Emirates to fly to Kochi from December 2

DUBAI, Nov 29: The new international airport at Nedumbassery in Kerala will get a boost in its fortunes with Emirates, the premier airline in the Gulf, starting its much-awaited flights from December two.

Top officials of Air India and Indian Airlines said that Emirates’ entry into the profitable Gulf-Kerala sector will take away a slice of their passenger share but added that the Indian national carriers had other inherent advantages to keep them very much in business.

"We have reached a code sharing arrangement with Emirates to Kerala with Air India getting 55 economy and six higher class seats in each flight. This together with our five times a week flights will ensure that we retain our dominant role", P P Singh, Regional Director, Air India told PTI.

"Of course with any new airlines entering the sector, we will lose a share of the bookings. But we have had our price advantage and we will continue to be the favourite airline to Kerala", Singh said.

Shyam Sunder, Manager (UAE) Indian Airlines agreed that part of the business will go to Emirates but said that during peak seasons there was considerable pressure on seats and new airlines could be easily accommodated without hurting the interests of others.

The Emirates flights to Kochi effective from December two are on Mondays, Wednesdays and Fridays departing Dubai at 0350 hours and arriving in Kochi at 0900 hours. Return flights from kochi on same the days will Kochi at 1025 hours and reach dubai at 1300 hours.

Shyam Sunder said Indian Airlines had more convenient timings and had established itself through better service and punctual schedules. (PTI)

UP receives IEMs worth Rs 861 cr

LUCKNOW, Nov 29: The Uttar Pradesh Government has received a record 119 Industrial Entrepreneurship Memorandums (IEMs) worth over Rs 800 crore in the first six months of the current financial year.

The implementation of these proposals would generate direct employment for more than 12,000 people, an official statement said here today.

Besides this, the State also received ten Foreign Direct Investment (FDI) proposals worth Rs 55.50 lakh during the period.

The Government claimed that the increasing interest in investing in the State was due to investor-friendly climate created during the last six months. Improvement in the law and order situation, power supply and simplification of investment-related rules and procedures helped attract investment, it said.

During the past six months some notable investors who had shown interest in either setting up new units or in expansion or diversification of existing units. They include Flex Industries Ltd (Rs 331 crore), Sri Jalanji (Rs 65 crore), Veetra Advance Engineering (Rs 26 crore), Gopesons Paper Ltd (Rs 18 crore), GVF Tool and Glass Pvt Ltd (Rs 16 crore), LG Electronics India Pvt Ltd (Rs 7 crore), Haldiram Snacks Ltd (Rs 7 crore), Ponic Lens India Ltd (Rs 7 crore), Mother Diary Federation Processing Ltd (Rs 15 crore), Pacific Apparels Ltd (Rs 14 crore), Parsons Nutrition Ltd (Rs 17 crore), Sampark Industries Ltd (Rs 13 crore) and Puff India Pvt Ltd (Rs 16 crore).

The statement further said that Reliance, GAIL, IIP Infotech, FCL, Hindustan Lever Ltd, Bharat Petroleum Corporation and Tata Group were also setting up their units in the State. Smatel India has decided to diversify its colour TV tube unit and it would invest Rs 259 crore. Yamaha Escorts Motorcycle Company would also invest Rs 100 crore to increase its production capacity in the Ghaziabad unit.

Most proposals received during the period were related to metals, chemcial and fertilizers, food processing, electrical appliances, edible oils, paper and pulp, textiles and sugar industries, it added. (UNI)

PHDCCI demands freight concessions

CHANDIGARH, Nov 29: Acclaiming the Punjab Government’s draft policy for revival of industry, the Punjab-Haryana-Delhi Chamber of Commerce and Indiustry (PHDCCI) has urged the state to deliberate steps for concessions in freight in order to boost imports and exports of this land-locked state.

The Chamber has suggested to the State Government to request the railways and the Container Corporation of India to give a freight concession of 50 per cent to importers and exporters of the state, a PHDCCI release here said, adding that, this concession be applicable to both the new and existing industry.

This freight concession would go a long way to help industry to compete in global markets, specially in the current WTO regime, it said.

Eventhough the PHDCCI by and large praised the Punjab draft policy, it was of the viewpoint that the present form of octroi in the state was anti-industry, causing a lot of harassment due to detention of trucks and corrupt practices being rampant at the Information Collection Centres (ICCs).

The chamber reiterated its demand for "a simple method of collecting tax at entry points into the state".

The PHDCCI also felt a need to simplify water and air pollution norms of the Punjab Pollution Control Board (PPCB) and suggested that the PPCB should adopt an advisory role along with its present regulatory method of functioning. The chamber appreciated the steps taken by the State Government of waiving of the electricity duty on captive power general for self use. "These are some energy cats experienced by industry in the state during the agricultural seasons, largely in the form of peak load restrictions," the PHDCCI observed.

It said the decision electricity duty would facilitate the industry to set up private generation facilities by way of generating sets.

The chamber’s long standing demand regarding the disbursal of state capital subsidy has been well taken up by the State Government in its draft industrial policy.

The PHDCCI pointed out that the State Government had taken a decision to issue fully tradeable bonds worth Rs 600 crore, spread over a period of six years, to the eligible industrial units. This would help in the revial of a number of industrial units, it said.

Although this industrial policy has called for paradigm shift from the earlier industrial policy which was more incentive based whereas the current industrial policy would play a role of facilitation, by creating a physical and institutional climate of investment and induatry friendliness, the PHDCCI release said.

"But what needs special attention is that although on one hand the new industries are being encouraged, the existing industry should not be rendered sick," the release said, adding that steps were needed to be taken by the State Government to improve the health of the existing industry.

According to the state’s draft policy, special incentives were being given to industrial units located in the border areas but the chamber was of the view that to popularise this scheme and boost the industry in border areas, the Government needed to further liberalise the subsidy available under this scheme.

The PHDCCI also welcomed the State Government’s decision to have a ‘food park’ at Sirhind, positively expecting that this would include facilities like pre-colling and cold storage and also establish a market for the products to be handled under the food park project. (UNI)

Liberty introduces latest international trend in informal footwear for youth

Excelsior Correspondent

JAMMU, Nov 29: Liberty, India’s No 1 footwear brand and the 5th largest footwear manufacturer of the world, introduced a new dimension in men’s casual and semi-formal footwear through its new offering in the Gliders range.

According to a press release, the new product line is meant for the young men who are constantly on the move and addresses their need to dress with style, flair and flamboyance at the same time.

Gliders has, in keeping with the international trend this season, created the complete range with variety of fastening systems including velcro, elastic,lace down with slip-ons in more than a dozen styles. Today’s youth, who is in sync with his global counterparts, can choose his own special style from the pick of Suede, Nubuck and antique finish leather shoes for informal wear.

"Liberty has created a radical trend setting range, especially keeping gin mind today’s youth. We have undertaken a complete image makeover in styles and have brought forth a complete new look, feel and design", says Mr Anupam Bansal, director product development Liberty Group.

"We work very closely with fashion designers in the global arena and bring the most "in vogue" styles available internationally, customised to Indian requirements", he adds.

J&K Bank officers’ delegation calls on M Y Khan

Excelsior Correspondent

JAMMU, Nov 29: The Jammu and Kashmir Bank Officers Association’s delegation met the chairman of the Bank, Mr M Y Khan under the presidentship of Mr Parbhat Singh Jamwal.

Mr Ravi Gupta, general secretary of the Association appraised the chairman regarding the certain issues/problems being faced by the officers of the Bank. Further the ‘Disturbed Area Allowance’ as well as promotion issue was also discussed with the chairman.

Mr M Y Khan chairman of the Bank assured the Association that the ‘Disturbed Area Allowance’ shall be got approved in the next board meeting and regarding the promotion policy, the Association/Federation shall be called for talks after auspicious festival of Idd.

The Association appeals all concerned to stop mud-slugging and character Association which are not in the interest of the institution.

Absconding CSE stockbroker Ashok Kumar Poddar nabbed

KOLKATA, Nov 29: Broker Ashok Kumar Poddar, wanted in the Rs 120 crore scam at the Calcutta Stock Exchange, was arrested travelling under an assumed name after he flew into the metropolis.

The arrest was made last night at the Netaji Subhas Chandra Bose airport when Poddar, one of the three main accused in the scam, arrived on board a flight from Guwahati travelling under the nom de plume of A K Agarwal, the police said.

He was produced in the Chief Metropolitan Magistrate’s court today where he was remanded to police custody till December 11.

Poddar could not appoint any advocate because of the ongoing ceasework by lawyers.

Of the other two main accused, Harish Chander Biyani was arrested on September 23 and former president of CSE Dinesh Kumar Singhania on November 20.

With Poddar, the total number of arrests so far made in the case has gone up to 17.

Those arrested include former CEO and MD of Stock Holding Corporation of India Limited B V Gaud, a senior vice-president of Indusind Bank S N Paul and former MD of Srei Securities Dinesh Jain. (PTI)

Regulations for FDI should be liberalised: Baijal

INDORE, Nov 29: The regulations for Foreign Direct Investment (FDI) should be liberalised to integrate India with global economy and enhance the level of available resources, Disinvestment Secretary Pradip Baijal has said.

Speaking on "compulsions of economic growth-liberalization, globalization, FDI and privatization" at a lecture organised by Indian Institute of Management Indore and Indore Management Association, he said experience of other developing economies suggested that productivity enhances with increase in private investments coupled with domestic competition and export orientation.

Maintaining that privatisation and enhanced access to FDI were the next big frontiers for economic reforms in the country, he said the latter was to some extent linked to implementation of the former.

Mr Baijal said that international experience also suggested that privatisation helped in the inflow of international private capital.

Emphasizing the need to make non discriminatory rules for FDI inflow he said at present there were additional restrictions on FDI in case of disinvestment of public sector enterprizes pses.

He said the new disinvestment policy announced in March 2000 has shown good results. In the last two years, he said the Government had received Rs 11,335 crore by the strategic sales of its equity in the PSEs.

He said borrowing this much amount, would have been burdened Rs 1133 crore every year, which was now a pure saving. The Govt had been getting at an average Rs 52.41 crore as dividend from these pses during the last 8 years.

In addition to such capital gains, Mr Baijal said there were also benefits related to reduction in the revenue expenditure of Government. Also there was a saving of Rs 126 crore annually in case of two companies PPL and Jessop as this much of amount had been outgoing due to Govt’s majority equity presence in these companies.

Criticising those opposing the disinvestment of public sector oil companies, Mr Baijal quipped "why didn’t they oppose the presence of private sector in oil exploration and refinery, where it was in a dominating position".

He said without disinvesting the public sector oil companies the target to attain Rs 12,000 crore by the end of this fiscal could not be attained. (UNI)

OIL signs agreement with PDVSA for exploitation of heavy oil

NEW DELHI, Nov 29: Oil India Limited (OIL) today signed an agreement with Petroleos De Venezuela.S.A. (PDVSA) Intevep here for carrying out consultancy service or technical collaboration including detailed geo-scientific and reservoir engineering studies of the Baghewala oilfield in Rajasthan.

This is the first kind of agreement by any oil exploration company to exploit crude from heavy oil in the country. It will also result in the setting up of a pilot plant on an experimental basis for exploitation of heavy oil and bitumen with subsequent development and utilisation options.

The agreement was signed in the presence of Petroleum Minister Ram Naik and Minister of State for Petroleum Santosh Kumar Gangwar by Mr R K Dutta, Chairman and Managing Director of OIL, with ambassador of Venezuela in India Walter Marquez.

According to officials, the Baghewala oilfield reserves have an estimated 50 million tonnes of heavy oil, which in terms of crude oil worked out to around 7.5 million tonnes. The fields have the potential to produce five lakhs tonnes of crude every year.

Heavy oil and bitumen were discovered by OIL in 1991. The company has been on the look- out for suitable technology to exploit the reserves.

As per the schedule, PDVSA will carry out the job in two phases. Under the phase-i, PDVSA will carry out detailed reservoir and geo-scientific studies for selection of suitable recovery technique and plant design.

The second phase will cover setting up pilot- scale production, which will be followed by -development of plan and utilisation options. (UNI)

Sugarcane price: HC notice to Haryana

CHANDIGARH, Nov 29: The Punjab and Haryana High Court division bench of Justices S S Nijjar and M M Kumar today issued notice to the Haryana Chief Secretary and other officials concerned, for December five, on a writ petition which sought restraining the State Government from announcing the sugarcane price for the crushing season 2002-03.

The other respondents to the petition, which has been filed by Saraswati Syndicate of Yamuna Nagar, included Haryana’s Agriculture Secretary and the State’s Sugarcane Control Board and Cane Commissioner.

It has been contended by the petitioner that the State Government had no powers to fix the sugarcane price and as such the decision of November 14, 2002 taken by the Sugarcane Control Board, recommending various prices for various varieties of sugarcane, could not be given effect. (UNI)

African countries delegation visits HMT, Pinjore

CHANDIGARH, Nov 29: The African countries delegation, which visited the HMT complex at Pinjore near here Panchkula today, was impressed by technical assets and production methods and its contribution in the fields of industrial and agricultural development of the country.

The delegation said African countries could draw immensely from India’s experiences in technological, industrial and agricultural development as their problems are similar to those faced by India at one time.

The delegates from Ethiopia, Nigeria, Ghana, Kenya, Tanzania and Zambia was received by HMT General Manager N C Bajaj taken to both machine tool and tractor plants of the HMT.

The group is visiting India under the aegis of UNIDO’s South-South co-operation programme to explore availability of technology and training facilities suiting their requirements. (UNI)

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