Mukesh Ambani issues clarification on `ownership issues'
Mumbai: The Chairman of Reliance Industries, Mukesh Ambani has issued a clarification saying his remarks were "torn out of context." The Chairman has clarified that "Dhirubhai Ambani has settled all ownership issues pertaining to Reliance within his lifetime."

Although the statement eased the pressure on the markets doubts continue to linger. Ambani had said that some 'ownership issues' were in the private domain; he had also said that his reply had nothing to do with the family ownership in Reliance.
Back to News Review index page  
ABB to invest $100 million in India
Bangalore: The Swiss-Swedish engineering company ABB intends to invest $100 million over a period of three years for capacity and range expansion in India.

ABB says that the investment will also include setting up of a global engineering centre in Bangalore and an expansion of its corporate research centre. The investment will be for the period 2004 to 2006.

The company said that India was one of the fastest growing markets for ABB and hence it wants to expand its manufacturing capacity to take advantage of the potential.

ABB also said that the investment would be equally distributed towards projects, products and services.
Back to News Review index page  
Ford India sales up fifty one percent
Chennai: Boosted by a 51 per cent jump in the number of vehicles sold, Ford India Ltd has reported a 28.75 per cent increase in sales income (net of excise) and a reduced net loss in 2003-04 over the previous financial year.

It carried over an accumulated loss of Rs628.90 crore at the end of March 31, 2004 against Rs582.36 crore at the end of the previous financial year.

According to Ford India's annual report for 2003-04, its income from sales for the year amounted to Rs1,326.01 crore (Rs1,036.37 crore) with excise duty amounting to Rs216.44 crore (Rs174.59 crore). Other income for the year was Rs18.27 crore (Rs21.49 crore).

Manufacturing, administrative and selling expenses for 2003-04 were Rs 1,288.47 crore against Rs 999.03 crore for the previous year, leaving a profit before interest and depreciation of Rs55.81 crore against Rs58.83 crore in 2002-03.

Ford India recently said that it was confident of wiping out the accumulated losses in the next three years. It produces the Ikon, which has an 85 per cent local content, and the Endeavour, a sports utility vehicle, whose kits are brought in knocked down condition from Ford's plant in Thailand and assembled here. It also sells the Mondeo, which it imports from Ford's plant in Belgium. It will launch the Fusion, described as an urban activity vehicle, in December. It hopes to sell 500-1,000 units of the Fusion a month.

During 2003-04, Ford India sold 23,186 vehicles against 15,329 in the previous year, a 51 per cent increase. It sold 22,345 units of the Ikon, 680 units of Endeavour (a sports utility vehicle that it launched in December 2003), and 161 units of the Mondeo.

The value of exports during the year was Rs 144.54 crore against Rs 167.72 crore in the previous year.
Back to News Review index page   Ranbaxy's new drug for urological disorder
New Delhi: Ranbaxy Laboratories Ltd has announced the launch of its benign prostatic hyperplasia (BPH) formulation, branded Flotral (Alfuzosin).

This prescription medicine provides effective relief from signs and symptoms of BPH, a urological disorder, caused due to the enlargement of the prostate gland and commonly afflicts the ageing male population.

Flotral, is a once-a-day medication, developed using the Novel Drug Delivery System (NDDS) technology platform, resulting in better patient compliance.
Back to News Review index page  
BHEL bags Rs.26 crore orders for Steam Turbine Generators
New Delhi: Bharat Heavy Electricals Ltd (BHEL) has bagged orders for two industrial steam-turbine generators (STG), one in Madhya Pradesh and the other in Chhattisgarh, valued at Rs26 crore.

Maihar Cement Ltd (MCL), a unit of Century Textiles and Industries Ltd, has placed the first order for design, engineering, manufacture, supply, erection and commissioning of a 15.7-MW STG set with associated auxiliaries for the captive power plant at its cement plant in Madhya Pradesh.

BHEL is already executing an order for a 10-MW STG set for MCL's sister concern, Manikgarh Cement Ltd.

The second order has been placed by Monnet Ispat Ltd and involves design, engineering, manufacture, supply and supervision of erection and commissioning of a 15-MW STG set along with associated auxiliaries for its captive power plant at Raipur in Chhattisgarh.
Back to News Review index page  
Dabur to unveil new logo
New Delhi: Dabur India's new logo while retaining the characteristic banyan tree, will present it in a "younger" look in form and colour.

"The banyan tree logo has been an integral part of the company's identity for many decades, symbolising trust and quality associated with the company and its range of ayurvedic healthcare products since inception," the company has said.

While retaining its ayurvedic heritage through traditional brands like Dabur and Hajmola, the company has significantly expanded its presence in personal care and food categories with brands like Vatika and Real.
Back to News Review index page  

Aurum range from Electrolux
New Delhi: Electrolux India has announced the launch of `Aurum,' its new range of fully automatic front-loading washing machines in 5- and 5.5-kg capacity.

With this launch, the company's washing machine portfolio now comprises 10 fully automatic and four semi-automatic machines.
Back to News Review index page  
Monitoring cells to check illegal ILD calls
New Delhi: The Department of Telecom has set up Vigilance Telecom Monitoring Cells at Delhi, Mumbai, Chennai and Hyderabad to detect the illegal routing of long distance calls.

These monitoring stations will also ensure that the licence conditions are fully complied with by long distance operators.
The move comes in the wake of alleged illegal routing of long distance calls by Reliance Infocomm.

Illegal calls are those where the receiver of the call sees only a local or national number while the call is originated from outside India. To facilitate the general public to give information about the grey calls, DoT has set up toll free numbers: 1600-110-420 or 011-2373-1100 where a subscriber can report such illegal calls.
Back to News Review index page  

Bengal pushing IT infrastructure
Kolkata: An additional four million sq ft of "built-in IT space" will be created in Kolkata by March 31, 2006, according to Manab Mukherjee, West Bengal's Minister for Information Technology.

Mukherjee said that besides IT workspace, appropriate social infrastructure would be created to enhance Kolkata's attractiveness as an investment destination for IT and IT-enabled services (ITES) companies. According to him, the idea in the long term was to position Kolkata as India's number one IT destination with state-of-the-art IT infrastructure and other facilities such as car parking, electronics marts, clubs, tennis courts, recreational facilities and restaurants. He said that, in Sector V of Salt Lake, which houses the Salt Lake Electronics Complex where most software companies are located, between 40,000 and 50,000 people would soon be engaged in each shift.
Back to News Review index page  

SSA to invest $13 million in the coming year
New Delhi: SSA Global, a provider of extended enterprise solutions and services, has said that it plans to invest about $12-13 million in India for expanding its development and support activities over the next 12 months.

The company said that last year it had invested $10 million in India. It expected to grow 20 per cent each year for the next couple of years in terms of its headcount, and also to double its revenues here.

The company planned to add 120 professionals in the next one year at its existing development location - Hyderabad. SSA's worldwide development strength stands at about 1,400, with India and Holland centres as the largest single sites.

The company had acquired seven clients in India in the last quarter and had about 230 customers.
Back to News Review index page  

SureWave for Samsung phones
Hyderabad: JP Mobile, an enterprise mobility software solutions provider, has announced that its SureWave Mobile Defence software supports Samsung's PalmSource OS-based i500 and Microsoft Windows Mobile-based i700 Pocket PC Phone.

The SureWave Mobile Defence Professional Edition, already available on Samsung's Microsoft Windows Mobile-based i600 Smartphone, offers on-device security options for mobile professionals.

Encryption, password control, device lock and control are some of the integral features that will be offered via the Samsung devices, according to a JP Mobile release.
Back to News Review index page  
Microsense WiFi hotspots
Bangalore: Microsense, a provider of wireless area network solutions, has said it expects to implement about 1,000 WiFi hotspots over the next six months, the company said in a press release. It was also building networks in association with telecom service providers such as Airtel and MTNL and has already set up over 100 hotspots, it said.

The company is focussing on segments such as hospitality, enterprise and service providers and has evolved different business models to tap these segments in the four metros, Bangalore and Hyderabad, the release said.

Microsense has over 20 hotel chains WiFi networked across the country, and also plans to implement the network in six hotels in Sri Lanka through a wholly-owned subsidiary
Back to News Review index page