Toyota Motor President Katsuaki Watanabe introduces new compact passenger car "Auris" in Tokyo on Monday. The car, available in 1.5-litre and 1.8-litre engine variants, is priced between 1.6 million yen ($13,660) and 2.3 million yen ($19,360). — AFP

Indian restaurant among top 20 in US 
Washington, October 23
Indian restaurant Rasika has been chosen as one of the top 20 eateries in the US for the year 2006 in a listing by leading men's magazine Esquire.

Four Soft buys UK Co
Mumbai, October 23
Logistic software solution provider Four Soft Ltd has entered into an agreement to acquire the freight and shipping business of UK-based FWL Technologies for a total consideration of Rs 10-12 crore.

Ranbaxy pact with Swiss Co
New Delhi, October 23
Ranbaxy Laboratories Ltd said today it had signed an exclusive licensing agreement with Swiss biopharmaceutical development company, Debiopharm Group, to market the latter’s new chemical entity (NCE) drug in India, Bangladesh and Nepal.

Taiwan’s India investment to touch $3 b
New Delhi, October 23
A high-level business delegation from Taiwan will visit India by this month-end to explore investment opportunities, particularly in the information communications and technology (ICT) sector.

Japan's Yamaha Motor unveils a prototype model of 125cc hydrogen fuel-cell scooter "FC-AQEL" (right) at the EVS22 electric vehicle exhibition in Yokohama, Tokyo suburb, on Monday. In the centre is electric motor cycle. — AFP  suburb, on Monday. In the centre is electric motor cycle. — AFP

SJVN pays dividend to Centre, HP
Shimla, October 23
The Satluj Jal Vidyut Nigam (SJVN), which has implemented the country’s largest 1,500- MW Nathpa Jhakri power project, has declared a dividend of Rs 159.43 crore for 2005-06. The Government of India, which has 75 per cent equity in the nigam, has been given a dividend of Rs 119.57 crore.

Intel chief to visit India
Mumbai, October 23
IT major Intel Corporation's Chairman Dr Craig R Barrett will visit India from November 2 to 3. Mr Barrett, who is also Chairman of United Nations Global Alliance for Information and Communication Technologies, is on his eighth visit to India, which is a part of an Asia-Pacific tour with the Intel world ahead programme, an Intel release said here today.

Gold loses Rs 140
New Delhi, October 23
Gold tumbled by Rs 140 at Rs 8,850 on the bullion market today on heavy selling by stockists amid reports of a fall in the global markets.

Corporate News
Unichem Labs net up 47.25 pc at Rs 25.71 cr
New Delhi, October 23
Unichem Laboratories Ltd has reported 47.25 per cent increase in the net profit for Q2 ending September 30, 2006 at Rs 25.71 crore as against Rs 17.46 crore during the corresponding period of the previous year.

Markets closed today

New Delhi, October 23
The Petroleum Ministry has opposed making any commitments in the area of oil and gas marketing by foreign companies as part of India's response in the services negotiations of the World Trade Organisation (WTO).

The ministry has also suggested that if and when India offers to take commitments in marketing of petroleum products, including transportation and distribution, the government should include safeguards to ensure public safety and address the critical needs of the country.

The oil ministry conveyed its response to the Commerce Ministry, which is preparing India's negotiating strategy under the WTO's General Agreement on Trade in Services (GATS), early this month, official sources said.

Even though WTO talks are suspended, inter-departmental discussions are going on to finalise India's position to make sure that the country is ready whenever the talks resume. In WTO talks, a country cannot put barriers for foreign service providers once it has made a commitment under GATS.

The discussions are necessary to ensure that domestic regulations — such as those related to licensing and qualification requirements — do not nullify the commitments made by the country for opening up the services sector.

Sources said the Petroleum Ministry has suggested including certain criteria that gives it the flexibility to bar foreign companies from marketing of oil and gas on grounds of public safety, environmental concerns or any such factor.

The ministry was of the view that its existing rule under which only those foreign companies who have invested at least Rs 2,000 crore in setting up refineries or pipelines are given licences could be included as a condition, the sources said.

Although the Oil Ministry has opposed making commitments in marketing, it has agreed to undertake commitments in several other areas such as engineering services, management consulting, technical testing and analysis, construction work for civil engineering, maintenance and repair of equipments, site preparation for mining and services incidental to mining.

The ministry has also agreed to include scientific and technical consulting services, excluding map making, and services incidental to manufacturing, but not the manufacturing of metal products and machinery.

However, the ministry was of the opinion that since many countries participating in plurilateral discussions on GATS placed entry barriers such as adopting economic needs test, India could hold on for sometime before offering to take commitments unilaterally as a negotiating strategy.

The sources said the ministry has also suggested laying down minimum qualification standards to prevent indiscriminate entry of foreign nationals and companies into India as service providers. — PTI

New Delhi, October 23
The government is mulling giving tax incentives like excise and import duty exemption to promote the use of biodiesel and ethanol in auto fuels so as to cut down India's import dependence to meet its fuel needs.

The Ministry of Non-Conventional Energy Sources, now re-christened as Ministry of New and Renewable Energy, in the draft National Policy on Biofuels has suggested a slew of fiscal incentives and a National Biofuel Development Board headed by Prime Minister Manmohan Singh to promote doping of petrol with ethanol and diesel with non-edible oil.

Official sources said the ministry's draft note for the Cabinet proposes excise duty exemption to biofuels in pure as well as blended form up to a certain percentage with a view to lowering price of the biofuel for the end user.

It also proposed custom and excise duty exemption to plant and machinery used for processing oil seeds for biofuel production.

Besides, excise duty exemption to biodiesel blended with duty-paid diesel, similar to the concessions given for ethanol-blended petrol made by mixing duty paid petrol, is proposed to be provided.

Sources said the draft policy also proposed setting up of a National Biofuel Development Board (NBDB) to fix minimum support price (MSP) for non-edible vegetable oil seeds required for conversion to biodiesel and other biofuels such as ethanol.

NBDB, which is proposed to be headed by Prime Minister, would also prepare a national roadmap on biofuel in petrol and diesel engines in a time-bound manner.
— PTI

Chandigarh, October 23
The recent visit of the Haryana Chief Minister, Mr Bhupinder Singh Hooda, to European countries will generate a foreign direct investment (FDI) of Rs 12,000 crore in the state.

This was stated by Mr Hooda here today. He said in order to facilitate the flow of investment from Europe, a European Desk would be set up in the Investment Promotion Centre of the state government in Delhi. Describing the visit as ''highly fruitful,'' Mr Hooda said his prime objective was to market Haryana as an ideal destination for investment by European companies.

Mr Hooda was accompanied, among others, by the Revenue Minister, Capt Ajay Singh Yadav, and the Industries Minister, Mr Lachhman Dass Arora, and some prominent industrialists of the state.

The delegation visited Netherlands, Germany, France, UK and Spain from October 8 to 19.

A Statement of Interest (SoI) was signed between the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and the Dutch Haryana Business Consortium for establising a European Technology Park in the state. It is expected to catalyse an initial investment of euros 200 million (Rs 1,200 crore) going up to around euros 2 billion (Rs 12,000 crore) over 10 years, besides generating enormous employment opportunities.

NUON, a Dutch company engaged in producing sustainable energy resources, showed great interest in setting up power projects in Haryana, especially wind mills and gasified coal-based energy projects, Mr Hooda said. Besides, Spyker Cars expressed its desire to set up a manufacturing unit in Haryana.

The visit was coordinated by the Confederation of Indian Industry — Northern Region.

The delegation had another success when Mr Adesh Gupta, CEO, Liberty Shoes, signed two Memoranda of Understanding (MoUs) with Elten GmbH and Goldpfeil GmbH.

In France, Mr Barry Howe, Vice- President, Asia-Pacific of Alstom, told Mr Hooda that his company intended to set up a project for the manufacture of equipment for preparing coaches for metro and power generation in India.

Two MoUs were signed by Mr Nirmal Minda of Minda Industries with Valeo, a France-based company, which is a world leader in auto lighting products, for setting up of production facilities in Haryana, involving an investment of Rs 180 crore.

A joint venture agreement was also signed by Mr S.K. Arya, Chairman of JBM Group, with Arcelor Tailored Blank of France (an Arcelor Mittal Group Company) for manufacturing tailor welded blanks in Haryana. The 50:50 joint venture would involve an investment of Rs 60 crore.

In London, the President of the construction equipment giant, JCB, told Mr Hooda that the company would set up another unit in India, which would involve an investment of Rs150 crore. It already has a unit in Faridabad. 

Seoul, October 23
India’s largest electronics firm Videocon said today a consortium led by it had reached an agreement to acquire South Korea’s debt-burdened Daewoo Electronics for $700 million (Rs 3,150 crore).

The agreement was signed on October 20 by a consortium led by Videocon and creditors of the troubled South Korean firm, which was earlier part of the Daewoo Group that wound up in 1999 after running up a debt of about $80 billion.

“Videocon-led consortium (has) entered into an agreement for acquiring Daewoo (Electronics) at $700 million,” a company official confirmed.

Videocon and US-based equity fund Ripplewood had jointly bid for Daewoo Electronics, after it was put on the block by its lenders.

In a separate statement, the Creditor Financial Institutions Committee for Daewoo Electronics, said: “The consortium was selected... as an exclusive negotiation partner based on various factors including financial capacity, complementarity of businesses, track record in various acquisitions including commitment toward ongoing investments.”

The deal will mark Videocon’s third purchase in the past one year after Thompson’s global picture tube business for 240 million euros (about Rs 1,260 crore) and loss making Indian subsidiary of AB Electrolux, Sweden.

Videocon had taken over Electrolux Kelvinator India in a cashless transaction, wherein AB Electrolux agreed to subscribe to Videocon’s GDR worth about Rs 406 crore as part of the deal.

While the Daewoo deal has been on for several months now, the news of the acquisition comes on the heels of compatriot —Tata Steel — reaching an agreement to acquire Anglo-Dutch steelmaker Corus in what was described as the largest acquisition by an Indian company abroad.

Daewoo Electronics had in a statement last month said that the takeover move was the “only realistic option” to save the country’s third largest electronics group, which is now in the seventh year of a debt workout programme. — PTI

New Delhi, October 23
French financial services group BNP Paribas will pick up 33.35 per cent stake in stock broking company Geojit Financial Services Ltd for Rs 207 crore.

The Board of Directors of Geojit Financial Services today approved a proposal to issue up to 7.96 crore equity shares of Re 1 to BNP Paribas at Rs 26 per share, aggregating to Rs 207 crore, the company said in a statement.

This preferential allotment works out to 33.35 per cent of the fully diluted equity post ESOP, it said. The offering to BNP Paribas will be in the form of equity and warrants convertible into equity. UTI bank advised Geojit Financial Services on this transaction.

With two decades of experience in intermediary services, Geojit has a network of over 380 offices rendering trading and related services. Geojit manages Rs 4,500-crore assets for a customer base of 4,25,000.

The company, with 2,000 employees, is into equities, derivatives, internet trading, portfolio management services, depository services, mutual funds, life insurance, commodity trading, margin funding and equity research.

Geojit has offices in Dubai, Abu Dhabi, Sharjah and Muscut through its joint venture Barjeel Geojit. — PTI

London, October 23
Madame Tussauds, London’s most famous tourist attraction known for its life-size waxworks, plans to open a branch in Mumbai, featuring replicas of Bollywood and cricketing stars like Amitabh Bachchan and Sachin Tendulkar.

The plan to open a Mumbai office is part of a concerted push by Madame Tussauds’ new owners - Dubai International Capital - to expand beyond the UK.

According to Mr Robert Roger, Madame Tussauds’ Finance Director, the waxwork attractions in Hong Kong and Shanghai are doing well.

“These overseas sites are thriving thanks to extensive research into the quirks of local celebrity culture. In Shanghai, for instance, the most popular female waxwork is not Kylie Minogue nor a Chinese pop star but Audrey Hepburn.

The company has already ascertained that Mumbai is an attractive market: it has a big enough population, combined with an obsession with celebrities.

The company, according to its spokesman, has completed its £95 million acquisition of London Eye from co-investors British Airways.— PTI 

Washington, October 23
Indian restaurant Rasika has been chosen as one of the top 20 eateries in the US for the year 2006 in a listing by leading men's magazine Esquire.

The new Indian restaurant in Washington DC made it to the list that spans cities like Las Vegas, Los Angeles, New York and San Francisco within a year of starting business by staying with the traditional but also putting new and varied tastes.

The focus is also on its chef from Mumbai, Vikram Sunderam, who came about a year ago packed with his culinary skills.

"When Sunderam began his chef duties at Rasika in December 2005, he was hoping for success — in terms of happy customers enjoying excellent food. He wasn't expecting an accolade from a national magazine. But he got one anyway," says a write up in The Washington Business Journal.

"It's an honour to be among the top 20. We're a modern restaurant, a young restaurant. People come here to have fun. The restaurant is buzzing," Sunderam told The Journal.

From crispy spinach to black cod to apple jalebi, Rasika is all about refined flavours.

"This place is out to show Americans that Indian cuisine is as diverse as the subcontinent it comes from. ...

It will change your mind about Indian cuisine forever," Esquire said about Rasika.

Rasika is among the latest showing of entrepreneur Ashok Bajaj, whose other restaurants in the capital city includes The Bombay Club which is at a walking distance from the White House.— PTI

Mumbai, October 23
IT major Intel Corporation's Chairman Dr Craig R Barrett will visit India from November 2 to 3. Mr Barrett, who is also Chairman of United Nations Global Alliance for Information and Communication Technologies, is on his eighth visit to India, which is a part of an Asia-Pacific tour with the Intel world ahead programme, an Intel release said here today.

The primary charter of Mr Barrett's visit is to drive the World ahead programme with communities, government and academia. — UNI

New Delhi, October 23
Unichem Laboratories Ltd has reported 47.25 per cent increase in the net profit for Q2 ending September 30, 2006 at Rs 25.71 crore as against Rs 17.46 crore during the corresponding period of the previous year.

Sales and operating revenue during Q2FY07 went up by 16.40 per cent at Rs 149.17 crore from Rs 128.55 crore during Q2FY06.

During April-September 2006, the company’s revenue climbed 16.30 per cent at Rs 290.89 crore as compared to Rs 250.69 crore for the corresponding first half of the last fiscal.