Reliance Info slashes ISD rates
Mumbai: Reliance Infocomm has slashed ISD tariffs by 45- 69 per cent for calls to countries like the US, Canada, Europe and the Middle East. The rate change is effective for all plans and schemes under pre-paid and post-paid categories.

ISD rates to the US, Canada and fixed phones in Europe, Australia, New Zealand and South East Asia have been cut to Rs6 per minute from Rs14.25 per minute under all One Nation plans. The rate to these countries under all other plans has been slashed to Rs7.20 per minute from Rs12.99-14.25 per minute. The rates to Africa, the Gulf and the Middle East have been reduced to Rs8 per minute from Rs17. 25 earlier under the One Nation Plans.

Under other plans, it has been brought down to Rs9.99 per minute from Rs17.25-19.99 per minute.
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Videocon-GAIL get Oman contract
Mumbai: Indian consumer durables major Videocon Industries is prospecting for oil in Oman. The company informed the stock exchanges on Friday that a consortium that includes GAIL (India), BPCL, HPCL and Oilex of Australia had been awarded Block 56 in Oman for exploration and further development.

Venugopal Dhoot, chairman, Videocon Industries, said, "We already have a production facility in Oman. This is for the consumer durables business. Initially, the investment will be to the tune of Rs250 crore for exploration activities. Once we find oil, this can go up to Rs2,000 crore over the next five years", Dhoot said.

According to him, the Oman foray will give a global reference to Videocon's presence in the oil production business. In June 2005 Videcon had acquired Thomson SA's global colour picture-tube manufacturing business, including units in China, Poland and Mexico for about Rs1,260 crore.
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Maharashtra Scooters to exit geared vehicles
Pune: Maharashtra Scooters informed the BSE that it would stop production of geared scooters form April 2006 since CKD packs are not available. It also informed the BSE that it has completed production of CBU scooters from available CKD (completely knocked down) packs.

Baja Auto has also stopped the production of geared scooters. Sanjiv Bajaj, executive director of Bajaj Auto said that the company would completely stop production of the old geared scooters, the famed Chetak and Super.

The company had been producing about 3,000 Chetaks a few months back and has been seeing a gradual reduction in production as also sales. It has about 2,450 finished units in its closing stock for the fiscal ended March 31, 2006 and is estimating to complete the sales within a couple of months.

On the workforce in Maharashtra Scooters, Bajaj said that options were being discussed among the management and a decision is expected soon.
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Khaitan Electricals allots pref. shares
Kolkata: Diversified electrical products company, Khaitan Electricals has made a fresh equity investment of Rs6 crore to fund its ongoing expansion programme. Sunil K. Khaitan, vice-chairman and managing director of Khaitan Electricals, said ten lakh equity share warrants with a face value of Rs10 have been allotted on a preferential basis to the promoters.

A premium of Rs50 was charged on each share warrant. With this the promoters' stake in the company increased to over 55 per cent from approximately 48 per cent.

Khaitan Electricals well known for its Khaitan branded electrical fans is in the process of launching a wide range of electrical items. The company would like to make itself a one-stop-shop for all types of household requirements.
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Man Industries raises $35mn
Mumbai: Man Industries (India), manufacturer of SAW pipes and coating systems, recently raised $35 million through a GDR offering at Dubai International Financial Exchange. The GDR offering was subscribed over two times. The issue was lead managed by Dubai Bank Ltd and ICICI Securities Inc.
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UB Holdings transfers equity in Aventis to subsidiary
Mumbai: UB Holdings has transferred its holding in Aventis Pharma to Variegate Trading, (recently renamed as Kingfisher Radio Ltd), a wholly owned subsidiary of UB Holdings. The deal size was Rs852 crore and was transacted on the BSE at Rs1,854 per share. Ambit Capital, executed the deal.

The UB Group chief financial officer, Ravi Nedungadi said the transfer of equity was part of the overall restructuring undertaken by the company.

UB Holdings will be the investment arm of all the beverage investments, while Variegate would hold the investments for other sectors, he said, explaining the rationale behind the transfer.
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Zee Tele to acquire 60 per cent stake in Venus group cos.
Mumbai: Zee Telefilms (ZTL) will acquire a 60 per cent stake in Venus Films, Venus Records & Tapes. The acquisition is subject to due diligence and final approval from the board of directors of ZTL. While Venus Films has produced several successful Hindi films, like Josh, Mela, Baadshah, Garam Masala, Kyunki and Hulchul, Venus Records & Tapes has a repertoire 2,500 titles. Venus Films has negative rights of 30 blockbuster films such as Baazigar, Yes Boss and Akele Hum Akele Tum.

Ashish Kaul, senior vice-president, Essel Group, said, "The acquisition will be in synergy with business of Zee Cinema & Zee Muzic. The audio and film rights will strengthen the programming of these channels."

This acquisition will add to Zee's existing library of films. Apart from audio and film rights, Venus has the latest post-production facilities, which will help in enhancing the content value of Zee Network.
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Viceroy Hotels' plans merger of hotels
Hyderabad: Viceroy Hotels' board of directors has approved the draft scheme of amalgamation of the company and other promoter group companies.

The shareholding of the promoter group companies would get fully paid up at 47,83,796 equity shares of the company once the scheme was approved by the Andhra Pradesh High Court and other statutory authorities, the company said.
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NTPC in pact with Petronet LNG
New Delhi: NTPC has signed a memorandum of understanding with Petronet LNG for arranging liquefied natural gas for its stations. The LNG would be used to overcome shortage of gas at the existing gas power stations of the company. The company's fourth unit at Rihand Super Thermal Power (STP) Project will commence commercial operation from April 1. After commissioning operations of the 500 MW unit IV, the total installed and commercial capacity would increase to 2,000 MW at the Super Thermal Power Project, the company told the BSE.
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BEML posts 18.6 per cent growth in turnover
Bangalore: Bharat Earth Movers (BEML) has posted an 18.6 per cent growth in sales turnover, posting a provisional Rs2,201.65 crore (Rs 1,856 crore) for the year ended March 31. It expects to close the current fiscal with sales of Rs2,500 crore, going by an order book worth Rs2,550 crore. Net profit was Rs184 crore (Rs172.57 crore). Profit before tax was Rs280 crore (Rs272 crore). Exports closed at Rs63 crore, lower than the anticipated Rs100 crore. All divisions had broken even for the first time in 40 years.

BEML has announced a foray into - into contract mining, engineering design software solutions, and trading in non-BEML products. The Defence PSU said that it was entering the lucrative coal contract mining business through a three way joint venture. In this venture BEML would pick up 45 per cent equity while an unnamed Hyderabad-based domestic mining company would take 46 per cent and an Indonesian player 9 per cent, V.R.S. Natarajan, chairman and managing director BEML said.

The joint entity would have an authorised capital of Rs100 crore. Pending the Centre's approval, the consortium has over the last few months made half-a-dozen expressions of interest for de-blocked coal areas in several States, Natarajan said.
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MRTPC hauls up Tata Motors
New Delhi: The Monopolies and Restrictive Trade Practice Commission (MRTPC) says Tata Motors is guilty of adopting unfair means to sell Tata Indica.

Issuing a 'cease and desist order' to the company, a division bench of MRTPC said that charging the entire showroom price as booking amount including sales tax, excise duty etc from applicants, was unjustified and "definitely prejudicial" to the interests of the customers.

Tata Motors had collected Rs3216.45 crore by undertaking bookings for the cars, before the commencing of its production, in 1999.

The commission said, "The sales tax should be transferred to the government accounts immediately as and when it is realised," the commission observed.

A Tata Motors spokesperson said that the company has received the MRTPC order and would take appropriate steps.

A complaint filed by three applicants said Tata Motors had issued an advertisement for the booking of Indica cars from January 17 to January 23, 1999, according to which the entire showroom price was to be deposited at the time of booking. The complainants said the company through its 50 dealer outlets all over the country had booked 1,13,768 cars against the proposed delivery of 60,000 cars , thus collecting Rs3216.45 crore, they stated.

According to them, the company had no right to charge the entire price along with excise duty, sales tax and transportation charges prior to commencing of the production of the cars.

Tata Motors, however, said that it didn't anticipate the overwhelming response for its cars in view of other indigenous manufacturers.
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Reliance Retail in pact with Himalaya Drugs
Mumbai: With the key management team in place, Reliance Industries is in the process of identifying players and products for the retail space. In this regard RIL has entered into a tie up with Bangalore-based Himalaya Drugs for lifestyle drugs and nutritional products.

Sources said Reliance' retail venture would soon sign up with a host of other companies in the areas of food and food supplements, consumer durables and cosmetics.

Himalaya Drugs is one of the largest players in the herbal-based lifestyle drugs and nutritional supplements sector in the country. It has a significant presence in the export markets (the Middle East in particular) through leading retail chains, and has over 90 exclusive retail stores across India. These outlets offer 180 branded herbal products, ranging from pharmaceuticals to head-to-heel personal care and veterinary therapeutics.

Himalaya Drugs' retail outlets also serve as information centres where trained managers answer customer queries on its healthcare products. They are electronically linked to a CRM cell, which is assisted by doctors.

Himalaya Drugs had tied up with several leading retail chains in the country and abroad including Big Bazaar, Food World Supermarkets, Spencers, Nilgiris, MKRetails, Shoprite, Giant, D Mart, Ebony, Vishal Mega Mart, Salasaar Bazaar, Lifestyle and Big Shopper. Its tie up with pharmaceutical retail chains includes that with Pill & Powder, Apollo Pharmacies, Medicine Shoppe, CRS Health, Medisource, Health & GLow, Guardian Lifecare and 98.4.
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