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Fiat has no
immediate NEW DELHI, Nov 1: Fiat SPA of Italy has no immediate plans to foray into the lucrative vehicle insurance ....more
PM briefed on Maruti, NEW DELHI, Nov 1: Heavy Industries Minister Manohar Joshi said today....more
Govt implements first NEW DELHI, Nov 1: The Government today implemented the first policy step towards....more |
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Exports
surge over NEW DELHI, Nov 1: India’s trade deficit continued to mount touching 4.67 billion dollars even as exports surged by over 22 per cent during the first half .....more Intranet project in SIRSA, Nov 1: With the launch of "Soochan Apke Dwar", an intranet project at the Panchayat Bhawan here, Sirsa becomes the first Haryana district and .......more WB offers aid for urban NEW DELHI, Nov 1: Starting with its three "focus states" of Andhra Pradesh, Uttar Pradesh and Karnataka, the World Bank is offering.....more Delphi receives export CALCUTTA, Nov 1: Delphi Automotive Systems India, a wholly owned subsidiary of Delphi Automotive Systems (NYSE: DPH) has received an......more Salomon establishes MUMBAI, Nov 1: Salomon Smith Barney today established its India equity research team headed by Ratnesh Kumar in an effort to take a leading ...more |
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Fiat has no immediate plans for insurance foray in India NEW DELHI, Nov 1: Fiat SPA of Italy has no immediate plans to foray into the lucrative vehicle insurance business in India and is working towards rolling out its next small car ‘Palio’ in the first half of 2001. Likely to be priced in the Rs 3.5 lakh to 4 lakh bracket, the Palio will be introduced with over 80 per cent local content. "We are looking at increasing the local content level in the car to bring down production costs and reduce the final price tag of the car," outgoing Managing Director of Fiat India Automobiles Limited, a subsidiary of Fiat SPA, told newspersons here late last night. Mr Ravina is leaving for Chicago on Sunday to take charge of the Fiat group-owned New Holland-case venture. Fiat is also working towards introducing more variants of its mid-sized car Siena, but has no immediate plans to re-introduce the trimmed down UNO trend. UNO trend was introduced over two years back and had brought volume demand for the company. "UNO trend was a limited edition model, but we might look at a trend version on Siena. Nothing has been finalised as yet," he said. Meanwhile, senior company officials stated that Fiat has been studying the opening up of the insurance sector in India, but has no immediate plans for an immediate foray into the sector. "With the insurance sector opening up in India, it might provide us greater opportunities. We are actively studying the industry now and are yet to finalise any plans for a vehicle insurance arm in India," the official said. Fiat operates in the insurance sector globally through its subsidiary ‘Toro Assicurazioni’. Fiat Auto has already pledged an investment of 400 million dollars in its Kurla facility and an additional 150 million dollars in Ranjangaon. Another Fiat group company — Iveco — is also planning to hive off its existing engine making venture with Ashok Leyland Limited into a separate joint venture company. Though the equity distribution has not been finalised as yet, Iveco is likely to take a majority stake in the project. Mr Ravina stated that the Palio would sport a totally new look and be positioned as a premium small car in the Indian market. He was confident that its existing small car UNO will continue to fetch demand and be in production despite Palio’s introduction next year. "UNO is currently targetted at the taxi segment and we feel a good demand for the car will still come from the segment," Mr Ravina said. The company is refurbishing the entire car and "making it more India-specific". "The final product will look very different from the car that was displayed at the Auto Expo in January. We are changing the entire design of the car and specifications to suit Indian taste and appeal. The ground clearance and other aspects are also being looked into." Fiat is expecting Palio to be its money spinner model and to drive the company to record breakeven. The delay in launching Palio was a conscious decision on the company’s part in order to trim costs and meet price levels of competitors. Fial has targeted to sell total 30,000 units in 2001 and take it up to 70,000 units by 2003 to corner an eight per cent share of the Indian passenger car market. In the premium small car segment, the company intends to sell 23,000 units of UNO and Palio in 2001 and hike it to 59,000 units by 2003 and end with a 15 per cent marketshare. In the mid-sized segment, the company is targetting sales of 6,000 units in 2001 and intends to jack it up to 10,000 units in 2003 and corner a seven per cent marketshare with Siena and Siena weekend. Fial has already put in place 55 dealerships for the purpose and intends to hike it further in the future. (UNI) |
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PM briefed on Maruti, Govt has not yet intervened: Joshi NEW DELHI, Nov 1: Heavy Industries Minister Manohar Joshi said today he had briefed Prime Minister Atal Behari Vajpayee on the current situation in Maruti Udyog, where employees have been on an agitation, but added that the Government "has not yet intervened" in resolving the issue. "I have briefed Prime Minister on the issue last week...We have not yet intervened," Joshi told reporters after inaugurating a seminar organised by the Confederation of Indian Industry (CII) here. Asked if the Government would initiate talks with the management of Maruti Udyog Joshi said "we are regularly meeting the management..They will find a solution...The issue will be resolved soon". Over 4000 Maurti employees have been on an agitation for over a month now demanding better incentives and a pension scheme. The management has offered a new incentive scheme for employees with effect from today, but the scheme has been rejected by the MUL Employees Union. Both the management and the union are holding separate interactions with the Government on the issue. On the auto policy Joshi said "we are talking to the other ministries about certain issues, but we are bound to announce the auto policy before the year end". "We will be preparing a cabinet note on the auto policy.. We will take it to the cabinet soon. It is not necessary for us to take it to the Parliament," he said. (PTI) |
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Govt implements first step
towards privatisation
NEW DELHI, Nov 1: The Government today implemented the first policy step towards privatisation of the oil companies by inviting bids for appointment of an advisor for disinvesting 33.58 per cent stake in IBP Co Limited to a strategic partner. The move is in line with the decision of the Cabinet Committee of Disinvestment earlier in October clearing the first oil company for strategic sale. The equity held by IBP in Balmer Lawrie and Numaligarh Refinery would be transferred before disinvestment of the Government holding in IBP, as per the terms and conditions specified in the offer document. The IBP group has three joint ventures and a subsidiary, Balmer Lawrie Co Limited. IBP with about 1,500 outlets is essentially a petroleum products marketing company. Besides, IBP also manufactures industrial explosives and is engaged in the engineering business. The advisor’s brief would be to advise and assist the Government in the disinvestment of IBP shares. It would also cover assessment and valuation of IBP besides suggesting measures for enhancing sale value. The advisor would also assist the Government in preparing a detailed information memorandum, marketing of the offer, inviting and evaluating the bids and involve itself in the negotiations with the prospective buyers. Those wanting to bid for appointment as advisor would have to submit ‘expression of interest’ by November 16,2000. The advisor will have to help the Government find bidders for IBP equity meeting norms. As per the existing norms, the marketing rights for petroleum products are given in the private sector to only those companies which own and operate a minimum of three million tonnes per annum with minimum investment of Rs 2000 crore. While the cabinet has given in - principle approval to disinvestment in over 35 public sector companies, the Government has already appointed advisors for strategic sale in 20 firms. These include Air India, Indian Airlines, BALCO, Hindustan Copper, IPCL, ITDC and Scooters India Ltd. Finance Minister Yashwant Sinha’s budget for 2000-01 had fixed a disinvestment target of Rs 10,000 crore this year. However, Disinvestment Minister Arun Shourie had said many times that the target might not be achievable. This is because various contentious issues have to be tackled by the Government in individual public sector companies. The Government has completed strategic sale only in one case of modern foods in which the Government had sold its 74 per cent stake to hindustan lever for a consideration of Rs 105 crore. (UNI) |
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Exports surge over 22 pc in first half of fiscal NEW DELHI, Nov 1: India’s trade deficit continued to mount touching 4.67 billion dollars even as exports surged by over 22 per cent during the first half of the current fiscal. Oil imports at 8.3 billion dollars during April-September pushed up the trade deficit negating the overall growth in exports which touched 21.31 billion dollars during this period, monthly trade data released said today. Total exports during this period at 21.31 billion dollars was 22.04 per cent higher than the level of 17.46 billion dollars in April-September 1999-2000. However, the trade deficit at 4.67 billion dollars is lower than the deficit at 5.01 billring the same period last year. In rupee terms, trade deficit stood at Rs 20,782.79 crore as against Rs 21,641.77 crore during the six-month period in 1999-2000. Oil imports grew by 86.19 per cent as against 4.46 billion during April-September 2000 even as non-oil imports estimated at 17.68 billion dollars fell by 1.85 per cent from 18.01 billion dollars in the corresponding period last year. (AGENCIES) |
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Intranet project in Haryana district SIRSA, Nov 1: With the launch of "Soochan Apke Dwar", an intranet project at the Panchayat Bhawan here, Sirsa becomes the first Haryana district and second in the country after Dhar of Madhya Pradesh where such type of project has been implemented. The project named on the lines of "Sarkar Apke Dwar", was launched by Chief Minister Om Prakash Chautala yesterday, meant for redressing the grievances of the people on the spot. This project has been launched on an experimental basis at three locations - Village Odhan, Rori and Municipal Committee area of Kalanwali to redress the grievances of general public through e-mail and to provide clean and transparent administration. Addressing the people, Chautala said that under the project, computers would be installed in the villages which would be connected directly with the computers at the district headquarters. He said applications could be received from the people for caste certificates, loans, driving licence, arms licence and even house allotment under Indira Awas Yojna. A villager could also lodge complaints against any official or department through e-mails and such complaints would be sent to the concerned for redressal, he added. (PTI) |
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WB offers aid for urban development progs in India NEW DELHI, Nov 1: Starting with its three "focus states" of Andhra Pradesh, Uttar Pradesh and Karnataka, the World Bank is offering assistance to Indian states to upgrade their water supply and sanitation services as a measure to reduce urban poverty. The assistance, which would be linked to a "demonstrable commitment" by the states to management and fiscal reforms, would comprise long-term aid for specific projects besides technical knowhow and support for innovative practices, the bank’s lead urban sector specialist Rober Maurer said. The financial assistance could range from about one million dollars for the knowledge management component to ten to 15 million dollars for support to innovative activities and "substantial financial arrangement" for long-term programmes, he said. In Andhra Pradesh, the bank is committed to the AP urban poverty reduction programme while in Uttar Pradesh, it is funding studies on fiscal support for institutions at the local Government level and on property tax reforms. In Karnataka, an urban water supply project is being supported in the northern part of the state. Mr Maurer said realisation in the bank that it was "under performing" in the urban development sector in India had led to its engaging the Central Government on this issue over the past few months. At a day-long workshop here yesterday, the bank unveiled its urban development and urban water supply and sanitation strategies to a broad-based group comprising Central and State Government officials, private sector representatives and professionals. "We would like to build a new partnership with India and there was a broad consensus on this at the workshop," Bank’s lead specialist on water and sanitation infrastructure Jan G Janssens said. The presentation had elicited a positive response and a follow-up consultation would be held in Hyderabad in December for detailed interaction with State Governments, he added. While several states would like to enlist its support for their crumbling civic infrastructure, the bank has in a shift of strategy decided to focus not only on reform of public utilities but on overall sector reform and private sector participation, he said. Strengthening of decentralisation, improvement in urban management and governance and continuance of sustainable financial management were among the three key principles being advocated by the World Bank. Calling for water to be treated as an essential component of economic development, Mr Janssens said efficient supply, demand management and effective pricing should be dealt with before embarking on fresh infrastructure construction. Speaking on the need to plough funds into the water supply and sanitation sector, Chairman-cum-Managing Director of the Housing and Urban Development Corporation (HUDCO) V Suresh said the country was projected to need about Rs 81,000 crore investment over the next five years. However, as of now public sector investment of only Rs 12,000 crore was available, he added. However, influx of funds would help only if mechanisms for their proper management were put in place, he added. (UNI) |
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Delphi receives export order of 7 mln USD CALCUTTA, Nov 1: Delphi Automotive Systems India, a wholly owned subsidiary of Delphi Automotive Systems (NYSE: DPH) has received an export order of 7 million (USD) from Daimlerchrysler to supply wiring door harnesses for the E-class model of Mercedes-Benz in Germany, company sources said. Mr. Anil Verma, Managing Director, Delphi Automotive Systems Limited, India said, the export order from Daimlerchrysler is a testimony of the commitment by Delphi to produce the highest quality products for our global customers, from any of our facilities worldwide. It is also an endorsement of the world-class standard of quality and technology followed at our plants. All Delphi packard electric facilities in India are QS 9000 certified, and are also now rapidly getting ISO 14001 Certification, company officials said. Dr. Rainer Balbach, Chief of Daimlerchrysler Purchasing Office in India said we are sourcing wiring harnesses for our E-class cars in Germany from Delphi India. Reliability, absolute quality levels and the ability to measure up to the exacting standards set by Daimlerchrysler worldwide were the reasons for choosing Delphi in India. The export from the India plant will meet our requirements for the entire production of E-class Mercedes-Benz vehicles around the world. Wiring harness for the E-class model of Mercedes are manufactured at the Delphi packard plant in Gurgaon. (UNI) |
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Salomon establishes India equity research team MUMBAI, Nov 1: Salomon Smith Barney today established its India equity research team headed by Ratnesh Kumar in an effort to take a leading position in covering the Indian equity market. The nine-member research team will cover about 85-90 per cent of total market capitalisation of the top 100 companies listed on Bombay and National Stock Exchanges. They were focusing on key sectors such as software, media, telecom, consumer goods and pharmaceuticals. Mr Kumar and his team have an average of five plus years in India research experience, making Salomon Simth Barney’s research team among the most experience in India. It was the most capable of delivering the breadth and depth of stock coverage required by clients in this market. Mr Kumar and his team will report directly to Otto Wong. Mr Kumar told newspersons here that the Indian market has a unique blend of the new economy, other growth sectors and industrial companies. The market systems have also been rapidly improving in recent years with progress of the depository, a 10-folds rise in daily trading volumes in three years and better corporate governance. Moreover, the corporate India is on the threshold of restructuring and consolidation, which is likely to further improve quality on the ground. A combination of good quality companies and better market systems makes us positives about the long-term outlook for Indian equities, Mr Kumar added. (UNI) |
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