Reliance to go ahead with Hirma project
New Delhi: The Reliance group is likely to go ahead with the $4.5-billion Hirma power project despite its 50 per cent foreign partner Mirant announcing its withdrawal.

Top Reliance Power officials are reported to have made this assurance to the power ministry.The 3960-MW power project in Orissa would supply electricity to six states including Gujarat, Punjab and Rajasthan.
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GAIL to invest Rs 3000cr in HBJ expansion
New Delhi: Gas Authority of India has decided to invest Rs 3,000 crore on the expansion of HBJ pipeline enabling transmission and marketing of regasified LNG and on laying of optical fibre for its telecom project.
The work would shortly commence on both projects.
The HBJ pipeline expansion project involves laying 610 km of pipeline from Dahej in Gujarat to Vijaipur in Madhya Pradesh at an estimated expenditure of Rs 2,936 crore.

GAIL would lift 20 million standard cubic metres per day of the regasified LNG for transmission and distribution through the pipeline system in the states of Gujarat and MP.

In the telecom area, GAIL is set to expand its broadband network to cover 7,300 km, interconnecting 60 cities in Northern, Western and Central India.
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NHPC offers to take over Himachal power project
New Delhi: National Hydroelectric Power Corporation is willing to take over centre's equity in the Rs 9,500-crore Nathpa Jhakri Hydroelectric Power Project in Himachal Pradesh.

Himachal Pradesh had told the centre that unless the project is handled by NHPC, the state government, which is 25 per cent partner, would pull out of the project.
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Hindalco plans to export alloy wheels
Mumbai: Hindalco Industries is in talks with global car manufacturers, including Ford and Rover, to supply alloy wheels for their range of cars. Alloy wheels comprise over 60 per cent of the original equipment market for the European and the American car markets.

Hindalco is already exporting alloy wheels to South Africa, Egypt and the UAE. The company, which had launched the wheels under the Hindalco brandname around 8-10 months ago, has relaunched it under the brand name Aura. A set of five Aura wheels cost between Rs 15,000-20,000 depending on the size of the wheel.

The only other domestic manufacturer of alloy wheels is Synergy Dooray which supplies wheels for Fords Mondeo globally.
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MRF profit down 50%
Chennai: Chennai-based MRF Ltd has reported a 50.45 per cent decline in net profit to Rs 31.74 crore for the fiscal ended September 2001, as against Rs 64.06 crore during the corresponding period last year. Income from operation was lower at Rs 2,120 crore (Rs 2,352 crore). Companys board of directors has recommended a dividend of 90 per cent, which along with two interim dividends of 30 per cent each works out to be a final dividend of 150 per cent for the year.
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Visionaire Tech to expand Indian operations
Hyderabad: Toronto-based Visionaire Technology Group, engaged in audio-visual engineering, design and systems integration area, has proposed to invest about $50 million in the next 18 months to expand its presence in India.

Initially, the company proposes to invest $5 million to set up three audio-visual engineering excellence centres and visionaire academy in India.
The first project, that the company is undertaking in India, is to integrate the smart classrooms of Indian School of Business (ISB), a work order worth Rs 18 crore.

The group launched three new products on 21 December. These include the DPX 16 Digital projector, the SMART Board and the PDP 4200 G3 Plasma Display.
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Ranbaxy gets FDA nod for Loratadine
New Delhi: Ranbaxy Laboratories US subsidiary, Ranbaxy Pharmaceuticals Inc, has been granted tentative approval from the US Foods and Drugs Administration for Loratadine 10 mg tablets.

The drug has been deemed to be bio-equivalent and therapeutically equivalent to Claritin R tablets. Loratadine is a non-sedative anti-histamine drug indicated for the treatment of allergies.  
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$200 m insurance compensation claimed for DPC
Washington: Enron, General Electric and Bechtel have sought more than $200 million in compensation from Overseas Private Investment Corp. for losses they incurred in Dabhol Power Company for which the US agency had provided insurance cover.

The companies filed claims for expropriation compensation for the $2.9 billion DPC.

DPC was Enrons biggest investment outside US as the now bankrupt company sought to expand overseas. Enron put the plant on sale before it declared bankruptcy earlier this month.
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Lafarge sign pact with DVC for cement venture
Kolkata: Lafarge, the worlds largest cement producer, has signed a memorandum of understanding with Damodar Valley Corporation to set up its first greenfield cement production unit in the country.

Lafarge will be setting up a grinding unit to make one million tonnes of fly ash cement per annum at Mejia, near Durgapur in West Bengal. Investment is estimated to be around Rs 100 crore.

DVC will be supplying around 12,000 tonnes of fly ash per day to the proposed cement plant of Lafarge.
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Madura to launch T-shirts
Bangalore: Madura Garments will launch T-shirts as part of its sub-brand 'Elements' in the coming summer. The company also plans to launch womens wear, under its Allen Solly brand in the next three months.

The company is also looking at launching shorts, Bermudas and other casual wears. Madura Garments leads the pack in shirts segment with a market share of around 30 per cent while in the trouser segment, it has a market share of around 15 per cent.
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USV plans natural insulin unit
Hyderabad: The Mumbai-based Rs 340 crore pharmaceuticals company, USV Ltd, plans to set up a Rs 100 crore unit to manufacture natural insulin crystals.

USV, which recently launched natural insulin products in the country, holds about 7 per cent share in a market dominated by MNC major Novo Nordisk.

The company is currently importing insulin crystals from Akzo Nobel, a Dutch company, which is subsequently diluted and filled in vials.
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Equus bags Alliance AMC account
New Delhi: Equus Advertising has bagged the Rs 10 crore advertising business of Alliance Capital Asset Management. The account moves from Publicis Zen's Mumbai office to Equus.

Publicis had to give up the account because it had a conflicting client in IDBI Principal (mutual fund).

Equus has acquired several new businesses including brands such as Max New York Life, Domino's and Hindustan Motors in the last few month.
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Khemkas tie up with Russian firm to bid for IBP
New Delhi: The Moscow-based Sun group promoted by the Khemkas has formed a consortium with a few Russian companies including Gazprom and Tyuman Oil to jointly bid for IBP.

The consortium partners are currently working out the modalities since the government is planning to invite financial bids for IBP during the third week of January 02.

Over the past few years Gazprom has been integrating itself into the world market through economic and technological partnership with overseas partners. It accounts for 94 per cent of Russias gas production.
The government, which owns 59 per cent of IBPs equity, is divesting 33 per cent to a strategic partner. The buyer will have to make an open offer for another 20 per cent in the market.
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Microsoft to launch smart phones in India
New Delhi: Microsoft Corporation plans to launch smart phones, ultra-thin tablet PCs and pocket PCs in India. It has already initiated talks with Indian telecom services providers for its next generation smart phones.

Microsofts smart phone is a small size, lightweight mobile phone that combines the best features of hand-held devices and mobile phones with the capacity to communicate through voice, e-mail or other means.

The smart phones will offer users web-browsing capabilities too and will include a web browser that supports various formats like XML and HTML.
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