DaimlerChrysler to expand product portfolio
New Delhi: DaimlerChrysler is planning to expand its product portfolio here with the introduction of C-class sports coupe, SL roadster and heavy trucks.

The company has also decided to strengthen its dealer network to include more cities.

The company plans to sell cars like S320 CDI, S500, S600, two-door C-class sports coupe and even the top-less SL sportscar by the second half of 2002.

DaimlerChrysler India, formerly known as Mercedes-Benz India, is also exploring the possibility of introducing its range of medium and heavy trucks over the next 2-4 years.

The financial arm of DaimlerChrysler, Debis, is also planning to make a foray into the related services sectors of vehicle finance, insurance and fleet management.
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Tata Telecom to invest Rs 25 crore
New Delhi: Tata Telecom, a joint venture between Tata and Avaya Inc, is planning to invest upto Rs 25 crore over the next three years for expanding and upgrading operations.

The investment would be mainly for training of professionals and expansion and upgradation of lab facility.

The investment would be funded out of internal accruals of the company.

Tata Telecom has contracted SAP for improving enterprise resource planning (ERP) and customer relationship management (CRM) capabilities.
Tata Telecom, which provides total business communication solutions to Indian enterprise customers, offers a range of products and solutions including telephony, mobility solutions, messaging solutions, conferencing, call centre solutions and data networking among others.
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Bharat Hotels eyes more ITDC hotels
New Delhi: The Lalit Suri-promoted Bharat Hotels Ltd is eyeing three more ITDC properties in Delhi, Rajasthan and Trivandrum.

The company has bid for three more ITDC properties including Luxmi Vilas in Udaipur and Kovalam in the south.

Apart from acquiring government properties on lease, the company would expand its business by constructing a five-star hotel in Jaipur. The new hotel with 200 rooms will be built near the airport in Jaipur.
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FIPB clears Western Union Financial
New Delhi: Foreign Investment Promotion Board of India has cleared the proposal of Western Union Financial Services to set up a 100 per cent subsidiary to undertake domestic money-transfer services with Rs 2.35 crore capital.

The proposed subsidiary would establish infrastructure network to provide services for transfer of money within India. But the FIPB nod comes with a rider that domestic money transfer activities would be treated as a fund-based activity under NBFCs and that the company would have to comply with the minimum capitalisation norms.
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Tata Engg likely to exit Goa JV
Mumbai: Tata Engineering is exploring the possibility of exiting Automobile Corporation of Goa (ACGL). The decision is in line with the Tata groups policy of quitting non-core activities.

The company is likely to transfer its stake to Cummins India.

The entry of Cummins would pave the way for the engine manufacturer to get hold of a strong platform for diversifying into other automobile components.
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Amara Raja to foray into power control segment
Hyderabad: Amara Raja Batteries Limited has proposed to enter new segments such as two-wheeler batteries, power controls and UPS in the near future.

The company has started looking at technology for entering into two-wheeler battery segment.
The company would also enter areas such as power control and UPS in the last quarter of the current fiscal. Amara Raja has already developed products for these markets even while aggressively expanding the automotive business.
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Reliance Info to sell broadband services to corporates
Kolkata: Reliance Infocom Ltd is negotiating with corporate houses to provide them with broadband service via its optic fibre cable (OFC) network.

The company is talking to TVS, MRF and medical service providers like Sankar Netralaya for providing various broadband services.

Some of these companies also want Reliance Infocom to enable simultaneous link-up with dealers across the country using the network.

Reliance is setting up an extensive optical braodband IP network covering around 60,000 km running through 115 cities with terabyte capability. It plans to provide basic, mobile, national long distance, international long distance and various data services to the end customers.

The company is laying cable at the rate of 100 km a day.
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Niko, GSPL to develop Hazira gasfields
Ahmedabad: Canadian firm Niko Resources and Gujarat State Petronet have decided to develop the Hazira gasfield in South Gujarat.

They have asked their joint consultant DeGoyler and McNaughton M to prepare a detailed development plan for the Hazira gasfield.

The D&M would integrate and interpret the ongoing reserve studies and submit its final report by early March, 2002.

The GSPCL had roped in Niko in 1994 as a partner-cum-operator to explore five fields in Gujarat - Bhandut, Cambay, Hazira, Matar and Sabarmati. Niko holds a 33.3 per cent stake in the joint venture with GSPC in Hazira gas field.
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Oman India Fertiliser Co takes off
New Delhi: Fertiliser joint venture between Indian cooperative enterprises and the government of Oman has finally taken off. The Oman India Fertiliser Company has finalised agreements with the government of Oman for the supply of natural gas, with the government of India for offtake of urea and with Indian Farmers Fertiliser Cooperative for offtake of ammonia.

OMFICO is a $969 million joint venture between Oman Oil Company (50 per cent), Krishak Bharati Cooperative Ltd (25 per cent) and Indian Farmers Fertilisers Cooperative (25 per cent), with a debt-equity ratio of 2:1. It will produce 1.6 million tonnes of granulated urea and 0.25million tonnes of surplus ammonia.
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TVS eyes overseas market
New Delhi: TVS is planning to open one or two overseas plants in three years. The company is looking at West Asian and South-East Asian markets and is considering either a joint venture or a licensing agreement.

TVS export thrust will be followed by market-specific products. The export push will coincide with the companys Rs 100-crore-a-year product expansion plan.

The new launches would include a moped in 2002, followed by a new Scooty in 2003 and a whole range of new bikes by August 2003. The new bikes would be in the sub-250 cc range.
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Ikon to get upgraded engine
Bangalore: Ford India may upgrade the engine of its two 1.3 litre Ikon variants from an endura or push rod type to a more efficient rocam engine shortly.

The endura engine had powered Escort, Fords first offering in the Indian market. The 1.6 litre Ford has a marginal edge in numbers over the 1.3 litre car in India.

Currently, Ikon is available in six variants, two of them ZXi and SXi are powered by 1.6 litre rocam engines while the CLXi Manual, CLXi PAS (power assisted steering) and EXi carry the 1.3 litre endura engine.
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SHCIL to enter infotech sector
Mumbai: Stock Holding Corporation of India has decided to enter the information technology sector. Accordingly, it will spin off its in-house IT department into a strategic business unit which will provide end-to-end IT solutions within the financial services sector.

The companys IT department currently has a team of 200 software professionals, which will be expanded in accordance with business requirements.

The move to spin off the IT department into an SBU is part of a strategic diversification process whereby, in-house core competencies are being leveraged into business opportunities.

The company plans to offer advisory and implementation services in hardware, networking and software development areas within the financial services sector, particularly to banks and financial institutions.
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Singer India board approves rights issue
Mumbai: The board of Directors of Singer India has approved a 1:1 rights issue at a par value of Rs 10 per share. As a result, the equity base of the company will double from Rs 7.82 crore to Rs 15.64 crore. It will convene an EGM to seek formal approval from its shareholders.

The funds raised from the issue will be utilised for financing the companys expansion plans and to improve its financial structure.
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