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Mumbai airport firm to invest
US, India to focus on aviation, tourism sectors
Arcelor, Mittal Steel to meet again
Transporters unhappy with token price cut
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Rs 10 billion ‘lost’
Power cuts lead to hike in steel prices
NHPC inks pact with Uttaranchal
Indo-Japan CECA by year-end
ICICI One Source plans centres overseas
Karnataka cheque to NICE bounces
25,000 loan cases for Punjab, Haryana, HP, UT under PMRY
Rs 10 billion ‘lost’
Hyundai to roll out new Santro
CORPORATE NEWS
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Mumbai airport firm to invest
Mumbai, June 14 The consortium led by Hyderabad-based GVK Power & Infrastructure and Airport Company South Africa Ltd (ACSA) would invest about Rs 5,800 crore in the first phase and another Rs 1,200 crore during the next 13 years, MIAL Managing Director G V Sanjay Reddy told reporters here. The consortium has tied up with IDBI and UTI Bank to raise about Rs 900 crore and another Rs 200 crore would be through internal accruals, he said. "We will be investing about Rs 7,000 crore...this will be through a equity, debt and internal accruals. We have already raised Rs 200 crore through internal accruals and have entered into an agreement with IDBI and UTI banks for raising another Rs 900 crore," Mr Reddy said. The rest of the money will be through debt, he added. As per an operational management and development agreement between MIAL and Airports Authority of India (AAI), the consortium is responsible for developing, designing, modernising, maintaining, financing and managing the city airport. MIAL has to implement a master plan for the airport, which will be ready by September end, Mr Reddy said. "We have started developing the master plan for which we have teamed with Netherlands Airport Consultants and Changi Airport, Singapore. It will be ready by this September," he said. Assuring the 2,654 AAI employees that none of them would lose their jobs, Mr Reddy said during the first three years, all these employees would work with MIAL. "Then we have an option to absorb at least 60 per cent of the employees and the rest will go back to the AAI," he said. The consortium will implement the modernisation programme in three phases. MIAL is also planning to make a second runway parallel to the present one. "Mumbai cannot add capacity without a parallel runway. For this, all airline hangars and the encroached lands should be vacated," he said, adding the consortium would provide separate facility for hangars and rehabilitate the encroachers. The city airport currently facilitates more than 500 aircraft movements per day, and accounts for handling about 37 per cent of the country's air traffic. — PTI
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US, India to focus on aviation, tourism sectors
New Delhi, June 14 Showcasing a variety of business interests, ranging from tourism to oil and gas and information technology, the delegation comprising top-ranking officials from varied fields met Indian ministers and business representatives over the past two days. On the aviation front, a senior Continental Airlines official Gary Clark said their non-stop flight between Delhi and New York was a “hit” as it was getting a response exceeding expectations with an average load factor of over 85 per cent since the operations started last November. To questions, he did not rule out starting a second direct service from Delhi but also said Mumbai would be the logical choice in the next few years, depending on the airline’s fleet acquisition plan. Air cargo trade between Houston and India totalled over $ 86 million, he said, adding that India accounted for 65.8 per cent trade with South Asia, making the country Houston’s largest air cargo trade partner with the region. India’s air cargo trade with Houston accounted for $129 million last year, with exports by weight accounting for 48 per cent of the total trade with the country. “India is amongst the top 25 trading partners of Houston with trade worth $1.4 billion , which has doubled since 2003,” Senior Vice- President Greater Houston Partnership and leader of the mission Miguel R. San Juan said.
— UNI |
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Arcelor, Mittal Steel to meet again
London, June 14 The breakthrough for the talks comes after Arcelor's supervisory board instructed its management Board to negotiate with Mittal yesterday. "We have moved from a very negative involvement to a positive involvement today. We hope that this kind of dialogue can lead to a satisfactory conclusion for the shareholders of Arcelor as well as Mittal Steel," Mr Mittal said. Mr Mittal said he had already made a compelling offer to Arcelor's shareholders and had no plans to offer more. However, advisers said there could be some room for further unspecified improvements to corporate governance, which could persuade Arcelor. Mr Mittal said he would make himself available for the talks if Arcelor Chairman Joseph Kinsch, and its Chief Executive, Mr Guy Dolle, attended the talks.
— PTI |
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Transporters unhappy with token price cut
New Delhi, June 14 The truck operators, who went on a nationwide strike yesterday, have demanded the implementation of VAT rates for the petrol and diesel prices, considering its cascading impact on the economy and rise in commodity prices. According to the Indian Foundation of Transport Research and Training (IFTRT), “ The truck rentals have gone up by 8-10 per cent in past one week in response to Rs 2 a litre in diesel announced on June 5. “The freight rates have gone by 15 per cent earlier due to direct impact of Supreme Court Order in November last year banning the overloading of trucks.” The industry has claimed that the petrol and diesel prices can come down to below Rs 40 a litre and Rs 30 a litre if the Empowered Committee of state Finance Ministers agrees even to impose 12.5 per cent — the highest level of VAT — on petrol, and 4 per cent on diesel considering its importance. Mr S.P. Singh, Coordinator of IFTRT, said, “ The Delhi-Mumbai-Delhi freight rate has gone up from Rs 36,500 in May 2006 to Rs 39,700 this week. Similarly, the Delhi-Guwahati-Delhi rates increased from Rs 85,000 to Rs 93,000 within a week, that would push up steel, cement, and coal prices shortly.” Presently, the Centre is getting 8 per cent excise duty plus Rs 13 a litre on petrol, and 8 per cent excise duty plus Rs 3.25 a litre on diesel, besides 2 per cent educational cess and dealers’ commission of around 84 paise on petrol and 50 paise on diesel. In fact, at the refinery gate the price of petrol and diesel is around Rs 20 a litre only. The states like Punjab are charging the highest sales tax to the tune of 27.5 per cent, besides Re 1 as cess along with octroi and other local taxes have jacked up the petrol prices. On diesel, the state is getting 8.8 per cent tax, 12.5 per cent on LPG and 4 per cent on kerosene. Industry experts said government should have rather increased LPG prices by around Rs 50 a cylinder, besides cut in state and central taxes to provide relief to the oil companies. Gujarat (22.3 per cent), MP (26 per cent), Chhattisgarh (25 per cent), Rajasthan (28 per cent), Jharkhand (20.2 per cent) have highest rates of state tax on petrol besides on diesel. If the Empowered Committee of state Finance Ministers, headed by West Bengal Finance Minister Asim Dasgupta and represented by Punjab Finance Minister Surinder Singla and Haryana Finance Minister Virender Singh, agrees on the uniform rate of VAT on petrol and diesel, the consumers would get a major relief.
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Rs 10 billion ‘lost’
The dawn-to-dusk truckers’ strike on Tuesday to protest against the hike in petrol and diesel prices has caused the Indian industry an estimated loss of Rs 10 billion, Assocham has stated. “The strike caused the Indian industry a loss of roughly about Rs 10 billion as economic activities and movement of essential goods came to a halt in states of Kerala, West Bengal, Tripura, Tamil Nadu, Uttar Pradesh and Maharashtra, preventing flow of cargo and export consignments,” it said.
— IANS
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Power cuts lead to hike in steel prices
Ludhiana, June 14 However, the prices are expected to remain stable in the coming weeks in view of the matching demand and supply, according to traders. The prices of ingots and saria (finished products of furnaces) rose from Rs 20,200 and Rs 23,800 per MT to Rs 20,500 and Rs 24,000 per MT, respectively. The prices of scrap, which is the key input for furnaces, has come down by Rs 500 per MT due to a three day closure of furnaces. However, there was no impact on the prices of other steel products such as HR coils, due to the power cut. In view of the power shortage in Punjab, the PSEB has imposed a three-day compulsory power cut on arc and induction furnaces. The reason behind minor hikes in the prices of ingots and saria was the continuous supply of both these products from Orissa and Himachal Pradesh. “The constant supply of ingot and saria from other states did not allow the prices to go up substantially,” said a steel trader in Mandi Gobindgarh. There are around 150 arc and induction furnaces operating in Punjab. About 4000 MT of ingots per day are produced in the state and an equal quantity of ingots arrives from Orissa and HP, which is meeting the required demand of state’s rolling mills.
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NHPC inks pact with Uttaranchal
New Delhi, June 14 Under the agreement, the NHPC will set up three hydroelectric projects — Kotli Bhel-1A (195 MW), Kotli Bhel-1B (320 MW) and Kotli Bhel-II (530 MW) — a company spokesman said here today. The agreements were signed by NHPC Executive Director Ramesh Chandra and Uttaranchal Power and Irrigation Principal Secretary N. Ravi Shankar at Dehra Dun last week. The NHPC, the country's leading hydro-power utility, is already engaged in developing hydro-power potential in the hill state. Its 120-MW Tanakpur Power Station and 280-MW Dhauliganga Power Station supplies power to the Northern Grid.
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Indo-Japan CECA by year-end
Tokyo, June 14 "I am very happy to notice the substantial progress made in preparing a roadmap for the CECA as per the recommendations of our joint study group," Commerce and Industry Minister Kamal Nath said at the concluding function of the India-Japan Business Summit here. He said the agreement would be ready by this year-end and focus areas for enhanced bilateral cooperation would be pharmaceuticals and manufacturing. The minister also invited Japanese SMEs to tap business opportunities in India. "We appreciate the Japanese assistance for developing the rail freight corridor between Mumbai and Delhi and Delhi and Kolkata as also their contribution in building Delhi Metro. This is in keeping with the trend of Japanese investments catalysing transformation of Indian industrial
sectors," Mr Nath said. "If we look into the statistics of trade and investments between both countries, they do not do justice to the real potential. We need to work towards widening our trade basket," he said, adding "We should not wait for the finalisation of the CECA." There are enough windows available, the Japanese corporate should look towards BPO, KPO and EPO operations in India to reduce their cost and enhance their |
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ICICI One Source plans centres overseas
London, June 14 The subcontinent's biggest outsourcing company, ICICI One Source, plans to develop two centres in Northern Ireland. Mr Matthew Vallance, ICICI One Source's Managing Director in Europe, yesterday said the launch formed part of plans to create a global network of outsourcing locations. “Technically, it would be possible (to do all call-centre work in India), but some of our clients want some parts of their work handled close to home,” he said. The back office services specialist outlined plans to strengthen its British operations in one of the most significant attempts by an offshore outsourcer to take on UK-based rivals on their own turf. — UNI
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Karnataka cheque to NICE bounces
Bangalore, June 14 The project, which is promoted by the Nandi Infrastructure Corridor Enterprise (NICE), is being fiercely opposed by the Janata Dal (Secular)-led government and its Chief Minister H.D. Kumaraswamy. The government claims NICE is grabbing land in the name of developing townships. According to the company’s Managing Director Ashok Kheny, the cheque had been presented to the State Bank of Mysore’s Treasury Branch (A/c No. 10638) but the Canara Bank returned it on June 13, citing insufficient funds. Mr Kheny said today," When a government can’t ensure the clearance of a cheque for Rs five lakh, how can they take over the Bangalore-Mysore Infrastructure Corridor (BMIC) project and implement it.” Mr Kheny remained evasive on whether NICE would present the cheque again, but said the matter had already been brought to the government’s notice. However, Principal Secretary of the Finance Department N. Gokulram said it was not a treasury cheque and there was no liquidity problem with regard to government cheques. It could have been a cheque issued by the Public Works Department or one of its officials and Rs five lakh was an insignificant amount for the government, he said. The Janata Dal government is already facing embarrassment on the issue of takeover of the NICE project with its alliance partner, the BJP, refusing to put the seal of approval on the move. A Cabinet meeting, which was to be held yesterday evening to propose the takeover of the project, was delayed for nearly four hours. The Cabinet, when it did meet late at night, could not take up the issue on the insistence of the BJP. The Chief Minister has been engaged in a war of words with NICE claiming the company tried to bribe him and also challenged company officials to an open debate on the issue. Mr Ashok Kheny, while ruling out the need of an open debate after the Supreme Court judgment on the matter, said there was no need to bribe the Chief Minister with the Supreme Court endorsing its stand. He said the company would go ahead and inaugurate the first phase of the project on Friday and the Chief Minister was welcome to join the celebrations.
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25,000 loan cases for Punjab,
Chandigarh, June 14 Sources in the RBI said the Central Government had allocated a target of 3,84,340 cases to various states and Union Territories for 2006-07. While Haryana has been asked to process 11,000 cases, the target for Punjab is 9,200. Himachal will have to cover 4,700 cases and Chandigarh 500 this year. The highest target has been allocated to UP (53,900), followed by Andhra Pradesh (43,000) and Maharashtra (38,200). The PMRY is a government sponsored scheme for providing self-employment for the educated youth. Banks are not required to take any collateral or surety from the applicants for sanctioning loans. Since a large number of these loans under the PMRY turn into “bad debts”, banks have shown reluctance to sanction loans under this scheme. The RBI has asked all banks to ensure that the scheme is implemented in the rural as well as urban areas. Banks have also been advised to take into account pending applications so that such persons are not required to apply afresh. The scheme envisages 22.5 per cent reservation for Scheduled Castes/ Scheduled tribes and 27 per cent for other backward classes. Banks have also been asked to ensure an adequate share for women and minorities. The RBI has asked the banks to sanction all loans for this year by December so that loans get disbursed in all cases by March 31, 2007. Banks have been asked to identify and recommend such cases to the Task Force. District Industries Centre, who will then sponsor these cases to various banks.
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Rs 10 billion ‘lost’
The dawn-to-dusk truckers’ strike on Tuesday to protest against the hike in petrol and diesel prices has caused the Indian industry an estimated loss of Rs 10 billion, Assocham has stated.
“The strike caused the Indian industry a loss of roughly about Rs 10 billion as economic activities and movement of essential goods came to a halt in states of Kerala, West Bengal, Tripura, Tamil Nadu, Uttar Pradesh and Maharashtra, preventing flow of cargo and export consignments,” it said.
— IANS |
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Hyundai to roll out new Santro
New Delhi, June 14 The plant, which will manufacture three lakh units, will be completed by September, 2007, while the new model will be rolled out in October the same year, CNBC TV-18 quoted Mr Lheem as saying. The cars in segment A will be priced at around Rs 4 lakh per
unit. — UNI
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L&T signs pact with Kuwait firm
Mumbai, June 14 The jv, Larsen and Toubro Kuwait Construction WLL, will be registered as a local company in Kuwait and concentrate on oil and gas construction projects, power and infrastructure and electro-mechanical construction, the company informed the Bombay Stock Exchange. The two companies hope to benefit from the construction boom in Kuwait, specifically in the sectors of oil refining and infrastructure development, it said. BoB eyes Doha
The Bank of Baroda (BoB), one of the major Indian public sector banks, is in talks with the Qatar Central Bank (QCB) to open a branch in Doha. BoB Chairman and Managing Director Anil K. Khandelwal, who met QCB Governor Sheikh Abdullah bin Saud bin Abdulaziz al-Thani yesterday, said he was optimistic of a presence in Qatar in the 2006-07 financial year. Xenitis plant is SEZ
The Rs 530-crore Xenitis Group's computer manufacturing plant at Sugandha in the Hooghly district in West Bengal has been declared a special economic zone (SEZ) by the Centre. “'The SEZ status to the computer hardware manufacturing factory will go a long way in providing fillip to IT investment in the state,” Xenitis Group chairman Santanu Ghosh said. Regus in India
Regus Group, a leading provider of outsourced workplaces on demand, today announced its entry into the Indian market, with the launch of its business centre here. Speaking to newspersons here, company’s Commercial Director (India) Madhusudan Thakur said his company, having established itself in Europe, had envisaged to expand in the Asian markets, including India, Korea, China, Japan. Welspun arm’s profit
Welspun-Gujarat Stahl Rohren Ltd has posted a net profit of Rs 19.4 crore for the quarter ended March 31, 2006, as compared to Rs 1.8 crore for the quarter ended March 31, 2005. Announcing the results, the company said it has posted a net profit of Rs 61.3 crore for the year ended March 31, 2006 (FY 05-06) as compared to Rs 33.8 crore for the year ended March 31, 2005 (FY 04-05). Apart from dividend of Rs 2.04 crore on optionally convertible cumulative preference shares (OCCPS) (already converted into equity shares) of Rs 10 each, the board recommended dividend of 10 per cent on equity share capital. BHEL bags order
Bharat Heavy Electricals Limited (BHEL) has secured an order of Rs 113 crore from the Essar Group to install a gas turbine generator set at 110.6 MW captive power plant at a steel plant in Gujarat. For Essar, BHEL is already executing an order for a captive power plant of similar rating at Hazira.
— Agencies, TNS |
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