Statesman (India) articles from April 1999

Statesman (India) archives from April 1999

Newsfile: IFC operations (78).
April 28, 1999... WASHINGTON, April 28. - The International Finance Corporation, the private arm of the World Bank, has decided to resume its operations in India despite the US-imposed sanctions. Copyright 1999: The Statesman. All Rights Reserved.

Newsfile: E-commerce (74).
April 28, 1999... CALCUTTA, April 28. - The Indian Chamber of Commerce, the USIS and PricewaterhouseCoopers are organising a conference on electronic commerce on Monday. Copyright 1999: The Statesman. All Rights Reserved.

Newsfile: Enron inauguration (79).
April 28, 1999... NEW DELHI, April 28. - Enron Power Corporation will dedicate its $ 1 billion Dabhol Phase-I power project set up in Maharashtra to the nation only after the monsoons, according to a company official. Copyright 1999: The Statesman. All...

Newsfile: Concor results (94).
April 28, 1999... NEW DELHI, April 28. - The Container Corporation of India's net profit has increased by 24 per cent during the 1998-99 fiscal and stands at Rs 143 crore. While, Nagarjuna Fertilisers has recommended a dividend of 20 per cent for the fiscal...

Newsfile: IDBI plan (75).
April 28, 1999... NEW DELHI, April 28. - The Industrial Development Bank of India (IDBI) has decided to restructure its operations and is exploring new and new business strategies. Copyright 1999: The Statesman. All Rights Reserved.

GE to establish R&D centre in India (349).
April 28, 1999... CALCUTTA, April 28. - General Electric Company today announced plans to establish a research and development centre in India. Located in Bangalore, the wholly owned GE R&D centre will provide critical technology research and development for...

Newsfile: Tata Chemicals (82).
April 27, 1999... MUMBAI, April 27. - Tata Chemicals Ltd, has put on hold Rs 1,200 crore investment plans for doubling the capacity of its urea plant at Babrala in UP to 1.5 million tons per annum. Copyright 1999: The Statesman. All Rights Reserved.

Newsfile: Samsung target (66).
April 27, 1999... CALCUTTA, April 27. - Samsung India Electronics Limited is targeting a sales turnover of Rs 900 crore in 1999. Copyright 1999: The Statesman. All Rights Reserved.

MUL projects nil export growth in 1999-2000 (233).
April 27, 1999... UNITED NEWS OF INDIA NEW DELHI, April 27. - Faced with a contracted market abroad and an ageing line-up of models in its stables, Maruti Udyog Limited (MUL) has projected zero growth in exports during the 1999-2000 fiscal year. According...

Newsfile: DRI seizure (97).
April 26, 1999... AHMEDABAD, April 26. - The Directorate of Revenue Intelligence has seized machinery imported by Essar Oil after a dispute over non payment of duty on imported machinery worth Rs 700 crore, for its refinery project at Vadinar in Jamnagar...

FIPB clears proposals worth Rs 250 crore (179).
April 26, 1999... UNITED NEWS OF INDIA NEW DELHI, April 26. - The Foreign Investment Promotion Board (FIPB) today approved around 20 proposals involving foreign direct investment (FDI) inflow of about Rs 250 crore including an application by Canon of...

Philips signs pact for sale of Pune plant (359).
April 26, 1999... CALCUTTA, April 26. - Philips India Limited has signed an agreement with B C Components India Pvt Limited for the sale of its non-ceramic passive components business situated at Loni, Pune as a going concern. The pact was signed last week,...

Kesoram plans new firm for textile unit (369).
April 26, 1999... CALCUTTA, April 26. - As part of the restructuring programme carried out by Ernst and Young, the Calcutta-based Kesoram Industries Limited has proposed to form a new company to run its textile unit. A three-member committee of directors,...

Newsfile: China and WTO (99).
April 26, 1999... PARIS, April 26.- China will become a member of the World Trade Organisation before November, the WTO Director-General, Mr Renato Ruggerio, told the International Herald Tribune daily in an interview published today. Copyright 1999: The...

P&G net profit up 34 per cent (419).
April 26, 1999... CALCUTTA, April 26. - Procter & Gamble India Limited (P&G) has booked a net profit of Rs 13.44 crore in the third quarter ended 31 March as against a net profit of Rs 10.05 crore during the corresponding quarter in the previous year,...

Newsfile: Wheat sale (75).
April 26, 1999... NEW DELHI, April 26. - In an effort to reduce the buffer stock of wheat, the Food Corporation of India will sell one million tons to roller flour mills. Copyright 1999: The Statesman. All Rights Reserved.

Child found murdered, father missing (541).
April 26, 1999... CALCUTTA, April 26. - An eight-year-old boy, Mudit Sharma, was found murdered inside his family's Maruti last night. His father, Manoj Sharma (33), is missing. Mudit's younger brother, Sumit, was found in Midnapore district this morning. ...

Unimpressive India enter semis (842).
April 26, 1999... MARIO RODRIGUES MARGAO, April 26. - India made a hash of the task of topping group A of the Saff Coca-Cola football championship, managing only a 2-0 victory over Pakistan in their concluding league tie at the Nehru Stadium here today....

India need self-belief, says Kapil Dev (176).
April 26, 1999... NEW DELHI, April 26. - Rich in talent, if there is anything India need to lift the World Cup crown in England, it is "self-belief". This 'recipe' for success was revealed by none other than the person who himself led the country to the 1983...

The Indian track record (607).
April 26, 1999... PRESS TRUST OF INDIA MUMBAI, April 26. - India have a mixed record of success in One-Day Internationals against their five group A rivals in the World Cup - South Africa, Zimbabwe, Kenya, holders Sri Lanka and hosts England. India,...

No new Maruti model this fiscal (599).
April 25, 1999... UNITED NEWS OF INDIA NEW DELHI, April 25. - The board of directors of Maruti Udyog Limited has decided not to roll out any new model in 1999-2000 fiscal, even as the company is readying three new vehicles, including variants of Baleno...

RBI asks banks to earmark 3% of deposits for housing (435).
April 25, 1999... ARUP RATAN LALA CALCUTTA, April 25. - The Reserve Bank of India has asked all the commercial banks to allocate three per cent of their incremental deposits for housing finance. The RBI's decision has come as a follow-up to the budget...

Future tense: The spectre of disintegration (413).
April 25, 1999... The UN proposal to hold a plebiscite on autonomy or independence in East Timor has run into trouble, mainly due to the escalation of the conflict between the pro and anti-independence partisans trying to settle the question on their own....

India's prospects good: Wadekar (360).
April 25, 1999... PRESS TRUST OF INDIA LUCKNOW, April 25. - The national cricket selection committee chairman, Mr Ajit Wadekar, today defended the composition of the 15-member Indian squad for the May-June World Cup, saying it was the best in view of the...

India looking for big win in Saff soccer (379).
April 25, 1999... MARIO RODRIGUES MARGAO, April 25. - India know the score when they take on Pakistan in their concluding league match in pool A of the Saff Coca-Cola Cup here tomorrow: win by five goals if they want to top the group and avoid meeting the...

India-Oman project almost grounded (526).
April 24, 1999... ASHISH GUPTA NEW DELHI, April 24 - The setting up of the Oman India Fertiliser Project, a joint venture between the Rashtriya Chemicals and Fertiliser Limited (RCF), the Krishak Bharati Cooperative Limited (Kribhco) and an Omanese...

$8 b needed for LNG infrastructure (356).
April 24, 1999... NEW DELHI, April 24. - The country will need to invest nearly $8 billion (approximately Rs 33,600 crore) to put in place the required infrastructure for sourcing liquefied natural gas - the most preferred feedstock for the production of urea...

DuPont to raise Rs 110 cr from debt market (362).
April 24, 1999... CALCUTTA, April 24 - E I DuPont India Limited, a 100 per cent subsidiary of DuPont India Limited, has decided to raise Rs 110 crore from the domestic debt market in the form of non-convertible debentures (NCDs) and commercial papers (CPs)....

L&T formally takes over Narmada Cement (347).
April 24, 1999... MUMBAI, April 24. - Larsen & Toubro (L&T) has completed the takeover of Narmada Cement Company Limited (NCCL) with the appointment of two of its nominees on the board of NCCL at the latter's board meeting held today. This makes L&T the...

Bihar MLA threatens to quit over PSU scam (302).
April 24, 1999... PATNA, April 24. - An MCC legislator today threatened to resign as an MLA if the Bihar government failed to recommend a CBI inquiry by 29 April into an alleged Rs 3,300-crore scam in three public sector units (PSUs) of the state. In a...

Guyana roughhouse (975).
April 24, 1999... Not all the farewells are done with, not all the hopes and good wishes have been concluded, but the World Cup teams are starting to trickle towards the airports and into the UK where, as Mohammed Azharuddin was making his farewell speech,...

Bakreswar plant kicks off before schedule (355).
April 24, 1999... SATYA SAIN BAKRESWAR, April 24. - The much-vaunted Bakreswar thermal power project was commissioned at a colourful ceremony today. Lighting up the boiler of the 210-MW unit I of the plant, the Governor, Mr A R Kidwai, said the...

Maidan's summer without soccer (581).
April 24, 1999... SHYAM SUNDAR GHOSH CALCUTTA, April 24. - The transfers are over; a lot of football is being played in many places and India are in the midst of an international championship in Goa. But on the Calcutta Maidan, where the football league...

On record (389).
April 23, 1999... As an astrologer, former CEC and an individual, my prediction is that we are heading for another election. - Mr TN Seshan. I feel the nation is moving towards a mid-term poll and how long the new government would last is difficult to say....

President in a quandary: Choices Before Head Of State (1135).
April 23, 1999... Is the President of India in a quandary? He need not be. The Constitution requires the President to act according to the advice of the Council of Ministers. As long as there is a Council of Ministers, "care-taker" or whatever, he must act...

Indian Sonia can be Italian, too (392).
April 23, 1999... CALCUTTA, April 23. - While Sonia Gandhi is now an Indian citizen, and would have needed to renounce her Italian citizenship to attain this status, the laws of the country of her birth do not stop her from seeking an Italian passport again....

RBI optimistic, IMF gloomy on growth prospects (536).
April 20, 1999... CALCUTTA, April 20. - The Reserve Bank of India, in its credit policy, has projected a relatively high GDP growth of around six-seven per cent in 1999-2000. The projection for the fiscal deficit to GDP ratio is not gloomy either, being pegged...

The no first use syndrome (1083).
April 20, 1999... India has consistently declared that it will follow a no first use policy in the context of nuclear warfare. While this satisfactorily meets our political ends, a closer look into the military aspects of the issue would be rewarding. We have...

RBI allows 4 private companies to trade in call, term money markets (489).
April 16, 1999... ARUP RATAN LALA CALCUTTA, April 16. - The Reserve Bank of India has granted permission to Ceat Financial Services Limited, Tata Finance Securities Limited, ABN Amro Securities (India) Private Limited and J P Morgan Securities India...

'Credit policy will not be deferred' (192).
April 16, 1999... CALCUTTA, April 16. - The Governor of the Reserve Bank of India (RBI), Mr Bimal Jalan, ruled out any possibility of the credit policy announcement being deferred in view of the present political uncertainty. Talking to The Statesman from...

Uco Bank to book net loss in 1998-99 (393).
April 14, 1999... ARUP RATAN LALA CALCUTTA, April 14. - Uco Bank will book a net loss in 1998-99. The bank is, however, hopeful to achieve an operating profit of Rs 30 crore during the period against an operating profit of Rs 15 crore in the previous...

VSNL, Silverline sign EDI solutions pact (186).
April 13, 1999... NEW DELHI, April 13.- The Videsh Sanchar Nigam Limited has signed a MoU with Silverline Industries to provide VSNL's EDI (Electronic Data Interchange) solution to Indian customers. Under the MoU, Silverline will provide customised...

Opp. divided in Siliguri civic polls (329).
April 12, 1999... SILIGURI, April 12. - The Opposition's plan to have seat adjustments among themselves in the coming Siliguri Municipal Corporation polls, slated for 15 May, still remains fluid. Anti-Left forces are planning to counter the Left Front's...

Disinvestment in IOC and Gail proposed (497).
April 12, 1999... ASHISH GUPTA NEW DELHI, April 12. - The Core Group on Disinvestment, headed by the Prime Minister, Mr A B Vajpayee, has recommended that the Union government immediately disinvest 40 million of its shares in the state-owned Indian Oil...

Investment rules for foreign companies eased (347).
April 12, 1999... PRESS TRUST OF INDIA NEW DELHI, April 12. - The Centre has allowed foreign-owned Indian holding companies to invest in downstream ventures without prior permission in areas where Foreign Direct Investment (FDI) are allowed through the...

Lakhs spent on cosmetic changes in city hospital (683).
April 11, 1999... AJANTA CHAKRABORTY CALCUTTA, April 11. - The state government has spent lakhs of rupees redoing a doctor's room in M R Bangur Hospital and repainting the building when the wards and operating theatres are crying for attention. The money...

Women's car rally enthuses many (423).
April 11, 1999... CALCUTTA, April 11. - They were there behind the wheels with the customary bright yellow caps and yellow T-shirts as the 800s, Zens, Ambassadors, Fords, Esteems, Contessas,... zoomed out of the Eastern Command stadium, Fort William, kicking...

Newsfile: Onida CTV (86).
April 10, 1999... MUMBAI, April 10. - Mirc Electronics Ltd (MIL), the makers of Onida televisions, today launched a new series of Premium Colour TVs, including the "Webcruise", a CTV with in-built Internet facilities. Copyright 1999: The Statesman. All...

Newsfile: Magazine launch (76).
April 10, 1999... NEW DELHI, April 10. - Cyber Media (India) Limited has launched the Middle-East edition of the home and small office computing magazine "Computer Home" in association with Express Print and Publishers, Dubai. Copyright 1999: The...

Newsfile: ICICI plans (92).
April 10, 1999... NEW DELHI, April 10. - ICICI Ltd today entered into the car financing sector as part of its strategy to diversify into the retail business. The company is also planning to launch its credit card business on 31 December, 1999. Copyright...

Cabinet decides not to increase fertiliser prices (539).
April 10, 1999... NEW DELHI, April 10. - The Union Cabinet today announced that it would not increase the price of either phosphatic or potash fertiliser for the coming Kharif season. Addressing journalists after the Cabinet meeting chaired by the Prime...

Inauguration: not the end of the road for Dabhol (443).
April 10, 1999... SAUBHIK CHAKRABARTI Next Saturday, a controversy may be laid to rest in the presence of a VIP audience and PR razzmatazz. On that day, the first phase of the Dabhol Project will be inaugurated. The 740-MW project will sell power to the...

IOC to pick up stake in ONGC, Gail (205).
April 10, 1999... PRESS TRUST OF INDIA NEW DELHI, April 10. - The Indian Oil Corporation (IOC) has paid Rs 2,470 crore to pick up 10 per cent and five per cent of equity in the Oil and Natural Gas Corporation (ONGC) and the Gas Authority of India (Gail)...

Slack season credit policy may focus on export credit (502).
April 10, 1999... CALCUTTA, April 10. - The slack season credit policy to be announced by the Reserve Bank of India (RBI) on 20 April might primarily focus on giving impetus to export credit. Such a step is necessitated in view of the negative export...

Urea scam: CBI wants copy of tribunal order (278).
April 10, 1999... UNITED NEWS OF INDIA NEW DELHI, April 10. - The CBI has requested the government for a copy of the International Arbitral Tribunal's order where the National Fertiliser Limited had filed a claim to recover Rs 133 crore from the Turkish...

Ganguly's return fails to allay fears (549).
April 9, 1999... CALCUTTA, April 9. - Even though the business community in the city breathed a sigh of relief at Mr S B Ganguly's return today, industrialists still couldn't shrug off the fear which followed the incident. "It (Mr Ganguly's return) is...

Teachers' salary cheques missing (267).
April 9, 1999... UNITED NEWS OF INDIA DARJEELING, April 9. - Secondary school teachers in the three hill sub-divisions of Darjeeling, Kurseong and Kalimpong could not draw their salary for March as two salary cheques worth Rs 1.5 crore went missing...

FM hints at cut in interest rates (412).
April 9, 1999... PRESS TRUST OF INDIA NEW DELHI, April 9. - The Finance Minister, Mr Yashwant Sinha today hinted at a cut in interest rates by commercial banks even as the Reserve Bank of India (RBI) is reportedly ruling out such a move. Mr Sinha...

News File: Exim Bank (106).
April 9, 1999... MUMBAI, April 9. - The Exim Bank today said it has received RBI's approval for providing rupee term loans towards equity contribution of Indian companies in overseas joint ventures or wholly-owned subsidiaries abroad. Copyright 1999: The...

News File: Reliance plan (73).
April 9, 1999... NEW DELHI, April 9. - Reliance Industries Limited today ruled out buying the sick company S M Dyechem Glycol Division. Copyright 1999: The Statesman. All Rights Reserved.

News File: Infosys results (125).
April 9, 1999... BANGALORE, April 9. - Infosys Technologies Limited, has increased its income from software to Rs 500.25 crore during the year ended 31 March 1999. While, Ashok Leyland Limited, has sold 29,456 vehicles for the year ending 31 March 1999,...

News File: NTPC plan (83).
April 9, 1999... NEW DELHI, April 9. - State-owned National Thermal Power Corporation is planning to mop up about Rs 650 crore either through euro bonds or by way of syndication. Copyright 1999: The Statesman. All Rights Reserved.

Those good earth colours (512).
April 9, 1999... Earth colours are all the rage now and there's no doubt that vegetable dyes help you return to nature and be eco-friendly in style. It also revives age-old techniques of colour processing. Such colours can be extracted from tree trunks,...

CPT outclass Pak outfit (454).
April 9, 1999... CALCUTTA, April 9. - City Sports Club of Lahore played poor hockey and lost to local outfit Calcutta Port Trust 0-2 in their first quarter-final group A league match of the 104th Indian Oil Beighton Cup hockey tournament at Mohun Bagan ground...

News File: Fiat Siena (114).
April 9, 1999... CALCUTTA, April 9. - Fiat launched its Siena in Calcutta today. The three-box saloon is available both in the petrol and diesel versions. The petrol model costs Rs 5,70,297 (ex-showroom, Mumbai) and the diesel car is priced at Rs 6,37,741...

State finance dept pulls up CMC for flouting orders (277).
April 8, 1999... CALCUTTA, April 8. - The state finance department has pulled up Calcutta Municipal Corporation authorities for reappointing two retired WBCS officers, flouting the department's orders. The two retired officers have been reappointed as...

Newsfile: Servo lubricants (81).
April 8, 1999... CALCUTTA, April 8. - Indian Oil's Servo lubricants has registered a sharp increase in sales during 1998-99, with an overall growth of nearly 5 per cent in the finished lubricant category. Copyright 1999: The Statesman. All Rights Reserved.

Newsfile: Bajaj Auto (71).
April 8, 1999... CALCUTTA, April 8. - Bajaj Auto Limited has recorded sales of 1,423 million units during 1998-99, representing a 6.7 per cent growth over the previous fiscal figures. Copyright 1999: The Statesman. All Rights Reserved.

Newsfile: Pentafour venture (69).
April 8, 1999... CALCUTTA, April 8. - Pentafour Communications Limited has recently set up its first ever education centre in Bangladesh and plans to set up five more such centres this year. Copyright 1999: The Statesman. All Rights Reserved.

Gestetner to pay 20% dividend (176).
April 8, 1999... CALCUTTA, April 8. - Gestetner India Limited, which held its annual general meeting here today, declared a 20 per cent dividend for the year ended 31 December 1999. However, shareholders demanded a higher dividend. Talking to...

Buddha rules out CBI probe in Ganguly case (384).
April 5, 1999... Statesman News Service CALCUTTA, April 5. - Mr Buddhadev Bhattacharya today ruled out a CBI probe into the disappearance of Mr S B Ganguly. The city police are competent enough to handle the case and there is no need to provide security...

News Briefs: All-party team to Delhi for Dunlop (120).
April 5, 1999... CALCUTTA, April 5. - The Assembly today decided to send an all-party team to Delhi to urge the Centre to take over Dunlop (India) Limited. Congress MLAs demanded that the delegation be led by Mr Jyoti Basu. Dunlop's Sahagunj unit has been...

NTPC records 16.6 % rise in provisional profit (206).
April 5, 1999... Statesman News Service NEW DELHI, April 5. - The National Thermal Power Corporation's provisional profit, which posted a turnover of Rs 14,022 crore, went up to Rs 2,511.87 crore during 1998-99 - an increase of 16.6 per cent over last...

Sengupta panel proposals opposed (343).
April 5, 1999... Statesman News Service NEW DELHI, April 5. - In a meeting of senior executives of oil majors with the Petroleum Ministry officials on the implementation of the Nitish Sengupta Committee report on the petroleum sector here, the Indian Oil...

Bhel order book position improves 14.5% (172).
April 5, 1999... Statesman News Service BANGALORE, April 5. - The order book position of the Bangalore division of Bharat Heavy Electricals Limited (Bhel) improved by 14.5 per cent in 1998-99 - at Rs 544 crore - over the previous year. The major...

NBFCs asked to file return on liquid assets (335).
April 5, 1999... Press Trust of India MUMBAI, April 5. - The Reserve Bank of India has directed all Non-Banking Finance Companies (NBFC) irrespective of the size of their net owned funds to submit the statutory quarterly return on liquid assets to the...

Board of PSU banks yet to be appointed (378).
April 5, 1999... Statesman News Service CALCUTTA, April 5. - Six months after the expiry of their three year term, the boards of 27 nationalised banks as well as the central board of the Reserve Bank of India are yet to be reconstituted by the Union...

News File: Siena launch (83).
April 5, 1999... NEW DELHI, April 5. - Fiat today announced it will launch its mid-segment car, Siena, in mid-April with a price tag ranging from between Rs 5.5 lakh to Rs 6.68 lakh. Copyright 1999: The Statesman. All Rights Reserved.

Exide chairman goes missing (433).
April 2, 1999... CALCUTTA April 2. - The chairman of Exide Industries Ltd, Mr S B Ganguly, left his Alipore home at 5:10 a.m. for a morning walk, as usual. Only, today he did not return. At 11 a.m., Mr Ganguly's servant informed his master's brother, Mr...