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Hero Honda launches bike, scooter
New Delhi: Hero Honda has launched a new motorbike and a gearless scooter.

Hero Honda has launched its first scooter `Pleasure', to grab a share of the fast growing gearless scooter market. The company also launched a 150cc bike `Achiever' which will directly compete with Bajaj Auto's Pulsar.

The 102cc scooter would be launched in mid-November and its price would also be announced around that time.

Hero Honda is targeting to sell around one lakh scooters from December 2005 to December 2006. The technology for the scooter's engine has been procured from Honda Corp for which the Japanese company will be paid a royalty.

"The scooter would be manufactured at the company's Gurgaon plant. Production of the four-stroke scooter would be according to the market demand. The scooter is especially targeted at women.

Achiever has been priced at an introductory Rs47,900-Rs52,700 (ex-showroom Delhi) keeping in view the festive season. The company is providing a discount of Rs 1,001 on its vehicles in this period.

This is the third motorcycle from the company's stable this calendar year.
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Radico to set up grain-based distillery unit
Mumbai: Radico Khaitan is setting up a distillery at its existing facilities at Rampur to manufacture grain-based potable spirit. The distillery will have an output of 27-million litre per annum The grain spirit distillery will be operational by December 2005.

The strategy will make the company self-sufficient in molasses, grain and malt spirits besides creating the potential to market the surplus in India and abroad. It will also result in the company not depending on molasses spirit only in the future.
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GIPCL's plans Rs 275cr IPO
Mumbai: Gujarat Industries Power Company (GIPCL) is coming out with an initial public offering (IPO) to raise Rs275 crore to fund its expansion plans.

The issue will open on October 13 and close on October 19.

Of the total issue, Rs75 crore is reserved for the promoters, and the balance Rs200 crore would be offered to the public according to company officials.

The company's expansion plans include setting up a 250mw, lignite-based power plant at Nani Naroli near Surat, and a project to develop a captive lignite mine at an estimated total cost of
Rs1,448 crore.

GIPCL is promoted by Gujarat Urja Vikas Nigam, Gujarat State Fertilisers and Chemicals, Gujarat Alkalies and Chemicals and Petrofils.
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GAIL to begin LPG marketing from April 2006
Chandigarh: Gas Authority of India (GAIL) said it would begin marketing and distribution of LPG across the country from April 1 next year.

GAIL is in choosing a brand for its LPG retail business and has roped in McKinsey as a consultant.

According to the company consumers can expect the company's LPG to be cleaner and greener with lesser hydrocarbons.

The company is also planning to set up a Dadri-(U.P.)-Panipat (Haryana) -Sangrur-(Punjab)- Nangal gas pipeline for gas-based industries, city gas distribution and CNG for socio-economic benefit of Haryana and Punjab with an investment of over Rs2,500 crore.
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LML cuts prices of Prima, Beamer
New Delhi: Kanpur-based two-wheeler manufacturer LML has announced a cut in prices of its two motorcycle models 'Prima' and 'Beamer' by Rs2,400 and Rs1,944 respectively in view of the upcoming festive season.

After the price cut the 125cc Prima will be available for Rs40,200 (ex-showroom Delhi), and 150cc Beamer will be available for Rs48,777 (ex-showroom Delhi).

The new price will be applicable at all dealerships across the country, it added.
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Jet Airways hikes fares by 10 per cent
Mumbai: Jet Airways has hiked fares on domestic route by 10 per cent. The hike comes into force from October 14 according to a company spokesperson.

The price increase will be applicable on all fares including economy and business class rupee fares. There will also be a proportionate increase in other fares such as 'promotional excursion and check fares', the spokesperson said.
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Intel developing 'community PC'
Bangalore: Intel India is developing a 'community PC' which will provide internet access in rural and remote areas where the company hopes to tap a large market. The PC will be launched by the year-end.

The community PC is being piloted in 10 locations in India.

According to the company, the community PC can function through the use of a car battery as its back-up energy supply, as electricity supply was sporadic in many rural parts of India.

In addition, to meet the conditions of rural environs, the computer contains special screens and filters to reduce the amount of dust and insects that can enter the box and impact reliability.
The computer has also been designed to handle extreme heat conditions — more than 38 degrees Celsius.
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British India Corp to be rehabilitated
New Delhi: The union cabinet has approved providing an additional allocation of Rs 47.35 crore for rehabilitating British India Corporation, Kanpur.

The allocation is for payment to the Uttar Pradesh government to secure conversion of lease-hold lands into free-hold to be paid in eight quarterly instalments.

BIC would now be able to sell these assets and generate resources for paying the secured creditors and for implementing the rehabilitation scheme sanctioned by BIFR.
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Government considers hiving off ONGC Videsh into separate entity
New Delhi: The government is considering hiving off ONGC Videsh, from Oil and Natural Gas Corp (OVL) into a separate entity to be owned jointly by public sector oil firms.

OVL has properties in 13 countries and is a 100 per cent subsidiary of ONGC. It competes with other state owned such as Indian Oil Corp and GAIL for global upstream projects and sometimes sends confusing signals to oil-rich countries as to who represents India.

Petroleum minister, Mani Shankar Aiyar, has suggested restructuring OVL into a single special purpose delivery vehicle that would compliment the oil diplomacy frenzy he has unleashed during past one year.

Aiyar believes OVL is 'poorly' staffed and cannot complement Aiyar's efforts adequately in oil diplomacy.

Aiyar is suggesting that OVL be restructured on the lines of Petronet India and be jointly owned by ONGC, IOC, GAIL and Hindustan Petroleum Corp.
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TN signs agreement with Flextronics for Sriperumbudur facility
Chennai: The Tamil Nadu government has signed an agreement with Flextronics, a Fortune 500 company of the US, for setting up an electronics goods manufacturing facility in Sriperumbudur, near Chennai, at an investment of Rs430 crore spread over five years.

The facility coming up at the SIPCOT industrial park, would manufacture electronic products for leading brands. Flextronics is a leading Electronics Manufacturing Services (EMS) provider.
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M&M to set Rs 1,100-cr SEZ in Jaipur
Jaipur: Mahindra & Mahindra plans to set up a special economic zone at Jaipur that is projected to attract investments of Rs1,100 crore and create direct employment for 100,000 people and indirect employment for 120,000-150,000 people.

A special purpose vehicle, Mahindra World City Jaipur, formed by Rajasthan State Industrial Development & Investment Corporation and Mahindra-Gesco Developers will execute the SEZ. The SEZ will be spread over 3,000 acres. Its first phase of 129 acres will be completed in six months.

Progeon, the business process outsourcing arm of Infosys Technologies, has become the first client of this SEZ. It will take up 100,000 square feet.

M&M already has an SEZ in Chennai spread over 1,400 acres in partnership with Tamil Nadu Industrial Development Corporation.

The company is planning to set up two more SEZs, one each in western and eastern India.
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GM cancels bid for Daewoo's assets
General Motors has cancelled plans to buy Daewoo Motor India's car plant at Surajpur in Uttar Pradesh due to extreme delays on the part of the government in reaching an out-of-court settlement with the lenders to the plant and Arcil, an asset reconstruction fund overseeing the sale.

ICICI Bank, Industrial Development Bank of India (IDBI) and Exim Bank were the three main lenders to the project with an exposure (principal amount) of over Rs1,000 crore. Both ICICI Bank and Exim Bank have sold their exposures to Arcil.

IDBI has transferred its exposure to the stressed assets stabilisation fund — a new unit created to take over the bank's non-performing assets.

Even though Arcil received an order from the debt recovery tribunal in March, which allowed it to auction the plant, the government stalled the move by securing a stay from the Bombay High Court.

The government is claiming around Rs1,500 crore (Rs600 crore of principal amount plus interest) sin customs duty, which was waived for importing machinery for the Daewoo facility in UP under the export promotion credit guarantee scheme in mid-1990s.

General Motors India had plans to introduce a small car, Chevrolet Spark, by using the production facility of Daewoo. General Motors had announced that it would spend a few hundred million dollars to refurbish the Daewoo plant in order to make it suitable for Chevrolet Spark production.
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