M&M to expand product portfolio
Mumbai: Despite the current slump in the tractor industry, Mahindra & Mahindra (M&M), the country’s largest tractor manufacturer, is planning to strengthen its product portfolio with a series of new launches during the current fiscal. The company is planning a series of launches in the higher HP series and the economy series. The fiscal will also see the introduction of the new look Sarpanch series as well as the Arjun Ultra series, senior company officials said at a recent analyst presentation. The rationale for the slew of launches seems to stem from the fact that while the domestic market has seen severe de-growth, 53 per cent of the company’s tractor exports came from new models during 2002-03. These include the new look Sarpanch (575 Sarpanch NST), Compact C-35 ( specially developed for the US market) and the Arjun 4WD,which has been a major success in the US and other markets.
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Ranbaxy plans to set up R&D facility in North America
New Delhi: Ranbaxy Laboratories is planning to set up off-shore research and development (R&D) facilities in north America to facilitate trials for new chemical entities (NCE) the company may discover in the future. Speaking at a press conference on Tuesday, Ranbaxy’s president (R&D) Rashmi Barbhaiya said, “It is important to have targeted off-shore presence that complements home-based research and development. To get US Food and Drug Administration (FDA) approval for any new drug, we need to conduct Phase III trials in either north America or western Europe or at both the places. Such an off-shore facility would most probably come up somewhere in north America. We will wait for an appropriate time to set up any such facility.” Outlining priorities for Ranbaxy’s R&D, Dr Barbhaiya said, “We also need to leverage our alliance network as we can’t do everything by ourselves.
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HMSI, Maruti Plan To Source Technicians From Kerala ITIs
Thiruvananthapuram: Honda Motorcycles and Scooters India (HMSI) and Maruti Udyog Limited (MUL) have opened their sourcing of screwdriver techies from ITIs (Industrial Training Institute) to include small metros also. It is Kerala, with its clutch of 468 ITIs, that is the frontrunner in drawing mileage out of this gesture by the automobile-makers. The first move came from Gurgaon-based HMSI, when last week they made a full-fledged two-day placement drive at Chakka ITI, in Thiruvananthapuram for fitters, welders and MMVs (Mechanics of Motor Vehicles). “MUL has also evinced interest in placement from Kerala ITIs, but they are yet to name a date,” Dr M Beena, director, employment and training, Kerala Government told presspersons. Gurgaon unit of HMSI conventionally draws their mechanics from Chennai and Mumbai ITIs. HMSI made 55,000 scooters last year and plans to begin producing motorcycles in 2004, when its ten-year technical- collaboration agreement with Hero group expires. Manpower requirements have gone up and hence the move into non-metros. Soon Bajaj Auto is expected to follow suit. Bajaj, it may be recalled, has plans to make nine lakh vehicles next year.
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HC asks Tata Power, BSES to share SC arrears equally
Mumbai: The Bombay High Court hast directed Tata Power Company (TPC) and BSES to equally bear the arrears of standby charges (SC) of Rs 378.95 crore during April 1, 1999 till June 30, 2003 and pay it immediately to Maharashtra State Electricity Board (MSEB). Of the Rs 378.95 crore, which have been calculated by MSEB till March 31, 2003, BSES has been asked to pay 80 per cent and the balance 20 per cent to be borne by TPC which would pay it to MSEB. A division bench comprising justices AP Shah and DK Deshmukh also asked TPC and BSES to pay 50 per cent each SC from July 1 till Maharashtra Electricity Regulatory Commission (MERC) decides the issue on an original petition filed by BSES before MERC. However, MERC has set aside the order passed last year by Maharashtra Electricity Regulatory Commission (MERC) giving certain formula for the payment of SC by TPC and BSES. The division bench observed that it was apparent that payment of these charges to MSEB had been withheld by TPC without there being any valid jurisdiction for doing so. MSEB was currently going through the financial crisis and non-receipt of these amounts had worsened its position.
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MERC asks TPC to file bulk tariff proposal within a month
Mumbai: The Maharashtra Electricity Regulatory Commission (MERC) has asked the Tata Power Company (TPC) to file its bulk tariff proposal for 2003-04 within a month. MERC made this observation during a hearing on two separate petitions filed by TPC and BSES on drawal of power by BSES at the 220 KV interconnection under normal conditions and providing of outlets for it. MERC is expected to issue a written order in this regard in the near future only after receiving the Bombay High Court order on the payment of standby charges by BSES to TPC and by TPC to MSEB and also after holding hearing on a petition filed by Mumbai Grahak Panchayat on tariff issue. MERC observed that these matters would have a direct bearing on TPC tariff. MERC observed that tariff was the root cause of problems between the two and stressed the need for filing a comprehensive tariff proposal by TPC.
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UMS group develops micro-turbine
Coimbatore: The Coimbatore-based UMS group, which has presence in diverse fields including electronic and engineering goods, has indigenously developed a micro-turbine that it claims to be the first in the country. The micro-turbines, which are used in small aircraft and unmanned planes, can also be used in small gensets because of their pollution-free operation and the product has significant export potential, according to G.D. Gopal, Chairman, UMS group. Speaking to newspersons during a preview of the operations of the micro-turbine, he said that the technology for manufacture of micro-turbines was a zealously guarded one in the West because of its Defence applications. His group spent nearly a year in making the first micro-turbine engine using entirely indigenous technology. In the past few years, individuals in many countries such as the UK, Italy and Spain have made significant contributions in improving the efficiency of the micro-turbine.
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GAIL, IOC in race for Haldia Petro
New Delhi: GAIL (India) Ltd and Indian Oil Corporation (IOC) are in the race to acquire management control of Haldia Petrochemicals Ltd (HPL). "IOC proposal (for 26 per cent stake) still stands. Now GAIL too is willing to pick up to 26 per cent stake. It is now up to the promoters and lenders to decide on the fate of the $1.1 billion project," according to the petroleum minister, Ram Naik. Speaking to presspersons here on Tuesday, Naik said, "The issue is whether they (HPL promoters - Chatterjee group) will be ready to give management control. If this is sorted out, it could either be IOC or GAIL or both (acquiring equity stake in HPL)." He emphasised that the investments would involve acquisition of management control of the company. In July 2002, GAIL had decided to take a 10 per cent stake in HPL involving an investment of Rs 200 crore. This was contingent on the financial institutions (FIs) agreeing to restructure the debt, which had reached unmanageable levels. Recently, the FIs made it clear that any debt restructuring would be contingent on the induction of a strategic partner with management control. This revived negotiations between HPL management and IOC.
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ONGC in service pact with HAL
Mumbai: Oil and Natural Gas Corporation Ltd on Tuesday signed a long-term business agreement with Hindustan Aeronautics Ltd, Bangalore, for overhaul and repairs of its industrial gas turbines. According to the agreement, the average cost of overhaul will cost around Rs 7 crore each. The total number of overhauls per year would be around seven, a news release said. The agreement will be valid till March 31, 2007. The deal is expected to help ONGC reduce turnaround time, improve on-site technical support and cause huge savings in foreign exchange, the release said. HAL has undertaken overhaul contracts from ONGC since 1996. So far, HAL has undertaken engine overhauls and repairs of 55 turbines. ONGC generates more than 700-mw power in Western Offshore platforms with 106 gas turbines of 11 different makes.
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RINL concerned over short supply of iron ore
Visakhapatnam: Rashtriya Ispat Nigam Ltd may have to reduce its production, if the iron ore supply from the National Mineral Development Corporation's Bailadilla (Chhattisgarh) mines does not improve in the next few days. The plant authorities say "the inadequate iron ore supply from the NMDC is causing concern and the plant is examining the options for getting iron ore to keep up its production level, even at an extra cost.'' The plant authorities have not specified the present inventory levels, but it is reliably learnt that the ore may be enough only for two days' production. Roughly, the plant needs 4,500-5,000 tonnes of ore per day. Annually, it requires around 6.4 million tonnes of iron ore, of which 2.2 million tonnes constitute iron ore lumps and the rest iron ore fines.
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Honda Siel midsize car sales up 45 pc in May
New Delhi: Honda Siel Cars Ltd recorded a 45 per cent growth in volumes of its midsize luxury cars, the City and Accord, in May, selling 1,204 units as compared 831 units in the same month last year. Cumulative sales for the period of April-May 2003 has recorded a growth of 55.46 per cent to 2,489 units as compared to 1,601 units in the corresponding period last year, Honda Siel said in a statement here.
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PFC set for Nagarjuna Project finance
Bangalore: Power Finance Corporation (PFC) is all set to be the lead lender for the Rs 4,400-crore 1015 MW Nagarjuna Power project to be set up in Karnataka. Well- placed officials said that PFC would accept a government guarantee and a default escrow mechanism as promised by the government. An understanding in this regard was reached during a high-level meeting a few days ago between the senior officials of the state power department, promoters of the Nagarjuna a Power Company and a PFC representative. The meeting was held to discuss the payment security comfort required by financial institutions (FIs) for making the project bankable. The state government has reportedly agreed to provide a need-based payment security comfort so that the project can be financed.
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Morepen sees fillip to US distribution
New Delhi: Morepen Laboratories expects its generic products distribution in the USA to get a fillip after its joint venture (JV) partner in the USA acquired the assets of wholesale distributor Avery Pharmaceuticals Inc. Morepen and US-based firm, DrugMax, have a JV company — MorepenMax, set up to distribute Morepen’s generics range in the US. Avery has been acquired by Discount Rx, a subsidiary of DrugMax. Avery is a Texas-based wholesale distributor, specialising in respiratory healthcare and generic pharmaceuticals.
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Electrolux Kelvinator faces another litigation
New Delhi: Electrolux Kelvinator Ltd (EKL), the entity formed by the merger of Electrolux India Ltd and Intron Ltd, faces another legal hurdle. Close on the heels of successfully sorting out the hiccups on the proposed rights issue, the company is now facing litigation in the Delhi High Court with the original Indian promoters of the company knocking the doors of the court seeking clarifications on implementation of the merger scheme. Harish Kumar and Associates, the Indian promoters of the company, filed a petition on May 27 making various allegations against EKL and its majority stakeholders and foreign promoter AB Electrolux. They requested that the Court call for a report on working of the scheme of amalgamation by which Electrolux India Ltd and Intron Ltd merged into EKL.
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Jindal Iron to operate CR unit of Jindal Steel
Mumbai: Jindal Iron & Steel Co Ltd has decided to take and operate on conducting basis the mild steel cold rolling (CR) manufacturing facility of 1,50,000 tpa capacity Jindal Steel & Alloys Ltd (JSAL) located adjacent to the company's manufacturing unit at Vasind. This CR facility acquired on conducting basis together with the company's own CR facilities would ensure matching back-up CR capacity for downstream galvanising capacity of the company besides resulting in synergised operations for the Vasind unit as a whole.
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Indo Rama's Butibori plant resumes full operations
New Delhi: Indo Rama Synthetics (I) Ltd (IRSL) has announced that the company's Butibori plant near Nagpur has resumed full operations from Tuesday. The company had resorted to a production cut (partial shutdown) at this facility in the wake of transporters strike in April and also due to the agitation of certain segments of the textile industry that opposed the completion of Cenvat chain.
"We have used this period to undertake regular maintenance work at the Butibori facility", a company official said. A release issued by the company said that total sales volumes across its product range touched 31,727 tonnes in May 2003 as against a sales volume of 12,502 tonnes recorded in April this year.
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Efforts on to increase India presence on AstraZeneca radar
New Delhi: India may be just a blip on the UK-based pharma-major, AstraZeneca's global radar. However, plans are afoot to increase the role of its Indian operations — through, among other things, increased research and manufacturing at the Anglo-Saxon company's base at Bangalore. "Success begets success," quips the AstraZeneca Plc's Chief Executive, Tom McKillop, responding to a query on what would be the indicators from India that would excite the parent company to increase its commitments and investments in India. On Monday, McKillop had committed investments of about $40 million, over the next four years, towards focussed research in tuberculosis (TB) at the company's new research facility in Bangalore.
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