Caparo group commissions Delhi plant
New Delhi: Caparo group promoted by UK-based Lord Swraj Paul, has commissioned its plant near Delhi. The plant has been put up with an investment of Rs25 crore. This is the third plant of the joint venture company, a statement from the firm said.

The company has four running plants in India with a total turnover of Rs250 crore at present. The group is targeting a turnover of Rs1,000 crore by 2008.
Mervyn King, the governor of the Bank of England, in the presence of Lord Paul, inaugurated the sheet metal stamping plant near Delhi, which is part of the joint venture Caparo Maruti Ltd.

Further the company has announced an investment of Rs325 crore for setting up four facilities in Chennai. The UK-based Caparo group has four plants running in India with a total turnover of Rs250 crore at present. The group is targeting a turnover of Rs1,000 crore by 2008.

The Group is setting up the four facilities for sheet metal automotive components, aluminium foundry, a research centre for tool manufacturing and steel forgings. The company has an eye on the domestic as well as international markets.

The company has a plant in Gurgaon and another in Halol, Gujarat for sheet metal automotive components. It supplies to all leading vehicle manufacturers including Maruti Suzuki, General Motors, Tata Motors, Honda Motorcycle and Hero Honda.
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Tata Tea to foray into China
Kolkata: Tata Tea is foraying into the $1.3 billion Chinese market by investing in a green-field beverages project.

R K Krishna Kumar, vice-chairman, Tata Tea said the details of the project were being worked out after which it would be placed before the Tata Tea board for approval in six months time. He said the proposed project would be in the health drink sector.
China is a big producer of green tea and has a massive domestic market of green tea drinkers.

Kumar reiterated Tata Tea's plans of exiting the plantation business saying that the company would follow the same model in north India as it has done in south India. The company would exit from a joint venture plantation business in Sri Lanka. Tata Tea had announced to exit from plantation last year and subsequently had transferred its 17 tea estates in south India to a private limited company to be formed by employees.

The company has 24 tea estates in north India, of which 20 are in Assam and four in Dooars in north Bengal.
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Tata Motors to sell Indica on its own in overseas markets
Kolkata: Tata Motors plans to market the mid-size car Indica on its own after its tie-up with MG Rover Group broke off. In 2003 Tata Motors and MG Rover group had entered into an agreement for the marketing Indica cars under the 'City Rover' brand in the UK and Europe.

But with the UK partner's business plunging into a crisis, the agreement fell through last year and Tata Motors had been selling Indica cars in these countries on its own.
R Gopalakrishnan, director, Tata Sons said the company planned not to search for a new partner in the UK and there was no possibility of reviving ties with the Rover group as it had plunged into a crisis.

Tata Motors is also looking at the South African market in a big way.
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AML Steel to set up plant in Jharkhand
Mumbai: Chennai-based AML Steel is planning to set up an integrated steel plant having two million tonnes per annum steel manufacturing capacity in Jharkhand.

To be implemented in three phases, the first phase of the project has already commenced with an investment of Rs114 crore.
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Matrix Lab to acquire firm in South America
Mumbai: Pharma research company Matrix Laboratories is acquiring a contract research company in South America for $60 million. An announcement to this effect would be made soon market sources said here.

On January 30 this year, Matrix decided to raise $200 million via GDR, ADR, FCCB or shares on preferential basis, or a combination of both. The sources said part of this amount will be used for the acquisition while the rest of the amount would be used for the repayment of its term loan.
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SIEL to sell edible oil unit to SEOL
Mumbai: The Siddharth Shriram-promoted Siel has decided to sell a unit of the company Siel Foods & Fertilizer Industries (SFFI), engaged in the edible oil business to its wholly owned subsidiary Siel Edible Oils (SEOL) for Rs3. 08 crore. The consideration of Rs3.08 crore would be paid through equity, by issuance of SEOL's 30.80 lakh shares of Rs 10 each to the company, SIEL informed the stock exchanges.
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Polar to allot 70 lakh warrants on a preferential basis
Mumbai: Polar Industries' board of directors has approved the allotment of 70 lakh zero coupon convertible warrants (ZCCW) on a preferential basis to promoters and strategic investors the company informed the Bombay Stock Exchange.
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Petron Engineering gets contract from BHEL
Mumbai: Petron Engineering Construction has received a Rs 5.76 crore order from Bharat Heavy Electricals Ltd (BHEL) for constructing, testing and commissioning power cycle piping and auxiliary piping, supply and application of painting for four 2x500 MW units at Sipat IPP, Chhattisgarh State, the company informed the Bombay Stock Exchange.
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Carborundum acquires Canadian company
Mumbai: Carborundum Universal has acquired the Canada-based Abrasive Enterprise Inc (AEI) for C$2.25 million through its wholly owned subsidiary, CUMI Canada Inc, Carborundum informed the Bombay Stock Exchange. With this acquisition, CUMI will be able to exploit the North American markets with its range of bonded and coated abrasive products, it said.

AEI, a manufacturer and converter of coated abrasives and other products, has a turnover of C$6 million.
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ONGC says no pact with GAIL
New Delhi: ONGC said it has not reached any agreement with GAIL to sell gas produced from Panna-Mukta and Tapti fields beyond March 31.

ONGC chairman and MD, Subir Raha said the company has requested the Government to allow it to sell gas directly to customers rather than going through a middle man.
Raha refuted claims made by GAIL that an agreement has been reached between the operators of Panna-Mukta and Tapti fields and GAIL to continue selling gas from the fields next fiscal also.

Raha said, "GAIL is charging $0.10 to 0.20 per million British thermal unit as marketing margin and we see no logic why the customer should pay such a commission when we can sell the gas to them directly," he said.
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GE receives $300 million engine order from Jet Airways
Mumbai: Jet Airways has given a $300 million order to US aero-engine major GE for supplying engines to power the Mumbai-based airline's Airbus A 330-200 fleet.

Jet Airways has selected GE's CF6-80E1 engines that will power Jet Airways' 10 Airbus A330-200 aircraft. The delivery is scheduled to begin in 2007, said a release.

The airline currently operates a fleet of 42 Boeing 737 aircraft as well as three A340 aircraft. These aircrafts are powered by engines from CFM International, a joint venture company between GE and its French counterpart, Snecma. Jet Airways had ordered 10 GE90-115B-powered Boeing 777-300ER aircraft at the Paris Air Show last year.

GE's CF6 engines have flown more than 115 million hours, which is more than any other high-bypass turbofan engine family.
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Spicejetgives aircraft order to Boeing
Singapore: Low budget carrier, Spicejet has ordered 10 aircraft from Boeing Company (BA) and has taken an option to order another 10. The order is for five 737-800 series planes and five 737-900ER series planes. The 737-900ERs have a list price of about $70 million each.
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PSU fuel cos run at loss
New Delhi: Public sector oil marketing companies are showing losses of Rs2,898 crore in the first nine months of the current financial year, the petroleum minister, Murli Deora informed the Rajya Sabha.

The combined profits of Indian Oil Corporation, Hindustan Petroleum Corporation, Bharat Petroleum Corporation and IBP have declined from Rs10,818 crore in 2003-04 to Rs7,193 crore in 2004-05. He said that the Government earned Rs46,041 crore revenue from the petroleum sector in the first nine months of 2005-06 against Rs56,395 crore in 2004-05 and Rs.50, 733 crore in the previous year.
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i-flex' lending solution implemented by ACC Consumer
Mumbai: i-flex Solutions that provides software solutions to the financial services industry, said its wholly-owned subsidiary SuperSolutions Corporation's daybreak lending suite has been implemented by ACC Consumer Finance for providing loan servicing and collections management for their automobile portfolio.

Daybreak is a comprehensive lending system that automates all aspects of financing for the consumer lending industry i-flex said.
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Oracle to set up a lab for embedded systems
New Delhi: IT biggie Oracle us setting up an innovation lab for embedded technologies in India. The company launched an embedded business unit in India to create the market for the systems. Along with India, the business unit has been set up today in Japan and other markets of Asia Pacific.

Mark Barton, vice-president, embedded business unit, Oracle, Asia Pacific and Japan, said, the company's innovation lab in India would come up soon. The company already has such labs in China and Japan and has another one coming up in Korea.

Oracle India Managing Director, Mr Krishan Dhawan said "The lab would come up in Bangalore or Hyderabad where the company has its development centres. "The lab will help our partners in this initiative (embedded technologies)," he said. The innovation labs would enjoy close development links with Oracle research and development centres in the US.

Embedded systems comprise a microprocessor that has software written on it for undertaking specific tasks. The market for embedded software is expected to touch $25 billion in 2003-04. India's exports of embedded system and software stood at $1.6 billion, a jump of 44 per cent as compared to previous year.
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Titan launches Xylys watch brand: plans distribution of foreign watches
New Delhi: Titan Industries has launched its Swiss made premium watches brand 'Xylys in India.'

The company is also planning to distribute imported watch brands in India and is in talks with two foreign fashion watches brands for distribution. The company already has a distribution tie up with Tommy Hilfiger for distribution.

Xylys watches are manufactured in Switzerland and retail prices for the watches in India range between Rs10,000 up to Rs33,000. Xylys watches in India would be positioned in the premium bracket and would compete with international brands including Tissot, Rado.
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RCVL registers Rs310 crore profit in Q3
New Delhi: Just before it was listed Anil Dhirubhai Ambani Group company announced a net profit of Rs310 crore for Reliance Communication Ventures (RCVL) for the third quarter ended December 31, 2005, significantly higher than the net profit of Rs51 crore announced by Reliance Infocomm for whole of the last year before the company was transferred to Anil Ambani as part of settlement with his elder brother Mr Mukesh Ambani for division of Reliance empire.

The results are for the period prior to the announcement of restructuring and de-merger of the group.
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Toyota launches new Innova variant
New Delhi: Toyota Kirloskar Motor has launched its popular multi utility vehicle Innova in a new variant G4.

The 8-seater 2.5 litre diesel G4 variant is priced Rs8.56 lakh and 2.0-litre petrol is priced at Rs7.96 lakh while 7-seater G4 2.5 ltr diesel comes at a tag of Rs8.50 lakh (ex-showroom Delhi).

According to the company the new 8 seater version in V Grade is primarily aimed at families who prefer closeness to exclusivity. The company has introduced 7 seaters in other variants to meet differing needs of customers.

In addition to the new variant, TKM has also introduced 7-seater models in entry-level and mid-level variants, while introducing 8-seaters in high-end Innovas, a company statement said.
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Xenitis to bring Chinese bike to India
Kolkata: The Xenitis Group has announced a two-wheeler project in West Bengal in technical collaboration with Chinese company, Guangzhou Motors Company. The project will cost between Rs 200 and Rs 300 crore and will be located at Chinsura in Hoogly district.

Xenistis group chairman Satanu Ghosh said, "The company will unveil the motorcycles under the brand 'Xoom' in mid April on Bengali new year's day." The motorcycles will be produced in three variants — 100cc, 125cc, and 150cc. This is the second two-wheeler project announced in the state after Indonesian Salim Group's two-wheeler project at Howrah.

Initially the bikes will be imported in semi-knocked down form.
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Ford launches new Ikon Flair
New Delhi: Ford India has launched its new 2006 Ford Ikon Flair. Targeted at young professionals, the new 1.3 litre Ikon Flair boasts of a host of sporty features and comes priced at Rs4.69 lakh (ex-showrom Delhi)
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Siemens to pick up 50 per cent stake in Flender for Rs65 crore
Mumbai: Siemens has entered into an MoU with Babcock Borsig to acquire 50 per cent stake in its company Flander for around Rs 65 crore. Flender, a leading player in the industrial gearboxes segment, is a joint venture between Flender AG and Babcock Borsig. Babcock Borsig Ag & the Williamson Magor group each hold 50 per cent equity stake in Babcock Borsig.

Siemens' managing director J Schubert said, "The acquisition of Flender is yet another step in our investment-led growth strategy. This new business will support our portfolio, especially in the drives and motors segments."

Flender will now be a Siemens company in India.
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Volvo opens technology centres
Mumbai: Volvo the Swedish truck and bus maker has opened a new technology centre called Volvi IT and a product development unit Volvo 3P in Bangalore. The company plans to step up sourcing of services from India as business expands.

Volvo 3P plans to make India a base for development of Volvo trucks, while Volvo IT will step up sourcing of services from India, the company said.
Anders Ydergard, senior vice president, Volvo 3P said, "The Volvo group's business is expanding in Asia and we see the strengthening of our activities here in Bangalore as a way to support this growth."

Volvo IT employs 320 people and will add more as required.

India is increasingly becoming a key market for the Volvo group, not only as a market but as a sourcing hub, said Eric Leblanc, managing director of Volvo India.
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NBCC to venture into power projects
Kolkata: Public sector construction company National Building Construction Corporation (NBCC) is planning to diversify into the power sector soon.

NBCC chairman and managing director Arup Roy Choudhury said the company has decided to venture into developing power projects in a joint venture with state governments and is talking to state governments of Gujarat and Jammu & Kashmir for 100 to 150 MW small thermal power plants. The projects are expected to be finalised soon he said.

The final equity holding pattern has not yet been finalised, but NBCC might hold either 49 or 50 per cent. NBCC is also talking to a private company in Ahmedabad for building a captive power plant.
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Kingfisher Airlines gets award
Bangalore: Kingfisher Airlines has bagged the Service Excellence award for a new airline by Skytrax, a UK-based independent research and quality evaluation agency for the world air transport industry. This comes after The Centre for Asia Pacific Aviation in December 2005, voted it as the Best New Airline in 2005 in the Asia Pacific and Middle Eastern Region.

Skytrax carries out the world's largest airline passenger survey that covers areas of airline industry that provide passenger with an above average standard for innovation, quality product and service achievement, a release said.
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Idea wins GSM Association Award
New Delhi: Idea Cellular has won the prestigious GSM Association award, at the 3GSM World Congress in Barcelona, Spain presented by the GSM Association and is the only Indian GSM operator to have ever won the award since the establishment of the awards in 1995.

The award was presented for Idea Cellular's unique "Bill Flash" service in the "Best Billing or Customer Care Solution" category against stiff competition with International nominees like Orange Communications (SA), Bitfone Corporation (California), MegaFon (Moscow) and T-Mobile (UK) Limited.

"Bill Flash" is a USSD based application wherein the customer dials a five digit string (eg *111# in Delhi) and gets his 'Unbilled Amount and Billing Information' as a flash on his handset screen within 30 seconds - even while roaming!

GSM Association Awards are considered to be the most respected Awards in the Telecom World. The GSM community accounts for 75 per cent of the digital mobile phone market worldwide.
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