India Business Insight articles from March 2002, page 10

India Business Insight archives from March 2002

WOCKHARDT RECAST OF RHEIN BIOTECH VENTURE COMPLETE (it now has a co-exclusive licence for India).
March 27, 2002... Wockhardt Ltd has acquired 100 percent rights in its 50:50 joint venture Wockhardt Rhein Biopharm from Rhein Biotech GmbH. After restructuring, Wockhardt now has a co-exclusive licence on Rhein Biotech's Hansenula polymorpha technology for...

FIS KEEN ON `TAKE-OR-PAY' MODE FOR FUNDING OIL PIPELINE PROJECTS (infrastructure will be redundant).
March 27, 2002... Financial institutions (FIs) are insisting on `take-or-pay' contracts to finance oil pipeline projects, following the decision of Indian Oil Corporation (IOC) to convert its 1443km Kandla-Bhatinda product pipeline into a crude oil carrier....

LUPIN ANTI-TB DRUGS IN SINGLE TABLET (it is called AkuriT).
March 27, 2002... Lupin Ltd has introduced a customised therapy for TB patients of all weight categories AkuriT. AkuriT contains a fixed dose combination of four essential anti-TB drugs rifampicin, isoniazid, ethambutol and pyrazinamide in a single...

MRPL TENDERS TO SELL APR 2002 FUEL OIL (for loading from Mangalore).
March 27, 2002... Mangalore Refineries and Petrochemicals Ltd (MRPL) has issued a sell tender offering 80,000 tonnes of 380-centistoke fuel oil for 6-8 Apr 2002 loading from Mangalore.

RECYCLED PAPER MILLS IN GUJARAT FACE TOUGH TIMES (30 percent of Indian recycled paper comes from Gujarat).
March 27, 2002... There are 100 paper mills turning out recycled paper in Gujarat, and Gujarat contributes 30 percent of India's recycled paper production. About 60 of these paper mills are facing closure, as neither the Government of India nor the Government...

AMP SANMAR EYES Rs20 CR POLICIES IN FIRST YEAR (it will have 1,500 advisers by the end of Dec 2002).
March 27, 2002... AMP Sanmar Assurance of Chennai, a joint venture of Sanmar Group and AMP of Australia, was launched on 21 Jan 2002. It has targeted issuing 35,000 life insurance policies with a premium income of Rs20 crore in 2002. It has now 27...

ONGC K-G BASIN SETS NEW RECORD (in many segments).
March 27, 2002... The Krishna-Godavari basin project of Oil and Natural Gas Corporation has set many records. It has now beaten the previous best in 1996-1997 of drilling 72,401 metres in onland drilling with a new drilling of 77,300 metres. The average...

CASH WITHDRAWAL FACILITY FOR MASTER, VISA CARDS AT BBK (in Hyderabad).
March 27, 2002... Bank of Bahrain and Kuwait (BBK) has introduced a cash withdrawal facility on Visa and Master credit cards for its customers in its Hyderabad branch. It is done in association with Andhra Bank.

VOLTAS PLANS TO MERGE 2 SUBSIDIARIES (Mumbai High Court approval yet to come).
March 27, 2002... Voltas of the Tata Group has decided to amalgamate with itself Virat Investment Company, a non-banking finance company registered with the Reserve Bank of India, and Voltas Systems, a dormant company with no business, with effect from 1 Apr...

TRAVEL AGENTS PLAN TO BOYCOTT JET OVER COMMISSION CUT (surrendering all ticket stock to the Association).
March 27, 2002... Jet Airways was offering travel agents five percent commission and a two percent tax incentive, and merged the two to a reduced level of 6.9 percent, promising it would not cut commission. With effect from 1 Apr 2002, the commission has been...

HPCL SIGNS CRUDE DEAL WITH LIBYA, ABU DHABI FIRMS (for Apr 2002-Mar 2003 requirements).
March 27, 2002... Hindustan Petroleum Corporation Ltd (HPCL) has signed an annual contract of supply of crude oil for Apr 2002-Mar 2003 with Libyan National Oil Company and Abu Dhabi National Oil Company for about 14 million tonnes of crude. This covers...

BOSCH SIEMENS SET TO LAUNCH A-C IN INDIA (it will be a German brand).
March 27, 2002... Bosch Siemens Home Appliances is launching out into air- conditioners in the Indian market, as the industry is showing a good growth rate. It has an original equipment manufacturer agreement with Fedder's for supplies to the Indian market. As...

WOCKHARDT BUYS OUT RHEIN BIO FROM JV (the size of consideration not known).
March 27, 2002... Wockhardt has bought out Rhein Biotech GmbH from their 50:50 joint venture Wockhardt Rhein Biopharm for an undisclosed sum. Rhein Biotech, however, will continue to receive royalty on sales of hepatitis-B vaccine and insulin. The joint...

PAY CUT TIME FOR ANDERSEN STAFF (the cut may be of 40 percent).
March 27, 2002... Andersen and KPMG are discussing their merger in India and the talks are still in a fluid stage. If the merger takes place, Andersen staff may have to forego about 30-40 percent of their pay, as they are now getting almost twice as much as...

GAUTAM THAPAR JOINS ASAHI INDIA BOARD (he will head the Board's Remuneration Committee).
March 27, 2002... Gautam Thapar was inducted on to the Board of Directors of Asahi India Safety Glass Ltd on 23 Mar 2002. He heads the Board's Remuneration Committee. He is the Vice-Chairman and Managing Director of Ballarpur Industries Ltd.

A BATTLE IS BREWING BETWEEN GPRS AND CDMA (BPL Mobile has now 1,000 GPRS customers).
March 27, 2002... BPL Mobile has introduced (general packet radio service) GPRS technology in its mobile phones and has 1,000 subscribers. It hopes to have 25,000 customers in the first year of operation, as GPRS scores over other wireless technologies like...

SHRIMP TESTING FACILITY AT CIFT (for detecting the virus that causes yellow head disease in shrimps).
March 27, 2002... The Central Institute of Fisheries Technology (CIFT), Kochi, has set up a testing facility for detecting the virus that causes yellow head disease in shrimps. The facility will use Reverse Transcriptase Polymerase Chain Reaction (RTPCB)...

CONCERN OVER FALLING COTTON YIELDS IN NORTH (as they fell to 200-300 kilograms per hectare in 2001-2002 from 500-600 kilograms per hectare in 1991-1992).
March 27, 2002... The East India Cotton Association (EICA) has expressed concern over the declining cotton yield in the irrigated areas of Punjab, Haryana and Rajasthan. According to the association, cotton yields in these 3 States slumped to 200-300 kilograms...

UTI IN TALKS WITH SEBI ON EXCESS HOLDING IN COMPANIES (as mutual funds are not allowed to hold more than 10% of any company's paid-up capital).
March 27, 2002... The Unit Trust of India (UTI) is negotiating with the Securities and Exchange Board of India (SEBI) to sort out the issue of excess holdings in some companies. As per SEBI's regulations, no mutual fund under all its schemes should own more...

NO PERMISSION FOR NEW SUGAR UNITS IN MAHARASHTRA (plans to offer concessions in debt recovery to sick sugar factories).
March 27, 2002... The Government of Maharashtra will not permit new sugar factories to be set up in the State in the next 2 years. It also proposes to offer concessions in debt recovery to ailing sugar factories. The State Government will also not allow new...

PLAYWIN PACT WITH KARNATAKA FOR E-LOTTERY (under the name of Lucky Lotto).
March 27, 2002... Playwin Infravest has signed a licence agreement with the Government of Karnataka to launch online lottery in the State. The lottery will be launched under the name of Lucky Lotto. The lottery is mainly targeted at the middle and upper...

TIRUPUR CONTAINER TERMINALS TO EXPAND SERVICES (like operating air-cargo to Mumbai from Tirupur via Coimbatore).
March 27, 2002... Tirupur Container Terminals Pvt Ltd (TCT) plans to offer a wider range of logistics services to transporters around Tirupur. It intends to foray into handling loose cargo clearing for importers. The company also proposes to operate air-cargo...

ISO FOR SUPREME OVERSEAS (for design and manufacture of leather garments).
March 27, 2002... Supreme Overseas Exports India Ltd, Bangalore, has received ISO 9001 certification for design and manufacture of leather garments from the NQA Quality Systems Registrar Ltd. The company makes and exports leather garments.

XANSA INDIA ANSWERS ITES CALL ON BPM (to invest Rs160 crore to create a total capacity of 5,000 seats by the end of 2003).
March 27, 2002... Xansa India Ltd (XIL), a business consulting and software services company, will foray into the information technology enabled services (ITES) as part of its Rs160-crore expansion plan. The expansion plan includes setting up facilities for...

HUGHES TELE.COM TO MEET VPT NORMS WITH NEW CELL SITES (to launch 6 new cell sites in Maharashtra, which are expected to cover an area of 25 kilometres each).
March 27, 2002... Hughes Tele.com, the basic telecom services provider in Maharashtra and Goa, will launch 6 new cell sites in Maharashtra, which are expected to cover an area of 25 kilometres each. Two new cell sites are already operational in the Maharashtra...

ESCOTEL TELECOM TO SIGN UP NEW STRATEGIC PARTNER NEXT MONTH (Rothschild is advising the company on the strategic partner).
March 27, 2002... Escotel Telecommunications Ltd (ETL), the holding company for the telecom ventures of the Escorts group, is likely to finalise a strategic international partner by the end of Apr 2002. ETL has shortlisted 3 prospective strategic and financial...

ORBITECH TO RAISE $20 MILLION VIA PRIVATE PLACEMENTS (funds to be utilised to buy land and build a campus for the company's activities in Pune).
March 27, 2002... OrbiTech, formerly Citicorp Overseas Software Ltd (COSL), is raising $20-40 million through private placement. It has appointed Salomon Smith Barney for the deal. The company is also holding talks with various investors, including...

BENGAL EYES 20% OF IT-ENABLED SERVICES MARKET (as it will help to create substantial employment opportunities in the State).
March 27, 2002... The Government of West Bengal is aiming at a market share of 20 percent in the fast-growing information technology enabled services (ITES) segment over the next few years. This will help to create substantial employment opportunities in the...

ELECTROLUX TO ASSOCIATE WITH CRICKET, ADSPEND AT Rs50 CRORE (to launch an indigenously developed range of frost-free refrigerators in the second half of 2002).
March 27, 2002... Electrolux Kelvinator Ltd (EKL) has decided to associate itself with cricketing events to increase brand awareness during 2002. It has set aside Rs50 crore for this purpose. This follows its successful association with the International...

SAMSUNG TO INCREASE BRAND AWARENESS THROUGH ROADSHOWS (to increase its brand awareness from 95% to 97% in 2002).
March 27, 2002... Samsung Electronics plans to conduct Dream Home Roadshows in smaller cities and towns across the country to increase its brand awareness from 95 percent now to 97 percent in 2002. The Dream Home Roadshows will showcase the complete range of...

XLRI TO REVAMP COURSES, EXPAND PRESENCE IN MIDDLE EAST (recently launched MBA programme for working executives in Dubai).
March 27, 2002... The Xavier Labour Relations Institute (XLRI) is re-designing its courses and launching management programmes in the Middle East, as part of its plans to be known as a premier business school. It will also discontinue courses that are not...

FROMAGERIES BEL TO RE-LAUNCH 'THE LAUGHING COW' IN NEW FLAVOURS, PACKS (aimed at making the brand more competitive in the market).
March 27, 2002... Fromageries Bel India (FBI), part of Fromageries Bel of France, plans to re-launch its popular The Laughing Cow cheese brand in new flavours and pack sizes. The company plans to reduce the price of the slice pack containing 7 pieces from...

IOC GETS CONTROL OF HALDIA PETRO (to acquire 26% stake in Haldia Petrochemicals).
March 27, 2002... Indian Oil Corporation (IOC) has gained the management control of Haldia Petrochemicals Ltd (HPL) from The Chatterjee Group (TCG). IOC will acquire 26 percent stake in HPL. A new shareholders' agreement will be signed between the existing...

GOVT MULLS FREE TRADE CITIES (to allow free import of goods used for consumption and production).
March 27, 2002... The Government of India is considering a proposal to set up economic cities with no restrictions on the import and export of goods. The economic cities will allow free imports of goods used for consumption and production.

BAN ON RE-BOOKING FORWARD CONTRACTS BY IMPORTERS LIFTED (amount available for re-booking under the liberalised scheme limited to $100 million a year per company).
March 27, 2002... The Reserve Bank of India (RBI) has lifted the ban on companies re-booking cancelled forward transactions for imports and non- trade transactions. The RBI has, however, limited the amount available for re-booking under the liberalised...

CULTIVATION OF Bt COTTON ALLOWED (decided to set conditions on the cultivation of Bt cotton to ensure bio-safety).
March 27, 2002... The Genetic Engineering Approval Committee (GEAC) of the Ministry of Environment, Government of India, has allowed commercial cultivation of the insect-protected transgenic Bt cotton. The committee has decided to set conditions on the...

GOVT MULLS ABOUT-TURN ON DIVIDEND TAX ISSUE (to consider increasing tax exemption for salaried people).
March 27, 2002... The Ministry of Finance, Government of India, is considering reverting the dividend tax to companies instead of taxing the individuals. The ministry is also considering increasing the tax exemption for salaried people under Section 88 of the...

GOVT FRAMING GUIDELINES FOR CONTRACT FARMING BY FIRMS (to focus on regularising relation between producers and processors of food materials).
March 27, 2002... The Government of India is framing guidelines for contract farming by corporate houses. The guidelines are being prepared by the Agricultural and Processed Food Products Development Authority (Apeda) and will be forwarded to State Governments...

MARBLE IMPORT NORMS MADE STRINGENT (Government sets criteria for obtaining licence for import of rough marble blocks).
March 27, 2002... The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, Government of India, has issued a circular specifying the criteria for obtaining licence for import of rough marble blocks. As per the norms,...

IOC TO GO AHEAD WITH PANIPAT REFINERY EXPANSION (to invest Rs11000-crore in Panipat refinery following exemption of 4% local area development tax).
March 27, 2002... Indian Oil Corporation (IOC) has decided to go ahead with its plans to invest Rs11,000 crore in the Panipat refinery complex in Haryana. The decision follows the exemption of the four percent local area development tax imposed on the entry...

DUTY CUTS SOUGHT TO HOLD PRICES (to absorb impact of fluctuations in the international prices of crude oil).
March 27, 2002... Indian Oil Corporation (IOC) has sought restructuring of duties on petroleum products in order to absorb the impact of the fluctuations in the international prices of crude oil. The company has asked the Government of India to reduce...

GOVT RESTRICTS SOYABEAN OIL IMPORTS (to allow import of non-genetically modified oil only).
March 27, 2002... The Ministry of Agriculture, Government of India, has limited the import of soyabean oil to non-genetically modified oil only owing to large-scale import of soyabean oil. As per the proposal, every consignment of soyabean oil imported...

INDIAN CRYOGENIC ENGINE: KALAM HOPEFUL (India has tested the technology).
March 27, 2002... Dr APJ Abdul Kalam, former Principal Scientific Adviser to the Prime Minister of India, has told the Coimbatore Institute of Technology that India has tested indigenous cryogenic technology and India's cryogenic engine may be fitted on to...

FIVE PARKS TO BE SET UP (for the apparel industry).
March 27, 2002... Seven States had submitted proposals for setting up apparel parks in their States, but only five State proposals were complete in all respects. The Cabinet Committee on Economic Affairs of the Government of India has cleared these five and...

BRITANNIA'S JV WITH FONTERRA GROUP (Fonterra is one of the top ten dairies in the world).
March 27, 2002... Britannia Industries and Fonterra Cooperative Group of New Zealand have formed a joint venture company named Britannia New Zealand Foods Private Ltd, in which the two companies will each hold 49 percent of stake and a strategic partner will...

HALDIA PETRO TO ROPE IN IOC (Haldia to buy naphtha exclusively from Indian Oil).
March 27, 2002... The Board of Directors of Haldia Petrochemicals has decided to take Indian Oil Corporation as the fourth partner with a stake of 26 percent, for which Indian Oil Corporation will invest Rs460 crore. Earlier, Haldia wanted Rs600 crore for...

SEPARATE SETTLEMENTS FOR T+5, T+3 CYCLES (T+3 cycle to start from 1 Apr 2002).
March 27, 2002... The Securities and Exchange Board of India has decided that trades done on T+5 (days) basis will end on 31 Mar 2002 and trading with effect from 1 Apr 2002 will be on T+3 basis. There will be overlapping of settlements under two separate...

PEERLESS LAUNCHES TWO SMALL SAVING SCHEMES (they are Multi Protector, and Daily Deposit schemes).
March 27, 2002... Peerless General Finance and Investment Company, formerly Peerless General Insurance and Investment Company, has launched (1) a Multi Protector Scheme and (2) a Daily Deposit Scheme for the benefit of small investors. The Multi-Protector...

CENTRE TO DRILL FOR OIL IN CENTRAL, EAST TRIPURA: GANGWAR (Oil and Natural Gas Corporation is a contender for drilling).
March 27, 2002... The Minister of State for Petroleum and Natural Gas in the Government of India, Santosh Gangwar, has said that huge deposits of petroleum are likely to be found in central and eastern Tripura. The Oil and Natural Gas Corporation had earlier...

TOUCH SCREEN KIOSK WILL GIVE DETAILS ON STATE TO DELHIITES (many people from Delhi are eager for information on education in Karnataka).
March 27, 2002... With many people from Delhi seeking information from the Karnataka Information Centre in Delhi about the educational institutes of Karnataka and the common entrance test for the professional colleges. The Information Department of the...

DECCANET OPENS OFFICE AT DALLAS (it is into wireless, switching, etc).
March 27, 2002... Set up in 1994 in Bangalore, Deccanet has developed expertise in wireless, convergence, switching, real-time embedded systems, fault avoidance, fault removal, and fault tolerance systems. It has now set up an office in Dallas in Texas as...

WEST BENGAL OPPOSES JESSOP DISINVESTMENT (the Government of India promises post-privatisation help).
March 27, 2002... The Government of West Bengal has opposed the Government of India's move to divest its 72 percent stake in Jessop and Co Ltd in favour of Ruia Kotak for Rs18 crore. The West Bengal High Court also has put on hold the stake sale. The...

SISL PLANNING ACQUISITION TO FURTHER GROWTH (Reserve Bank asks banks and financial institutions to stick only to core business).
March 27, 2002... Siemens Information System Ltd (SISL), a subsidiary of Siemens AG, has asked an unidentified merchant banker to look for those banks and financial institutions considering quitting their information technology units owing to Reserve Bank of...

HPCL-BANGLADESH TALKS ON TO MARKET DIESEL (now only Indian Oil sells in foreign countries).
March 27, 2002... Indian Oil Corporation is the only company now to sell petrol and diesel in foreign countries. Hindustan Petroleum Corporation Ltd has outlets in Bangladesh, but the sales are restricted to all petroleum products but petrol and diesel....

AIRBUS, IAF IN TALKS FOR SUPPLY OF CORPORATE JETS FOR VVIPs (Indian Air Force-IAF-needs three aircraft).
March 27, 2002... Indian Air Force needs three jet aircraft for the movement of very-very-important persons (VVIPs) of the Government of India. It is in negotiations with Airbus Industry and it will soon submit a tender for the aircraft. The persons using...

MICROWORLD and ADITYA INFOTECH FORM ALLIANCE (to sell MicroWorld's anti-virus products).
March 27, 2002... Aditya Infotech Ltd of Aditya Group has signed a strategic alliance with MicroWorld Software Services Private Ltd for marketing MicroWorld's anti-virus products. MicroWorld has also appointed Tata Infotech, CMC, ECIL and Blue Chip as its...

M and M EMBARKS ON GROUP RESTRUCTURING (ropes in Mr Hemant Luthra, former CEO of Enron Broadband and Essar Telecom, to monitor the restructuring).
March 27, 2002... Mahindra and Mahindra (M and M) will initiate a group restructuring exercise involving its flagship and 30 subsidiaries. The restructuring could entail selling and merging some subsidiaries and bringing in strategic partners to others. ...

DEALERS HAVE A PREVIEW OF MAHINDRA'S NEW MUV (the multi-utility vehicle is to be launched by the end of May 2002).
March 27, 2002... Mahindra and Mahindra Ltd (M and M) has shown at its Nashik plant its new multi-utility vehicle (MUV) to a select group of automobile dealers from India and other countries. The MUV will be launched by the end of May 2002. The MUV has...

CAR EXPORTS PIGGYBACK ON IKON DESPATCHES IN 11 MTHS (Ikon accounted for 65% of the total car exports of 42,444 units from India in Apr 2001-Feb 2002).
March 27, 2002... Car exports from India soared by 105.1 percent to 42,444 units during Apr 2001-Feb 2002 (20,690 units in Apr 2000-Feb 2001). This was mainly due to increase in exports of Ford India Ltd's car, Ikon. Data compiled by Society of Indian...

STAR INDIA READIES IPO (in Dec 2002-Jan 2003 to offload 20% stake in the company).
March 27, 2002... Star India Pvt Ltd plans to make its first initial public offer (IPO) in Dec 2002-Jan 2003 to offload 20 percent stake. Merrill Lynch and Salomon Brothers, investment bankers, are preparing the blueprint for the IPO. Star India is likely to...

IMPORT OF EQUIPMENT FOR SERVICES EXPORTS MAY BE MADE DUTY-FREE (to boost exports from education, accountancy, consultancy and medical segments).
March 27, 2002... The Government of India proposes to allow duty-free import of equipment by companies in the services sector for export purposes. This is part of the exim policy to be announced on 31 Mar 2002. The object is to boost exports from education,...

OIL PSUs TO TAKE UP SOARING GLOBAL CRUDE PRICES WITH GOVT (international crude oil prices increased by $4 a barrel since the Budget 2002-2003 was presented).
March 27, 2002... Oil public sector units (PSUs) have taken up with the Government of India the issue of increase in international crude oil prices by $4 a barrel since the Budget 2002-2003 was presented. The calculations in the Budget prepared by Yashwant...

LODHI HOTEL MAY BE RAZED BY NEW OWNERS (Silverlink to offer a partial VRS for about 200 workers at the hotel if it decides to raze the property).
March 27, 2002... Silverlink Holdings, the new owner of Lodhi Hotel, plans to pull down the hotel even as all lease agreements for the existing tenants will expire on 31 Mar 2002. It will offer a partial if not a complete voluntary retirement scheme...

BRITANNIA IN JOINT VENTURE WITH NEW ZEALAND COMPANY (to undertake sourcing, manufacturing and distribution of milk products in India).
March 27, 2002... Britannia Industries Ltd (BIL) and the Fonterra Co-operative Group (FCG) of New Zealand have floated a joint venture, Britannia New Zealand Foods Private Ltd. Both the partners will hold 49 percent stake each and the remaining 2 percent...

APTDC ESTABLISHES INTEGRATED IPR CELL (that will help create awareness about issues like patents, trademarks and copyrights in Andhra Pradesh).
March 27, 2002... The Andhra Pradesh Technology Development and Promotion Centre (APTDC), an autonomous organisation of the Government of Andhra Pradesh, has established an integrated intellectual property rights (IPR) facilitation cell at the ICICI Knowledge...

TATA CELLULAR TO UPGRADE NETWORK (in Andhra Pradesh at a cost of over Rs25 crore in 2002-2003).
March 26, 2002... Birla Tata AT and T Ltd, which provides cellular services in Andhra Pradesh as Tata Cellular Ltd, has said that it will invest over Rs25 crore to upgrade its network in the State in 2002-2003. The investments will be used to upgrade equipment...

TOURIST CIRCUITS OPENED FOR FDI (the Ajanta-Ellora Phase-II, the Uttar Pradesh Buddhist circuit and the Madhya Pradesh circuit by the Government).
March 26, 2002... The Ministry of Tourism and Culture (MoTC), Government of India, has decided to open new tourist circuits in the country to foreign direct investment (FDI). It has also said that the Government will extend all necessary support to help...

SREEMITRA DIVERSIFIES INTO LEISURE SEGMENT (sets up of a theme park-Mount Opera-at Batasingaram).
March 26, 2002... Sreemitra Estates, a real estate company, has diversified into the leisure business with the setting up of a theme park-Mount Opera-at Batasingaram, 30 kilometres from Hyderabad. The company has invested Rs15 crore in the first phase of the...

ANOTHER TELECOM TANGLE OVER RURAL PHONES LIKELY (Bharat Sanchar Nigam Ltd is yet to connect 50 percent of villages).
March 26, 2002... The Minister for Communications in the Government of India has warned that the Government will revoke licences of telecom operators if they do not fulfil their village connectivity obligations. The warning has had a demoralising effect on the...

AMBUJA OPEN TO MORE ACQUISITIONS (production to cross 100 million tonnes).
March 26, 2002... The cement industry is having a rosy time. Annual production will cross 100 million tonnes and India has become the second largest cement producer in the world with a production of 102 million tonnes, the first being China with a production...

PANEL ON PUBLIC SECTOR PEEVED AT POWER BOARD'S DEFAULTS TO REC (Committee on Public Undertakings wants `electrified' redefined).
March 26, 2002... The Committee on Public Undertakings (COPU) has warned that rural electrification will suffer in Assam, Bihar, Madhya Pradesh, Meghalaya, Uttar Pradesh and West Bengal, if they do not pay up their dues of Rs3,535.49 crore to REC (Rural...

TWO-PART PLAN TO CUT FERTILISER BILL (replacement of the retention price subsidy with group-based concession scheme suggested to reduce subsidy).
March 26, 2002... The Department of Fertiliser, Government of India, has recommended substitution of the retention price subsidy (RPS) with group-based concession scheme (GCS). This suggestion has been made to reduce the amount of subsidy the Government...

FAST-TRACK DEVICE TO SETTLE DISPUTES (the Arbitration and Conciliation Act, 1996, is to be changed for appointing only one arbitrator to cut costs and mandays).
March 26, 2002... The Government of India proposes to change the Arbitration and Conciliation Act, 1996, for faster settling of quarrels between companies. The Act is to be amended to facilitate appointment of only one arbitrator and setting norms for...

BASIC PLAYERS CUT UP WITH TRAI (as the Telecom Regulatory Authority of India has not raised the monthly rentals of rural/urban commercial subscribers).
March 26, 2002... Providers of basic telephony are unhappy that the Telecom Regulatory Authority of India (TRAI) has not increased the monthly rentals of rural and urban commercial subscribers. According to the 3-tranche formulae in the Telecom Tariff Order,...

R and H TO INVEST $20 M IN PLANT FOR LATEX POLYMERS AND LAMINATING ADHESIVES (in Taloja, Mumbai).
March 26, 2002... Rohm and Haas Co (R and H) is setting up an about $20 M water-based latex polymers, and industrial and laminating adhesives production facility in Taloja, Mumbai. The multi-purpose state-of-the-art plant, which will cater to both the Indian...

GAIL SEEKS MANAGEMENT CONTROL AT HALDIA PETROCHEMICALS AS PRE-CONDITION TO INVESTMENT (GAIL is likely to conduct a due diligence before taking any decision on investment).
March 26, 2002... Gas Authority of India Ltd (GAIL), as its pre-condition to invest in the ailing Haldia Petrochemicals, has insisted on management control in the company. However, GAIL is likely to conduct a due diligence before taking any decision on...

AIPMA STRONGLY PROTESTS AGAINST THE PRICE INCREASE BY RAW MATERIAL PRODUCERS (the prices of polypropylene have been increased to Rs45/kg and of PVC to Rs42/kg during Mar 2002).
March 26, 2002... The All India Plastic Manufacturer's Association (AIPMA) has opposed the hike in the prices of plastic raw materials brought about by indigenous raw material producers. The prices of polypropylene have been increased to Rs45/kg and of PVC to...

NICHOLAS, WOCKHARDT TO CO-MARKET RANBAXY'S MONTELUKAST (Ranbaxy will market the drug as Romilast).
March 26, 2002... Ranbaxy is entering a three-way marketing alliance with Wockhardt and Nicholas Piramal for its new antiasthmatic drug montelukast sodium. Ranbaxy has already received the approval of the Drug Controller of India for the drug in Mar 2002. As...

FERTILIZER CONSUMPTION GROWTH LOWER IN 1990S COMPARED TO A DECADE EARLIER (due to high prices and reduced agricultural growth).
March 26, 2002... Growth in fertilizer consumption has reduced during 1990s due to high prices and reduced agricultural growth. Despite an overall 6.2% growth in demand for phosphatic fertilizers during 1980-2000, there has been a decline in consumption from...

LPG ROLLBACK TO PUSH SUBSIDY BILL UP RUP 7 BN (Government of India has decided to roll back the LPG cylinder price by Rs20).
March 26, 2002... The Government of India has decided to roll back the LPG cylinder price by Rs20 following representations from political parties and consumer groups. The reduction will, however, result in a Rs7 bn increase in the subsidy bill for the...

BPCL, KOCHI REFINERIES PLAN MERGER (BPCL currently holds 55% stake in KRL).
March 26, 2002... Bharat Petroleum Corp Ltd (BPCL) is examining the proposal of merging its subsidiary Kochi Refineries Ltd (KRL) with itself. BPCL, which currently holds 55% stake in KRL, has integrated several operations including crude procurement and...

ESSAR OIL IN TALKS FOR ENTERING PETRO RETAILING MARKET (the company plans to set up 1700 retail outlets across India).
March 26, 2002... Essar Oil Ltd in a bid to market petro products is negotiating with public sector refineries like IOC, for sourcing high-speed diesel and petrol. Essar Oil is also likely to tie-up with oil storage and other infrastructure providers for...

HPCL MAKES FIRST GASOLINE SALE (through a sell tender for 4-6 Mar 2002).
March 26, 2002... Hindustan Petroleum Corp Ltd (HPCL) has sold 25,000 tonnes of orange-dyed gasoline to Vitol, a European energy trader, through a sell tender for 4-6 Mar 2002 lifting on a free-on-board basis from Vizag. This is HPCL's first gasoline export...

CONTINENTAL, METRO TIE UP FOR SPORTS WHEEL PROJECT (Metro Group will invest nearly Rs10 crore in the first phase of the project).
March 26, 2002... Continental AG, a tyre manufacturer of Germany, has tied up with Metro Group to set up a hi-tech rubber sports wheel project in India. The project will manufacture two million rubber sports wheels, used in roller-skates. Metro Group...