ISRO set for twin launch of satellites today
Sriharikota: ISRO is all set to launch two satellites, Cartosat I and Hamsat, on the PSLV C6 at the Sathish Dhawan Space Centre in Sriharikota today. It will be for the first time that two satellites will be launched in a single mission from India.

The launch will also mark the induction of the Rs400 crore world-class universal launching pad, which is designed to accommodate all future generation launch vehicles of the ISRO over the next decade.

Speaking at a function yesterday, the President APJ Abdul Kalam, who will witness the launch today, said there was a need to develop reusable launch vehicles. He also expressed the hope that ISRO would develop a vehicle, which could be totally reusable in another 30 years. The vehicle should be able to shuttle between Earth and space at least 100 times, carry satellites and put them into the orbit.
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Cabinet clears long awaited SEZ legislation
New Delhi: The Union Cabinet has cleared the long awaited Special Economic Zone legislation providing for a fiscal package, including a 15-year income tax holiday, aimed at giving a big boost to Foreign Direct Investment and job creation.

The umbrella legislation provides for single window approval mechanism for approving SEZs and units in such zones, besides providing special and stable fiscal provisions for developers, SEZ units and offshore banking units located in them, sources said.

The decision was taken at a Cabinet meeting chaired by Prime Minister Manmohan Singh, sources said.
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Air travel to be dearer with increase in ATF prices
New Delhi: Travel by the nation's airliners could now become dearer with the country's oil majors deciding to hike Aviation Turbine Fuel (ATF) prices in the range of 7.02-7.9 per cent.

The increase in prices, effected from May 1, entails an increase of Rs2425.12 per kilolitre or 7.9 per cent in Delhi. The price of ATF has increased to Rs33,035.51 from Rs30,608.39, oil company sources said.ATF prices have spiked by Rs2447.12 in Kolkata, up 7.02 per cent. The price of the fuel increased by Rs2501.20 in Mumbai, a rise of 7.9 per cent, sources said. Similarly, ATF prices have risen by Rs2525.43, up 7.5 per cent in Chennai.

ATF prices shot high after crude oil futures spiralled to a record $58.28 per barrel on the New York Mercantile Exchanges (NYMEX) on April 4 last, considered to be the highest since 1983.
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Centaur Hotel: Govt. awaits CAG report
New Delhi: The government has said that it would consider an inquiry into the divestment of Juhu Centaur hotel at Mumbai only after receiving the final CAG report.

"On getting the CAG report, further action or further inquiry into the matter will be decided," said Finance Minister P Chidambaram. He was responding to a strong plea by members in the Lok Sabha for a CBI probe.

Replying to a calling attention motion moved by CPI-M leader Basudeb Acharia on the disinvestment of the hotel, he said, "Surely, it seems that the then Disinvestment Minister Arun Shourie took active interest in the transaction."

Chidambaram said the government was waiting for the final report of the Comptroller and Auditor General, which was expected "very shortly".
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Orissa signs MoUs for setting up of eight small steel plants
Bhubaneswar: The Orissa Government has signed a memorandum of understanding with as many as eight private companies interested in setting up small steel plants in the State.

The companies with which agreements were signed are Patnaik Steels and Alloys Ltd, Rathi Udyog Ltd, Viraj Steels and Energy Ltd, Deepak Steels & Power Ltd, Konark Ispat Ltd, Beekay Steel & Power Ltd, BRG Iron & Steel Co. (P) Ltd, and Jain Sponge (P) Ltd.

Speaking on the occasion, the Chief Minister, Naveen Patnaik expressed hope that the plans of the companies would be executed expeditiously. The State Government would provide all necessary assistance, he added.
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29 FDI proposals cleared
New Delhi: The US-based IBM's proposal to set up a wholly-owned subsidiary in India, through its Hong Kong-based subsidiary IBM Products AP Ltd, to undertake trading activities in the country, involving foreign direct investment (FDI) worth Rs65.5 crore was among the various FDI proposals cleared by the Government on Wednesday.

The company would also undertake manufacturing, importing, marketing, distribution and export of IT systems.
The Finance Minister, P. Chidambaram, has approved a total of 29 FDI proposals.

The proposal from the German partner of Nivea India, Belersdorf AG, to set up a wholly owned subsidiary to undertake manufacturing and sale of a diverse range of skin care, personal care products and cosmetics involving FDI worth Rs17 crore was also okayed.

Shriram EPC Ltd's plan to bring in 20.16 per cent foreign equity in the company through the Mauritius-based Uno Investments involving FDI worth Rs30 crore has also received clearance.

The other FDI proposals approved include Brightstar Telecom's application worth Rs5 crore to import telephones, mobile phones, wireless devices, infrastructure and accessories in the telecom sector. Tamil Nadu-based Deft Enterprises' proposal for the manufacture of Indian spices and packaging products involving FDI worth Rs5 crore has also been given the go ahead by the Minister.

Honda Express's plan to invest Rs4.16 crore at its Gurgaon base to set up a wholly-owned subsidiary for logistics services, warehousing and sub-assembly business too has been cleared.
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World Bank releases aid to India
New Delhi: The World Bank has released a $465 million loan to India for reconstruction and recovery efforts in Tamil Nadu and Pondicherry, the areas that were particularly hard-hit by the December 26 Asian tsunami.

This is part of total support of $528.5 million for tsunami recovery operations in India.

The Emergency Tsunami Reconstruction Project is expected to help repair or reconstruct about 140,000 damaged houses in Tamil Nadu and Pondicherry.
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