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Mining in Bailadila block in Chhattisgarh
Tatas to make parts for Boeing F-18
Politics delays subsidy to industrial units
13 projects worth Rs 7,946 cr okayed
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Ultra Motors barred from selling e-bikes
New Delhi, May 2 As separation pangs hit the electric vehicle joint venture between Hero Group and Ultra Motors, the Delhi High Court has restrained the UK-based firm from selling competing electric two-wheelers for a period of 180 days starting April 23.
No offer to bid for
MTN: Mittal
Reliance to construct energy-efficient buildings
RPower acquires three coal mines in Indonesia
Spectrum Allocation
Corporate Results
India receives $24.57 b FDI in FY08
ArcelorMittal sells 17.4% in China Oriental
MindTree to buy into Aztecsoft
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Mining in Bailadila block in Chhattisgarh
New Delhi, May 2 A special forest Bench headed by Chief Justice K G Balakrishanan while granting approval for prospecting licence to Tata said the company should approach Director General, Forest for clearance. The Delhi High Court on February 18 had quashed the Centre's decision to grant a prospecting licence to Tata Steel for mining the ore over an area of 2,500 hectares in Deposit No 1 of Bailadila Reserve Forest for its steel plant. The high court had passed orders in response to a petition by the state-run mineral company NMDC Ltd, which sought cancellation of the Centre's approval granted to Tata Steel on February 14, 2007. NMDC had claimed that its preferential rights were overlooked by the authorities and all clearances were granted in violation of the Forest Conservation Act. Challenging the decision, Tata said there was no diversion of any forest land for any non-forest purpose. Tata counsel F.S. Nariman contended that not all activities under the Mines and Mineral (Development and Regulation) Act, 1957, require use of forest land and forest clearance was not required for reconnaissance or even for prospecting if (i) the number of bore-holes do not exceed 10 per sq kms, (ii) the licensee does not collect samples of the ores and (iii) the bore-holes were up to 4 inches in diameter. — PTI
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Tatas to make parts for Boeing F-18
Mumbai, May 2 Kohler has been quoted by the India Strategic Defence magazine that Tatas will manufacture one of the two critical components for the fighter aircraft, which is still to be inducted into the US Air Force. The supplier for the other component is still being decided. Kohler has been quoted as saying orders will be placed with Indian companies regardless of whether Boeing won the tender to supply the 126 multi-role combat aircraft for the Indian Air Force. According to information available from the Tatas, the group is in the process of setting up a joint venture with Boeing to manufacture the critical component for the aircraft. The Tatas are already manufacturing titanium floor beams for Boeing’s 787 Dreamliner passenger aircraft. The Boeing official said technology for manufacturing the components would have to be transferred to the Tatas and the other Indian supplier. The Indian Air Force is considering the F-18 and five other jets to upgrade its fleet. Under the defence off-set clause, the party which bags the contract would have to spend 50 per cent of the order on Indian suppliers. Should India choose the F-18 jet, Boeing’s order book for Indian supplies would significantly higher. Boeing is already deepening its ties with Indian suppliers by exploring equipment sourcing for its Apache Combat helicopter and the Heavy Lift Chinook CH 47 helicopter from India, according to Kohler. Meanwhile, information from Tatas indicates that the group would have a majority stake in the JV with Boeing. |
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Politics delays subsidy to industrial units
Chandigarh, May 2 The state government wanted to take credit for releasing the subsidy by organising a huge function. However, with a model code of conduct in force for the ensuing zila parishad and panchayat samiti elections in Punjab scheduled for May 12, the government cannot pat its back. As the government mulls its options for releasing the subsidy to the 3,000 odd small-scale industrial units and export-oriented units, the latter continue to suffer. At the time of presentation of the Budget, the state government had announced to release the subsidy to promote industrial units and exports. In fact, the Punjab government had also given an undertaking in the Punjab and Haryana High Court that the subsidy would be released by the end of 2007-08 financial year i.e. March 31. Officials in the state Industries’ Department informed The Tribune that since the zila parishad and panchayat samiti elections were earlier scheduled in March and the code of conduct came in force in the same month, they could not release the subsidy. “The Finance Department has already released the grant to the Industries Department. But with the elections being re-scheduled and a model code of conduct being in place now, we are unable to disburse the money,” said a top official in the department. However, industry sources say since releasing the grant is a policy decision, it cannot be held back because of the model code of conduct being in force. It may be noted that Rs 550 crore capital subsidy is pending towards 3,000 odd industrial units in the state over the past many years. This subsidy was announced in the state government’s industrial policy of 1993, for those industries that were setting up units in the state. While a 20 per cent subsidy (up to a limit of Rs 30 lakh) on plant and machinery was announced for industry being set up in the state, an additional 10 per cent subsidy was announced for those investing in the border areas. While the state government would earlier release capital bonds of Rs 100 crore annually, it had stopped doing so since 1998. The matter was then taken up in the Punjab and Haryana High Court, wherein the state government had given an undertaking that industrial units would be paid pending subsidy in a phased manner. Officials in the Industries Department, Punjab, said they had referred the matter to the State Election Commission, and if granted permission, the subsidy would be released soon. |
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13 projects worth Rs 7,946 cr okayed
New Delhi, May 2 The Public Private Partnership Appraisal Committee (PPPAC) chaired by the finance secretary D Subba Rao has approved projects located in 10 states, an official release said. Among the 10 national highway projects cleared, two are from Assam and Tamil Nadu each and others are from Uttar Pradesh, Punjab, Orissa, Rajasthan and Karnataka. PPPAC has also approved the projects for revitalising old mint complex and developing tourism infrastructure in West Bengal. Along with these, two projects for revamping airports have also been cleared. The government has given in-principal approval for city side development of Udaipur Airport in Rajasthan and Amritsar Airport in Punjab. The Committee has since January 2006, approved 52 PPP projects amounting about Rs 35,068 crore. It has helped in saving time by shortening the approval process and reducing the transportation costs.
— PTI |
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Ultra Motors barred from selling e-bikes
New Delhi, May 2 Responding to a petition filed by Hero Cycles, which sought to restrain Ultra Motors India Ltd (UMIL) from selling electric vehicles and kits in India, a high court Bench restrained UMIL “from offering for sale or attempting to market any products defined in the agreement” for the period. As per the agreement between Hero and Ultra Motors, the company is supposed to source electric vehicle kits exclusively from Ultra, while the UK firm is bound not to offer its E-bike, E-Moto or E-Scooty to any entity other than Hero in India. While Hero had produced a letter dated April 1, which proposed to terminate the agreement, the judge observed "since during the hearing it was admitted that a notice of termination dated April 23, 2008, was served on the petitioner, in the circumstances, since the termination would take effect upon expiry of a period of 180 days of April 23, 2008, the parties would be bound by stipulations" in various clauses of their agreement.
— PTI |
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Airtel targets farmers
New Delhi, May 2 In the joint venture — IFFCO Kisan Sanchar Ltd — IFFCO will have the majority 50 per cent stake while Airtel and Star Global will have 25 per cent equity each. Bharti Airtel has created the platform to offer free daily voice updates on mandi prices, farming techniques, weather forecast and fertiliser availability to the farmers. After announcing the joint venture Bharti Group chairman Sunil Bharti Mittal said Airtel would become the top rural telecom brand in 2-3 years and the joint venture will harness the power of telecom to add value to the farm sector. Incidentally, Airtel has already enrolled over 48,000 farmers under this scheme. Mittal said: “About 40 per cent of our customers now come from rural areas. By 2010, the rural population is likely to touch 800 million and two-third of those will be prospective mobile users.” “We feel there is a great opportunity in telecom sector going to rural India to create new businesses for the cooperatives where farmers are the key stakeholders,” IFFCO managing director U.S Awasthi said. IKSL managing director Rakesh Kapur said the value added platform ‘Sanchar Hat’ would be launched this month in Gujarat while next roll out would be in Madhya Pradesh, Chhatisgarh and Maharashtra. At present, it is available in Punjab, Harayna, Rajasthan, UP, Tamil Nadu and Bihar, he said, adding by the end of this fiscal, the scheme would cover the whole country. |
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No offer to bid for
MTN: Mittal
New Delhi, May 2 According to market buzz, the South African company is likely to hold a board meeting on May 5 to look into the preliminary offers of the prospective bidders. “How can we make a bid ... nobody has invited us. We are always open to opportunities. Bankers keep on presenting opportunities from time to time and they are evaluated from time to time. When appropriate time comes and evaluation results in making us a move, I’m sure we will do it,” Bharti Group chairman Sunil Mittal said.
— PTI |
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Reliance to construct energy-efficient buildings
Mumbai, May 2 The New York Stock Exchange-listed Nova said in a statement that it has signed a letter of intent with RIL for the joint venture, which is expected to be operational by the third quarter of 2008 after finalising the formal agreements. "Initial steps necessary to manufacture components in India are underway. The first activity of the venture will be construction of buildings for Reliance Retail in India," Nova said. Nova said that the proposed JV plans to leverage its "green building and construction technology to design, engineer and build a range of high-efficiency structures for the Indian sub-continent." The venture would enable Nova to work with RIL to build a large, profitable business based on its "proprietary performance styrenics building and construction systems," Nova said. "India has a $60 billion construction market that is growing at about 20 per cent per year. The potential for energy-efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail's strategy," Nova president Chris Pappas said.
— PTI |
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RPower acquires three coal mines in Indonesia
New Delhi, May 2 The acquisition was done by its wholly-owned subsidiary Reliance Coal Resources Pvt Ltd (RCRPL), which plans to invest Rs 2,400 crore in mine and related transportation infrastructure to take the capacity of these mines to over 25 million metric tonne per annum. "Reliance Coal Resources has acquired 100 per cent economic interest in three coal concessions in Indonesia," Reliance Power said in a filing to the Bombay Stock Exchange. RCRPL has acquired Srivijaya Bintangtiga Energy, Bryayan Bintangtiga Energy and Sugico Pendragon Energy in the South Sumatra area of Indonesia spread over an area of 40,000 hectares. As per the agreement, payment for the acquisition is linked to the actual production of coal.
— PTI |
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Spectrum Allocation
New Delhi, May 2 After getting the comments, the TRAI would decide on the allocation and pricing methodology for the spectrum in these bands need to be decided. TRAI had earlier given its recommendations on the ‘allocation and pricing of spectrum for 3G and broadband wireless access services’ on September 27 last when the spectrum in the 2.3-2.4 GHz and 2.5-2.69 GHz bands was not available for allocation. Therefore, it was then decided that allocations of spectrum in these bands would be decided as and when these were made available. Now with the International Telecommunications Union-Radio identifying 2.3-2.4 GHz band also as international mobile technology band and with the Department of Technology also considering allotment of spectrum in these bands (2.3-2.4 GHz and 2.5-2.69 GHz) after
vacation, the TRAI has sought the comments from the stake holders. The use of 2.3-2.4 GHz and 2.5-2.69 GHz band offers significant scope for innovation with the potential for induction of new technologies, services, applications and devices. It also provides an important opportunity for the introduction of next generation mobile technologies. This consultation paper is another step towards accelerating the growth of broadband through
encouragement of emerging wireless technologies especially in the rural areas. |
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Corporate Results
Kolkata, May 2 The total income rose to Rs 16,393.93 crore for the last quarter from Rs 12,935.11 crore in the same period a year-ago, SBI said. The bank also proposed a dividend of 215 per cent at the rate of Rs 21.5 on every share of face value of Rs 10 held. Dena Bank
Dena Bank has posted a net profit of Rs 110.99 crore in the fourth quarter ended March 31, up by over two-fold from the same quarter previous year, led by a rise in other income due to sale of property. Last year in the same period, the bank had recorded a profit of Rs 43.8 crore. The bank posted a net profit of Rs 359.79 crore, up by 78.5 per cent. Jamna Auto
Jamna Auto Industries has announced a consolidated gross turnover of Rs 185.57 crore for the fourth quarter ended March 31. The company recorded a gross turnover of Rs 545.03 crore for the year ended March 2008. United Phosphorus
United Phosphorus has announced a net profit of Rs 281.07 crore for the year ended March 31, where as the same was at Rs 282.08 crore a year ago. Consolidated total income stood at Rs 3,761.70 crore for the year ended March 31, while it was at Rs 2,470.94 crore last year, the company said. The board of directors has declared a dividend of Rs 2 on shares of Rs 2 each (100 per cent). Koutons Retail
Koutons Retail India has reported a net profit of Rs 36 crore for the fourth quarter ended March 31, 2008, while net sales stood at Rs 371.30 crore for the same period. The company’s profit after tax for the year ended March 31, 2008, rose by 100 per cent to Rs 69.08 crore as against Rs 34.49 crore last fiscal. Aptech net up
For the quarter ending March 31, 2008, Aptech Limited announced its stand-alone results. On standalone basis, Aptech posted an increase of 18 per cent in its revenues and 23 per cent in operating profits compared to the same quarter last year. Revenues from the retail education business increased by 27 per cent.
— TNS, Agencies |
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India receives $24.57 b FDI in FY08
New Delhi, May 2 The FDI inflows in 2007-08 saw an increase of 56.50 per cent over $15.70 billion in the previous year. India, which saw a GDP growth of 8.7 per cent in 2007-08, aims to more than double its FDI inflows between 2006-07 and end of the current financial year. "India remains attractive investment destination and it will be a good parking lot for money. FDI inflows reflect growing confidence (of global investors) in India," commerce and industry minister Kamal Nath said while releasing the FDI data today.
— PTI |
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ArcelorMittal sells 17.4% in China Oriental
New Delhi, May 2 The world’s largest steelmaker has sold 17.4 per cent in the China-based firm to restore the 25 per cent free float, the Luxembourg-based firm said in a statement. The sale of 17.4 per cent shareholding along with the existing free float of 7.6 per cent would ensure that China Oriental complies with the minimum HKSE listing requirement of 25 per cent free float. Following the close of its tender offer in February, ArcelorMittal had 47 per cent shareholding in the Chinese company. Further, another 45.4 per cent stake by the founding shareholders, left a free float of just 7.6 per cent for China Oriental.
— PTI |
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MindTree to buy into Aztecsoft
New Delhi, May 2 “Mindtree has entered into a definitive agreement with the largest shareholder of Aztecsoft to acquire 32.57 per cent at Rs 80 per share, which values the company at an valuation of $90 million,” a statement by MindTree said. The company would also announce an open offer to Aztecsoft’s shareholders to purchase up to an additional 20 per cent equity ownership interest, it added.
— PTI |
Rupee falls by 13 paise MRF plans another unit in TN MMTC to import 140 tonne gold Nod to NYSE Euronext proposal Boeing director 32nd Milestone plans Nod to FDI for new airports RBI extends working hours
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