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Deutsche Bank turns FRANKFURT, Nov 3: Banking major Deutsche Bank...more Govt
approves FDI NEW DELHI, Nov 3: Government has cleared 58...more FIPB
clears GAIL’s NEW DELHI, Nov 3: The Government has .....more
Centre
to set up high-tech NAGPUR, Nov 3: The Union Government....more |
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13,053
employees opt for CALCUTTA, Nov 3: In all 13,053 employees of Steel Authority of India Ltd (SAIL) including 1,960 executives, opted for the Voluntary Retirement Scheme (VRS)....more
NEW DELHI, Nov 3: A proposal of Fiat India Automobiles to manufacture .more Gold roll down further NEW DELHI, Nov 2: Gold prices rolled down further...more |
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Deutsche Bank turns down IPO offers FRANKFURT, Nov 3: Banking major Deutsche Bank has decided against the advise of merchant bankers to divest its stake partially from its Bangalore-based subsidiary, Deutsche software through an Initial Public Offering (IPO), a senior company official said. The German Bank is, however, working towards increasing its client base in India besides eyeing acquisitions in East Asian countries like Japan and South Korea, as part of its growth strategy in Asia, Mr Ronaldoh. Schmitz, member of the Board of Managing Directors of Deutsche Bank told UNI here. "We had a lot of merchant bankers advising us to go ahead with an ipo for Deutsche software currently valued at 1.5 billion dollars. But we have decided against it as we want the company to remain a part of and within us", he added. Deutsche software is engaged in preparing solutions for the entire global operations of its parent company - Deutsche Bank. Increasing presence in the Indian market, has remained a matter of debate for Deutsche Bank. Despite a good run in the country, it is not planning any additional branches for the present. "We will operate out of our existing branch in Delhi and will try to expand our client base by getting in more multinationals and corporates to bank with us," Mr Schmitz said. The recent Southeast financial crisis had stalled Deutsche Bank’s expansion in the East. "However, things are now coming back to normal and over the next few years, we are looking at making some big acquisitions in the region." The bank’s total regular income has grown from 18,493 million Deutsche Marks in 1994 to 24,273 million DM in 1998. Net interest income has dropped from 11, 299 million DM to 10,833 million DM while net commission income has nearly doubled from 5,596 million DM to 10,387 million DM during the same period. Trading profit has grown three fold from 1,039 million DM to 3,469 DM. With 1,400 branches in Germany, over 200 in Italy and in Spain and numerous branches in other European countries, Deutsche Bank is the biggest bank in the 11 country Euro currency zone. Its services include payment services, all kinds of savings and investments, credits, corporate finance including securities issues, as well as trading in securities, foreign exchange and derivatives. The bank also supplies building and loan facilities, and a wide range of insurance products. Introduction of the single currency has propelled banking operations in the zone. "The introduction of the Euro represents a quantum leap towards common European financial market. The Euro promises major opportunities for investors and companies", Mr Schmitz said. The company, he added, has embarked on a four pronged strategy for future growth, which includes fostering brand recognition, promoting the bank’s business ventures, creating an image of involved, responsible corporate citizenship and encouraging others to talk positively about Deutsche Bank. (UNI) |
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Govt approves FDI proposals worth Rs 1,541 crore NEW DELHI, Nov 3: Government has cleared 58 foreign investment proposals worth Rs 1,541 crore, including those of Japanese auto major Toyota Motor Corporation and Volkswagen subsidiary Skoda Auto Ltd. The proposals, approved by Industry Minister Murasoli Maran, also included Rs 180 crore Global Depository Receipts issue of Gas Authority of India Ltd (GAIL), an official statement said here today. The roadshows for the GDR issue of GAIL to sell 180 million shares of the Government has already been opened. The foreign investment proposals, already cleared by Foreign Investment Promotion Board (FIPB), also included proposal of Toyota Kirloskar Motor Pvt Ltd to increase the foreign investment in the joint venture to 88.86 per cent. Toyota would bring in another Rs 100 crore to increase its stake from the present 87 per cent in the venture to manufacture passenger utility vehicles in the country. Other proposals cleared by the Government included those of Wiltron weavers to bring in Rs 244 crore to set up a carpet manufacturing facility and international seaports to invest Rs 351 crore to set up a facility in India for development and upgradation of ports and ports related services. Orchid Chemicals and Petrochemicals’ proposal to bring in Rs 175 crore as foreign investment was also cleared. The foreign partner would hold 38.05 per cent stake in the pharma company. Goodlass Nerolac Paints’ proposal to increase the stake of foreign partner Kansai from 35.96 per cent to 64.52 per cent was also cleared by the Government. Kansai would bring in Rs 109.28 crore to pick up the stake of TATA Group company Forbes Gokak in Goodlass Nerolac. German auto major Volkswagen subsidiary Skoda Auto Ltd has been allowed to bring in Rs 235.20 crore to set up a wholly-owned passenger car manufacturing facility in the country. The largest foreign investment proposal cleared was that of an NRI group sun and sound systems for setting up a facility for security systems in the country. Sun and sound would invest Rs 425 crore to take 85 per cent stake in the venture. Freight and Parcel service major tnt express worldwide has been allowed to increase its stake in the Indian venture from 51 per cent to 100 per cent by investing an additional Rs 5.75 crore, while Caparo group has been permitted to set up an wholly-owned subsidiary in India for consultancy service in infrastructure. Swraj Paul-owned Caparo group would bring Rs 20 crore as foreign investment for the project. The proposal of hotline Wittis Electronics Ltd to takeover the 25 per cent stake of Indian partner hotline in the joint venture was also cleared. Hotline Wittis would become a 100 per cent foreign owned company after the acquisition. (PTI) |
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FIPB clears GAIL’s Rs 180 cr GDR issue NEW DELHI, Nov 3: The Government has approved Gas Authority of India’s Rs 180 crore Global Depository Receipts (GDR) issue to divest 180 million Government shares. The approval was given by Commerce and Industry Minister Murasoli Maran after Foreign Investment Promotion Board (FIPB) recommended the proposal. GAIL, which has already started the roadshows for the GDR, is expected to announce pricing of the issue on November 5, at London. Morgan Stanley and Jardine Fleming are the global coordinators for the issue, which is being done through book-buliding process. GAIL is the first company to go for disinvestment in the current fiscal. Though the Government had set a target of mopping up Rs 10,000 crore from disinvestment in the current year, the process was delayed oy the general elections. After the GDR issue, the Government stake in the company would come down by about 20 per cent from the existing 82 per cent. (PTI) |
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Centre to set up high-tech petro chemical complex NAGPUR, Nov 3: The Union Government would set up environment friendly high-tech petro-chemical complexes in four states including Maharashtra on the lines of Singapore, according to Union Chemical and Fertiliser Minister Suresh Prabhu. The petro-chemical complexes would serve as a model and give impetus to chemical industry in the country and create employment potential, Prabhu told a meet-the-press programme here last night. The setting up of the complexes was part of Centre’s ambitious plans for growth of chemical and petro-chemical industry in the country, he added. The industrial estates would be completely self-sufficent with infrastructure including common effluent plants and power generation, and utilise zero emmision state-of-the-art technology, Prabhu said. Based on lines of Singapore complexes, it would exploit the huge export potential in the petro-chemical sector, Prabhu said adding that the choice of proposed sites would be at the discretion of respective State Governments. Talking about drugs, Prabhu said a committee has been constituted to review the removal of control of drugs falling under the jurisdiction of Drug Price Control Order (DPCO) and its report was awaited. He also indicated rationalisation of subsidies on food and fertilisers in the coming budget. The Government was keen on extending benefit to the farmers directly and not the unintended target groups, the minister added. (PTI) |
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13,053 employees opt for V R Scheme in SAIL CALCUTTA, Nov 3: In all 13,053 employees of Steel Authority of India Ltd (SAIL) including 1,960 executives, opted for the Voluntary Retirement Scheme (VRS), which was closed three months ahead of schedule on October 31 due to fulfilling of the target. SAIL sources here said that all those who had applied for the V R Scheme were not released by the company. A high-powered screening committee had scrutinised the applications and granted V R to 3,296 of 4,400 employees in Bhilai who had expressed willingness to accept the scheme. Similarly, in Durgapur Steel Plant, 3,554 employees wanted to avail the scheme but 3,034 were released while Rourkela Steel Plant had released 2,604 employees against 2,887 applicants. Apart from these plants, 1,498 employees were given voluntary retirement in alloy steels plant followed by 1,162 in Bokaro, 888 in raw materials division, 441 in the central marketing organisation, 39 in the corporate office, 36 in the Ranchi-based Research and Development Centre, 26 in Salem Steel Plant besides 29 in other small units. The V R Scheme in SAIL was scheduled to close on January 31, 2000. Stating that SAIL has a high manpower compared to the new steel plants in the country, the sources said that the company’s wage bill was around 16 per cent of its turnover against 5-6 per cent spent by the new plants on this account. (PTI) |
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NEW DELHI, Nov 3: A proposal of Fiat India Automobiles to manufacture cars and another of Toyota Kirloskar Motor Ltd to manufcature passenger utility vehicles are among the 58 cases of Foreign Direct Investment (FDI) of more than Rs 1541 crore approved by Commerce and Industry Minister Murasoli Maran. The proposals covering sectors like financial services, electronics, tourism, textiles, electrical and auto accessories, engineering and consultancy are cleared on the recommendation of the Foreign Investment Promotion Board (FIPB), it was officially announced today. These included a proposal of HCL Comnet Systems and services for multi-media based integrated networking solutions and services. While the FIAT and HCL proposals did not involve any FDI, the Toyota Kirloskar proposal envisaged an FDI of Rs 100 crore which increased its FDI equity percentage from 87 to 88.86. The proposal of Orchid Chemicals and Petrochemicals for the manufacture of bulk drugs is also cleared. It involves an FDI of Rs 175 crore, which is 38.05 per cent of its equity. A project of the Gas Authority of India Ltd is also cleared and it involves a disinvestment by way of GDR issue for upto 180 million shares worth about Rs 180 crore. Another major proposal cleared in the automobile sector is that of Skoda Auto Ltd for setting up car manufacturing or assembling project. This involves an FDI of Rs 235.20 crore which is 100 per cent of its equity. The project of International Seaports(india) Ltd for the development and upgradation of ports and ports-related services has also been approved. This is expected to bring in an FDI of Rs 351 crore. The Government also cleared the project of Wilton Weavers Ltd for the manufacture of carpets. This involved an FDI of Rs 244 crore, which is 66.7 per cent of its equity. The proposal of Sun and Sound Systems Ltd to manufacture security systems has also been approved. This involves NRI FDI of Rs 425 crore, which is 85 per cent of its equity.Goodlass Nerolac Paints’ proposal to manufacture paints, enamels and varnishes with an FDI of Rs 109.28 crore is also among the approved projects. Projects for development of computer software by eleclipse network, Asia Content Com Ltd, Ficon Technology India, Case Consult India Ltd, Thyron Information Ltd, Cyborg Systems Inc. and Softsol India are among the proposals cleared. (UNI) |
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Govt to reduce stake in banks below 51 pc, VRS policy soon NEW DELHI, Nov 3: Government will soon amend the banking laws to allow privatisation of public sector banks to reduce its equity below 51 per cent. It would also put in place a policy on Voluntary Retirement Scheme (VRS) in nationalised banks. The Nationalised Banks Act and Banking Regulation Act will be amended soon to bring down the Government stake in public sector banks below 51 per cent, Devi Dayal, Banking Secretary in the Finance Ministry said today. The amendments are likely to come in the next session of Parliament, he said. Addressing a bankers-borrowers meet organised by PHD Chambers of Commerce here, Dayal said by bringing down the stake below 51 per cent, Government role in banks would be reduced in the future. He said the Government was also formulating a policy of Voluntary Retirement Scheme (VRS) to bring down the staff costs in public sector banks. Currently, other PSU companies have a policy on VRS and the policy currently being framed would be along similar lines, he said. The cost of staff in public sector banks are very high. By having a comprehensive policy on VRS, the costs can be brought down significantly, Dayal said, adding that this could help the banks to lend money at a lower rate of interest in future. (PTI) |
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