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Bird cell phone at Rs 1399; ties with Airtel for bundling................

SEBI Chief among top 50 Asian newsmakers in 2006.................

Foreign investment up three-fold at $7.96 bn in H1:RBI............

Ruia close to agreement with workers for Dunlop re-opening...........

Web store shipments may hold clue to holiday sales

SAN FRANCISCO, Dec 18: Winners in the holiday online shopping race appear to be Wal-Mart, Amazon and Apple Computer, <AAPL.O> which are doing the best job of turning browsers into buyers, according to an analysis of Web traffic patterns.

According to data compiled by Internet measurement firm Hitwise for Reuters, these three sites, along with perennial e-commerce leader eBay Inc., seem to be having the most success converting online window-shopping forays into real purchases.

These retailers showed the heaviest traffic between their Web sites and shipping company Web sites at UPS, DHL and FedEx, Hitwise analyst Bill Tancer said.

Data on actual sales at the height of the holiday season are hard to come by, as retailers hold off reporting their results until early January. However, the clues into whether retailers' Web sites are converting their raw traffic into shipments can be a good indication.

''Looking at things like shipping are great proxies for how much people are buying,'' Tancer said.

The Hitwise data also indicated that retailers such as Target Corp. And Best Buy Co. May be coming up short in terms of converting traffic into Web sales. It was not clear, however, if this was due to some other dynamic -- whether shoppers were simply looking at products online that they would later buy in stores, for example.

In a week where Internet traffic peaks, to ensure timely deliveries, the ability to sell merchandise online can make or break a retailer.

SHOPPING AND SHIPPING

WalMart.Com ranked No. 1 in terms of traffic between its site and the United Parcel Service site, ahead of eBay at No. 2 and well ahead of Amazon at No. 10, according to data through December 10 from Hitwise.

On DHL, the figures are somewhat inverted as WalMart.Com ranks No. 8, with Amazon at No. 2 behind eBay.

''We are very pleased with how the holiday is going for us so far. It is the best we have had in our history,'' said Raul Vazquez, vice president of marketing for WalMart.Com, referring to the five years since the parent company set WalMart.Com free to compete as a Web retailer.

Meanwhile, customers leaving the BestBuy.Com site are not heading to shipping sites in significant numbers, downstream traffic data show. This could be a measure of online sales weakness, mechanical differences in where Best Buy's site directs customers for shipments, or even just the preference of its customers to buy in stores rather than online.

''BestBuy.Com shows a stronger indication that it is being used as a research tool'' to check prices before visiting the company's stores, Tancer said. Traffic from BestBuy is especially heavy to in-store promotional advertisements.

Spokesmen for Best Buy and Target did not return calls seeking comment.

Online shopping is expected to grow 24 per cent this holiday season over 2004, according to Kurt Peters, editor at Internet Retailer magazine http://www.Internetretailer.Com/

Traffic to online shopping sites is up only 9 per cent this year over last year, Hitwise's Tancer said, but Web sites have become more efficient at converting window shoppers into buyers this year.

For the six weeks ending December 9, online sales totalled around $12.75 billion, up 23 per cent from a year ago, according to comScore Networks, another Web measurement firm.

Overall, sales at US retailers -- online and in stores -- during the holiday season are expected to increase 5 per cent to 7 per cent this year.

DIGITAL HOLIDAY

WalMart.Com, the Web counterpart to Wal-Mart Stores Inc., ranks as the No. 2 Web department store behind Amazon.Com, according to Hitwise, which tracks the online behaviour of 10 million US Web surfers. WalMart.Com offers 1 million products, 10 times that of a Wal-Mart store.

The site's hottest product is MobiBLU, a 512-megabyte digital music player, radio and alarm clock no bigger than a coin and priced at $99. WalMart.Com sells it exclusively.

''It is a digital holiday,'' Vazquez said. ''Consumers are really responding to all things electronic,'' he said.

Ken Cassar, an analyst with Nielsen//NetRatings, said online sales data through December 4 showed a tremendous jump in the books, music and video category, which grew 238 per cent, or seven times the next fastest growing category -- apparel.

''The one site that is driving the greatest growth is iTunes,'' he said of Apple Computer Inc.'s music store, which gives consumers near-instant gratification by allowing them to download songs or gift cards for future purchases.

The NetRatings data counts shopping trips to 100 representative online retailers in 10 shopping categories.

Hitwise data confirms that half -- 49.5 per cent -- of US Web searches for the term ''iPod'' are going to Apple Web sites. The next nearest online retailers to be benefiting from the iPod craze are CircuitCity.Com, which drew 6.7 per cent of iPod searchers and BestBuy, which attracted 4.2 per cent. (AGENCIES)

Here comes another flat-screen TV

TOKYO, Dec 18: There is little doubt that the world of television has gone flat, but consumers like Yoshinori Mimura are still confused over whether to go for a plasma, rear-projection or LCD screen.

That decision will only get tougher next year when Canon Inc. And Toshiba Corp. Launch a new type of flat screen technology called SED, the latest choice for those wishing to trade in their boxy tube TVs.

''I'm really at a loss over what to do,'' said Mimura, a 50-year-old company employee, as he checked out the newest plasma and liquid crystal display (LCD) sets on display at the Biccamera electronics store in Yurakucho area of Tokyo.

''I'd like to buy one but I'm waiting for the right time.''

Mimura, a movie buff, is looking for a TV that's bigger than 40 inches and is leaning towards a plasma model because he reckons they are better than LCDs at reproducing moving images and generate a deeper black, which is important for films.

But he could also hold out for a SED TV that, proponents claim, can deliver a crisp picture with rich blacks, vivid colors, quick response times, low power consumption and a wide viewing angle -- essentially combining the best traits of plasma and LCD technology, with none of their shortcomings.

Technologically, SED is the holy grail of the flat TV industry -- images just as sharp as a traditional cathode ray tube (CRT) TV in a thin, flat form. Whether its manufacturers can actually make a profit on it, however, is another story. SED stands for surface-conduction electron-emitter display, and is very similar to CRT technology in that a picture is generated when electrons fired from the back of the set collide with a phosphor-coated screen to emit light.

But instead of using three electron guns, SED technology employs an array of hundreds of thousands of tiny electron emitters -- one for each pixel on the display.

While the CRT structure requires that electrons are beamed from deep in the back of the set, the SED's emitters can be arranged on a rear plate located extremely close to the phosphor-coated front, allowing for a much slimmer TV.

Canon, better known for its cameras and copiers, started researching SED technology 20 years ago and joined hands with Toshiba in 1999. They formed a joint venture in 2004 and plan to invest about $2 billion to develop and make the panels in Japan.

''We have big plans for the digital television business,'' Canon chief executive Fujio Mitarai said at an exhibition in Paris in the fall.

PRODUCTION CONCERNS

It is easy to see why Mitarai is so optimistic.

Flat TV sales have already surpassed CRT in Japan and the global market is expected to quadruple to about 100 million units by 2009, according to DisplaySearch, as prices fall rapidly and access to digital and high-definition broadcasting spreads.

Mitarai has said he would like to have a SED TV on the market by spring of 2006. The first set will be a 55-inch model, putting it in direct competition with plasma and to a certain extent LCD sets, which are encroaching into the 50-plus range.

But analysts say Canon will be hard pressed to profit on the venture anytime soon. SED is a wonderful technology, but capital investment is heavy and it will be years before output is at levels that ensure earning a decent return.

Merrill Lynch analyst Ryohei Takahashi notes that South Korea's Samsung Electronics Co. Is aiming to get the price of a plasma set down to $20 per inch by 2008. That would mean $1,000 for a 50-inch TV, one-fourth current prices and a mighty hurdle for a relatively new product like SED.

''Making a profit in that type of environment will be very dificult,'' said Takahashi, predicting it might be 5 years before Canon gets the business out of the red. ''But Canon has plenty of money and can stay in the game for 10 or 20 years.''

The reality is that most flat TV makers are unable to keep up with high materials costs and as set prices fall 30 per cent per year. Plasma TV giant Matsushita Electric Industrial Co. <6752.T> and top LCD TV maker Sharp Corp. Are among a select few in the black right now.

Takahashi said Canon has proven that it can make a high-quality 36-inch SED TV, which the company has been showing to the public at exhibitions, but it has yet to unveil the 55-inch model that will be going up for sale.

''I don't think there are 1,000 people in the world that have seen the 55-inch TV, so no one can really comment on the picture quality. There are still concerns that the production process is quite difficult for the large screen,'' he said.

But if Canon can get production kinks worked out and the picture is as sharp as it claims, indications are SED could give plasma and LCD a run for its money at the high-end.

Mimura said his ideal TV should be able to meet full high-definition (HD) specifications, meaning they are able to produce images at the highest standard of 1,920 by 1,080 pixels -- a standard that will be satisfied by the SED.

Price isn't everything. Mimura said he would be willing to shell out 500,000 to 600,000 yen (US $4,300 to $5,200) if the TV was right.

''The picture has to be nice,'' he said. (AGENCIES)

Spectre of rates uncertainty haunts 2006 investor

LONDON, Dec 18: Pity the poor investor, entering 2006 pretty much knowing what will happen, but not knowing when.

The men and women who steer trillions of dollars around financial markets appear to be in fair agreement that next year will be a similar, if somewhat muted, version of this one.

That would see equities outperforming bonds, and regional stock markets such as Japan and the euro zone outshining the United States.

''The overall environment is not going to be all that dissimilar to 2005 and 2004,'' said Andreas Utermann, chief investment officer of RCM, part of Allianz Global Investors' stable of investment companies.

But haunting the background is the spectre of change in interest rate policy that may divide the year sharply for investors. They just do not know when it will arrive.

The U.S. Federal Reserve is expected to stop raising interest rates sometime in the year while Europe -- and possibly Japan -- are leaning towards tightening.

Those moves threaten to change prospects for many assets.

-- The dollar could start declining again as the interest rate differential that has boosted it this year dissipates and the U.S. Current account deficit begins to weigh again.

-- Ending the U.S. Monetary tightening cycle and raising rates in Europe could make U.S. Treasuries more attractive and Bunds less so, a reverse of recent trends.

-- U.S. Stocks, which have languished this year, could get a fillip when the drag of tighter interest rate policy is removed. Likewise euro zone assets may start feeling pressure from European Central Bank tightening and a stronger euro.

''This is the big debate in markets: how far will U.S. Rates go up?'' said Ewen Cameron Watt, head of investment strategy and research at Merrill Lynch Investment Managers.

MORE, BUT LESS

Entering 2006, many investors have large portions of their money in equities, favouring Japan and the euro zone, are bearish about bonds and hold long positions on the dollar.

Investors expect stock patterns to be similar in 2006, although with lower returns and not as regionally divergent.

Generali Asset Managers, for example, is projecting euro zone stocks to rise between 7 per cent and 12 per cent, compared with this year's roughly 20 per cent.

RCM's Utermann sees Japan up 15 per cent, compared with more than 30 per cent this year, and the United States up 5 per cent to 8 per cent, a slightly better performance.

Meanwhile, although many firms have been keeping their distance from Wall Street, some see the removal of Fed interest rate worries allowing U.S. Stocks to converge with cooling European and Japanese stock markets.

''The U.S. Equity market has de-rated (got cheaper), despite earnings growing by 15 per cent to 20 per cent a year,'' Britain's Standard Life Investments said in an outlook. ''When U.S. Rates peak, conditions may fall into place for a reappraisal of the U.S. Market, especially if the ECB continues to tighten policy.'' Bonds have fared worse than equities this year and are expected to put in a repeat performance as they remain vulnerable to the changing monetary policy environment.

In local currency, Citigroup indexes show euro zone debt returning 4.3 per cent in the year to December, U.S. Bonds giving 1.7 per cent and Japan only 0.8 per cent.

Backed up yields, however, will eventually make debt more attractive to investors.

''The duration of our exposure to the bond market is short, but we are ready to trade rallies and take advantage of selected opportunities where they arise,'' South African-owned Investec Asset Management said in a note.

The dollar, which is up more than 11 per cent on an index of currencies this year, will lose the support of a positive interest rate differential as the Fed stops. It could fall sharply, some believe.

CONTINENTAL DIVIDE

Little wonder, then, that investors are feverishly reading the runes of central bank policy to try to glean when the Fed will stop, what the ECB has in mind after one hike and whether the Bank of Japan and others have anything planned.

A common view is that the Fed will raise from the current 4.25 per cent to anything from 4.50 per cent to 5.0 per cent, ending by mid-year, the ECB has as many as two, 25 basis point hikes to 2.75 per cent in the frame and Japan will hold off rate hikes for now but perhaps reduce liquidity.

For most investors, the Fed timing is the key event of the year. But while many see it lifting U.S. Stocks and removing some pressure from bonds, others see the rate hikes finally filtering through into the U.S. Economy and slowing it down.

U.S. Bond fund PIMCO, for example, has suggested the Fed may even begin cutting rates towards the end of 2006.

That leaves some investors viewing 2006 as a year in which 2005 trends will continue for some time, then break down.

''2006 will be a contrasted year as the environment gradually becomes more difficult,'' said William De Vijlder, chief investment officer at Belgo-Dutch firm Fortis Investments.

Bob Parker, Credit Suisse Asset Management's deputy chairman, underlined what this meant to his firm's strategy.

It all comes down to ''when''.

''When to sell the dollar, when to buy bonds and when to cut risk significantly in global equity markets,'' he said. (AGENCIES)

SBI to roll out ATM-linked KCC, aims Rs 15,000 cr loan

MUMBAI, Dec 18: State Bank of India (SBI) is set to roll out its ATM-linked Kisan Credit Card (KCC) programme throughout the country within the current fiscal, even as it plans to disburse agriculture loans to the tune of Rs 15,000 crore.

The ATM-linked KCC programme, aimed at providing hassle-free transactions for the farmers, is currently operational in Chandigarh, as a pilot project.

"We have received a huge response from the consumers. The programme, launched in September, would be extended to the length and breadth of the country within this fiscal," bank's head (agri business) Anup Banerjee told PTI.

However, the programme, at the same time, would remain functional in its existing branches in the semi-urban and rural areas.

SBI has received a go-ahead from the Reserve Bank of India in this connection following a request made by the bank to introduce the system at the convenience of the farmers.

"It was a new idea. We wanted to extend the best possible services to farmers using modern technology. We requested to the RBI to allow us extending the loan product to the farmers using ATMs to which it has positively responded," Banerjee said.

Apart from having more than 6,500 branches in the rural and semi-urban areas, SBI has more than 5,000 ATMs in the country. (PTI)

Costly pulses,eggs push inflation up marginally to 4.55 pc

NEW DELHI, Dec 18: Rise in the prices of food articles, rubber and plastic products and non-metallic minerals products pushed up the annual rate of inflation marginally to 4.55 per cent for the week ended December 3, against 4.54 per cent in the previous week.

The inflation rate stood at 7.07 per cent during the corresponding week of the previous year, according to the official figures released here today.

The Wholesale Price Index (WPI) eased by 0.2 per cent to 197.8 from 198.2 for the previous week.

Meanwhile, the final WPI for the week ended October 8 has been revised to 197.7 against 197.2 and the annual rate of inflation for the period stands corrected at 4.88 per cent against 4.62 per cent.

Finance Minister P Chidambaram recently said that an inflation of 5 per cent was unavoidable.

The Minister cautioned that the inflation would accelerate. However, he said that the economy was in line to clock a 8 per cent GDP growth for the year to the end of March 2006.

Earlier, the Reserve Bank of India (RBI) had raised the short-term reverse repo rate by 25 basis points to 5.25 per cent in its monetary policy review, to contain inflation caused by robust demand and high oil prices.

The central bank also warned that the full impact of domestic fuel price rise was still to be felt and so it may be difficult to keep the average inflation at 5-5.5 per cent for this fiscal.

For primary articles, the index fell by 0.5 per cent to 197.3 from 198.2 for the previous week. The index for food articles group rose marginally to 200.2 from 200.1 due to higher prices of fish-inland (7 per cent), moong and eggs (3 per cent each) and pork and masur (1 per cent each). However the prices of arhar and fruits and vegetables (2 per cent each)and maize, bajra and rice (1 per cent each) went down.

The index for non-food articles group declined by 1.9 per cent to 177.4 from 180.9 due to lower prices of soyabean (23 per cent), groundnut seed (5 per cent) and fodder (1 per cent).

However, the prices of raw silk (6 per cent), gingelly seed (4 per cent), raw jute (2 per cent) and raw cotton (1 per cent ) climbed up.

The index for the major group of fuel, power, light and lubricants declined by 0.4 per cent to 310.7 from 312.1 due to lower prices of naptha (6 per cent) and furnace oil (4 per cent).

However, the prices of bitumen (3 per cent) and lubricants (2 per cent) moved up.

The index for manufactured products went down by 0.1 per cent to 172.7 from 172.8.

The index for food products group increased by 0.1 per cent to 178.6 from 178.5 due to higher prices of bran (all kinds) (5 per cent), sooji (rawa) (3 per cent), maida and atta (2 per cent each) and coconut oil (one per cent). However, the prices of rice bran oil (5 per cent), gur (2 per cent) and groundnut oil and khandsari (1 per cent each) declined.

The index for beverages, tobacco and tobacco products group rose by 0.6 per cent to 231.6 from 230.2 due to higher prices of pan masala (11 per cent). However, the prices of beer and alcohol (5 per cent) declined.

The index for the textiles group rose by 0.4 per cent to 129.5 from 129.0 for the previous week due to higher prices of cotton yarn-hanks (4 per cent), hessian and sacking bags and viscose filament yarn (1 per cent each). However, the prices of other cotton yarn (3 per cent) and cotton yarn-cones (1 per cent) declined.

The index for rubber and plastic products group increased by 0.1 per cent to 139.9 from 139.7 for the previous week due to higher prices of suitcases (4 per cent).

The index for chemicals and chemical products group declined by 0.5 per cent to 189.3 from 190.3 due to lower prices of epoxy resins (61 per cent) and safety matches (1 per cent).

The index for non-metallic mineral products group declined by 0.1 per cent to 168.7 from 168.8 for the previous week due to a marginal fall in the prices of cement.

The index for basic metals alloys and metal products group declined marginally to 221.6 from 221.7 for the previous week due to lower prices of steel sheets, plates and strips (3 per cent), ms bars and rounds and other iron steel (2 per cent each) and basic pig iron and foundary pig iron (1 per cent each). However, the prices of zinc ingots (3 per cent) moved up.

The index for machinery and machine tools group declined by 0.1 per cent to 148.9 from 149.1 for the previous week due to lower prices of picture tubes (colour) (17 per cent) and components and accessories of switch gears (7 per cent).

The index for transport equipment and parts group rose by 0.6 per cent to 160.6 from 159.7 for the previous week due to higher prices of jeeps (17 per cent).(UNI)

POSCO to start construction of steel plant in April 2008

NEW DELHI, Dec 18: South Korean steel maker POSCO today said it would begin the construction of the first phase of its proposed 12 million tonne steel plant in Orissa in April 2008 which will be operational by December 2010.

The plant will be constructed over three phases of four million tonnes each. A decision to this effect was taken at the meeting of the Board of Directors of POSCO in Seoul that approved timelines in the project. The total project cost will come to 12 billion dollars.

"The construction of the plant will start in April 2008. The first phase will involve the investment of 3.7 billion dollars," the company said in a statement.

"The capacity of the POSCO-India plant in first phase will now be 4 mtpa as against 3 mtpa, which was originally mentioned in the Memorandum of Understanding signed with the Government of Orissa on June 22, 2005. However, the total capacity of the fully integrated steel plant will still remain at 12 mtpa," the company said.

"The first phase of construction is expected to be completed by December 2010, six months later than the original mentioned date of June 2010. This delay will be due to the increase in capacity and equipment changes," the statement added.

Finex process, an innovative and next generation ironmaking technology, indigenously developed by POSCO is given priority over Blast Furnace process, which will also be considered as an alternative for the India project.

Of the four million tonnes to be produced in the first phase, 1.5 million tonnes will be slab and the 2.5 million tonnes would be hot rolled steel, value added products, as against three million tonnes of slab that was originally mentioned in the MoU. These slab and hot rolled steel would be exported too.

The site preparation for the steel plant and construction work for the proposed port at Jatadhari are scheduled to begin in April 2007.

Since the signing of the MoU in June 2005 and the setting up of POSCO's Indian subsidiary in August 2005, POSCO has made a capital investment of 51.3 million dollars in the project.

The application for prospecting license for three areas was filed by POSCO-India on September 27, 2005.Additionally, proclamation of the Government land amounting to 3,556 acres was announced on November 23, 2005 and 4(1) notification of the private land for the steel plant is expected to be published soon.

POSCO-India's steel plant project is the largest foreign direct investment in India.

India will see significant benefits from the POSCO project like creation of approx. 48,000 jobs in the region and approximately 467,000 man years of employment during the construction phase.

The company said economic effect of the project would be 278.6 billion dollars, considering taxes and royalty incomes for the Central Government, as well as the Government of Orissa. (PTI)

Bird cell phone at Rs 1399; ties with Airtel for bundling

NEW DELHI, Dec 18: Chinese company, Bird, has entered into a 'bundling' agreement with India's largest mobile operator Airtel under which a connection and handset is being provided for just Rs 1399 but with a lock-in-period.

"We shall be offering a handset for just Rs 1399 along with a pre-paid connection of Airtel which also includes Rs 600 worth free talk-time to be spread over six months. The scheme involves huge subsidy which is being shared by both parties," Adarsh Shastri, Director-Marketing, Bird Phones, told PTI.

The scheme was launched in first week of November in six circles and the company sold 65,000 handsets in first 20 days, Shastri claimed adding "our target is to supply five lakh handsets till end of current fiscal."

The same model of handset is being sold at Rs 3,000 in the open market. The bundled (handset plus Airtel pre-paid connection) scheme comes with a 8-month lock-in-period whereby the consumer is barred from using the same handset for another connection.

Asked about the subsidy being shared by both, Shastri declined to give details saying this was an internal matter.

Shastri, however, clarified that handsets were directly sold to the dealers and not to the company to keep the money involved in handsets segregated from the gross revenue of service provider.

Currently, the scheme is available in Delhi, Uttar Pradesh (East and West), West Bengal, Orissa and Bihar, he said adding the company was planning to cover all India soon. (PTI)

SEBI Chief among top 50 Asian newsmakers in 2006

MUMBAI, Dec 18: M Damodaran, the Securities and Exchange Board of India (Sebi) Chairman, would figure among top 50 Asian Newsmakers for 2006, picked up by Singapore-based daily 'Straits Times'.

"Sometime in the new year, after well-paid fund managers return from their Christmas break and start building up their market positions again, India's key stock index will probably breach the 10,000 mark. The man most interested in the development will be someone who holds no share at all -- M Damodaran," read 'Straits Times' on December 3, under the head 'Regulator who does tommorow's work today'.

The write-up quoted Damodaran "I have two pholosophies as a regulator. One is to do tommorrow's work today. The other is, do not blow your whistle too often... But when you do, blow it hard."

Correspondents of Straits Times over Asia have been filing their picks from various countries as ten were named from India by its correspondents here.

Some of the other names from India included Rahul Dravid, Ambani brothers, Rahul Gandhi, Vijay Mallya, Shah Rukh Khan and Sunil Mittal. (PTI)

Foreign investment up three-fold at $7.96 bn in H1:RBI

MUMBAI, Dec 18: India attracted more than three times foreign investment at 7.96 billion dollars during the first half of this fiscal against 2.38 billion dollars during the corresponding period of 2004-05.

For the first six months of this fiscal, the country drew 2.86 billion of foreign direct investment and 5.10 billion dollars of portfolio investment through GDRs, ADRs, FIIs, offhsore funds and others, the Reserve Bank said in its latest bulletin.

The comparative figures for the H1 of last fiscal stood at 1.87 billion dollars and 512 million dollars, respectively.

In the category of FDI investment, 492 million dollars came through acquisition of shares in companies by foreign corporates during the first half of this fiscal, down from 507 million dollars during April-September of 2004-05.

There was no direct investment from NRIs during the first six months of this fiscal. The country has been drawing blank on this count since 2002-03. In the preceding two years before that, NRIs directly invested 67 million dollars and 35 million dollars in the country.

FIIs investment became negative, that is they sold more stocks than what they bought, in two of the six months this fiscal against three months during H1 of 2004-05, the figures revealed.

FIIs net sold 350 million dollars and 503 million dollars in April and May of this fiscal, respectively. Last fiscal, their investment turned negative in May, June and July at 457 million dollars, 477 million dollars and 432 million dollars, respectively.

Corporates raised 870 million dollars through GDRs and ADRs during the first six months of this fiscal against 170 million dollars during the correponding period of 2004-05.

They mopped up money in each of six months this fiscal against only April and May last fiscal.

As much as 13 million dollars were raised in overseas markets in April this year, followed by 347 million dollars in May, 60 million dollars in June, 63 million dollars in July, 85 million dollars in August and 302 million dollars in September, figures given in the bulletin revealed.

Last fiscal, corporates mopped up 35 million dollars in April and 135 million dollars in May, according to figures given in the bulletin. (PTI)

Ruia close to agreement with workers
for Dunlop re-opening

KOLKATA, Dec 18: The re-opening process of ailing Dunlop India Limited, taken over by Pawan Kumar Ruia recently, is to be expedited as major headway has been made in reaching an agreement with the workers unions.

"We have made major headway in negotiations with the workers unions and we hope to finalise the agreement with them by December 31," Ruia said here today.

He said that agreement with the workers unions has been one of the most important issues to be sorted out before planning the re-opening the two plants at Shahgunj in West Bengal and Ambattur in Tamil Nadu.

Ruia had earlier this month bought the entire tyre business of Chhabria family controlled Jumbo Group including the sick Dunlop India and had immediately initiated talks with the CITU-affiliated Dunlop Workers' Union and Dunlop Rubber Factory labour union of INTUC at the Shahgunj plant which employs nearly 2600 workers.

Talks with the workers' union at Ambattur plant is also in an advanced stage and Ruia expressed confidence that an agreement would be finalised very soon.

Responding to a query he said that once the agreement with the workers was in place the process of re-opening the two plants would definitely be expedited.

Ruia had earlier announced that the Ambattur plant would be re-opened in six months and Shahgunj in nine months.

Ruia said that he had plans for starting the industrial products division first and that was why he had made it clear to the workers' union that there would be phased deployment of workers in the re-opened plant. (MORE)

Ruia said that the task of putting together a management team was already on, with experts for various departments being recruited so that they could start working on the plants closed for the past few years.

"We are yet to thoroughly examine the machinery in the two plants and if they are found to be in working condition then the re-opening process will be further expedited," Ruia said.

Asked whether there was a possiblity of him advancing the targetted re-opening date already announced, Ruia said that he would not like to commit anything at this stage, but clarified that, "everything will be clear in a couple of months."

Ruia, who had earlier taken over the public sector engineering giant, Jessop & Co, however, expressed confidence that he would be able to turnaround Dunlop India.

Apart from Dunlop Ruia had taken over two other tyre companies of Jumbo Group, Falcon Tyres and India Tyres, at a total cost of Rs 200 crore. The other two companies, however, were profit-making. (PTI)