The Tribune, Chandigarh, India

	Public holdings in PSUs not beyond 10 pc: FM Girja Shankar Kaura Tribune News Service New Delhi, December 1 The government today ruled out the strategic sale of Central PSUs and said it will restrict public holdings in the Central public sector enterprises (CPSE) to 10 per cent. Replying to a call attention motion on disinvestment of profit-making CPSEs in the Rajya Sabha today, Finance Minister Pranab Mukherjee said, “We are not going beyond 10 per cent and not going for strategic sale. Management of CPSEs will be with the government”. “I want to chart out a middle course. I am not going for outright privatisation,” he said while pointing out that disinvestment in NTPC, Rural Electrification Corporation and Satluj Jal Vidyut Nigam will be completed by March-end. “Disinvestment of government shareholding in NTPC, SJVN and REC through public offering in the domestic market is under implementation. These public offerings are likely to be completed by March 31, 2010,” Mukherjee said. A five-percent stake would be sold in the capital markets in NTPC and REC, while it would be 10 percent in SJVN, the minister added. “In the next five years, there will be no policy change with regard to 10 per cent,” he added. The Cabinet had earlier decided that all profit-making listed CPSEs should have at least 10 per cent of its equity with the public, and all unlisted profitable CPSEs should get listed. The SEBI norms also require that all listed companies should have at least 10 per cent equity with the public. Responding to a question on disinvestment of government shares in profit-making central public enterprises (CPSEs), Mukherjee said: “Already, listed profitable CPSEs not meeting the mandatory public shareholding of 10 percent are to be made compliant.”
	Oil & Gas Sector Iran seeks $6.5 bn Indian investment New Delhi, November 30 Iran today sought $6.5 billion investment from India for development of oil and gas fields and upgrade of refineries. New Delhi was also asked to fix dates for a meeting to discuss the Iran-Pakistan-India gas pipeline project. “The main agenda would be all outstanding projects,” Iran's Deputy Oil Minister and managing director of the National Iranian Oil Co Seifollah Jashnsaz said after three rounds of meeting, including one with Petroleum Minister Murli Deora. The two sides discussed ONGC Videsh and Hinduja Group’s participation in the Phase-12 of the gigantic South Pars gas field in the Persian Gulf. In addition, OVL and its partner Indian Oil and Oil India's $5 billion proposal to develop a gas field they discovered in the Farsi offshore block was discussed. OVL is seeking 20-25 per cent interest in the $7.5 billion Phase-12 project while the consortium it leads would have 100 per cent in the Farsi gas field development. GP Hinduja, co-chairman of Hinduja Group, who was also present at the meeting, is seeking to join OVL in the SP-12 with an equivalent stake. Jashnsaz said NIOC and ONGC will meet again tomorrow to discuss finer technical points on the two developments. On the Iran-Pakistan-India gas pipeline, he said New Delhi has been asked to propose new dates for the Joint Working Group of the three nations to meet. Jashnsaz invited companies like Indian Oil to invest in new refineries as well as upgrade of existing units in Iran. India asked Iran to honour the 2005 LNG import deal and ensure secured supplies of gas through the Iran-Pakistan-India pipeline. In the first high-level meeting in two years, India told the visiting Iranian delegation, led by Jashnsaz, that it was keen to buy 5 million tonnes of LNG a year. India also asked Iran to give the ONGC Videsh-led group rights to develop the gas field it discovered in the offshore Farsi block. It sought 20-25 per cent stake for the overseas investment arm of Oil and Natural Gas Corp (ONGC) in the Phase-12 of the gigantic South Pars gas field in the Gulf. Sources said Jashnsaz was told to honour the 2005 LNG agreement, which NIOC had previously blocked, saying the gas price in the signed deal was too low. On the $7.4 billion Iran-Pakistan-India gas pipeline, India said it was willing to be part of the project provided Iran guarantees safety of the pipeline in Pakistan. India said it would take delivery of the gas on the Pakistan-India border rather than the proposed sale point at Iran-Pakistan border, adding this way Iran would be responsible for passage of gas in Pakistan and would have to bear losses if the pipeline was disrupted. — PTI
	Dubai World plans ways to clear debt Dubai, December 1 In a ‘constructive’ progress to move out of its debt repayment crisis, troubled conglomerate Dubai World has said it was considering alternatives for obligations worth USD 26 billion, an amount nearly half of its total debt. “The total value of debt carried by the companies subject to the restructuring process amounts to approximately USD 26 billion, of which USD 6 billion relates to the Nakheel Sukuk (Islamic bond),” state-owned Dubai World said in a release. This statement came as a breather, after Dubai government yesterday hinted that it may not bail out debt-ridden Dubai World unconditionally and asked its creditors to share responsibility for the crisis. The restructuring move by Dubai World is likely to ease investor sentiment globally. Markets across the world went into a tailspin following the November 25 announcement by the Dubai government regarding restructuring of Dubai World, and asked all providers of financing for the company and Nakheel to ‘standstill’ and extend maturities until at least May 30, 2010. Accordingly, leading benchmark indices in the Asian and European markets showed significant rebounce and were trading in the positive territory. However, bourses in Dubai as well as Abu Dhabi continued to reel under pressure. — PTI Relief propels Sensex Tribune News Service Mumbai: The Sensex today joined the global rally even as investors heaved a sigh of relief after signs that the problems from Dubai may be contained. The benchmark index closed 272 points higher at 17,198 while in the broader markets; the Nifty gained 89 points to close at 5,122. Tata Motors was the biggest gainer closing 6 per cent higher. Other mjaor gainers included Sun Pharma, DLF, Mahindra and Reliance. Among sectoral indices, the realty index was the biggest gainer closing more than 6 per cent higher. Auto, healthcare, banking, oil & gas and metal stocks also closed in positive territory.
	Nov sales of Maruti, Hyundai hit the roof Girja Shankar Kaura Tribune News Service New Delhi, December 1 The country’s largest carmaker and the second largest manufacturer — Maruti Suzuki India Ltd (MSIL) and Hyundai Motor India Ltd (HMIL) — have registered record cumulative sales in November. The cumulative sales of HMIL accounted for 55,265 units, which reflect a 28.5 per cent growth as compared to last November while Maruti’s sales for the same month stood at 87,807 units, a rise of 84 per cent over the corresponding month last year. For Maruti Suzuki, November 2008 was an exceptionally low sales month due to the impact of economic slowdown. However, sales were up by 17.1 per cent from that in November 2007, according to a company statement.For the period April-November, sales grew 29.4 percent over the like period of last year to 646,139 units. Maruti’s sales in the compact car (A2) segment comprising Alto, Wagon-R, Zen, Swift, Ritz and A-Star grew 60 percent over November 2008, the report said. The company sold 56,005 units in this segment as against 34,976 units last year. Sale of models in its mid-sized (A3) segment comprising SX4 and D’Zire rose 46.3 percent to 8,741 cars. Exports were at 11,448 units. For HMIL, the domestic market was the biggest gainer as it almost doubled its sales to 28,162 units this month, registering a growth of 92.8 per cent over the same month last year. The exports, however, showed a slight decline as it fell by 4.6 per cent as compared to the same period last year. In September 2009, HMIL had clocked cumulative sales of 53,802 units, which had been the highest till now. Commenting on November sales, Arvind Saxena, senior vice-president, marketing and sales, HMIL, said: “The overall economic scenario has been positive and this has translated into higher automobile sales as indicated by this month’s figures. We hope the economy will continue on a growth trajectory as it will help the Indian automotive industry to maintain a double digit growth figure.” The segment-wise cumulative sales in November, 2009, are as follows: A2 Segment (Santro, i10, Getz and i20) 50,501 units; A3 Segment (Accent and Verna) 4,748 units; A5 Segment (Sonata Transform) 15 units; and SUV Segment (Tucson) 1 unit.
	Next year, pay more to own a car Girja Shankar Kaura Tribune News Service New Delhi, December 1 Car prices are set to rise in the coming year with the first indications coming from some of the manufacturers today. They said costs would be increased by 1.5 to 3 per cent. Toyota and General Motors officials today said they would hike prices by up to three per cent due to rising input costs. However, country’s largest car-maker Maruti Suzuki India Ltd (MSIL) said it was still evaluating the situation. Toyota Kirloskar Motor said it would increase the prices of three of its models - Innova, Corolla Altis and Fortuner - by 1.5 to 2 per cent from January 1 next year. The price hike decision has been taken in view of the increasing input costs and unfavourable exchange rate, Toyota Kirloskar Motor (TKM) said in a statement. Similarly General Motors also said it would be increasing the prices of its cars. “We will be increasing the prices of our models by 2-3 per cent from January first week to offset rising input costs,” General Motors India (GMI) Vice-President P Balendran said. Some of the GMI models include hatchback Chevrolet Spark and Aveo UVA, Sedans Aveo, Optra, Cruze and SUV Captiva. Maruti Suzuki India (MSI), however, has not taken a final decision on price hike, although the rising input costs are putting pressure on its margins.
	Industry warms up to Tajikistan Shivani Bhakoo Tribune News Service Ludhiana, December 1 To explore business opportunities with India, especially in cycle and textile industry, the Ambassador of Tajikistan Saidbeg Saidow visited the city today. Prominent industrialists from Ludhiana held detailed discussions with the Ambassador and took keen interest in initiating business ties with Tajikistan. Saidow said Tajikistan had a total population of about seven million people and 93 per cent of their land was surrounded by the mountains. “We produce cotton and aluminium. The cycle and textile industry has great scope in Tajikistan. It is good to hear that people of India want to explore business opportunities with us,” he said adding that almost each family in Tajikistan had 2-3 bicycles. “It is not that there is any necessity of buying bicycles, but people just love to ride it to keep fit,” he said. Saidow also said their country had similar culture like that in Punjab. The president of United Cycle and Parts Manufacturers’ Association (UCPMA), DS Chawla said the local industrialists dealing in cycle industry have shown keen interest in exploring business opportunities with Tajikistan. He said the Ambassador had invited their (cycle industry) delegation to visit the country to get first-hand information. “Very soon, a delegation from Ludhiana will visit them so that we can initiate business ties soon. Presently, the country is getting cycles from China and Russia, but the Ambassador liked our products too. The cycle industry expects to explore business worth Rs 100 crores with Tajikistan in the first two years,” said Chawla. Akhil Malhotra of Shiva TexFab said since Tajikistan was producing cotton, textile industry could be explored. “The textile industrialists had detailed discussions with the Ambassador and are hopeful that business will soon be started with them,” he said. The prominent industrialists who held meeting with Saidow included Suresh Munjal, Omkar Singh Pahwa, Maan Singh, Sanjiv Pahwa, Rakesh Gupta and Jiwan Sood. Besides, several other exporters took keen interest in starting new ventures in Tajikistan.
	NASSCOM accords warm welcome to Mital Tribune News Service Bangalore, December 1 Som Mittal, president of NASSCOM, has welcomed the appointment of Sanjiv Mital as the CEO designate of the National Institute of Smart Governance (NISG). “Sanjiv has been a dynamic leader and has vast experience in the industry. He will bring unique strength to NISG and enable successful implementation of major e-governance projects. We expect Sanjiv to work closely with the central and state governments to strengthen the ongoing initiatives and build a strong ecosystem of service providers, including large and small players,” the NASSCOM chief said in a statement here today. NISG, a premier organisation in the space of e-governance, announced today that it was appointing Sanjiv Mital as its CEO Designate. NISG, a public-private partnership, has been established as a centre of excellence in e-Governance. A not-for-profit organisation, it is being promoted jointly by NASSCOM, ILFS, department of information technology and ministry of personnel, public grievances and pensions, Government of India, with governments of Andhra Pradesh, Chhattisgarh and Meghalaya as stakeholders. NISG is working on enabling major e-governance projects reach successful completion by working closely with all stakeholders. Sanjiv Mital was CEO and later vice-chairman of Comviva (earlier called Bharti Telesoft). He has previously worked in senior positions in Tally, Wipro and IBM, and more recently has been actively mentoring emerging companies as part of NASSCOM’s mentorship programme. He is an IIT Kanpur and IIM Calcutta alumnus.