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Gail India signs MoU with Belgian EXMAR Marine
New Delhi: Gail India has signed a Memorandum of Understanding with EXMAR Marine NV, Belgium, whereby both companies will jointly pursue projects using EXMARs on-board LNG re-gasification technology for import of LNG.

GAIL will also utilise EXMARs logistic expertise for transportation of CNG by ship.
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JSW to expand plant at Vijayanagar
Mumbai: JSW Steel, which is part of the O.P. Jindal group, has signed a contract with Siemens VAI for setting up a 2.8 million tonnes per annum (tpa) blast furnace at its Vijayanagar works in Karnataka.

JSW has a capacity of 2.5 million tpa and is implementing an expansion plan to reach 3.8 million tpa by March 2006. The installation of the blast furnace will take the capacity to seven million tpa by 2008.

The new capacity of 2.8 million tpa will go on stream by 2008. The company has already announced setting up of a ten million tpa steel plant in Jharkhand at an investment of Rs.35,000 crore.

For its Vijayanagar expansion, JSW Steel will incur a cost of Rs5,000 crore with a debt: equity ratio of 1.5:1. The Rs3,000-crore debt portion will be financed through international and domestic markets and the Rs2,000-crore equity portion will be financed through cash accruals, rights issue, public issue, GDR and ADR.

Company officials said they expect capacity in Vijayanagar to reach ten million tpa by 2010-11, while the project in Jharkhand, will also be for ten million tpa by 2012. In total the company is targeting a total capacity of 20 million tpa by 2012.
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Ashok Leyland to invest in IT infrastructure
Chennai: Ashok Leyland has announced that it will invest about Rs20-25 crore every year for the next three years to strengthen its IT infrastructure.

The company said it plans to adopt Enterprise Resource Planning solutions and a custom made customer relations management system to improve efficiency and competitiveness.

The company also said it would make further investments over the next five years for its business plans, which include production of passenger buses and commercial vehicles.
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Wanbury acquires majority stake in Doctors Organic
Mumbai: Wanbury has acquired a 51 per cent stake in Doctors Organic Chemicals (DOCL).

Wanbury informed the BSE today that DOCL has a large USFDA approved facility, and is engaged in selling active pharmaceutical ingredients (APIs) in the US and Europe.

The company said it has acquired the stake from the existing promoters of DOCL in an all-cash deal at an enterprise value of approximately Rs37 crore.
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Hyundai to launch its own ad agency
New Delhi: Hyundai Motor Co will soon launch its own advertising agency in India under which it will consolidate its advertising business.

The new agency Innocean will be based in Delhi, and will commence operations next month. Innocean India would handle the entire creative duties of Hyundai, which generate about Rs50 crore.

Saatchi & Saatchi handles the creative duties for two of the company's brands - Santro and Getz, while Cheil Communications handles the rest of the brands.

In India, Innocean will be headed by a Korean, Y.K. Choi, and its COO would be Vivek Srivastava.
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Ranbaxy to hike stake in Japanese joint venture
New Delhi: Ranbaxy Laboratories (Ranbaxy) is raising its stake in Nippon Pharmaceutical Industry Co (NPI), from the current 10 per cent to 50 per cent.

The company is a joint venture between Ranbaxy and Nippon Chemiphar Co (NC).

NPI now becomes a 50:50 joint venture between Ranbaxy and NC.
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Coke to invest Rs.552 crore in Indian bottling arm
New Delhi: Hindustan Coca-Cola Holdings (HCCH) is making fresh investments of Rs552 crore (US$120mn) in its bottling subsidiary, Hindustan Coca-Cola Beverages (HCCB).

With this investment Coke's holding in its bottling arm will rise from 51 per cent to 100 per cent.

The additional investment will enable HCCB to increase its urban and rural penetration and diversify its range of beverages.
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GAIL unable to pay special dividend
New Delhi: GAIL India has informed the Petroleum Ministry that it would be unable to pay a special dividend this year.

The Finance Ministry is likely to look for other public sector entities in the non-oil sector to mop up revenues of around Rs4,000 crore through special and interim dividends in the current fiscal.

The ministry had earlier asked GAIL to give details on its financial position. In response to this, GAIL said it was unable to consider any special dividend as it has already made commitment towards fresh investments for the current fiscal.
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HCL receives US$100mn order from Autodesk
New Delhi: HCL Technologies has landed a US$50-100mn five-year contract from Autodesk to provide offshore application and data centre services to the American company. The billings for the contract start from February next year and will continue till February 2011.

HCL Technologies won the contract against stiff competition from companies like IBM, HP, Accenture and Affiliated Computer Services (ACS), besides Wipro, Infosys and Satyam.

It is the single biggest order ever received by the HCL group in the remote IT infrastructure management space.

HCL Comnet, a completely owned subsidiary of HCL Technologies, specialising in remote infrastructure management will execute a major part of the contract. HCL Comnet accounted for around 27 per cent of HCL Tech's net sales revenue of Rs3,351.2 crore in year ending June '05.

Under the contract, HCL will provide application and data centre services for business-critical IT applications, including those based on SAP, Seibel, Informatica and others. The agreement covers application administration, software configuration management, monitoring, maintenance, technical support, support tools and utilities implementation.
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Temasek, SpiceJet have a falling out
Singapore: Temasek Holdings Pte Ltd., the Singapore Government's investment arm has decided not to invest in SpiceJet., the low-fare carrier in India that began operations this May, because of a disagreement on terms.

SpiceJet had earlier said that it would sell US$20mn of shares to overseas investors, including Singapore's Temasek Holdings, to fund plane purchases.
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Bharti wants long distance 'level-playing' field
New Delhi: Bharti Televentures after welcoming the decision to increase competition in the long-distance telephony by cutting levies said it would take up the issue of "level-playing" field vis-a-vis new players with the Government.

The company's joint MD and group CFO Akhil Gupta said, "It is a matter of natural justice and established principle that when a new policy welcomes new players, existing players should be ensured of 'no-worse off' situation. So we will approach the telecom minister again on the issue of level -playing field," he said.

Yesterday, the Government announced a steep cut in the entry fee and revenue share of ILD and NLD operators to Rs2.5 crore and to six per cent from the current Rs100 crore and Rs25 crore respectively.

Bharti, Reliance and Tata have paid over Rs1,500 crore as entry fee for the LD licence.

Earlier these three players had asked for about Rs2,800 crore compensation from the Government in case licence fee is cut which the government rejected.
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IEE to expand presence in India
Bangalore: The Institution of Electrical Engineers, the largest professional engineering society in Europe, said it would increase its presence in the country by opening new offices here and in New Delhi early next year.

IEE also plans to organise at least four major international conferences in the country next year, IEE according to director of professional operations Paul Jackson.

In March next year, the organisation will launch a new body, the Institution of Engineering and Technology, following an agreement to join forces with the IIE (Institution of Incorporated Engineers).
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Diamond Cables receives Rs.10 crore order from GUVNL
Mumbai: Diamond Cables said it has bagged an order of Rs10 crore from Gujarat Urja Vikas Nigam (GUVNL) for supply of conductors.

With this order the outstanding order book position of the company stands at Rs160 crore, it has informed the BSE.
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