishing public sector paper firm since December, 2001, has been put on a recovery path through internal resources. A company statement said the provisional financial results for 2005-06 had recorded a 43 per cent jump in production compared to previous year. In terms of turnover, a jump of 53 per cent achieved which resulted bringing down the operational losses from Rs 21.88 crore to Rs 13.23 crore. The company is slowly heading northwards, it added.
UTI Bank UTI Bank said on Tuesday that it would raise Tier-I capital, possibly up to $700 million. “We will raise tier-I capital,” Chairman and Managing Director P.J. Nayak said at a news conference in Singapore. He added that the bank was currently in discussion with the Reserve Bank of India. The issue, expected to be completed by the end of the year, could be listed either in London or Singapore, he
said. — TNS, Agencies |
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