Airbus
commits to a Rs3,000 crore offshore order for HAL
Bangalore: European aircraft maker Airbus
Industrie has committed to outsource over Rs3,000 crore
of aircraft systems and components from India's aerospace
firm Hindustan Aeronautics Ltd (HAL) if it bags the forty
three aircraft order from Indian Airlines. Airbus has
confirmed that a standard contract offset of 30 per cent,
has indeed been offered to Indian Airlines.
The
Public Investment Board last November cleared a Rs9,475
crore proposal of Indian Airlines to buy 43 aircraft that
includes a combination from the A-319, A-320 and A-321
series of aircraft of Airbus but a final nod from the
Union cabinet is currently awaited.
The
public sector firm, HAL, signed its biggest order of Rs380
crore from Airbus for the supply of 1,000 units of forward
passenger doors for the A-319, A-320 and A-321 aircraft.
Airbus was hopeful of not only bagging the 43 aircraft
order by IA soon but is also in the race for the 40 to
50 aircraft purchase plan of Air India.
Airbus
has doubled its aircraft projections for the Indian market
to 400 from 220 by 2019 and said India has the potential
to emerge as the second largest aircraft market in Asia
after China.
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Tata
Chemicals to raise Rs. 650 crore
Mumbai: Tata Chemicals, the Rs2, 600-crore inorganic
chemicals and fertilisers company of the Tata group, has
decided to mobilise Rs650 crore from the market, towards
the company's expansion and acquisition activities.
As a part of the fund mobilistion programme, the company
has also decided to increase its authorised share capital
from the current Rs235 crore to Rs270 crore, Tata Chemical
officials have indicated, and the company would issue
a maximum of 3.5 crore additional equity shares. An extraordinary
general meeting (EGM) of the company, scheduled for January
18, 2005, is likely to discuss the fund mobilisation programme.
Tata Chemicals has plans to start the expansion work on
its Babrala fertiliser plant in Uttar Pradesh by January
2005, with an investment of Rs150 crore. With the completion
of the debottlenecking plan, the annual capacity of the
plant will go up from the current 8.64 lakh tonne per
annum of urea to 11.5 lakh tonne per annum.
Meanwhile,
the Tata group has also begun feasibility studies for
a proposed record $2 billion investment in neighbouring
Bangladesh and expects to complete it in six months. Manzer
Hussain, has been nominated to be the group's chief representative
based in Dhaka. The Tata study will look at issues such
as the economic viability, infrastructure requirements
and terms of a gas contract to be negotiated with Bangladesh.
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Tata
Steel lone Indian company in S&P's
CSR rankings
New Delhi: Tata Steel, is the lone Indian corporate
entity to rank among the top 100 companies in Standard
& Poor's 'The Global Reporters 2004 Survey of Corporate
Sustainability Reporting.' The idea of sustainability
reporting or triple bottomline reporting (on economic,
social and environmental parameters) has assumed significance
in the backdrop of a series of corporate scandals like
Enron.
"Tata Steel provides one of the strongest reports
from emerging economy countries and is definitely India's
top reporter. It is a bit like a Japanese report with
its detailed numerical data, but the report contains an
extensive set of stakeholder concerns and issues, linking
them with the company's response and strategic objectives,"
notes S&P in its latest edition (Risk & Opportunity:
Best Practice in Non-financial Reporting).
The
company has, however, not been able to make it to the
top 50 list of sustainability reporters but is placed
in 'The Other 50', where companies like DaimlerChrysler
and BMW are placed.
The most striking feature of the 2004 results is that
just over half (26) of the top 50 are new to the survey.
The newcomers include British American Tobacco, Rabobank,
HP, Ford Motor Company, Veolia Environment, Lafarge, Cadbury
Schweppes and Matsushita Electric Group.
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RIL
Board to meet in Mumbai
Mumbai:
More than a month after Mukesh spoke of "ownership
issues" in the group, triggering off a proxy war
through the media, the brothers will meet in the Board
room for the first time as the Board of Directors of the
flagship company, Reliance Industries meets in Mumbai
today.
With no indication of any truce coming between the two
siblings the stage is set for a royal battle on issues
that Anil will like to raise, while in turn, he may be
confronted on issues that Mukesh has been deeply unhappy
about..
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Reliance
Energy to buy back shares for Rs 525
Mumbai: Reliance Energy Ltd has said that it will
buy back its shares for a maximum price of Rs525 per share.
The aggregate amount set aside for this share buyback
programme is Rs 350 crore, the company said on Sunday.
Last week, the company had announced that it was extending
the buyback programme of its equity shares up to March
17, 2005.
This will be the second extension to the buyback since
it was announced on June 14.
Reliance
Energy said it was buying back its shares to reduce volatility
of its share prices.
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Tata
Honeywell is now Honeywell Automation
India Ltd.
Chennai: Honeywell Automation India Limited is
the new name of Tata Honeywell Limited, one of the providers
of automation and control solutions in India. The new
name was approved by the board at an extraordinary general
meeting held in Mumbai recently, and has been certified
as the official name of the company by the Registrar of
Companies.
The company name change comes in after the completion
of share transfer of 40.62 per cent stake by the Tata
Group to Honeywell. Honeywell now holds approximately
82 per cent of the outstanding shares with the remainder
held publicly and traded on the Mumbai Stock Exchange
(BSE).
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