Cement companies asked to bring down prices by Monday
New Delhi: The Government has asked the cement companies to take steps by May 15 to control rising cement prices. The government said it would take action if producers did not comply.

Kamal Nath, union commerce and industry minister, said the government cannot and will not remain a silent spectator, he said. Nath was referring to the rising prices of cement during a meeting with cement manufacturers and builders association convened on the issue of price hike. The minister had called the meeting after the builders complained of abnormal rise in cement prices during the past five-six months.

The government has also threatened to ban cement exports or impose a cess if cement companies failed to initiate voluntary steps to check prices of cement. Dismissing the arguments of cement makers, Nath said there was a "public outcry" against the steep rise in cement prices.

CMA representatives contended that the price rise was due to increase in costs of coal, electricity and freight charges.
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Rajshree completes acquisition of Trident Sugars
Mumbai: Trident Sugars has become the subsidiary of Rajshree Sugars and Chemicals as the latter has completed the acquisition of the company. Earlier the company said that it would acquire Trident Sugars for an enterprise value of Rs 62 crore, the company informed the Bombay Stock Exchange. Rajshree Sugars plans to acquire and set up two new sugar factories with a capacity of 5000 tcd each at Madhubani and East Champaran in Bihar.

The shares of the company were trading at Rs 185.80, down 0.48 per cent in a weak Mumbai market.
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OVL starts drilling in Iranian block
New Delhi: The overseas subsidiary of Oil and Natural Gas Corporation, ONGC Videsh, (OVL) has started drilling for oil in Farshi offshore block of Iran. The rig was provided by ONGC from its fleet of offshore rigs to enable OVL to fulfill its work commitment in the Farsi block, as OVL was unable to get the rig in the international market.

Farsi block is the first OVL operated project in the Persian Gulf. The offshore exploration block is situated in the Iranian part of Persian Gulf, 90-km from the Iranian port of Busheher, and measures about 6,700 sq km.

Officials said OVL plans to drill a total of four wells, of which three are expected to be oil bearing with relatively shallow target depths of about 2,300 metres and simple well profile, while the fourth well is likely to be with high pressure and would target deeper depth of about 3,400 metres.

OVL holds 40 per cent interest in Farsi block. Indian Oil Corp (IOC) has 40 per cent and the remaining 20 per cent is with Oil India Ltd. The Block was awarded to the consortium in 2002.
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Mauritius firms acquire stake in Assam Co
New Delhi: The government has approved an investment of Rs188.32 crore by three Mauritius-based financial institutions — Mavi Investment Fund, Lotus Global Investments and Invest India Limited — in Assam Co Ltd.

The three FIs will hold 26.64 per cent in Assam Co. The investment will be made in Assam and Nagaland for cultivation, manufacture and sale of tea, said the Foreign Investment Promotion Board (FIPB), which cleared the proposal.

The FIPB today cleared 26 proposals for foreign direct investment which will bring Rs282.71 crore into the country.
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MRTPC restrains Monsanto from charging Rs.900 for Bt cotton seeds
New Delhi: The Monopolies and Restrictive Trade Practices Commission (MRTPC) has restrained US-biotech major, Monsanto from charging the trait value of Rs 900 for a packet of 450 gm for Bt cotton seeds. The Commission said the company indulged in restrictive trade practices, and ordered: "... by temporary injunction the respondent (Mahyco Monsanto Biotech India Ltd) is directed during the pendency of this case not to charge trait value of Rs900 for a packet of 450 grams of Bt cotton seed and to fix the reasonable trait value considering the trait value that is being charged by its parent company in neighbouring countries like China." The company has been given a month to accede to the directive.

For every 450 gm of seeds sold, Monsanto charges Rs1,200 as `trait' charges (a form of royalty charges) from its Indian licensees, which according to the Andhra Pradesh Government was much higher than in the US.
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Apollo Hospitals to raise $115mn through ADRs
Hyderabad: The board of directors of Apollo Hospitals Enterprise has approved a proposal to raise up to $115 million by issuing global depositary receipts (GDRs)/American Depositary Receipts (ADRs) / foreign currency convertible bonds (FCCBs) in the international market.

According to a release issued by the company to the BSE today, the meeting also approved issue of warrants, convertible into equity shares, up to 2.5 per cent of the existing share capital to the promoters/promoter group.
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Lifestyle targets Rs.600-cr turnover
Hyderabad: the Rs 340-crore Lifestyle International, part of the Dubai-based retail chain Landmark Group, is targeting to achieve a turnover of Rs 600 crore this year. The company will be expanding its footprint to cities like Pune, Ahmedabad and Jaipur this year.

Kabir Lumba, president (buying and merchandising) of Lifestyle International, said: "We will touch the Rs600 crore mark this year."

He was in Hyderabad at the launch of Lifestyle's revamped store. The company has used the services of Italian designers for refurbishing the 47,000 sq ft store that has now been divided into three segments - circulation, retail and island. The company has spent approximately Rs7 crore for revamping the store.

According to Lumba, the Hyderabad store performs the best among all the Lifestyle stores in the country.

Lifestyle has 10 stores at present across Hyderabad, Chennai, Bangalore, Gurgaon, Delhi and Mumbai.

The group plans to set up 35 stores in the next three years comprising around 28 Lifestyle stores and around seven home decor stores involve g a total investment of approximately Rs315 crore for the next three years.
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Tata Motors to locate Rs.1 lakh car plant in WB
Kolkata: Tata Motors is planning to set up a plant for its ambitious Rs one lakh car project in West Bengal, according to chief minister Buddhadeb Bhattacharjee.

Bhattacharjee said the company was yet to select the exact site in the state. Industry minister Nirupam Sen said that Tata Motors officials had earlier visited a site in Kharagpur and that officials of the company would further visit sites at Singur near Dankuni, Sankrail and Uluberia.

Sen said that the company would take a decision within 10 to 15 days on the selection of the plant site in the state.
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