ONGC, petroleum ministry sign MoU on production targets
New Delhi: The petroleum ministry has signed an annual memorandum of understanding with ONGC for laying of performance targets for the company during 2005-06 in line with the target set by the task force appointed by the Department of Public Enterprises (DPE).

Further, the target of ONGC Videsh Ltd (OVL) has also been incorporated in the MoU, sources said. The ministry had been requesting ONGC to work out a revised MoU based on the recommendations of the DPE task force and has suggested the inclusion of ONGC's foreign venture and domestic production target for crude/gas, based on the company's own technical assessment in the MoU.

It had also suggested that the expected returns from investments made by ONGC through OVL should be reflected in the memorandum.
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Maxis, Apollo group to acquire Aircel for over US$1bn
New Delhi: Maxis Communications Bhd, the Malaysian mobile company has tied up with Chennai-based Apollo Group to acquire 100 per cent stake in Tamil Nadu-based mobile operator Aircel for over US$1.08bn.

When the acquisition is completed, Maxis will hold a 65 per cent equity stake in Aircel directly while the joint venture company will hold the remaining 35 per cent, Maxis informed the Malaysian stock exchange.

Of the US$1bn, US$280mn will be injected into the company as cash implying a pre-money equity valuation of US$800mn for Aircel. Maxis will have an overall equity interest in Aircel of 74 per cent, the maximum foreign ownership permitted in Indian telecom companies.
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BSNL slashes fixed line rentals, launches lifetime mobile card
New Delhi: Bharat Sanchar Nigam (BSNL) has announced up to 28 per cent cut in tariffs for fixed line telecom services by reducing the monthly rentals.

Under the scheme, BSNL has cut the monthly rental to Rs180 from the existing Rs250 in urban areas and Rs210 in rural areas. With the reduction of rental charges, BSNL revenues would be hit by up to Rs600 crore annually.

BSNL has also launched a pre-paid card with lifetime validity for Rs949, which includes preloaded talk time of Rs99. The local call rates under pre-paid card would be Rs1.60 per minute within BSNL network and Rs2 to other networks. For STD calls, the call rates would be Rs2.40 within BSNL and Rs3 to other networks.
The new scheme comes into effect from January 1.
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Aftek acquires stake in German company for €8.86mn
Mumbai: Aftek Infosys has acquired a 49 per cent stake in Munich-based Arexera Information Technologies Gmbh for €8.86 million.

Aftek Infosys has also gained the right to acquire the entire 100 per cent equity in Arexera based on certain milestones over next 3-4 years, the company informed the Bombay Stock Exchange.
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Jain Irrigation to invest Rs 225 cr on expansion
Mumbai: Jain Irrigation Systems, which manufactures pipes and irrigation equipment, is spending Rs225 crore on capacity expansion. The board of directors took a decision in this regard at its meeting held to discuss and approve the revenue budget and capital expenditure for FY 2006-07, the Maharashtra based company informed the National Stock Exchange.

The company has further approved hike in capacity to process food to 71,200 tonnes a year from the existing 29,650 tonnes.

Similarly, the capacity to make plastic products such as sheets and pipes would be increased to 2,04,000 metric tonnes a year from 1,35,000 tonnes, the company said.

This expansion will be implemented over the next 12 months and most of new capacities will be in place by September 2006, it said.

The board has also authorised the managing director to explore and finalise various options of raising funds.
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Webel-Sl Energy Systems sets up new unit at Falta SEZ
Mumbai: The Kolkata-based producer of solar photovoltaic cells, Webel-Sl Energy Systems, is setting up a new unit in Falta special economic zone here at an estimated cost of Rs120 crore.

The board of directors approved setting up of a 30 mwp solar photovoltaic cells and modules unit by March 2007 at Falta special economic zone, the company said. The board has approved the appointment of P K Roy and S P Bangur as additional directors on the board of the company.

The directors would be independent directors with effect from January 1, 2006.
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Goldiam to open retail outlets
Mumbai: Goldiam International, the jewellery exporter, has decided to foray into the retail business. The company plans to open retail outlets across the country for silver jewellery with American diamonds, the company informed the stock exchanges.

Goldiam International, functioning from premier jewellery manufacturing zone- SEEPZ, has an annual turnover of US$54mn and has a global customer base. Nearly 70 per cent of its annual production is exported to the American market alone, the company said.
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Tata Indicom launches life long scheme validity in pre-paid
New Delhi: Cellular service provider Tata Indicom has launched its lifelong validity scheme in prepaid cards that would allow its pre-paid subscribers to receive incoming calls for life without having to recharge.

The company had no option but to launch life-time validity as all major mobile telephone companies offered a similar scheme to counter Tata Indicom's highly successful two-year validity scheme on prepaid cards, which was unveiled a few months a go.

Tata Indicom's 'Non Stop Life' offer is available for a one-time charge of Rs999, a company statement said here. The offer is bundled with a handset at a starting price of Rs2,199.
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Mumbai to host Oracle OpenWorld in Jan 2006
Mumbai: Oracle OpenWorld the global technology and business conference for customers, partners, business and IT decision makers will be held in Mumbai in January 2006, according to a press release from the company.

Oracle President, Charles Phillips and top industry leaders would attend the conference. Industry leaders attending the Oracle OpenWorld Mumbai Conference 2006 include ICICI managing director and CEO, KV Kamath, TCS MD and CEO, S Ramadorai and i-flex chairman and managing director, Rajesh Hukku.
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Hutch, Airtel offer more schemes
New Delhi: Hutch has launched yet another pre-paid recharge card of Rs2,000 giving full talk time to its subscribers with a validity of one year. Hutch pre-paid subscribers would get full talk time after deducting the tax, Hutch release said.

Airtel on the other hand has announced a discount on international calls for one week and is offering a special festive ILD Rates at Rs7.99 per minute to countries including Australia, Indonesia, Singapore, Thailand, Philippines, Malaysia, Taiwan and Hong Kong.

Reduced rates valid on all calls made from home network between January 01, 2006 to January 7 January an Airtel release said.
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Raghav Bahl transfers over 10 per cent stake in Network 18
Mumbai: Raghav Bahl, promoter of Television Eighteen has voluntarily relinquished over 10 per cent stake in Network 18 (the new holding company), in favour of a trust for the benefit of TV18.

The trust would now hold 10.56 (52,69,533 shares) per cent stake in Network 18 bringing down Bahl's shareholding to 51 per cent in Network 18. According to a press release the trust would, subject to receipt of all regulatory approvals, make a sale of these shares after Network 18 is listed, leading to an efficient price discovery and the cash so raised is then intended to be made available to TV18. Accordingly, plans for an IPO at the Network 18 level have been dropped," said the release.

It has also been decided that Network 18 will divest 2.07 per cent of its shareholding in TV18 in the open market bringing down its holding in TV18 to 51 per cent. The cash raised by this sale would also be made available to TV18.
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