New Delhi, May 27
In a move that will give the cement companies more breathing space and help them save their face in the international markets, the government has lifted ban on the export of cement. The move has been made in expectation of easing of cement prices in the domestic markets.

However, the cement exports will be allowed only from the ports in Gujarat. As much as two million tonnes of cement will be exported per annum, commerce secretary Gopal Pillai said.

“The existing ban on export of cement and cement clinker shall not be applicable to export from ports of Gujarat,” a directorate general of foreign trade notification said.

The government had banned export of cement on April 11 to increase availability of the construction material in the domestic market and keep a check on prices, which among other items had fuelled inflation.

The government had imposed ban on cement last month following rise in prices and the inflation crossing the 7 per cent-mark.

“With the monsoons approaching, there will be a slow down in the demand of cement in the country and hence the part relaxation on the export ban,” Pillai said on the sidelines of a FICCI seminar. The commerce secretary said cement manufactured from Gujarat would not be going to the rest of the country and was meant only for exports.

Pillai said export from Gujarat ports have been relaxed because cement manufacturers had been “traditionally exporting to the Middle-East” from the port.

These manufacturers were primarily supplying abroad and not to the local market and their business had been affected due to the ban, he said.

Earlier in the month, the government also allowed export of cement and cement clinkers to Nepal.

London, May 27
In a surprise announcement, British telecom giant Vodafone today said Arun Sarin would step down as its CEO in July, but did not give any reasons for his exit.

Chandigarh, May 27
The Excise And Income-Tax Departments have failed to detect any major tax holiday violations by industry in Himachal Pradesh. Giving a clean chit to the industry, the two departments have reportedly found that a majority of industry in the hill state is actually manufacturing goods here and not indulging in peripheral activity.

Official sources informed The Tribune that not even one per cent of the industry in the state was indulging in peripheral activity like packaging, re-packaging and labeling of goods. They claim that though a notice was issued to over 80 units in the Baddi-Barotiwala belt o check on their activity, it was subsequently found that these units were not involved in peripheral activity.

“Only two units in this belt have been found to be flouting the rules, and they have been asked to submit their returns and start paying the taxes,” said a top excise official in Solan. He added that scrutiny of not just small industries, but also the large industries in pharmaceutical sector and FMCGs was conducted.

As the taxman got active in finding defaulters, many companies in this belt also started manufacturing operations. Others like, Usha Infrasystems, which manufactures anchor bolts and studs for wind turbines, has closed shop after the IT Department accused it of indulging in peripheral activity. Karan Sood, managing partner of the company, however, alleged that though he was given a certificate of being a manufacturer by the Himachal Industries Department, the taxation staff accused him of not being a manufacturer but only altering the final product. “We were threading the final product here, but the taxation officials thought that this was not manufacturing,” he rued.

It may be noted that the Central government loses Rs 70,000 crore each year on account of tax exemptions extended to the units in the tax exempt states. Industry sources peg that the total excise exemptions granted to industry in the Baddi-Barotiwala belt in Himachal alone is to the tune of Rs 1,600 crore.

Amidst allegations that majority of industry located in these tax exempt states (Himachal Pradesh, Uttarakhand, Jammu and Kashmir, Assam, Tripura, Meghalaya, Mizoram, Manipur, Nagaland, Arunachal Pradesh and Sikkim) had set up facilities for peripheral activities so as to avail tax sops, the ministry of finance had issued a notification on January 18, excluding the benefit of area- based exemption in central excise duty for industrial units which undertake only peripheral activities.

London, May 27
Ratan Tata, already named among the world’s most influential business people from India, has now made to a list of 30 most powerful in the British construction space with a ranking higher than even the UK’s minister for housing.

The list compiled by UK-based digital magazine Contract Journal, which features people with a direct influence on the construction industry, has placed Indian conglomerate Tata Group’s chairman Ratan Tata at the 16th position, ahead of housing minister Caroline Flint, who is at the 18th place.

Topped by Ian Tyler of engineering and construction services provider Balfour Beatty, Simon Williams, who is the director of cartels at office of fair trading and Ray O’Rourke, chairman of private construction firm Laing O’Rourke, are at the second and third places, respectively.

On Ratan Tata, the report said: “Already providing products that feature in many British homes after its takeover of Tetley in 2000, Tata Group now supplies the mainstay material in most of its offices: steel.”

Tata Group’s acquisition of steel maker Corus for about £6.2 billion made it the fifth largest steel maker in terms of output. The joint entity known as Tata Corus has a 50 per cent share of the UK market.

“Such is its dominance that steelwork contractors have nowhere to turn when it pushes through price rises. ... With prices set to surge further as input costs continue to rise, the reclusive chairman of India’s largest conglomerate could have a major impact on construction costs,” the report said.

Earlier this month, the US business publication Conde Nast Portfolio had named Ratan Tata among the ‘73 Biggest Brains in Business’ for his $2,500 car, Nano. Moreover, Time magazine had chosen Ratan Tata as one of the 100 most influential people in the world. — PTI

New Delhi, May 27
Continuing with its expansion plans, Tata Communications today said it has signed an agreement with UAE-based telcom company Emirates Telecommunications Corp (Etisalat) to provide enterprise network services in the Gulf country.

A joint statement issued by the two said under the agreement, both companies would work together to deliver “secure, scalable and flexible” ethernet and other connectivity solutions. There were however, no financial details available.

Through Etisalat’s network, Tata communications would enhance its coverage in the strategic location of the UAE, the statement added.

“The partnership with Tata Communications is a strategic arrangement that will extend the benefits of international connectivity to our business customers. This will significantly expand the global footprint of our enterprise services,” Etisalat’s vice-president (enterprises solutions) said.

New Delhi, May 27
India’s crude oil import bill has jumped over 40 per cent to $68 billion in 2007-08 on relentless rise in international prices.

The nation imported 121.672 million tons of crude oil for $67.988 billion in 2007-08 as opposed to 111.502 million tons imported for $48.389 billion previous year, according to the latest data released by the petroleum ministry here. In rupee term, the import bill has risen 24.5 per cent to Rs 2,72,699 crore as against Rs 2,19,029 crore previously.

Fuel exports grew 17 per cent to 39.327 million tons earning $26.771 billion (Rs 1,07,603 crore). Diesel at 14.308 million tons for $10.178 billion (Rs 40,871 crore) was the biggest contributor.

Fuel consumption in the country grew by a healthy 7 per cent to 129.235 million tons with mainstay diesel demand growing at 11.1 per cent to 47.637 million tons. LPG demand grew 10.6 per cent to 11.996 million tons while petrol consumption was up 11.2 per cent at 10.327 million tons. — PTI

Ludhiana, May 27
In what is expected to solve its labour shortage problems in the long run, textile industry here would provide training to 14 to 18 year-olds at shop floor. The state government has granted permission to the industry’s proposal to provide such training.

With this, industrial units are now planning to take up the task on an immediate basis. Industry here relies on migrant labourers from Bihar and Uttar Pradesh many of whom have begun preferring their hometowns on account of industrial development in those areas.

Most units are facing a shortage of 20 per cent to 50 per cent this year. Despite an increase in wages, they are unable to deal with shortage.

“Labour laws do not permit children below 18 years for deployment in any establishment, due to which we urged the government approve inclusion of training programme as a part of vocational training,” said Vinod K. Thapar, president of Knitwear Club, which sent the proposal.

“As the state government has cleared our proposal, we would be able to provide training to children from 14 to 18 years and get skilled labour. Training would be conducted in factories for four hours on a daily basis and the trainee would also get a stipend during this period,” he added.

However, those under training would be employed only after they attain employment age of 18 years.

Factories that provide such training would be required to obtain permission on medical fitness of the trainee. "Initially we would approach potential trainees through the workers who are already working in our units. Gradually we would find more channels," he said.

Those who are trained would have better employment opportunities and be able to command better wages too, said industrialists.

New Delhi, May 27
Anil Nanda Group company Akme Projects today announced joint venture with private equity firm MPC Synergy Real Estate to develop seven premium housing projects with an equity investment of about Rs 1,000 crore.

The 50:50 joint venture, named Akme Rhine River Projects, will develop seven projects at Ludhiana, Mohali, Greater Noida and two each in Bangalore and Gurgaon by 2012. The JV is expecting a total sales turnover of Rs 7,000 crore by then.

MPC Synergy Real Estate is a JV between Geneva-based private equity investment fund Synergy Asset Management Fund and MPC Capital, the largest listed fund in Germany with over $18.5 billion assets under management.

"The total equity investment by joint venture in all the three phases will be close to Rs 1,000 crore in 50:50 partnership," Akme Projects chairman and manging director Anil Nanda said here.

“We are looking at a sales turnover of Rs 7,000 crore by 2012 from all the phases," he added.

The JV would develop more than 7,600 apartments and 400 villas in 7 projects, which will be launched in the current fiscal, company's chief operating officer Sonal Nanda said.

The Ludhiana project was launched today, which will be followed by Mohali and Bangalore in first phase. The JV would develop 1,700 high-end flats, costing about Rs one crore, in first phase with an expected turnover of Rs 1,900 crore.

When asked about the total investment which would be made to develop these seven projects, company’s CMD Anil Nanda said the projects for second and third phases were at still drawing board so it would be difficult to arrive at total cost.

However, he said both partners were open to put in more equity if required to build these projects.

Akme Projects has presence in Bangalore property market and the launch of Ludhiana project marks the company's foray into north India. It has delivered 2.7 million sq ft of area so far and has plans to achieve 10 million sq ft by 2010, mostly in housing segment. —PTI 

BRIEFLY

Rupee tumbles by 24 paise
MUMBAI: The rupee is short of just three paise to touch the key Rs 43 level against the dollar as the domestic unit lost 24 paise on Monday at 42.96/97 against the greenback today as oil refiners stepped up dollar buying amid inadequate supplies of the US currency. Foreign exchange dealers said dollar demand picked up as oil companies bought more dollars for import payments in view of sky-high global oil prices, which hovered near their record highs. — PTI

Religare stake in Hichens
MUMBAI: Religare Capital Markets on Monday said it has acquired 97.76 per cent stake in Hichens Harrison & Co following the acceptance of its open cash offer by the UK firm. Hichens has accepted the offer for 1,70,06,441 shares, representing 97.76 per cent stake in the UK firm, Religare said. — PTI

Bahrain Air flights to Kochi
KOCHI: Bahrain Air began its services to Kochi International Airport, thus, making Kochi as its first destination in the Indian sub-continent. The first Bahrain Air flight landed on Monday, Bahrain Air managing director Ibrahim said here. It would fly three times a week and the company plans to start daily flights from October this year. — PTI

UK retailer to expand in India
LONDON: Debenhams has announced plans to expand its presence in the Indian market in order to achieve its target of more than doubling international sales over the next four years. The company which opened its first Indian store in October in Gurgaon with partner Planet Retail, will set up another two outlets in the city before the end of the year, followed by significant expansion over the coming decade, the Independent reported on Monday. — PTI

Magma Shrachi plans
MUMBAI: Magma Shrachi Finance on Monday said it would enter into personal loan business, with focusing on rural and semi-urban market. The company is aiming an initial monthly turnover of Rs 30 crore, Magma Shrachi said. — PTI