Tata Sky aims to hike subscriber base
New Delhi: DTH service provider Tata Sky is aiming to hike its subscriber base to one million and plans to invest Rs3,000 crore to achieve this.

The company has attained 5 lakh subscribers since its launch in August 2006 and targets to achieve the target of one million users in the next few months. The company plans to invest a total of Rs3,000 crore to establish itself as a major player in the DTH market and of the total it has already invested over Rs1,000 crore. The company said it will take about 5-7 years to break even.

For the cricket World Cup Tata Sky is offering a free subscription for the next three months and has roped in actor Hrithik Roshan for its new marketing campaign where select viewers would get to watch the World Cup final match with him.
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Samsung eyes business expansion in Sri Lanka
New Delhi: Samsung has appointed Singer Sri Lanka as its national distributor for retailing its consumer electronics products in the country.

Samsung India deputy managing director Ravinder Zutshi said the appointment of Singer Sri Lanka as its national distributor was to enhance its footprint in the country.

The Sri Lankan operations fall under the Samsung South West Asia Regional Head Quarters in New Delhi.

Samsung, which is seeking to consolidate its market shares in all existing product categories in Sri Lanka this year, is targeting a 40 per cent market share in Flat Televisions and a 50 per cent market share in Flat Panel TVs.

The company plans to introduce its newest, advanced technology products like Ultra SlimFitTM TVs and new series of LCD TVs in Sri Lankan market soon. The company's new manufacturing facility in Sriperumbudur, Chennai, would allow the company to customize products for the Sri Lankan market and ensure faster response to the needs of customers.
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Ranbaxy gets regulatory approvals for Terapia
New Delhi: Ranbaxy Laboratories' Romanian subsidiary Terapia has received manufacturing and import authorisation from the country's regulatory agencies as per European Union norms.

Terapia-Ranbaxy has been given a go ahead for batch testing and release for products manufactured outside EU following the inspection carried out by Romanian Regulatory Agency in early February, Ranbaxy said. The authorisation aligns quality systems in Terapia-Ranbaxy with EU norms, paving way for the company to strengthen its position in European market it said.

The company intends to transform Terapia-Ranbaxy into a strategic regional hub for its operations in Europe. Ranbaxy had acquired Terapia, Romania's largest generic firm, for about $330 million last year.
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Hutchison likely to sellout to Orascom in other emerging markets
New Delhi: Hutchison Telecom, which recently sold its India unit to UK mobile giant Vodafone, may sell its assets in other emerging markets such as Thailand to Egyptian firm Orascom, Chinese daily 'The Standard' said, quoting investment bank UBS.

HTIL may sell its business in Indonesia, Thailand, Vietnam and other emerging markets to Orascom and its Hong Kong business to its parent firm Hutchison Whampoa.

The daily, which is published from Hong Kong, said HTIL might grab the opportunity to sell its assets in developing markets to Orascom Telecom, which holds a 19.3 per cent stake in the company.
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FDI cleared for Sun TV's DTH
New Delhi: The Government on Thursday gave its nod to a foreign direct investment (FDI) of $150 million (Rs675 crore) in Maran family-run Sun TV's ambitious direct to home (DTH) service project.

The Cabinet Committee on Economic Affairs gave its approval for issuance of equity shares to Mauritius-based South Asia Entertainment Holdings Limited (SAHEL), the Finance Minister Mr P Chidambaram said after the meeting.

The investment will constitute 20 per cent of total issues subscribed and paid up capital of the company amounting nearly $150 million from time to time, he said. The approval will be subject to guidelines issued by the Ministry of Information and Broadc asting, he added.

Sun TV is promoted by Mr Kalanidhi Maran, brother of Communications and Information Technology Minister Mr Dayanidhi Maran.
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McDonald's to adopt franchise models in North India
New Delhi: With a view to penetrate deeper into India's growing food and beverages segment, fast food chain McDonald's is considering adopting franchise model in its North India operations by 2008.

"We are studying the franchising sector in India to identify the right kind of people and opportunities suitable for a business model like McDonald's and hope to launch franchise programme by 2008,'' Managing Director Connaught Plaza Restaurants Vikram B akshi said.

Currently, in its North India operations the McDonald's has 61 outlets, run by a 50:50 joint venture between McDonald's International and Connaught Plaza Restaurants.

The company plans to open another 25 joints in this year and invest Rs400 crore over the next three years.

"We would invest Rs400 crore in next three years to increase presence in the smaller towns and cities and are looking at doubling our sales every three years," Mr Bakshi said.

Besides the existing range of fast food, which it offers, the company would by the end of this year bring in the concept of McCafes to India.
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Jindal Saw gets order worth $355 million
Mumbai: Jindal Saw Ltd said on Thursday it received an order worth $355 million for supplying saw pipes to a US-based customer.

Shares in the company, which rose as much as 505 rupees on the news, were later trading up 3.5 per cent at 496.50 rupees in the Mumbai market.

The company said it expected to complete the order by March 2008.

The contract would increase the Indian firm's order book to more than $1.50 billion, it said in a statement.
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House of Pearl buys UK warehouse facility for £2.4 million
Mumbai: House of Pearl Fashions on Thursday said it has acquired a warehouse facility spread on 43,000 square feet in Milton Keynes with an investment pegged at £2.4 million. With the latest warehouse, the total storage capacity of the company through its subsidiary Poeticgem would be over 90,000 square feet, House of Pearl informed the BSE. The company said it has invested over £2.4 million for the acquisition of warehouse facility - mostly through internal accruals and debt. House of Pearl said its present garment handling capacity would be enhanced to 3 million pieces with the newly acquired warehouse - from the existing 2 million pieces.
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Reliance, BPCL may buy Cairn crude
New Delhi: Private sector refiners Reliance and Essar Oil and state-run firms Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have evinced interest in buying Cairn India's Rajasthan crude oil that will begin flowing from 2009.

BPCL has evinced interest in making Cairn's Rajasthan crude for its upcoming Bina refinery in Madhya Pradesh. It has said it can take up to 100,000 barrels per day (bpd) in the 6 million tonnes Bina refinery, an industry source said.

Reliance wants 30,000 barrels per day for its existing Jamnagar refinery and a similar quantity in the upcoming refinery of Reliance Petroleum. Essar Oil can take between 30,000 and 40,000 bpd crude in its Vadinar refinery.

BPCL and HPCL can taken 30,000 bpd Rajasthan crude in their Mumbai refineries after a pipeline is laid from Barmer district in Rajasthan to a port on Gujarat coast, from where the oil can be shipped, the source said.

Cairn and its 30 per cent partner ONGC plan to lay a 340-km line to Indian Oil's (IOC) Viramgam pipeline terminal in Gujarat. Viramgam is connected by pipelines to IOC's Koyali and Panipat refineries, which can also be potential customers of Rajasthan cr ude taking 20,000 bpd each.

Smaller pipeline can be built to the coast, or Jamnagar where Reliance Industries and Essar Oil have refineries. Rajasthan fields at peak can produce 150,000 bpd of oil.

The source said BPCL wants a small spur line from the pipeline to Viramgam to connect to the crude oil pipeline being laid from Gujarat coast to Bina refinery.
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Govt clears $500 mn Salim Group investment
New Delhi: The Union Cabinet approved a $500 million foreign investment proposal involving Indonesia's Salim Group for housing and industrial development near Kolkata, FM P Chidambaram said on Thursday.

Chidambaram said it would include special economic zones (SEZs), industrial parks and infrastructure in West Bengal.

One of the proposed SEZs is at Nandigram and has been hit by violent protests as farmers clashed with police over the acquisition of farm land for the project.

Of more than 230 SEZ proposals across the country, the majority have been put on hold following the violence in West Bengal and elsewhere amid severe criticism and protests by politicians and others.

A panel of Cabinet Ministers is now reviewing the government's SEZ policy and should complete its work by the end of February or early March.
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Corus hikes steel prices
Chennai: Corus raised its hot and cold-rolled and coated steel prices in the EU ranging from 5 to 7 per cent for the second quarter, 2007 deliveries, a statement from the company said.

Corus will also increase its flat rolled prices in mainland EU and the UK, by 5 to 7 per cent across the full product range (from hot rolled though to organic coated steels) for Q2 deliveries.

"We are seeing an improved demand and stocks are at normal levels. The current strong underlying demand for steel in Europe - particularly in construction and end-user sectors supports this price increase", said a Corus spokeswoman.
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Govt invited bids for Maruti stake
New Delhi: The government on Thursday invited bids from public sector financial institutions and mutual funds for its remaining 10.27 per cent stake in Maruti Udyog Limited that would bring in Rs 2,700 crore to the exchequer.

The process of sale is expected to be completed in this fiscal itself as the last date for Expression of Interest has been kept as March 9.

The sale of the remaining 2,96,79,709 shares in the company would fetch the government Rs2,700 crore based on the current price of MUL's shares on the bourses. MUL shares are currently trading at Rs905, up 0.48 per cent from the previous closing.
The money raised from the sale would go to the government and not the National Investment Fund (NIF) as MUL is no longer a public sector fund.

Last year the government raised Rs1567 crore from selling its eight per cent stake in the company which went to the exchequer and not NIF that was created to receive funds from the sale of government shares in state-owned companies.

According to Department of Disinvestment website, the bidders would have to place a minimum bid of Rs10 crore for the stake.

After the EoI, the eligible institutions would be invited to submit financial bids, officials said.
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Govt invites bids for Maruti stake, to raise Rs2700 crore
New Delhi: The government on Thursday invited bids from public sector financial institutions and mutual funds for its remaining 10.27 per cent stake in Maruti Udyog Limited that would bring in Rs2,700 crore to the exchequer.

The process of sale is expected to be completed in this fiscal itself as the last date for Expression of Interest has been kept as March 9.

The sale of the remaining 2,96,79,709 shares in the company would fetch the government Rs2,700 crore based on the current price of MUL's shares on the bourses. MUL shares are currently trading at Rs905, up 0.48 per cent from the previous closing.
The money raised from the sale would go to the government and not the National Investment Fund (NIF) as MUL is no longer a public sector fund.

Last year the government raised Rs1567 crore from selling its eight per cent stake in the company which went to the exchequer and not NIF that was created to receive funds from the sale of government shares in state-owned companies.

According to Department of Disinvestment website, the bidders would have to place a minimum bid of Rs10 crore for the stake.

After the EoI, the eligible institutions would be invited to submit financial bids, officials said.
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