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Maybach,
the Rs 3-cr car — Daimler yet to decide on import
Bangalore: IT may be sometime before one of the
world's costliest cars, Maybach saloons, hits the Indian
roads as its manufacturer DaimlerChrysler is yet to work
out the logistics of importing these cars into the country.
Launched worldwide in 2002, Maybach, which can cost up
to Rs 3 crore in the country, is expected to be imported
through the completely built unit (CBU) route if DaimlerChrysler
decides to bring them into the country. "We should
take a decision by September or October this year,"
DaimlerChrysler Managing Director & Chief Executive
Officer, Hans-M Huber, said.
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Carona
must wind up: BIFR
New Delhi: The Board for Industrial and Financial
Reconstruction (BIFR), while noting that the promoters
of ailing Carona Ltd are not serious in rehabilitating
the company nor are they resourceful enough to mobilise
the funds required for this purpose, has confirmed its
prima facie opinion of winding up the company. The company
has been with BIFR since 1998. At the hearing, the BIFR
bench observed that the dues of the debenture holders
would be in the region of Rs 10 crore and the offer of
the company, which would imply the net present value of
only about Rs 1 crore, could be considered as reasonable.
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Escorts
arm in tie-up for basmati exports
New Delhi: The Rs 1,500-crore Escorts Agri Machinery
Group, a strategic business unit of Escorts Ltd, has entered
into an agreement with three basmati rice exporters for
export of the nearly 60,000 tonnes of basmati rice to
be produced at the 60,000 acres that have been taken up
by the company for contract farming in eight districts
of Punjab. The exporters are Satnam Overseas, Amira Foods
and DD International.
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TNPL
plans Rs 750-cr capacity expansion
Chennai: Tamil Nadu Newsprint and Papers Ltd will
expand its capacity with an additional investment of Rs
750 crore. The proposal includes Rs 400 crore for modernising
wood pulp and bagasse production and installalation a
third paper machine at a cost of Rs 350 crore. A detailed
project report would be commissioned and the work completed
in two years, the Industries Minister, Nainar Nagenthran,
told the Tamil Nadu Assembly on Tuesday.
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PowerGrid
moves CERC to recover fine from MPSEB
Mumbai: Power Grid Corporation of India Ltd has
filed a petition with the Central Electricity Regulatory
Authority against Madhya Pradesh State Electricity Board
for recovering an overdrawal fine of Rs 100 crore. PGCIL
filed the petition after the SEB "ignored" the
fines levied against it since July last year for overdrawing
power from the western grid. Overdrawals by MPSEB had
caused a blackout in July last year after collapse of
the western region grid. The SEB also ignored the Rs 3
crore per day fine for overdrawals.
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Essar
to invest Rs 350 cr in online lottery venture
Kolkata: The Essar group has decided to invest
Rs 350 crore on its online lottery venture within the
next 12 months, according to Vikash Saraf, Chief Executive
Officer of Essar Teleholdings Ltd, the holding company
of the Essar group's telecom and allied ventures. Addressing
presspersons here on Tuesday, Saraf said the group had
obtained the online lottery licence from the Government
of Nagaland and the lottery had been introduced under
the brand name `Fortune' in December 2002.
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Karnataka
clears Nagarjuna Power Project, offers payment security
Bangalore: The Karnataka government has agreed
to provide a ‘comfort letter’ to the promoters
of the Rs 4,800-crore Nagarjuna Power project clearing
the way for the long-pending project. A high level meeting
convened by chief minister SM Krishna on Monday seems
to have decided in favour of issuing a ‘comfort letter’
to the promoters/lenders assuring a payment security mechanism
for the power project to make it bankable. Sources said
that the decision of the government paved the way for
the financial closure of the venture hanging fire for
more than six years. The details of the reform-linked
payment security mechanism would be worked out in due
course and the company hoped to achieve the financial
closure by the end of the year, they added.
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Siemens
to hike stake in IT subsidiary to 100 per cent
Mumbai: Siemens Ltd has decided to increase its
equity stake in the Mumbai-based Siemens Information Systems
Ltd (SISL) — an IT arm of Siemens in India —
to 100 per cent from 74.8 per cent. Siemens Ltd will acquire
17,15,000 shares of Rs 10 each of Siemens Nixdorf Informations
systeme GmbH (SNI GmbH) in SISL for a total consideration
of Rs 80 crore. The joint venture (JV) with SNI GmbH was
set up in July 1992. This transaction is subject to all
statutory and regulatory approvals, a Siemens release
said.
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Siemens
Q2 profit up 43 per cent to Rs 34 crore
Mumbai: Siemens Ltd has registered a 42.98 per
cent increase in net profit to Rs 35.96 crore for the
second quarter ended March 31, 2003 as compared to Rs
25.15 crore for the corresponding quarter last year. Net
sales rose by 11.06 per cent to Rs 389.69 crore from Rs
350.87 crore last year.For the six month period ended
March 31, 2003, the company reported a 54 per cent increase
in net profit to Rs 70.4 crore from Rs 45.6 crore over
the corresponding period last year. Turnover rose by 13
per cent to Rs 688.2 crore from Rs 611.2 crore in the
previous year.
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Ranbaxy
Labs receives FDA approval for Fluconazole
New Delhi: Ranbaxy Laboratories has received a
tentative approval from the Food and Drug Administration,
USA (FDA) for manufacturing and marketing Fluconazole
tablets in 50 mg, 100 mg, 150 mg and 200 mg dosage. This
drug is therapeutically equivalent to the Diflucan tablets
of Pfizer Central Research. Diflucan (Fluconazole) is
indicated for the treatment of vaginal candidiasis (vaginal
yeast infections due to Candida), oropharyngeal and esophageal
candidiasis, and cryptococcal meningitis. Fluconazole
is also indicated to decrease the incidence of candidiasis
in patients undergoing bone marrow transplantation who
receive cytotoxic chemotherapy and/or radiation therapy.
Sales for Fluconazole tablets in the US totaled $422.2
million (Rs 2,050 crore) last year.
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Court
directs summoning of Ambanis in conspiracy case
New Delh: A Special Court here has directed summoning
of Reliance Group chairman Mukesh Ambani and managing
director Anil Ambani in a case in which the company’s
officials were alleged to have entered into a criminal
conspiracy to procure classified government documents
violating Official Secrets Act. Additional sessions judge
PK Bhasin has directed CMM Sangita Dhingra Sehgal to issue
summons to Mr Mukesh and Mr Anil, the then managing directors
of Reliance Industries Ltd (RIL), for being “statutorily
deemed to be guilty” of the offence alleged to have
been committed by officials of the company.
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TCS
recasts top deck ahead of IPO
Mumbai: TCS has reshuffled its top management.
Some of these changes have already taken place and more
are expected to follow as the division is spun off into
a separate company. TCS is expected to come out with an
initial public offering later this year.
S Ramadorai, TCS' current CEO, will be redesignated as
managing director of the company. S Mahalingam, who was
executive vice-president, has already been redesignated
as chief financial officer.
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Gulf
cash jingles for Malayalam TV channels
Thiruvanathapuram: For the Malayalam television
channels that are engaged in a hot contest for advertising
bucks at home, there is a pleasant jingle playing these
days: The Gulf market is growing at an encouraging pace
and promises to be the brightest spot for the industry
in the short term.Three years after the premier private
Malayalam channel Asianet ventured into the Gulf markets,
others have followed suit and it has come to a stage where
the cash registers are kept ringing for these channels
in the late night hours — which is prime time for
lakhs of Gulf-based Keralites — by corporates in
the Gulf countries.
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Cox
& Kings to divest in PR firm
Kolkata: Cox & Kings India has decided to sell
off its entire stake of 48.56 per cent in public relations
firm Good Relations India Ltd, following its decision
to withdraw from the business of PR consultancy.The majority
stake of 51 per cent in Good Relations India is currently
held by the London-based Flagship Group. Apart from Cox
& Kings India, which has a 48.56 per cent stake in
the company, the remaining 0.44 per cent stake is held
between two private individuals, Shah and Karvy.
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Oracle,
SAP, CA to search for Indian talent
Mumbai: Global software majors are increasingly
trying to earn the goodwill of the influential Indian
developer community in order to sell their products. The
sheer size of the community, the second largest after
the one in the US, has made this extremely important for
most of the software companies.Microsoft may well be the
biggest investor among the Indian developer community
as it needs their support for its fledgling enterprise
and platform solution business. Which is why Eric Rudder,
who was earlier technical advisor to Bill Gates, is leading
this initiative.
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