Maharashtra poll process begins today
New Delhi: The formal process for the October 13 assembly elections in Maharashtra has begun. The notification, marking the start of the filing of nomination, is expected to be issued today.

The last date for filing of papers is September 22 and the last date for withdrawal of nominations is September 25.

Re-polling, if ordered by the Election Commission, will be held on October 15 and the counting of votes will take place on October 16. The entire election process has to be completed by October 25.
Back to News Review index page  

Japan Bank (JBIC) team to finalise Hussain Sagar lake clean-up funding
Hyderabad: A high-level fact-finding mission of the Japan Bank for International Co-operation (JBIC) is on a five-day visit here to finalise a Rs.270-crore loan to clean-up the Hussain Sagar lake.

The two-member team, is holding a series of discussions with the officials of the State Government and Hyderabad Urban Development Authority (HUDA). At the end of the visit, the Japanese delegation is expected to finalise the project strategy leading to an agreement between the two governments for funding the restoration of the lake.

The total cost of the restoration project is estimated at Rs.316 crore, including the JBIC loan component of Rs.270 crore. The soft loan would attract an interest rate of 1.3 per cent.

The project envisages improving the drainage in the catchment area, setting up additional water treatment plants and establishing eco-tourism projects on the banks.
Back to News Review index page  

Turkey seeks Indian investments
Kolkata: Turkey is seeking Indian investments in its burgeoning energy transportation sector, involving oil and natural gas.

The Ambassador of Turkey to India, Hasan Gogus, said that the build, operate and transfer (BOT) model being vigorously pursued by Turkey was most attractive to foreign investors. He described Turkey as a major hub of energy transportation in Euro-Asia, covering Commonwealth of Independent States (CIS) and the Black Sea regions.

Participating in an interactive session organised by the Indian Chamber of Commerce, Gogus said that as per a new law enacted in 2003, foreign-funded investments in Turkey were totally secure. Describing it as an ideal destination for portfolio investments, considering the huge market and skilled labour, he said special focus has been brought on the banking and finance sectors under the on-going privatisation programme.

Calling for greater bilateral trade ties, the envoy said the trade balance was now in India's favour. The trade deficit, which was to the extent of $600 million in 2003, is expected to touch a figure of $900 million, he pointed out.

The mutual trade in the last six years has witnessed a substantial jump to $794 million in 2003, and is expected to touch $1 billion this year.

Expressing disappointment over the ineffective functioning of the Turkey-India Business Council, Gogus said a Joint Economic Council, to be headed by the respective commerce ministers, was expected to meet in October.
Back to News Review index page  
AP to deploy PCTVTs, a low-cost infotainment device
Hyderabad: The State Government plans to deploy 'PCTVT' in the proposed Rs.700-crore broadband project. PCTVT is an innovative low cost device developed by Dr Raj Reddy, Head of Robotics Laboratory of Carnegie Mellon University, in collaboration with International Institute of Information Technology-Hyderabad and IIT-Madras. The device combines the features of a personal computer and an entertainment device and can be hosted at public places to serve as an Internet kiosk. This product is to be manufactured by a Korean hardware company.

The Government plans to use this broadband network for delivery of a host of services, including Government to citizen and community learning and for telemedicine. The Government's proposal for this project to be developed through a public/private partnership model received overwhelming response with about 25 companies - both Indian and overseas - evincing interest and picking up RFP (request for proposal) documents. The meeting for a pre-bid briefing has been convened here and partners are likely to be chosen by next month.

As a part of the eGovernance initiatives, it is proposed to make at least one person in a family computer literate so that the entire family benefits.
Back to News Review index page  

Bharat Heavy assets attached to EPFO
Visakhapatnam: The plant and machinery, locomotives, vehicles, furniture, office equipment and other movable assets of Bharat Heavy Plate and Vessels Ltd were attached to the Employees' Provident Fund Organisation for defaulting on PF dues of Rs.23 crore.

According to a press release issued by T.V. Subba Reddy, the Regional PF Commissioner, several notices had been served on BHPV but the payment had not been made, necessitating the attachment of assets.

He warned other defaulting companies and establishments that similar action would be taken against them. He said the erring employers would be arrested, if necessary, if they did not pay the dues even after attachment of assets.

BHPV is on the verge of being referred to the Board for Industrial and Financial Reconstruction.
Back to News Review index page  

CII team to promote India in Taiwan
New Delhi: A Confederation of Indian Industry (CII) delegation will visit Taiwan to project India as an attractive investment destination. The 11-member delegation will focus on exploring vast potential in the telecom, information technology, machinery and food-processing sectors as part of the `Invest India' initiative from September 15 to 17, according to a CII statement.

Taiwan has the third largest foreign exchange reserves - $229 billion as on May 31, 2004. Exports from India have been rising steadily and stood at $471.56 million in 2002-03 from $417.87 million in 2001-02. Imports from Taiwan to India touched $690.7 million in 2002-03.

The delegation is led by the CEO of Spice Communications, Dilip Modi.
Back to News Review index page  
Twenty eight FDI plans cleared
New Delhi: The Government has approved the French Societe Generale Asset Management's proposal to acquire stake in SBI Funds Management Pvt Ltd involving foreign direct investment (FDI) worth Rs.167.4 crore.

The Finance Minister, P. Chidambaram, in all approved 28 FDI proposals involving a total FDI worth Rs.241.41 crore.

The Minister also approved New York-based Thunderbird Industries Inc's plan to bring in fresh equity into its Indian subsidiary, Thunderbird Industries (India) Private Ltd, involving FDI worth Rs.20 crore. The Indian company is engaged in distribution and consulting in the areas of electronic data product and telecommunications.

A Sri Lankan biscuit company called Ceylon Biscuits Ltd has received clearance for investing Rs.10 crore in Ceylon Biscuits (India) Private Ltd for setting up a wholly owned subsidiary for manufacturing of biscuits and snacks.
Back to News Review index page