BSES' Rs 2,000-cr power project shot down
Mumbai: The city-based utility service major BSES' proposal for a Rs 2,000-crore power project at Saphale has been shot down by the Central electricity authority (CEA).

Last year, MSEB had written to the CEA expressing its reluctance to buy any additional power, as it was unable to consume the power generated by the US energy major's Dabhol power company. MSEB had opposed the Saphale project on the grounds that there was no demand for power due to excess power availability.

MSEB had informed the CEA that no new projects should be allowed in the state unless the Dabhol row was resolved.

MSEB's projected demand till 2002 was13,145 MW and by the beginning of the year, it had already a capacity of about 14,672 MW of power.

MSEB has also objected to other power projects including Reliance industries' Patalganga and Ispat's Bhadrawati both proposing to generate additional 2,432 MW.  
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Airtel enters Chennai
Chennai: Bharati Enterprises, which launched its cellular services, Airtel in the city on Thursday, is planning to make Chennai the focal point of its telecom operations.

Bharati had earlier acquired 89.5 per cent stake in Skycell Communciations, one of the two existing cellular licencees in the city. Skycell Communications has also been rechristened as Bharati Mobinet.

Bharati has invested more than Rs 100 crore for the Chennai operations and another Rs 100 crore will be pumped in the coming year with a view to providing world class cellular services in Chennai.

Bharati has chosen Chennai as the hub for its mobile, fixed line and undersea cable operations.

The company's submarine cable link between Chennai and Singapore was expected to become commercially operational in the first quarter of next year opening up unlimited global communication access for Indian customers. 
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Stanchart to launch debit card
New Delhi: Standard Chartered Bank is planning  to launch debit card and internet banking soon. The bank might merge and close some branches to rationalize the operations.

The merger of branches would depend on the demographic factors and the volume of retail businesses those branches generate.  The move follows Stanchart's $3.14 billion acquisition of Grindays Bank business in Middle East and South Asia region.

Standard Chartered Bank had 19 branches and 1,700 employees in India while Grindlays Bank had 29 branches with 3,300 employees before the merger in  April 2000.

The bank has recently obtained Reserve Bank's approval for net banking. 
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Cokes  IPO waiver plea rejected
New Delhi: The Union finance ministry is reported to have rejected Coca-Cola Indias request for waiving off the clause to disinvest its 49 per cent stake in favour of public by 2002.

The department of economic affairs (DEA) has recommended to the Foreign Investment Promotion Board (FIPB) not to waive off the disinvestment clause in its foreign collaboration agreement saying all entry level conditions are required to be adhered to. 
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UTI picks 18 per cent in Automart
Mumbai: Unit Trust of India (UTI) has picked up an 18 per cent stake in the national used-car chain, Automart India, for a consideration of Rs 3 crore. The company, promoted by the Sah & Sanghi Group, Mahindra & Mahindra and HDFC, is believed to have opted for funds infusion to combat the mounting losses.
Automart registered a loss of Rs 6.44 crore in the last fiscal as against a loss of Rs 32.89 lakh in the previous fiscal, according to the companys annual report.
Automart now has a negative net worth of Rs 3.5-4 crore, which made the induction of a strategic investor necessary.
Sah and Sanghi, which also owns a prominent Maruti dealership in Mumbai, has hiked its stake to around 20 per cent from the previous levels of 11 per cent. Mahindra Groups stake has also come down to 47 per cent from 57 per cent earlier. The other partner HDFCs stake has reduced to 10 per cent from 22 per cent.
Automart proposes to invest in infrastructure by setting up its own outlets in major cities and entering into franchise arrangements to expand its operations.

The company has tied up with Hyundai Motor India to jointly promote an exhange offer. Automart will evaluate and purchase second-hand vehicles from customers who want to exchange their old cars for new Hyundai models.
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GNFC signs pact with BP Chem
Mumbai: Gujarat Narmada Valley Fertilisers Company (GNFC), has signed an agreement with the UK-based BP Chemicals for expanding the capacity of  its acetic acid plant from the existing 50,000 tonne per annum to 1,00,000 tonne per annum from 2002.
The company has imported acetic acid to the Gujarat Chemical Port Terminal Company Ltd (GCPTCL) in Dahej. GNFC plans to flood the market with imported acetic acid till it doubles its plant capacity at Bharuch. This will strengthen the companys topline and GNFC will have a ready market till it comes out with additional production. GNFC will utilise its strength in marketing and distribution of imported products.
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Ganguly to become brand ambassador for Emami
Kolkata: The Emami group has chosen Indian cricket team captain Saurav Ganguly as the brand ambassador for its Sona Chandi Chyawanprash and also for Emami cold cream this winter.

Ganguly also features in a 30-second ad film directed by Mr Kailash Nath of Mumbai that will be featured later this month. The film also stars Deep Dasgupta, the new wicket keeper of the Indian squad now touring South Africa, Rohan Gavaskar and Devang Gandhi.
Emami is spending Rs 45 lakh on the senior Bengal team in different national tournaments for 2001-2002 and 2002-2003. 
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IDBI, Tata-AIG tie-up for insurance products
Mumbai: IDBI Bank Insurance Consultancy Ltd, an associate company of IDBI Bank, will offer Tata AIG's general insurance products through select branches and ATMs of its parent.

The bank has recently upgraded the ATM contact points to dispense value-added products like insurance policies. The bank plans to extend its  ATM network to 106 locations in 75 cities by March 2002.

Tata-AIG has arrangement with HSBC to distribute its products and may enter in similar tie-ups with other banks as well.
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Happinezz ice-cream parlours to be revived
Ahmedabad: Vadilal is reviving its once-popular Happinezz parlours and positioning them as premium ice-cream outlets across the country.
The company is also looking at the parlours as a platform to test market its new flavours. Happinezz outlets will offer the entire range of ice-creams from Vadilal.
The company is offering a range of totally different combinations of ice-creams at Happinezz. Besides giving out standard flavours, it would also offer ice-cream sundaes, thick shakes, floats, and ice-cream sodas as well.
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Apollo to launch family clinics countrywide
New Delhi: Apollo Health & Lifestyle, a wholly owned subsidiary of the Apollo Hospitals Group, will set up 250 small 4,000 to 5,000 sq ft family health clinics all-India over the next three years.
The target is a typical middle class family, with an annual income of Rs 60,000. The Apollo Clinic prototype will be designed by leading architect Alfaz Miller, while all hospital staff will wear uniforms designed by Ravi Bajaj. The idea is to provide a non-hospital-like ambience, uncompromising clinical quality and superior customer service at an acceptable cost.
The company has engaged HR firm Ma Foi Management Consultants to administer psychometric testing for the various levels of employees at the Clinic.

IIM-Bangalore will conduct a one-week training programme for the Centre heads at its residential campus in Bangalore, while NIS Sparta (an NIIT group company) will provide training support for clinic staff in "winning and keeping customers".
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ICRA downgrades IFCI
New Delhi: ICRA Ltd has downgraded IFCI Ltd's ratings for the third time in succession, while continuing to keep the institution under `rating watch'.

While the short-term and medium term ratings have been downgraded by two notches from A1(+) to A2(+) and MAA(-) to MA respectively, the long-term rating has been downgraded by three notches from LAA(-) to LA(-).

Thursday's downgrade comes in quick succession to the previous announcement in July, which came when IFCI had landed itself in a crisis by defaulting on repayments resulting from bunching of its obligations.

ICRA has said that another review of IFCI's rating is likely to be taken up after the institution completes the ongoing process of restructuring its liabilities. 
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Bank of Bahrain ties up with Karvy Hyderabad: Bank of Bahrain and Kuwait BSC  has entered into an alliance with Karvy Stock Broking Ltd to enable the bank's customers to access the stock market.

The Karvy group specialises in stock broking, retail marketing of financial products, registrar and share transfer services and depository services.

The bank would liaise between the customer and Karvy Stock Broking for sale and purchase of shares, thereby making the investment convenient, safe and inexpensive.
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