Ace Motors introduces battery powered bikes
Pune: Ace Motors has launched battery operated electric bikes. The batteries can be recharged and enable the bikes to run between 60-70 km for just Rs4.50. The bikes available initially in two models `e-sportz' and `e-trendy', will be manufactured in India with technical assistance from Changtong E Bike Company, one of China's leading electric bike manufacturers.

The managing director of the company Kumar Raval said the bikes are priced at Rs26,250 ex-showroom and run on a DC motor of less than 250 watts with a charging time of 6-8 hours. The bikes can run up to 70 km on one charge. A standard bike will carry up to 100 kg and run on a maximum speed of 25 km an hour, making it ideal for city driving conditions. The company has set up two dealerships in Pune and plans to roll out multiple dealerships in Maharashtra, Gujarat and Karnataka over the next few months.

Raval said that once the company is able to achieve volume sales it would import and install rapid chargers and charge vending machines from Taiwan that will allow users to recharge at convenient points such as petrol pumps.

Ace Motors has invested approximately Rs6 crore in the project which has its manufacturing facility at Pimpri where the company has the capacity to manufacture 2,000 bikes every month.

The bikes are gearless and have electronic start and electronic accelerators which helps save on power consumption. The noiseless and pollution-free bikes do not require licence or RTO registration. Ace Motors currently makes the chassis frame, bulbs and lighting systems while the motor comes from the Chinese partner.
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PTA plant at Panipat refinery commissioned by IOC
New Delhi: Indian Oil Corporation has commissioned a purified terephthalic acid (PTA) plant at its Panipat refinery in Haryana. According to a company statement with the commissioning of this plant, IOC's vision of becoming a major player in the petrochemicals business gets a big leap forward, a company statement said.

The company claimed that PTA produced from the plant would be of superior quality. The product will be used as raw material for manufacturing staple fibre, filament yarn, PET bottles, polyester film, and audio video tapes, for which the market is growing at a fast pace.

Sarthak Behuria, chairman, IOC said, "At IOC, we have identified the petrochemicals business as one of the prime drivers of future growth and to achieve this, we have drawn up an ambitious Rs 30,000-crore master plan. We are using product streams from our existing refineries to achieve better utilisation of the hydrocarbon value chain."

The Px-PTA complex, set up at a cost of approximately Rs4,600 crore, will produce 3.6 lakh tonnes of para-xylene per annum, which in turn will produce 5.5 lakh tonnes of PTA per annum. Over 20,000 tonnes of benzene will also be produced per annum as a by-product from the complex.
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Samsung India aims for 20 pc revenue growth
Kolkata: Samsung India Electronics is targeting a revenue growth of 20 per cent in 2006. Last year the company had a turnover of Rs6,300 crore. The projected growth in revenue would be driven by increased sales of flat and panel televisions, refrigerators and air conditioners.

The company has launched a new range of LCDs "Bordeaux" in West Bengal.

R Zutshi deputy managing director Samsung India said the company had set an export target of Rs150 crore, up from Rs100 crore achieved in 2005. Products manufactured by Samsung India are exported to the SAARC countries, West Asia and Africa.

Zutshi said Samsung India proposes to invest $20 million on line expansion and moulds in the current calendar year. Already, the company has commenced manufacture of LCD televisions at its manufacturing facility at Noida. The company is hopeful of garnering a 50 per cent share of the domestic market for LCD televisions this year.
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Reliance to open multiplexes in malls
Ahmedabad: Reliance Industries group controlled by Mukesh Ambani is giving final touches to its mega retail sector foray and is planning to roll out multiplexes in its bigger malls across the country.

Reliance will kick off the retail venture with its first mall in Ahmedabad, on the already 'mall-busy' SG Highway, by Diwali this year. That will be followed by one mall each in Surat and Jamnagar-where Reliance has its petroleum refinery. The company is planning to set up at least 30 malls spread across 25 cities in Gujarat in the next couple of years. It has already acquired a mill land in old Ahmedabad for a second mall.

What's more, in addition to its chain of malls and super-markets, Reliance is also planning to set up speciality stores, which will sell farm products that include vegetables and fruits.

Reliance may also decide to enter the multiplex arena through a tie-up with one of the existing chains. As some of its malls have significantly large space available, the company has now decided to set up multiplexes as well as food-courts to attract more customers.

Apart from malls, Reliance is also going to set up super-markets and speciality stores. Several super-markets are planned in Gujarat. In the first foray in its speciality stores it is going to set up around 35 outlets specifically for vegetables and fruits in Ahmedabad city alone. These outlets will be in about 2,000 square feet in size and will be taken on leased-rental basis. A state and national level logistics and sourcing system is being put in place for sourcing and transporting vegetables and fruits.

Reliance would invest Rs100 crore in the 2 lakh square feet Iscon Mall coming up on SG Highway. Another Rs75 crore is going to be spent on the Shahibaug mill-mall which is spread over 2.6 lakh square feet.
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Birla, Tata's complete Rs4,406-cr Idea Cellular deal
Mumbai: The Birlas have acquired the 48.14 per cent stake held by the Tatas in Idea Cellular for Rs4,406 crore. After the completion of the deal the Aditya Birla group stake in Idea Cellular has now gone up to 98.3 per cent.

Kumar Mangalam Birla, chairman of Aditya Birla group, said in a release, "The Idea name has come to stand for value and innovation in the eyes of its millions of subscribers. We shall raise the bar and aim that Idea represents the very best across all product and service categories."

As per the earlier announcement by the Birlas, Aditya Birla Nuvo and its subsidiaries, which held about 50.14 per centg stake prior to the deal, will buy an additional 15 per cent and continue to hold about 65 per cent in Idea. The balance 33 per cent stake would be finally placed with financial investors.

This marks the completion of the first part of the transaction with the Tatas. The second part of the transaction, where the Birlas plans to place about 33 per cent stake with financial investors is yet to be completed.
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Jet may drive down price for Sahara
New Delhi: Jet Airways may try and drive down the price it has to pay for Air Sahara. According to the acquisition agreement between the two companies it has to pay $500 million to the Sahara group.

A decision regarding this will be taken in the next 24 hours, before the deadline to conclude the deal expires on the midnight of Wednesday. The board of Jet Airways is expected to meet tomorrow to finalise the course of action — including lowering the bid price or a possible cancellation of the deal.

Surces close to the development say Jet's argument is that Air Deccan, which owns more aeroplanes and has a higher market share than Air Sahara, is valued at about $200 million. On the other hand, Jet is to pay $500 million for Air Sahara, whose entire fleet is leased and which flies fewer routes than Deccan.

Naresh Goyal, chairman, Jet Airways, is personally heading the negotiations with Air Sahara. Jet sources also said Goyal had written to the Air Sahara management earlier this month, expressing unhappiness over the slow progress in integrating the two companies and getting all the regulatory approvals. They said Jet Airways was also unhappy over a number of issues relating to operations, management and finances of Air Sahara.

The deadline for the escrow account, which was extended by three months on March 23, expires tomorrow. Jet Airways had paid a further advance of Rs 500 crore to keep the deal on.
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Gasohol in high demand
New Delhi: Oil marketing companies have started buying ethanol from the sugar industry to mix (dope) it with petrol at a 5-per-cent level, in nine states and four union territories after nearly eighteen months.

This year, the OMCs have already bought 30 million litres at a price of Rs18.75 per litre, and finalised contracts for another 210 million — they need to buy a total of 400 million litres in these areas based on the petrol sales of 8,000 million litres.

In 2003-04, the first year when the government mandated doping, the oil firms were able to buy only half of what they needed. The OMCs alleged that this was due to lack of supplies and relatively poor quality of ethanol, the sugar industry alleges the OMCs are simply not interested and cite tenders for 650 million litres that did not get executed last year.

While the current contracts are being executed at Rs18.75 per litre, the sugar industry is demanding a price of around Rs 25 per litre if the OMCs want an assured supply for a period of three years, with a penalty clause for non-delivery.
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