Bajaj Hindusthan plans Rs.100-crore issue
Bhaisana, UP: Bajaj Hindusthan Ltd (BHL) is planning a Rs.100-crore public issue to part-finance its estimated Rs.550 crore investment in four greenfield sugar plants with an aggregate cane crushing capacity of 28,000 tonnes per day (tcd) in western Uttar Pradesh.

The company plans to time the issue for some time in November-December and will keep the pricing at a discount to the market price prevailing around that period. Shishir Bajaj, Chairman & Managing Director of BHL, laid the foundation for one of the four proposed plants here.

Besides the Rs 100-crore targeted mop up from the public issue, the company would also raise loans of around Rs 200 crore for funding the project. The rest would come from internal accruals.
For the year ending September 2003, BHL earned a profit after tax of Rs.28.35 crore on sales of Rs.458.27 crore. The company has a paid-up capital of Rs.8.73 crore and reserves and surpluses totalling Rs.113.17 crore.

BHL currently operates two plants at Golagokarannath (13,000 tcd) and Palia Kalan (11,000 tcd), which are both in Lakhimpur Kheri district of eastern Uttar Pradesh. The proposed four greenfield units — each of 7,000 tcd capacity — are to come up in Kinnouni (Meerut), Bilai (Bijnor), Thanabhawan and Bhaisana (both in Muzaffarnagar).

Of the four new plants, the first one, at Kinnouni, would be commissioned by December to coincide with the new 2004-05 crushing season. The company has already invested over Rs.100 crore in the project, which will come up in a record nine months time, against the industry norm of 15-18 months for a plant of similar capacity, according to the company.

In the event of the four new plants being commissioned, the company would also become the country's No. 1 sugar producer with an aggregate cane crushing capacity of 52,000 tcd.
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BSNL announces new tariffs for landline users in AP
Hyderabad: The State-owned Bharat Sanchar Nigam Ltd has announced five new tariff plans for its landline customers allowing them the flexibility to migrate as per their requirement. The new tariffs range from Rs.260 a month to Rs.2, 250 a month and compliment the existing tariff plans.

BSNL has provided the option plan forms at all customer service centres and telecom offices and department cash counters. New customers can opt for a plan of their choice along with the phone connection.

The new plans are aimed at bringing in flexibility and also meet the changes made by some of the private operators.
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SBT and Bajaj in auto finance partnership
Thiruvananthapuram: The State Bank of Travancore (SBT) and Bajaj Auto Ltd have entered into a partnership to provide finance for all motorcycles manufactured by Bajaj, according to a press release issued by SBT.

The features of the scheme include an additional year's warranty on all motorcycles and free, two-year accident insurance cover of Rs.2 lakh. The loans available under the scheme carry an interest rate of 11.5 per cent and can be repaid in a maximum of 72 months, the release added.
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Oberoi Hotels launch 'Dream Vacations'
Mumbai: Oberoi Hotels and Resorts has announced the 'Oberoi Dream Vacations' offer to introduce its portfolio of luxury resorts to domestic leisure travellers.

According to an official statement, the offer is valid at the hotel's four resorts, The Oberoi Amarvilas (in Agra), The Oberoi Rajvilas (Jaipur), The Oberoi Udaivilas (Udaipur) and Wildflower Hall in the Himalayas, from August 15 to October 15.

Priced at Rs.50,000 for a six-night stay and Rs.65,000 for an eight-night stay, customers can stay at any of the four participating resorts in any combination desired.
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