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‘Hassle-free entry for NEW DELHI, Oct 18: The Government will soon remove procedural hassles for overseas investors so that the Foreign Direct Investment (FDI) can be trebled from three billion US dollars to 10 billion US dollars, Finance Minister Yashwant Sinha said....more Renault Moteurs keen to PARIS, Oct 18: French automobile major Renault Moteurs has decided against a production base in India for its famed passenger cars and would instead concentrate on supplying engines to Indian car manufacturers. .....more Consolidation
reshapes BERLIN, Oct 18: Away from the carefully crafted glitz and glamour of the Milan and Paris catwalks, the boardrooms of the world fashion business are in a state of upheaval. ...more RDs to supervise Registrars under Companies Act NEW DELHI, Oct 18: Four Regional Directors have been empowered to deal ...more |
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Hyundai
Motors Excelsior Correspondent JAMMU, Oct 18: The second product of Hyundai Motor India-the Accent ....more Green-belt
land cannot NEW DELHI, Oct 18: The Supreme Court has held that....more HMIL
eyeing both Esteem NEW DELHI, Oct 18: Hyundai Motors India Limited...more
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investment in industry sector NEW DELHI,Oct 18: The Government will carry ..more |
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‘Hassle-free entry for foreign investment soon’ NEW DELHI, Oct 18: The Government will soon remove procedural hassles for overseas investors so that the Foreign Direct Investment (FDI) can be trebled from three billion US dollars to 10 billion US dollars, Finance Minister Yashwant Sinha said. "We have already defined our priorities and only procedural hassles need to be removed and we will do it soon", Mr Sinha said in a television interview today. The Central Government will soon frame transparent procedural guidelines for FDI. "As long the foreign investors come within these guidelines they would not have to run from this pillar to that post", the Finance Minister told BBC. The Government has already defined the priority areas for foreign investment. These are power, telecom, roads and ports. "There will also be a clear negative list FDI will not be permitted". However, this would be a restrictive. As for the pending legislations like the Insurance Regulatory Authority Bill, Foreign Exchange Management Bill and Money Laundering Bill, these would be taken up in the winter session of Parliament. The session starting from october 20, 1999 is "formal for meeting certain constitutional obligations", he said. Mr Sinha dismissed fears that the international financial market would be subdued towards the end of the calendar year because of the year 2000 problem affecting disinvestment of the public sector companies. "We have checked up this and excepting for a week or so the problem (Y2K) would not be as much as thought to be". The Finance Minister had set an ambitious target of Rs 10,000 crore to be raised through disinvestment in the financial year 1999-2000. While only six months have gone, Mr Sinha sounded quite confident about achieving the disinvestment target. "You are talking about only six months, there are full six months left and I am sure we will achieve our disinvestment target", he said. Disinvestment of the public sector companies is being seen as one of the major initiatives to check the fiscal deficit, a big worry for the Government. The Finance Minister in his new stint in north block said he has a strategy worked out for keeping the fiscal deficit within the budgeted target of four per cent. Mr Sinha asked why media was obsessed with levy of fresh taxes every time there is a problem of fiscal deficit. "There are other ways to control fiscal deficit and I am as much concerned with the problem as anybody else", he said. (UNI) |
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Renault Moteurs keen to market engines in India PARIS, Oct 18: French automobile major Renault Moteurs has decided against a production base in India for its famed passenger cars and would instead concentrate on supplying engines to Indian car manufacturers. Renault has inked a deal with the Bangalore-based San Motors to supply engines for the latter’s sportscar models — storm and streak, scheduled to hit the streets by this year-end. "We have been talking of increasing our presence in the Asia Pacific market following our tie-up with Nissan. Towards this end, we would be announcing some major initiatives by this month-end at the Tokyo motor show...But for the time being, there are no firm plans for a production base so far as India is concerned," company spokesperson Christine Rahard, told UNI here today. The company, she said, is yet to establish a presence in India in terms of a network of exclusive importers. "We have not yet really concentrated on India though identified as a potential market for our cars. We are, for the present, targetting all our resources to strike big in other major markets in the region." Renault, she added, would concentrate on three markets as the growth drivers for the new millenium — South America, Eastern Europe and Asia Pacific. Meanwhile, Mr Jean-Claude Pie, Commercial Director for Renault Moteurs, told UNI that the company is pursuing the possibility of supplying its engines to Indian car manufacturers. "We have taken a first step in the Indian market by joining hands with San Motors. But we do intend to start negotiations with other manufacturers for similar arrangements of supplying engines." Renault, it may be recalled, had been mulling to set up a car assembly base in India. The company had initiated talks with Rahul Bajaj-promoted Bajaj Group to jointly establish a car producing venture. The plans were dropped after a feasibility study revealed little potential. The group then forayed into India with its tractor manufacturing arm — Renault agriculture— picking up a 20 per cent equity stake in the Punjab-based International Tractors Limited. Under the agreement between the Renault Group and ITL, two joint venture marketing companies were formed with 60 per cent majority holding in both the ventures in the hands of the French group. Earlier, Renault SA was planning to launch its range of cars and jeeps besides producing truck engines in the country through a separate venture. Though the partners for the two ventures were not finalised, sources close to the company had said Renault would join hands with the ITL for its car and jeep manufacturing project in India. Mr Bernard Le Rouzic, Chief Financial Officer of Renault Agriculture, had confirmed that the group was planning to set up a joint venture in India for producing truck engines. "We have not commenced talks or even shortlisted any partners for the project. But the venture is being explored seriously." Regarding the car and jeep manufacturing venture, he had said, "we are open to the project but no specific details could be provided on the same. India is being considered as a probable destination for renault small cars and jeeps." The tie-up with Renault, ITL Chairman and Managing Director L D Mittal had said, is most likely to be for its small car range. "We already have the technology with us for producing jeeps but for cars we may join hands with Renault. But a final decision on the same is yet to be taken...The foray is still a dream." Among the cars which were considered for the Indian market was Twingo, which competes with the Alto (Zen) in European markets. Besides, jeeps from the Nissan range were also considered for India. (UNI) |
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Consolidation reshapes global fashion business BERLIN, Oct 18: Away from the carefully crafted glitz and glamour of the Milan and Paris catwalks, the boardrooms of the world fashion business are in a state of upheaval. While next year’s season might emphasize a softer look, the current industry trend is towards hard-edged number crunching and consolidation. Indeed, hardly a day seems to pass without an announcement of another big merger in the seemingly ever faster race to win control of the global luxury fashion business. In a relatively short space of time, some of the biggest names in the fashion world have emerged as either takeover target or predator. For one, the Milan-based fashion house, Prada SPA has been on a shopping spree at the top end of European designer wear recently, picking up fashion houses Helmut Lang and Jil Sander as well the quintessential British shoemaker, Church and Co. Even that ultimate figure in American design, Calvin Klein, has announced that he is putting his empire of clothing, underwear, perfume, spectacles, watches and bed linen on the market. At the same time, the Milan Italian fashion force, Giorgio Armani SPA, has indicated that it is keeping all its options open following the decision by the group’s founder, Giorgio Armani, to step down. Although some of the top fashion houses’ new designs might be difficult to fathom, the business logic behind the industry’s current merger fever is simple enough - the best way for the big labels to grow is by swallowing up other brands. According to industry research, the number of mergers in the fashion business more than doubled during the first nine months of the year to over 90 compared with the same period last year. Likewise shares in leading fashion houses have been booming with sales in luxury goods beginning to gain momentum as Asia’s financial crisis subsides. The current urge to merge has also stretched to the mountains outside Geneva and the rather discreet world of luxury Swiss watchmaking. In a remarkable twist of corporate fate, brequet, one of the legendary names in Swiss watches, fell prey to swatch, a mass-produced brand held in disdain by the craftsmen at companies like Brequet who spend months constructing just one watch. Brequet’s fall into swatch’s hands also opens up questions about the future of a range of other luxury Swiss watch brands from Audemars Piquet through to Patek Philippe. This was underscored by the 746-million-dollar purchase last month of the 139-year-old Swiss watch group tag Heuer by France’s LVMH (Louis Vuitton Moet Hennessy SA). Once the indisputable giant of international fashion, LVMH has suddenly found its position of supremacy under challenge from the resurgent Italian group GUCCI. Having itself only recently managed to fend LVMH’s unwanted advances in a particularly acrimonious takeover battle, GUCCI is at present finalising its acqusition of the ultimate french fashion house, YVES St Laurent. LVMH’s Chairman Bernhard Arnault was also thought to have had his sights set on YVES St Laurent. Last week arnault teamed up with Prada to pay a reported 850 million dollars for the rome fashion house Fendi. At the heart of the struggle over fendi was the company’s vast array of accessories, the big moneyspinner in the high fashion game, and which are believed to represent about 40 per cent of the group’s revenue. In the process, LVMH headed off GUCCI’s ambitions to grab the fendi group and adding the brand to his current stable of labels, which includes Christian Dior, Givenchy, Christian Lacroix and Louis Vuitton. Along with these fashion labels, LVMH has a similar line up of champagne brands such as Dom Perignon and Moet Chandon. There is also talk that LVMH might also take up Calvin Klein’s for-sale offer and move in on the American group. But LVMH is not alone in its drive to accumulate leading labels. In a similar way, the Swiss-owned vendome luxury group has been also gradually piecing together a network of top-of-the-range labels from cartier through to mont Blanc, Piaget and Alfred Dunhill. (DPA) |
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RDs to supervise Registrars under Companies Act NEW DELHI, Oct 18: Four Regional Directors have been empowered to deal in matters related to the administration of the Companies Act, 1956 and liasion with state Governments. The RDs who have been designated as Heads of Department will exercise direction, superintendence and control over 21 Registrar of companies all over the country. Under the Companies Act, the Central Government has delegated powers to the RDs, an official statement said here today. There is also an inspection unit attached to the office of every RD for carrying out the inspection of the books of the accounts of companies under Section 209 A of the Companies Act. The Department of Company Affairs has directed RDs to dispose of application for rectifying the name of a company within 30 days, for license to charitable companies and associations within 30 days and application for appointment and removal of auditors within 45 days. Similarly, application for removal of contracts in which directors are interested is to be disposed of within 30 days submission of representation to the High Courts on application for amalgamation within 30 days and representation to be made before the Company Law Board (CLB) within 30 days. The RDs will dispose of proposal for winding up of company within 30 days application for payment of unpaid dividend out of company’s liquidation account within 30 days, application for inspection of document and issue of certified copies within 7 days and application for compounding up of offences within 30 days and grievances complaints of the investors and the public within 30 days. For the first time, the Department of Company Affairs has fixed a time limit for disposal of cases by RDs. It has also fixed the time bound disposal of works by Registrars of Companies and official liquidators. The time bound disposal of work at the cutting edge of corporate governance is intended to build investors confidence in the efficacy of the Government as also to make the workings of the Companies Act more and more responsive and people-friendly, an official release said here today.(UNI) |
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Hyundai Motors launch Accent at Kunjwani Show Room Excelsior Correspondent JAMMU, Oct 18: The second product of Hyundai Motor India-the Accent mid sized high performance luxury sedan was launched at its Showroom, Crest Hyundai, Kunjwani Bye-Pass near here today. The car was simultaneously launched at other show rooms of the country also. The car is available in three models and the Ex-showroom price for GLE-I model is 5,29,059, while the GEL2 Model with power steering will be available at Rs 5,53,658. The third model GLS will cost Rs 5,78,225. The booking amount for the GLE Model is Rs, 4,88, 667 and the rest amount of Rs 40,392 can be paid at the delivery of the car. For GLE-2 the booking price is Rs 5,11,361 while for GLS the booking amount is Rs 5,32,363. The booking can be made through a demand draft/ pay order in favour of Hyundai Motor India Ltd payable at Jammu. All the three models of the car will have manual transmission with overdrive on fourth and fifth gears and will be available in six colours -noble white, Indian Blue, Imperial Red, Amazon Green, neutral Silver and Golden Beige. Among the various features of car are that it has a rear heated glass, full size wheel cover, high mounted stop lamps and Frong Fog lamps. Besides this the Accent has a Waistline Moulding, outside mirror housing, tinted glasses, front and rear mud guard and half cover. The interior features of the car include that it has front seatback pockets, rear seat belts, deluxe console, room lamp, trunk lamp, cigar lighter, front and rear ashtry and front door map pockets. The car has a dual height adjustable driver seat,adjustable front seat headrest, 60:40 split folding rear seat and semi -full cloth upholslery. The car has a central locking system with power windows front and rear and many other features. The car was kept available for display and test purpose at Kunjwani show room and the company has decided to accept the customer order from October 21 and the dispatches of the car will commence against the customer orders from Chennai plant on first come first served basis. The launch of car in India has come within a month of its international launch on September 14 at Frankfurt Motor Show in Germany. The car has been developed in a period of over two years. The Accent in India will be Euro-II complaint from the day of its launch. The Hyundai Alpha engine is one of the most contemporary engines developed by HMC. Hyundai Motors India is wholly owned subsidiary of $ 8.24 billion Hyundai business group of South Korea. It may be recalled that Hyundai has a presence in 168 countries across the world. The company has already sold over 50,000 Santro cars in less than 50 weeks. |
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Green-belt land cannot be put to auction: SC NEW DELHI, Oct 18: The Supreme Court has held that land falling in green-belts cannot and should not be put to auction by development authorities as serious public interests were involved in it. Nullifying an auction made by Delhi Development Authority (DDA) of a land falling in the green-belt in Kalkaji area in South Delhi, a division bench said on the date of the auction the plot being in the green-belt, could not and should not have been put to auction. Writing the judgement for the bench, Justice R C Lahoti directed DDA to return the money deposited by one Ravindra Mohan Aggarwal who had bid for the land with nine per cent interest since 1985 when the auction took place. Aggarwal had participated in the auction and made a bid of Rs 3,25,000 for the plot which was the highest. He then deposited 25 per cent of the bid amount, Rs 81,250 with DDA and the bid was placed before DDA Vice-Chairman who was the competent authority to accept or rescind the bid. Meanwhile, a Public Interest Litigation was filed in the High Court challenging the auction complaining that the plot was situated in green-belt and therefore could neither have been treated as a developed plot nor put to auction for any purpose other than its use as a green-belt. (PTI) |
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HMIL eyeing both Esteem and premium segments NEW DELHI, Oct 18: Hyundai Motors India Limited (HMIL) expects to receive half of its customers for its newly launched 1500 cc accent from the Esteem segment while the rest from the premium category. The company has set a target of selling 1,000 accents per month for the next one and a half years. While on an average 500 units will be sold in the Esteem segment, the lower end of the mid-size car market, an equal number of cars will be bought by customers of Honda City and Mitsubishi Lancer segment, HMIL director (marketing and sales) B V R Subbu told here. Accent is benchmarked against Honda City and Lancer in technological capabilities, whereas its price is ranged between Maruti Esteem and Honda City. "Given this, we feel that many customers of Maruti Esteem will graduate to the premium segment, keen to buy Accent... And we believe they will constitute 50 per cent of our targetted sale," he added. While prices of three petrol versions of Accent range between Rs 5.35 lakh and Rs 5.85 lakh (ex-showroom in Delhi), those of Mitsubishi Lancer are between Rs 7.35 lakh and 7.45 lakh and Honda City is priced between Rs 5.90 and Rs 8.4 lakh. Maruti Esteem’s ex-showroom price range in Delhi is between Rs 4.66 lakh and Rs 5.90 lakh. The company has put on hold launch of diesel version and is awaiting Supreme Court’s order on vehicular pollution in this concern. Mr Subbu attributed the low price range of accent to its 70 per cent indigenisation and hoped that customers of both the segments of low-mid size and premium size will be "too eager to buy the new vehicle." Recalling that Zen had cut its prices by 20 per cent after the launch of Hyundai’s Santro, Mr Subbu said the rivals of Accent will also not be able to keep their prices at the present levels. In fact, Ford India Limited has confirmed that the company will put an entry price tag of Rs 4,00,677 for its forthcoming launch, Ikon, whereas top-end of the petrol version of the vehicle will be priced at over Rs 6.5 lakh. Auto analysts have described it as a reaction to the aggressive pricing by HMIL. Maruti Udyog Limited has stated that the company will continue to hold its own in the Esteem as well as other segments as all its models "enjoy enormous brand equity in the market". Meanwhile, HMIL has stated that with the turkey plant of Hyundai Motors becoming dysfunctional due to the recent earthquake, the South Korean auto giant will use India as a base from January 2000 to export transmission engines and completely-built units of accent to that country. Besides, HMIL will also export crank shaft, cylinder block, cylinder rod and connecting rod to the plant in Turkey, HMIL president A P Gandhi told mediapersons here on the occasion of launch of 1500 cc accent. Earlier, the Turkey plant used to assemble semi-knocked down kits imported from Hyundai Motors in Korea. HMIL is planning to chip in that effort of its parent company, he said. The plant in that country used to produce old accent and will now be used for producing the new accent as well. It caters to the turkey market as well as neighbouring countries. H,IL is targetting to register ten million dollars this fiscal year from exports, which will also partly include parts of Accent, Mr Subbu said. However, it is very difficult to say at the moment what will be break-up of Santro and Accent’s parts in the last quarter of this fiscal. HMIL’s exports obligation as per FIPB guidelines starts only in April one, next and the company has already started doing that a year before, Mr Subbu said. (UNI) |
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More investment in
industry sector NEW DELHI,Oct 18: The Government will carry forward the liberalisation process with more foreign and Indian investment in industries, review the position on grant of autonomy to the Public Sector Undertakings including Navartna companies and speed up the process of forming joint ventures in the 24 identified public sector units, Minister for Heavy Industries and Public Enterprises Manohar Joshi said today. Addressing a news conference after taking over the new Ministry, Mr Joshi said the programme of disinvestment would be pursued with greater urgency and commitment as more resources are to be raised and greater outside skills are to be infused in the management of various Public Sector Undertakings. Replying to a question Mr Joshi said the future of the Disinvestment Commission is under discussion and the matter is to be taken up to the Prime Minister and the Cabinet.He said he has received the resignation of the Commission’s Chairman G V Ramakrishna. Mr Joshi also held discussions with senior officials of various departments under the newly created Ministry.The reorganised ministry includes the Departments of Heavy Industry and Public enterprises, divisions dealing with heavy engineering industry and auto industry in the Department of Industrial policy and promotion. Replying to a question, Mr Joshi said the Government has not taken any decision on diluting Government’s share in the Maruti Udyog Ltd (MUL). He said the goal of his Ministry would be to carry forward the process of liberalisation and usher in an industrial regime with more foreign and Indian investment in the industries under him. However, the revival of sick PSU units merely for the sake of keeping them going cannot be justified any longer, he said. Our PSUs have to learn to survive and stand on their own feet in the new competitive and market driven environment ,he said. He said the position regarding grant of autonomy to the PSUs including Navaratna and mini Navartna companies would be reviewed to make them more independent in their operations. He said he would immediately review the hundreds of rules and guidelines which continue to bind these companies down.(UNI) |
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