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Hewitt: India tops pay hikes in Asia
New Delhi: An international study has projected India as the runaway leader across the Asia-Pacific region in rewarding its work force next year with an average increase of 14 per cent in salaries.

China is seen as a distant second, with 8.1 per cent, and shares the position with the Philippines.

Japan is seen as the most parsimonious of the lot, doling out just a 2.8 per cent rise in employee salaries - the lowest in the region.

These are the figures projected for the next year in the preliminary results of the annual Asia-Pacific Salary Increase Survey for 2006 conducted by human resources firm Hewitt Associates.

The average salary increase in India reported in 2004, 13.7 per cent, was the highest in the region. The increase was attributed to a rise in inflation during the year. China had then reported a 7.6 per cent salary increase, behind second-ranked Philippines (8.1 per cent).

Complete results of the survey, which the firm claims are the most comprehensive and detailed study of salary trends and compensation practices of its kind, will be available in mid-October.
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GAIL and Shaanxi Huashan sign MoU for coal gasification project in China
New Delhi: GAIL (India) Ltd has signed a memorandum of understanding with the Shaanxi Huashan Chemical Industry group of China to undertake coal gasification activities in the Shaanxi province.

It plans to invest in conversion of coal to methanol and eventually into petrochemicals, according to a company release. According to the MoU, GAIL will conduct a feasibility study for setting up a coal gasification-based petrochemical plant for production of polyolefins and other products in Shaanxi province. Shaanxi province has abundant quantity of coal, which can be availed at competitive prices.

According to the plan, the two companies will subsequently consider setting up of a joint venture for implementation of the proposed project and to set up distribution and marketing network in China.
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Govt. clears Reliance, Wipro, Biocon SEZs
New Delhi: The government has approved proposals from Reliance, Wipro, Hewlett Packard and Biocon to set up special economic zones (SEZs). The clearance is expected to generate at least 67,000 jobs by March 2006.

The Commerce Ministry's board of approval cleared various SEZ proposals including Reliance's 10,000 hectare SEZ at Jamnagar in Gujarat. The board also approved Wipro's proposal for setting up SEZs in Bangalore, Chennai, Hyderabad, Noida and Pune, official sources said.

Among other proposals that received the government nod include Serum Institute's pharma and biotechnology SEZ in Pune, Hewlett Packard's SEZ for IT and Biocon's biotechnology SEZ in Bangalore.
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VSNL takes over Tata Power Broadband for Rs.239 crore
Mumbai: International long distance and broadband player, Videsh Sanchar Nigam Ltd has acquired a 100 per cent stake in Tata Power Broadband from Tata Power Co for Rs239 crore. Tata Power Broadband is a wholly-owned arm of Tata Power.
After getting the board's approval, VSNL had entered into a negotiated agreement for sale with Tata Power (TPC), under which the telecom firm would acquire Tata Power Broadband (TPBL), VSNL informed the Bombay Stock Exchange.To facilitate the acquisition by VSNL, Tata Power had spun off its broadband division into Tata Power Broadband Co Pvt Ltd in January 2004.

Tata Power Broadband has been functioning as a carrier's carrier by providing a backbone for transporting bulk traffic of other service providers of Internet, data and voice (call centres).

The agreement for sale will be effective after the two sides arrive at a binding share purchase agreement for purchase of the 100-per-cent stake of TPC in Tata Power Broadband, which will become a wholly-owned subsidiary of Videsh Sanchar Nigam Limited.
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BPCL plans to borrow Rs1,000 crore this year
New Delhi: BPCL plans to borrow another Rs1,000 crore from banks and financial institutions in the current fiscal in order to meet its working capital requirements.

Speaking on the sidelines of the launch of the company's first super premium fuel, Speed 97, today, Ashok Sinha, chairman and managing director, said that the company would borrow Rs1,000 crore in the current fiscal and will also raise the capacity of its Mumbai refinery to 2,40,000 barrels per day.

"BPCL is suffering losses to the tune of Rs 400 crore every month as domestic prices of petroleum products have not been increased in line with the spiralling international crude prices," he said. "The company will have to rethink its investment plans. We are committed to our 2005 plans, but for 2006 we will have to re-think."

The company has suffered losses of Rs431-crore during April-June 2005 followed by a Rs400-crore cash loss in July. This was BPCL's first ever loss in a quarter on account of Rs2,100 crore under-recoveries in sale of petroleum products.

Sinha said that petrol is currently being under-priced by Rs 7.45 a litre and diesel by Rs 5.15 per litre. Cooking gas is being sold at a loss of Rs96 per cylinder and kerosene is discounted by Rs12.85 a litre.
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