 |
|
| Coffee board
proposes comprehensive prog NEW DELHI, Dec 14: The coffee board has proposed a comprehensive programme in the ninethplan to support expansion.......more ASSOCHAM, TISA devise NEW
DELHI, Dec 14: The
Associated Chambers of Commerce and Industry.... more NEW
DELHI, Dec 14:
Although conceding that there is a slow down in the
country’s.....more NEW
DELHI, Dec 14:
Gold prices rolled down on the bullion market today on
reduced offtake as....more |
 |
Honda signs new agreement with kinetic NEW DELHI, Dec 14: Honda Hotor Company Limited of Japan has signed...more Loan assistance to JAIPUR, Dec 14: State Bank of Bikaner and Jaipur (SBBJ) General Manager Mr G S Das has....more MBIL restructuring NEW
DELHI, Dec 14:
Mercedes Benz India Limited (MBIL) is restructuring.....more NEW DELHI, Dec 14: The Government has approved a Rs 995 crore national capital region......more |
 |
Coffee board proposes comprehensive prog NEW DELHI, Dec 14: The coffee board has proposed a comprehensive programme in the ninethplan to support expansion of coffee area in non-traditional areas, Minister of State for Agriculture Sompal told the Rajya Sabha today. In a written answer, the minister said that these include providing subsidyfor inputs, planting materials and marketing support. An outlay of Rs 22 crore has been earmarked for this programme in the nineth plan period, he added. He said during the year 1997-98 a total of 2000 mt of coffee has been produced in thenon-traditional areas. The minister said that during the nineth plan period it is proposed to bring 20,000 hectares of land in non-traditional areas under tea cultiavation. He informed that according to a feasibility study conducted by the tea board and the tea research association- covering districts of Rayagada, Kalahandi and Keonjhar of Orissa state have been found suitable for tea cultivation subject to providing artificial irrigation. (UNI) |
|
ASSOCHAM, TISA devise telecom rescue package NEW DELHI, Dec 14: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Telecom Industry and Services Association (TISA) have devised a " telecom rescue package" which calls for drastic changes in financial norms and licence conditions, separation of ownership from service providers and deregulation of long distance traffic. The package submitted for consideration to the group on telecom and two PMO, suggests the format of a new telecom policy to guide India’s future growth in this area so that the tele density reaches the global average of ten per cent by 2006. The ASSOCHAM TISA recommendations which flow from the national convention on telecommunications held here last week, suggest that the debt equity ratio of 4.1 be permitted for financing telecommunication operators along the lines adopted for the power sector, without the need for Government guarnatees. While being made applicable to the existing licence holders, the recommendation should form part of the new telecom policy for future licensess. Currently, a tax holiday of five years is available for telecom operators. The convention recommended tax holiday be extended to ten years as per the norm applicable to the power sector. In order to the viability of the operators and to ensure financial closures, it has been recommended that the tenure of telecom licences be increased to 30 years for basic operators and 25 years for cellular operators, as the roll out period be considered as two years for both cellular as well as basic operators. Besides, respect of the charges on the operators currently imposed by dot on various accounts, WPC charges should be reduced, and the charge imposed on metro cellular service operators on account of usage at Rs 6.023 per subscriber should be replaced by payment corresponding to a percentage of the revenue being earned. As regards restructuring of the licence regime, ASSOCHAM and TISA have pointed out that instead of basing licensing on open auction, it should be replaced whereby the licence fee will consist of two components. A small entry component, with the balance being paid on the basis of a percentage of the revenues being earned by the operator over a period of years. The convention recommended that determination of the quantum of this revenue percentage should be left to TRAI in order to ensure a level playing field for private operators. In the case of existing licensees, the first year’s licence fee should be treated as the entry fee and the balance to be paid as a percentage of the revenue being earned till such time as the original commitment has been fully met. The convention noted that there are some holders of letters of intent who are yet to have their LOI converted into licences for one reason or another and some of them have taken recourse to the law courts. These LOI holders may also be given the same facilities as above, as long as they confirm that the total commitment made by them towards licence fees would be adhered to. It suggested that the various provisions having financial implications be made the basis of a "national telecom financing policy" which should form part of the new telecom policy so as to give telecom operators and industry, the status and inventive of an infrastructure sector. The convention noted that the choice of technology should be the prerogative of the entrepreneur and not of the policy maker, subject only to the needs of standardisation. In the emerging global scenario of convergence, there will, at any point of time be available, technology options to meet the specific needs of a developing country like India. The separation of the telecom service from the policy making and licensing function of the Government should form the cornerstone of the new telecom policy. There was, therefore, need to expedite corporatisation of DoT, a step already announced by the Government, but yet to be given a shape. Proposing separation of ownership from service providers, the convention has proposed that in the new telecom policy, the owner of the network should offer local licences for operation by franchised local service providers and should refrain from being a service provider. To enhance investor confidence and encourage flow of funds into this sector, the role of TRAI should be immediately strengthened. Trai should not only determine the level playing needs of the existing operators but also the level of competition in each of the service areas. It was pointed out that the imposition of a provision for bank guarantee of Rs 3 lakh on small scale internet service operators is against the policy of the Government to create a vast network of small scale technocrat based entrepreneurships. As such, this provision on small scale internet service providers be withdrawn, the convention said, according to a press release here. (UNI) |
|
Slow down in country’s economy ernst and young NEW DELHI, Dec 14: Although conceding that there is a slow down in the country’s economy ernst and young , the 10.9 billion US dollar company and the world’s second largest professional services firm are setting up business desks in the United States and Europe to assist companies in making investments in India. "India is a major market by any definition, the scenario is going to change within the next five to seven years and our plans befits this time span," Philip A Laskawy, chairman of the company said here at a press conference. The company which has already brought in two billion dollars worth of investments now is all set to rope in 300 to 400 million dollars investments in software, consumer goods and infrastructure. "The India desk will also provide support to Indian companies planning to set up operations or raise capital in the US and European capital markets," chairman and country head of ernst and young, K N Memani said. The company already has India desks in its Sydney and Toronto offices and has begun its International Executive Council (IEC) meeting in New Delhi today for setting up the two new India desks. Ernst and young in India has been instrumental in promoting investments into India since the early 80’s when they brought in texas instruments to Bangalore and helped develop the silicon valley. Mr Laskawy lauded the country’s moves to open up the insurance sector. However, he said the market will be the eventual barometer. "The economy (India’s) is expanding and would have to increase the stake of foreign insurance in the domestic sector." There is a commitment within the country to grow coupled with a very strong labour market and technologically sound human resource market, the company chairman said. Most of the world’s top companies have geared up to expand their sales and revenues and set their eyes on expanding markets where India is seen as a priority sector, Mr Laskawy said. Among those visiting India during the IEC meeting are Mr Philip A. Laskawy, chairman, ernst and young international and Mr William L.Kimsey, CEO, ernst and young international. Other members of the IEC are the country heads of ernst and young in USA, UK, Canada, Japan, Germany, Switzerland, Sweden, France, Singapore, Italy, Hong Kong and Australia. In another initiative, ernst and young have recently set up a specialised infrastructure consulting group to reduce the cost and increase efficiency of providers in the utilities, energy and transportation industry. The company which serves 20 per cent of fortune global 500 companies, have also recently launched programmes to help Indian companies implement shareholder valuation improvement methodologies and induct employees as shareholders. Ernst and young’s Information Systems Audit and Assurance Services (ISAAS) were also launched nationally earlier this year. ISAAS has helped several Indian companies to better manage their risks, resulting in reliable, secure and improved it processes. The ISAAS practice has also performed business impact assessment for many companies and has developed recovery strategies and implementing maintenance and test plans. The principal Indian member firm of ernst and young international is S.R. Batliboi and Company, one of the country’s oldest and most successful audit firms. Ernst and Young Private Limited and Ernst and Young Consulting India Limited provide professional services in various areas including corporate finance, assurance, tax, security, human resources, ERP, shared services and supply chain management. (UNI) |
|
|
NEW DELHI, Dec 14: Gold prices rolled down on the bullion market today on reduced offtake as marriage season was over and closed with losses. Marketmen said the demand for gold was negligible as the marriage season was over and would resume next month. Moreover, its prices fell down sharply in other Asian markets. They said arrival and offtake was normal and volume of business small. Gold was down by 4.45 US dollar at 290.50 US dollar an ounce in Hong Kong market, they added. Standard gold and ornaments lost by Rs.10 each at Rs.4300 and Rs.4140 per ten gram respectively. Sovereign was quoted at Rs.3750 per piece of eight gram against last level of Rs.3750-3800. Silver .999 (ready) was down by Rs.5 at Rs.7230 per kilo and weekly delivery by Rs.10 at Rs.7250 per kilo. Silver coins, on the other hand, held unchanged at Rs.10,600/10,700 per 100 pieces. The following were today’s quotations: Silver .999 (ready) 7230 and delivery 7250. Silver coins buyer 10,600 and seller 10,700. Standard gold 4300, ornaments 4140 and sovereign 3750. (PTI) |
|
Honda signs new agreement with kinetic NEW DELHI, Dec 14: Honda Hotor Company Limited of Japan has signed a new technical assistance agreement with Kinetic Honda Motor Limited (KHML) allowing the erstwhile joint venture to receive technical know-how, critical vehicle parts and access to export markets even after the transfer of Honda shares to Kinetic Engineering Limited (KEL). All Government approvals have been obtained for the transfer of shares and the actual transfer is expected to be completed before Christmas, a statement issued here today said. Terming it as a new phase in a continuing relationship, KEL chairman and managing director Arun H. Firodia said under the new agreement, Honda is committed to provide technical assistance to post-JV KHML, including parts supplies, exchange of technicians, exports under the Honda brand name and exclusive rights for the manufacture and sale of KHML products. The company will also have access to Honda’s know-how to meet the year 2000 emission norms. Moreover, company executives feel that the restructuring of KHML shareholding may have many cost advantages as the company has posted improved financial performance in the second quarter of the financial year and future also seems to be bright. Meanwhile, Honda Motor Company is working towards striking off its name from Kinetic Honda products — DX, ZX and Marvel. Though the time frame for the same has not been finalised as yet, the company has decided that since there is no financial participation from Honda in the venture, it would be marketed as a local brand, sans the Honda name. Kinetic engineering will be allowed to retain and use the Honda name on its scooters till final procedures for taking off the name is finished. (UNI) |
|
Loan assistance to agro based industries JAIPUR, Dec 14: State Bank of Bikaner and Jaipur (SBBJ) General Manager Mr G S Das has expressed readiness of his bank to provide loan assistance to agro based industries to boost prospects of such units as well as of the agriculture sector. Speaking at a function organised by Rajasthan Mechanical Works Limited, company manufacturing Brahmpuri brand agricultural implements, here yesterday to hold draw of the lucky coupons for the company’s sale linked prize scheme Mr Das said that his bank was offering loans for agro based units. He said that it was the high time when banks should come forward to sanction loans to such units to encourage technological transformations in agriculture so that technology could be utilized to to boost agricultural production. Bharatiya Kisan Sangh state vice president Sangram Singh Karad presided over the function. The company chairman Jagannath Gupta said that his company had achieved a turnover of over Rs 7 crores during the last fiscal and had targetted a turn over of over 10 crores this year. Mr Gupta said that his company had been exporting agricultural implements to Nepal and planning to increase exports to other countries. (UNI) |
|
MBIL restructuring Indian operations NEW DELHI, Dec 14: Mercedes Benz India Limited (MBIL) is restructuring its Indian operations in line with its overseas production bases in a bid to make MBIL more efficient. Under the programme, the entire administrative set up is being rearranged to suit the market, size and cost situation of the company, Mr Till Becker De Freitas, Managing Director and CEO of MBIL told here. "This is the right model and we are not an exception. This is what all companies are doing. It is just that we are much ahead of others," he said. Mr De Freitas said the company was looking at all processes internally and externally. "We are looking at how all the processes — from receiving of parts from our vendors or from Germany to production, the logistics part up to the final client — are organised." "We redid a lot of these processes to make them leaner, cleaner and faster. That is what is behind it and we want to make the whole organisation more efficient." Besides, the company is also shifting its units to a new location and plans to house both the administrative division and production under the same roof. "The new plant will also be in Pune. It is a new installation where the whole administration and production has been put together for the right climate and understanding." Mr De Freitas refuted reports that the company was downsizing investments or cutting down production stating that MBIL has now achieved the highest production this year manufacturing eight cars a day. Moreover, it has also got the Foreign Investment Promotion Board (FIPB) nod to bring in an additional Rs 150 crore for hiking its stake in the company. The amount would also be utilised for shifting the factory and building up vendors as well as the dealer network. TELCO presently holds 14 per cent stake in MBIL. When asked if the company was moving towards purchasing the entire equity in the company, Mr De Freitas said there were no plans towards this end. "I don’t know whether we are moving towards a 100 per cent subsidiary. We like TELCO as a partner but everybody has their own priorities and for TELCO, its small indica is top most. With the recent hike in capital, we feel it is going to remain at this level for the next few years. So the question of buying out the entire stake does not arise." The company, he said, is presently concentrating on the E-class and the recently launched luxury van. The E-class sales had recorded a 15 per cent growth this year and the company intends to close the fiscal with retails of 800 units as against 600 units last year. On the luxury van, he said the 12 and 15-seater vehicles were originally planned as commercial vehicles for tour operators and hotels. "We has test marketed it and during the period, we received huge demand for the vehicle from private users like big families and even some corporates. So we are now marketing it with a renewed thrust." However, Mr De Freitas ruled out the possibility of trimming the price tag for the vehicles for private users and families. The 12-seater model is priced at Rs 13 lakh while the 15-seater carries a price tag of Rs 14 lakh. "There will not be a smaller price tag for the families. We are operating in a niche market and even the customers want the model with all the features. So there is no question of cutting down a few features to bring down the price tag." The company, he said, is looking at closing the year with a sales figure of 50 luxury buses. (UNI) |
| Govt approves Rs 995 crore for
development programmes NEW DELHI, Dec 14: The Government has approved a Rs 995 crore national capital region development plan for 1998-99 consisting of development programmes relating to new townships (Rs 584 crore) and core infrastructure (Rs 411 crore). Stating this, Urban Affairs and Employment Minister Ram Jethmalani informed the Rajya Sabha today that the envisaged investment would be jointly financed by the board and the member states on a 75:25 basis. The NCT Delhi has allocated Rs 20 crore in their annual plan towards contribution to the board, he said in a written reply. To another question, the minister said Phase-I of the Delhi MRT project is scheduled to be completed and opened to traffic by March 2005. Meanwhile, on the objections raised by the Archaeological Survey of India (ASI) regarding alignment of underground metro corridor and surface / elevated rail corridor of the MRT project near Jantar Mantar and the Kashmere Gate monuments / city wall, Minister of State for Urban Affairs and Employment Bandaru Dattatreya informed the upper house that the Government was proposing a number of measures to ensure the safety of these monuments during construction and operation of the project. These included stabilisation of soil to improve its strength before taking up construction activities, selection of suitable construction methodology to minimise vibrations during the construction period and use of special track fittings to ensure that vibrations caused due to train operation largely get absorbed in the track structure itself, he said. Workers: The management of M/S. United Periodicals Lvt. has been prosecuted on several occasions under the Minimum Wages Act, 1948 for non-payment of wages to its employees, Labour Minister Satyanarayan Jatiya informed the Rajya Sabha. Despite efforts by the Labour Commissioner’s office, the management of M/S United Periodicals Pvt Ltd has not paid its employees and the latter have been advised to file their dispute of non-payment of wages before the competent authority, he said in a written reply. Trade fair: The total earnings from sale of entry tickets to the India International Trade Fair, 1998 (IITF’98) is Rs 160.53 lakh, Commerce Minister Ramakrishna Hegde said. The railway’s share of earnings from the sale of tickets was Rs 742,946 only while details of earnings made by state pavilions and their utilisation were not maintained separately, he told the upper house. (UNI) |
|