Vodafone-Essar comes up against FIPB barrier
New Delhi: The Foreign Investment Promotion Board (FIPB) has again postponed a decision on Vodafone's acquisition of Hutch-Essar and is seeking more information on the foreign shareholding pattern of the Indian firm from all participants.

Vodafone had last month acquired 52 pc controlling stake in Hutch-Essar from Hong Kong-based Hutchison Telecom International (HTIL) at an enterprise value of $18.8 billion. The British firm has retained Essar as domestic partner with 33 pc stake.

Hutch-Essar MD Asim Ghosh and Analjit Singh jointly hold about 12.26 pc stake, which is in the centre of a controversy on whether it actually belongs to them or Vodafone.
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Ranbaxy launches asthma inhalation capsules
New Delhi: Ranbaxy Laboratories has launched Osovair, its branded asthma inhalation capsules in India. The company says that the drug is a unique combination of the `Long Acting Beta 2 Agonist Formoterol and the new inhaled corticosteroid Ciclesonide' drugs, has been launched for the first time in the world.

Osovair is available in Rheocaps as Osovair 160 mcg and Osovair 320 mcg.

The company said the introduction of a series of novel products in the field of asthma is a reflection of our innovative capabilities and underscores our commitment to the physicians and patients. The company launched Osonide (Ciclesonide) Inhaler, a once daily product, early last year.
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BMW to launch Mini in Indian market in 2009
Chennai: BMW is mulling introducing its small car model Mini in the Indian market.

Dr Norbert Reithofer, chairman, BMW AG, addressing the press said, "With the dynamic growth in the Indian sub continent, it is important for the company to establish Asia as a mainstay of its business. The company will seize all opportunities for its stable of brands - the BMW, Mini and the Rolls Royce.

Officials said the company is doing a market analysis for the launch of the BMW Mini in India and if it is found viable, the company may launch the car in 2009.

BMW sold 1, 36,000 cars in Asia last year and hopes to increase this retail volume to 1,50,000 this year. According to the company, India is one of the growth markets, where experts predict that the car market would nearly double to 2.2 million in 2015 from 1.2 million now.

The premium segment is growing twice as fast as the mass-market segments. BMW, with its premium cars, wants a share of this market and contribute to the economy.

The models the company plans to manufacture here are the 3 Series of 320i, 325i, 320 diesel, and the 5 Series - 520i, 523, and the 525 petrol and diesel.

The BMW plant has come up at the Mahindra World City industrial park, 40 km south of Chennai. It has a production area of 30,000 sq m in a facility spread over 89,000 sq m.
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Unitech in tie-up with global hotel chains
New Delhi: Unitech is partnering with international hotel chains like Marriott, Carlson, Ritz Carlton and Country Inn for a foray into the hospitality sector in India.

The real estate player has tied up for management of 10 hotels out of the 28 that it is setting up under various star categories across the country.

With Marriott International, it has joined hands to run two of its hotels in Gurgaon and one each in Kolkata and Noida. These four hotels would be in 4-5 star category.

Unitech has also entered into an agreement with the Carlson chain for management of two of its hotels in Noida and another one in Kolkata. The three hotels would represent Unitech's plus-5 star range.

For another plus-5 star hotel in Kolkata, the realty major has entered into a deal with Ritz Carlton. Country Inn has been roped in for management of one property each in Gurgaon and Bangalore in the 3-4 star category, according to sources.

The 28 hotels of the company account for around 7,000 rooms, to be constructed by 2010. Some of these hotels would come up in Hyderabad, Chandigarh and Kochi and Chennai, apart from Noida, Greater Noida, Kolkata and Gurgaon.
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Tata Metaliks signs JV with Japanese company
Kolkata: Tata Steel's wholly-owned subsidiary Tata Metaliks has entered into a Rs150 crore joint venture with $10 billion Kubota Corporation of Japan and Metal One Corporation to manufacture ductile iron pipes used for transporting water.

The project cost stands at Rs150 crore and would be funded in a 1:1 debt equity ratio. The Tata group company would take a majority stake of 51 per cent while Kubota will hold 44 per cent and Metal One Corporation five per cent in the JV.

The announcement came on the heels of Tata Steel confirming talks with another Japanese firm Nippon Steel for a joint venture to make steel for automotive companies in India.

The name of the JV is likely to be Tata Metaliks Kubota Pipes.

Tata Metaliks would supply the liquid iron directly for making ductile iron pipes. This would make Tata Metaliks more competitive than global makers. The new venture would add about Rs350 crore to Tata Metaliks topline.

The Indian ductile iron pipe market used for drinking water is estimated at 0.5 million tonnes and growing at a compounded annual growth rate of 23 per cent.
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Alstom, GE may enter into JV with Railways
New Delhi: The Indian Railways may soon float a special purpose vehicle (SPV), which would form joint ventures with private firms like Bombardier, GE, Alstom and Siemens, for manufacturing rolling stock, locomotives and coaches.

The SPV will maintain a check on various joint ventures being forged by the Railways. The Railways is looking at having at least 26 pc stake in the JVs. The organisation would also set up the proposed coach, loco and wheel factories by inviting joint venture partners through a global competitive bidding. The Railways have roped in PricewaterhouseCoopers (PwC) as their global financial consultant, which will analyse the financial feasibility of various JVs formed by the Railways.
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ONGC to raise crude production
New Delhi: Oil and Natural Gas Corp (ONGC) plans to produce 29.04 million tonnes of crude oil in 2007-08, 6 pc higher than the 27.35 tonnes output during the current year.

The company, according to the performance memorandum of understanding (MoU) signed with the Government, will raise natural gas production by 14 pc to 25.05 billion cubic meters.

ONGC is targeting to produce 32.45 mt of value added products next fiscal, 12 pc higher than 29.03 mt of 2006-07. It has set the reserve accretion target at 55 mt of oil equivalent, which is 5 pc higher than 52.5 mt oil equivalent for the current year.

The MoU also prescribes third party audit of 350 exploratory wells, formation of three Joint Ventures and alliances with international majors, economic value addition of 19.13 pc and undertaking two clean development mechanism projects.
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IBM India gets 10-yr IT infra contract from DLF
Bangalore: DLF, the country's largest real estate development company, has awarded a 10-year $29 mn contract to IBM India to manage its IT infrastructure.

Further the contract is expected to multiply on the back of DLF's growth plans.

Under the agreement, IBM Global Technology services will implement and maintain policies, standards, technology and delivery infrastructure, and standardise them as part of a broader transformation across more than 20 locations in India.

IBM will be responsible for Helpdesk and Deskside support to DLF users across India and for all IT infrastructure operations. The solution will support the current IT requirements of existing DLF's businesses, as well as enable DLF to roll out new business initiatives.

As part of the partnership, IBM and DLF will also set up a Technology Innovation Council with joint participation. The Council will focus on identifying and deploying new solutions for DLF and Indian real estate industry.
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fresh@ opens outlets in Bangalore
Bangalore: Heritage Foods India has entered Bangalore with three fresh@ outlets in the city. The `daily needs' store chain outlets each 3,000 sq.ft in size, would offer home delivery as one of the services to distinguish itself in an already-crowded retail market in the country. The company said almost 50 per cent of the company's projected Rs300-crore revenue (by 2007-08) would be contributed by the home delivery business.

Heritage Foods will leverage its distribution network of 2,900 agents already existing for its dairy products to strengthen its home delivery model for the retail chain of stores. The company has also set up a call centre and an e-portal to enable online shopping. Home delivery is for a minimum ticket value of Rs200.

The company has invested Rs100 crore in the retail division.
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Airlines equity capital bar hiked
Mumbai: The civil aviation ministry has raised the minimum equity capital requirement for a five-fleet carrier that wants to fly Airbuses and Boeings (or aircraft above 40,000 kg weight) from Rs30 crore to Rs50 crore. There is also an equity requirement of Rs20 crore for addition of every five aircraft to the fleet.

For carriers operating smaller aircraft like the Dornier (less than 40,000 kg), the government has doubled the minimum equity capital requirement from Rs10 crore to Rs20 crore (for a fleet of five aircraft). For addition of every five aircraft, these airlines will have to infuse equity capital of Rs10 crore. Existing carriers have been given a year to abide by the new rules.

Carriers could earlier expand their fleet without any limit once they put in Rs30 crore (Rs10 crore for smaller aircaft) as equity capital.

At the same time, the ministry has put an overall limit of Rs100 crore as total equity capital. Beyond this, the expansion of fleet by carriers will not be linked to a commensurate increase in its equity capital.
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