3 European nations check movement of software pros
Mumbai: The movement of software professionals from India is becoming increasingly difficult, with countries putting up barriers in one form or another. Three European countries — the UK, Germany and the Netherlands — are actively discouraging or preventing the free movement of software professionals. The UK government recently removed software professionals from the list of immigrant workers earlier given visas on a priority basis. Other professionals like nurses and teachers continue to be on this list. Software professionals have been taken off the list quietly, say industry sources.
Back to News Review index page  

Reliance veers towards WLL basic services
Kolkata: With the Telecom Regulatory Authority of India (Trai) yet to give the green signal to Reliance Infocomm’s 40 paise per minute limited mobility STD tariff, the Ambanis are shifting gears. Action at Infocomm is about to drift from the high stakes limited mobility game to the comparatively safer WLL-driven basic services where chances of getting dragged into a regulatory quagmire is possibly far less. Reliance Infocomm is slated to ramp up its basic services act by end-July, using CDMA-based WLL technologies. Infocomm's president Prakash Bajpai will lead the new thrust into basic services. The company has just filed a fresh tariff proposal with the Trai for its WLL-fixed services, top sources close to Reliance revealed.
Back to News Review index page  

AP Power Corpn floats Rs 200cr bond issue
Mumbai: Andhra Pradesh Power Finance Corporation (APPFC), in a bid to push through the power reforms in the state, has floated its Rs 200-crore bond issue in the market with an option to retain over subscription. The coupon rate for seven year tenor is 10.45 per annum and 10.65 per cent for 10-year tenor. SBI Caps is the lead manager for the issue while Alliaz Securities, Centrum, Bajaj Capital, Karvy Investor Services and AK Capital are the lead arrangers. Merchant banking sources said that the state has provided guarantee for the payments of interest and principal. APPFC, whose authorised capital is Rs 3,000 crore, has drawn up business plan for investment in the power sector in AP and given a thrust to power sector reforms.
Back to News Review index page  

Tata Sons, GE group to part ways in India
New Delhi: The house of Tatas and the General Electric (GE) group have decided to part ways as far as their Indian operations are concerned. For this, Tata Sons, the holding company of the Tata group, has decided to exit from its only joint venture with the GE group in the country, namely Engineering Analysis Centre of Excellence Private Ltd (EACEPL). According to the plans, Tata Sons will sell out its entire holding in EACEPL to GE's wholly-owned Indian subsidiary - GE India Technology Centre Private Ltd — Government sources said.
Back to News Review index page  

Nocil employees move Industrial Tribunal against closure of unit
Mumbai: The 500-odd employees of the beleaguered National Organic Chemicals Ltd (Nocil) have referred the decision of the management to close its petrochemical unit, to the Industrial Tribunal. The Tribunal will hear the case on June 2 and is expected to announce its decision by July 4, 2003. According to industry sources, “The workers have challenged the decision of closure of the petrochemical unit of the company on the grounds that the unit is technologically sound. The workers have in their possession, a report prepared by consultation firm Uhde India last year, whereby the unit was found to be economically viable.” Uhde India was mandated by the Nocil management in 2001 to study the technology used at the unit. The management had cited “obsolete” technology as one of the reasons for the closure of the unit.
Back to News Review index page  

Amway expects 5-8 pc rise in turnover
KolkataL Amway India, the wholly owned subsidiary of the $5-billion Amway Corporation of the US, hopes to record a 5-8 per cent increase in its turnover during the year ended August 31. In the 12-month period ended August 31, 2002 Amway India notched a turnover of Rs 626 crore, up from Rs 550 crore recorded during the previous 12 months. Speaking to newspersons at the launch of Nutrilite Iron Folic, William S. Pinckney, managing director and CEO of Amway India, said that the company would be "happy to maintain the growth in sales in a difficult market and perhaps be able to marginally better the sales over that last year''.
Back to News Review index page  

GM to tap design house for new models
Hyderabad: Launching its latest B-plus segment hatchback Opel Sail in Andhra Pradesh market, General Motors India, which is planning an investment of about Rs 180 crore this year for the roll out of new models as a part of its phase II expansion, is set to tap the research facility of the newly created GM DAT, carved out of GM and Daewoo alliance. GM DAT or Daewoo Automotive Technologies, was formed as a design house for automobiles for General Motors for its Asia-Pacific operations after the US automotive major acquired the ailing Daewoo's Korean assets. We will explore the potential of their technological capabilities for the possible launch of new automobiles, Sanjeev Garg, director, GM India, said, while refusing to divulge the possible models citing competitive interest.
Back to News Review index page  

Pentair's Goa plant to become 100 per cent EOU
Panaji: With water technologies being the fastest growing segment for the Minnesota-headquartered Pentair Inc — the manufacturing arm of its Indian subsidiary looks set to play a significant role in the global game plan. This spans from becoming a 100 per cent export-oriented unit (EOU), to taking on added responsibility for the production of Codeline pressure vessels — Pentair's flagship product in the water business segment — following the shutting down of its manufacturing facility in North America. Pentair Inc's water technologies business accounts for 36 per cent of the total sales. Its other two businesses are Tools, that contributes about 42 per cent of sales and Enclosures, that accounts for 22 per cent.
Back to News Review index page  

Videocon Petro told to pay up Rs 285-cr dues
New Delhi: The Government has recently slapped a bill of around Rs 285 crore on Videocon Petroleum towards payment of profit petroleum from its Ravva oil field. Profit petroleum (PP) is the revenue from the oil field once the developer has paid off the loans and other such obligations towards development and commercialisation of the field. It is shared between the developers of the field and the Government. However, Videocon has not made any payment, ever since the field entered the PP payment phase over two years ago. The company had disputed both the amount to be paid as well as the time-frame for payment. The Government, late last week, sought an upfront payment of around 25 per cent of the dues with the rest to be paid in instalments of around Rs 30 crore each month, according to industry officials.
Back to News Review index page  

SAIL to complete Delhi water project soon
Kolkata: Steel Authority of India Ltd (SAIL) will shortly be completing the supply of large diameter spiral weld (SW) pipes for the Rs 8-crore Delhi Jal Board Project order, covering a length of 8.4 km. According to a press release from SAIL, the project will enable drinking water to be brought from the Ganges to the residents of Sonia Vihar Phase II in New Delhi. "Produced at SAIL's Rourkela Steel Plant (RSP), the pipes meet the stringent requirements of higher thickness and ultrasonic testing. RSP for the first time has produced SW pipes of such close tolerance in higher thickness. The outer diameter of the pipes will range from 25'' to 61'' in the project'', the release stated.
Back to News Review index page  

Suzuki to waive royalty for five Maruti models
New Delhi: In a move which would help Maruti Udyog Ltd improve profitability, Suzuki Motor Corporation has decided to no longer charge royalty for the Maruti 800, Omni, Gypsy, Esteem and Zen models. This move would result in substantial savings for Maruti, as the total royalty expenses on these models paid to Suzuki in fiscal 2002 were to the tune of Rs 77.95 crore. However, this arrangement is "subject to revision in the event of the introduction of new technology or upgradation in specifications due to changes in market conditions or requirements of new law or norms", the company said in the draft prospectus filed with the market regulator, the Securities and Exchange Board of India (SEBI).
Back to News Review index page  

Wockhardt readies American push, lines up four new drugs, ANDAs
New Delhi: Wockhardt Ltd is planning to launch four new drugs in the US and file 8-10 abbreviated new drug applications (ANDAs) with the US Food and Drug Administration this year. It is also on the look out for more distributors, besides Ranbaxy US, for its overseas markets in what is being seen as efforts to boost its exports which showed a sharp fall last quarter. This information was shared by company officials with analysts recently. These included Wockhardt’s vice chairman and head of domestic business Hari Mundra, executive director and head of international business Lalit Kumar and vice president (finance and information) Rajiv Gandhi.
Back to News Review index page  

Concor plans freight terminal at MEPZ
Chennai: Container Corporation of India Ltd (Concor), one of the leading multi-modal logistics providers in the country, is planning to set up a container freight station (CFS) within the Madras Export Processing Zone (MEPZ). The company has approached the Chennai customs for obtaining custodianship for setting up the facility. Suresh Joseph, chief general manager (southern region) of the company said, “Concor has already identified a place within MEPZ for setting up the CFS. The place, inclusive of land and the office building, will be taken on lease from MEPZ. We have approached the Chennai Customs for custodianship and should get it within the next couple of days. The idea of this initiative is to offer service with a different dimension.”
Back to News Review index page  

Shakti Sugars to buy Baramba Mill
Bhubaneswar: Tamil Nadu-based sugar company, Shakti Sugars, is all set to take over the Baramba Cooperative Sugar Mill in Orissa. The deal is likely to be finalised in the next two weeks, the government sources said. The sources said that Shakti Sugars is the only company which has offered to buy the sugar mill in Orissa. It has offered Rs 8 crore for the 12 lakh tonne plant. The high-power state cabinet sub-committee on disinvestment has evaluated the financial bid offered by Shakti Sugars on Friday. The sub-committee headed by chief minister, Naveen Patnaik, has entrusted the minister of state for finance, Panchanan Kanungo, to finalise the price of the mill through a final round of negotiation with the bidder.
Back to News Review index page  

Tatas seek govt support for VSNL
New Delhi: The Tata Group is understood to have sought the Centre’s support to protect the interest of VSNL, whose fortunes have taken a dip, amid growing competition in the telecom sector. Ratan Tata is believed to have met Arun Shourie to brief him about the problems being faced by them. When contacted, a Tata spokesperson said “we are not aware of Ratan Tata meeting the minister.
Back to News Review index page  

HZL raises $125-M ECBs
Mumbai: Hindustan Zinc Ltd (HZL), a part of the Sterlite Group, has raised $125 million worth of ECBs for its ambitious capacity expansion (capex) programme to make HZL a world-scale company. Although the rates at which these ECBs have been raised could not be ascertained, sources indicated that these have been syndicated by ANZ Grindlays at one of the most competitive rates. The source added that with forward cover working out to be lesser than 1.25 per cent, the transaction will be extremely beneficial. “We had calculated our costs assuming forward cover to be at 2.5 per cent to 3 per cent, but the fall in the premium has really brought down our cost,” the sources said.
Back to News Review index page