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| Punjab's vanaspati industry hit by
imported ghee LUDHIANA, Sept 7: The regular import of duty-free vanaspati ghee from Sri Lanka and Nepal under free trade agreements has adversely affected the domestic vanaspati ghee industry in Punjab, .............more ONGC-Cairn
to build NEW DELHI, Sept 7: Oil and Natural Gas Corp, India's largest oil producer, has received government approval for building a Rs 7,967 crore refinery at Barmer district of Rajasthan, company Chairman Subir Raha said...........more India
seeks greater market NEW DELHI, Sept 7: India today sought greater market access for its services and goods in European Union and said increasingly stringent standards, complex rules and procedures as also ...........more Balmer
Lawrie shortlists KOLKATA, Sept 7: Balmer Lawrie & Co Limited, a PSU in the oil services sector, has shortlisted five consultants out of which one would be selected for reviewing the strategic plan ................more |
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Air Deccan appoints Brady as new COO NEW DELHI, Sept 7: Air Deccan has appointed Mr Warwick Brady as its Chief Pperating Officer who spent the past three years with Ryanair, one of the most successful low cost carriers based in .......more WPP
acquires Enterprise NEW DELHI, Sept 7: Global leading communications services company, WPP, today acquired Indian advertising agency Enterprise Nexus through its Pan Asian advertising network, Bates Asia, for an undisclosed sum.''.........more Look for
alternate source LUDHIANA, Sept 7: Criticising the successive Punjab Governments for adopting "lethargic attitude" in enhancing power generation capacity in the state, PHD Chamber of Commerce and Industry .........more James
Bond’s car all NEW DELHI, Sept 7: Driven by the increasing popularity of luxury automobiles in India, British auto-maker Aston Martin has firmed up its plans to tap the fast evolving premium car market in the country with its full..........more |
Punjab's vanaspati industry hit by imported ghee LUDHIANA, Sept 7: The regular import of duty-free vanaspati ghee from Sri Lanka and Nepal under free trade agreements has adversely affected the domestic vanaspati ghee industry in Punjab, with the capacity utilisation of state units falling to just 10-15 per cent. "The duty free import of vanaspati ghee from Sri Lanka and Nepal has hit the Punjab industry hard. Most of the units in the state have been forced to cut down their production and now they are on the brink of closure," President of Vanaspati Producers' Association of Punjab Rajinder Mittal said. The matter assumes significance as Punjab has been the main hub of vanaspati producers in the country with a production of 1,500 tonnes per day and had been supplying vanaspati ghee to several other states including Bihar, UP, Himachal Pradesh, Rajasthan and Delhi. Industry representatives said due to the availability of cheap imported ghee, there were no takers of domestically produced ghee. "The cost of vanaspati ghee per 15 kg in Punjab stands at Rs 635 while imported vanaspati ghee is available at just Rs 525 per 15 kg. Then who will buy our produce," questioned Sanjay Bansal, a vanaspati ghee producer. Punjab vanaspati producers get crude edible oil, the basic raw material for vanaspati ghee, with custom duty imposed at the different rates varying between 45 per cent to 85 per cent, which was resulting into cost advantage for imported ghee, that could be imported at zero per cent duty. Industry representatives said the Government should come out with a consistent policy on the rate of customs duty to create a level playing field for the domestic manufacturers. (PTI) |
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ONGC-Cairn to build Rajasthan refinery: Raha NEW DELHI, Sept 7: Oil and Natural Gas Corp, India's largest oil producer, has received government approval for building a Rs 7,967 crore refinery at Barmer district of Rajasthan, company Chairman Subir Raha said. ONGC had proposed to build a 7.5 million tonnes refinery through a joint venture between its subsidiary MRPL and UK's Cairn Energy, the firm which has discovered 2.5 billion barrels of oil reserves in Barmer district of Rajasthan. "We believe that Petroleum Ministry has taken a decision in favour of Cairn-ONGC/MRPL proposal. A formal approval is expected anytime," he told reporters here. The Indian and British firm would have 50 per cent stake each in the refinery. Raha said Ministry has approved Cairn-ONGC/MRPL combine as the purchaser of crude oil produced from the Cairn Energy's oil fields in the state. State refiner Indian Oil Corp and Hindustan Petroleum Corp have also claimed right over Cairn crude and proposed to set up separate refineries in Rajasthan but Cairn-ONGC/MRPL proposal was found the best. Raha said the Government has also approved ONGC's plans to set up an export oriented refinery at Kakinada in Andhra Pradesh. ONGC's subsdary Mangalore Refinery and Petrochemicals Ltd would join IL&FS and Andhra Pradesh Industrial Development Corp in the Rs 5,500 crore, 5-7.5 million tonnes refinery. ONGC/MRPL would hold 46 per cent stake in the Kakinada refinery while IL&FS will have 51 per cent interest. The remaining three per cent would be held by APIDC. "Given the physical properties of the crude, the only feasible and cost efficient option is to refine the crude at the well-head i.e at the production site," Cairn-ONGC/MRPL had said in a joint proposal to Petroleum Ministry. The proposal stated that the Rajasthan fields would start producing oil from end-2007 and till such time the refinery is commissioned, the oil be moved through a pipeline to Mundra Port (in Gujarat) and then shiped to Mangalore for processing by MRPL. "Once the proposed refinery is commissioned, the same pipeline (Barmer-Mundra) will be used to transport imported crude oil (for processing at the refinery)," it said. The Cairn fields in Rajasthan, where ONGC is 30 per cent partner, will commence production from last quarter of 2007 at an output of little over 100,000 barrels per day (5 million tonnes per annum), peaking to around 130,000 bdp (6.5 million tonnes per annum) from 2008 to 2011. The production declines from year 2012, reaching a low of around 20,000 bdp by 2023. ONGC proposed to lay a 400-km pipeline from Barmer to Mundra port in Gujarat which in the interim period to construction would pump Cairn crude to MRPL and after the commissioning of the refinery would be used for bringing imported crude for processing at the refinery. "The investment for this pipeline would be about Rs 1000 crore," the proposal said. The proposal said the Rajasthan refinery would produce 904,000 tons per annum of LPG, 211,000 tons of naphtha, 1.739 million tons of gasoline of Euro-III grade, 525,000 tons of kero, 120,000 tons of ATF, 2.469 million tons of diesel of Euro-III grade, 681,000 tons of coke and 71,000 tons of sulpur. ONGC, which is operating its 9.69 million tonnes MRPL at 12 million tonnes per annum capacity through debottlenecking, plans to raise MRPL capacity to 15 million tonnes by 2007-08 and then double it by putting an additional 15 million tonnes unit later. Raising MRPL capacity to 15 million tonnes capacity will entail an investment of about Rs 3,000 crore, Raha said. After the MRPL expansion and two new refineries at Barmer and Kakinada, ONGC would emerge as a significant refiner. Raha said ONGC and MRPL have separate licenses to retail petrol and diesel and have now got approval for direct/bulk sale of liquefied petroleum gas (non-subsidised LPG) and non-PDS (public distribution system ) kerosene. ONGC also plans to double capacity of its 0.5 million tonnes per annum Tatipaka refinery. (PTI) |
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India seeks greater market access in EU NEW DELHI, Sept 7: India today sought greater market access for its services and goods in European Union and said increasingly stringent standards, complex rules and procedures as also frequent use of trade defence instruments were emerging as serious barriers to enhance economic cooperation between the two partners. Noting that an ambitious Joint Action Plan had been drawn up by both sides at the highest level to take India-EU partnership forward, Commerce Minister Kamal Nath said: "Trade must play a central role in the development of this relationship. "The fundamental requirement for such a model is a liberal and easy regime allowing for the free movement of natural persons. I emphasise that I do not speak of immigration, but the need to facilitate professionals to travel if this type of economic engagement is to be properly serviced," he said at the Sixth India-EU summit here. Asking EU to address the issue of non-tariff barriers to India's exports, he said: "Indian trade and industry circles feel that while Indian economy has liberalised and markets have been opened up offering new vistas to global trade and industry, reciprocal benefits have not flowed from the developed world to us. "While tariffs may be
low, the developed world markets are becoming
increasingly difficult to penetrate. The mounting
stringency of standards, cumbersome and complex rules and
procedures as also frequent use of trade defence
instruments were emerging as serious barriers to enhance
economic cooperation", he said. Nath pointed out at the market access problem faced by agro and marine export to EU because of Sanitary and PhytoSanitary related legislations and said, "not all such standards are in conformity with the international ones and are often based on excessive precaution and perceived rather than real risk". Describing India as big player in global economy, EU Trade Commissioner Peter Mandelson said India had much to gain from its integration with the international economy but it should be prepared to take concerted action on further opening up. He said for India to achieve the target of removing poverty, it was important to pump investment in the eocnomy and, "barriers to FDI will have to fall if this is to be achieved". Alan Jhonson, UK Minister for trade and industry said EU placed enormous value on its relationship with India and the Joint Action Plan symbolised evolution of the relationship. (PTI) |
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Balmer Lawrie shortlists
consultants for KOLKATA, Sept 7: Balmer Lawrie & Co Limited, a PSU in the oil services sector, has shortlisted five consultants out of which one would be selected for reviewing the strategic plan prepared by the company. The company would invite expressions of interest from five consultancy firms which are McKinsey, Accenture, Ernst & Young, Price WaterHouse Coopers, Boston Consulting Group and Eicher Consultancy Services, Managing director of Balmer Lawrie S K Mukherjee told PTI. Mukherjee said Balmer Lawrie would seek presentations from the consulting firms during the current month, after which the final selection would be done in the first week of October. The company would share the strategic plan with the consultants, the selection would be done on the basis of the merit of the presentation and the cost involved for the purpose. The Balmer Lawrie board has prepared a five-year strategic plan for the nine business units, some of which were perenially loss making, like the tea division. Mukherjee said the selected consultant would be asked to suggest on whether the company should continue to retain all the existing units as well as the prospects of diversifying into other areas. The company has five business units in the manufacturing sector and four in the services sector. The five-year plan envisaged a turnover of Rs 2,000 crore by the year 2010-11 and a profit of Rs 200 crore by the same period, Mukherjee said. Funds requirement for the strategic plan was Rs 200 crore, which would be got from internal accruals. On diversification, he said the company was planning to enter into synergistic business areas like pipe manufacturing and construction chemicals. Meanwhile, the company has demerged tea business of its London subsidiary Balmer Lawrie UK Limited. The tea division had been hived off into a separate 100 per cent subsidiary. For the automobile lubricants market, the company was having talks with leading manufacturers like Maruti and Ashok Leyland for becoming an original equipment supplier. On the manufacturing side, the units are industrial packaging, grease, lubricants, leather chemicals, tea and shipping container. The services units include logistics, container freight station, travel and tours and project engineering. (PTI) |
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Air Deccan appoints Brady as new COO NEW DELHI, Sept 7: Air Deccan has appointed Mr Warwick Brady as its Chief Pperating Officer who spent the past three years with Ryanair, one of the most successful low cost carriers based in Europe. Mr Brady was deputy director for operations of Ryanair with overall responsibility of Stansted airport. He started his professional carrier with Britannia Airways as a pilot. ''Air Deccan has an exciting growth plan ahead, continuing to deliver rapid growth and further building upon its strong position in the rapidly expanding Indian low cost airline market,'' he said in a statement. ''I look forward to leading the Air Deccan team to deliver an efficient low cost operation which will continue to provide low fares coupled with excellent service.'' Mr Brady is married with two children aged three and six who have moved with him to India.(UNI) |
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WPP acquires Enterprise Nexus Communications NEW DELHI, Sept 7: Global leading communications services company, WPP, today acquired Indian advertising agency Enterprise Nexus through its Pan Asian advertising network, Bates Asia, for an undisclosed sum. "The merged entity will be named Bates Enterprise and will be among the top 10 agencies in India," WPP Chief Executive Martin Sorrell told reporters here. The acquisition is a part of WPP's expansion strategy and to increase India's contribution to the group's global business, he said. "At present business revenue from India is just two per cent of WPP's global revenue," he added. "The billings from the merged entity is expected to touch around 150 million dollars," Sorell said. After the merger, Enterprise Nexus founder Mohammed Khan will assume the role of Executive Chairman of Bates Enterprise, while Bates India Chief Executive Subhash Kamath will be the CEO. Khan said the merger is expected to get regulatory approvals and be completed within a span of six months. WPP has been focussing on developing its networks in fast growing markets and sectors, Sorrell said adding that the group had put emphasis on India, China and Latin America. In India WPP Group includes leading advertising agencies JWT, O&M, Rediffusion DY&R and Grey Worldwide. (PTI) |
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Look for alternate source of power: PHD Chamber LUDHIANA, Sept 7: Criticising the successive Punjab Governments for adopting "lethargic attitude" in enhancing power generation capacity in the state, PHD Chamber of Commerce and Industry said it has now become essential to look into alternative source of power at lower cost to maintain the competitiveness of Punjab industry. The demand for power in agricultural as well as industrial sector has been increasing during last few years but nothing concrete has been done by the successive Punjab governments for generating more power. "Now, it has become necessary for finding alternative source of power in order to boost Punjab industry," Chairman, Punjab Committee, PHDCCI Amarjit Goyal, told reporters here. Observing that Punjab could not entirely depend on other states for its power requirements, PHD chamber proposed that the state government should emphasize on distributing natural gas in Ludhiana, Mandi Gobindgarh and Dera Bassi through pipeline as it is available at much lower cost. Coming down heavily on the Punjab States Electricity Board's decision of imposing indefinite power cuts on arc and induction furnaces in the state, Goyal said, power shortage should be equally distributed among all sectors be it agriculture or industry rather than imposing it only on one sector. (PTI) |
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James Bond’s car all set to hit Indian roads NEW DELHI, Sept 7: Driven by the increasing popularity of luxury automobiles in India, British auto-maker Aston Martin has firmed up its plans to tap the fast evolving premium car market in the country with its full range beginning early next year. ''We will be announcing our plans for India by this year end,'' Middle East Aston Martin Chief Executive Officer Thomas Kastgen said here yesterday. ''I think India is growing and the number of high-net worth people too are growing and this makes us bullish on the market,'' Mr Kastgen said. Aston Martin cars come with a starting price tag of a whopping Rs 1.5 crore. Analysts estimate the Indian premium car market at less than 2,500 cars a year, growing at about 15 per cent a year. Mr Kastgen said India is currently witnessing a year-on-year growth in the luxury automotive sector. ''It’s important for us not to miss out on this opportunity,'' he added. The exclusive carmaker has conducted a market research of the Indian luxury car market in association with the World Luxury Council. He said there are enough people in India who can afford these high-sticker cars. ''There are 61,000 millionaires in India and the luxury automotive market is just 2,500 units big. This essentially means there is a huge opportunity,'' he said. Mr Kastgen revealed that the company would first set up its shop in Delhi. He also clarified that the Indian venture will not be in partnership with Aston Martin parent company Ford. ''We won’t go for joint dealerships,'' he said. Mr Kasten, however, said the company was thinking of a joint venture for the after sales service line. (UNI) |
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Metropolis bets on inorganic growth; eyes global market CHENNAI, Sept 7: Metropolis Health Services (India) Pvt Ltd, a corporate chain of diagnostic centres, feels that inorganic growth would be an ideal option to achieve leadership position in its business. "By way of acquistion or partnering with leading diagnostics centres we feel that it will give us greater visibility to grow," Managing Director, Metropolis, G S K Velu told PTI. "We want to be a leader in India for providing cost effective and high quality diagnostics," he added. The company claims to have leadership position in Southern and Western regions and its has consolidated its position in North India too through its recent acquisition of New Delhi-based Gribbles Pathnet, diagnostic venture promoted by Australian healthcare major Healthscope. "Now we have clear leadership position in Northern Region after the acquistion of Pathnet and we feel inorganic growth is an ideal option to achieve leadership position," he added. Metropolis is planning to invest about Rs 25 crore for its international expansion. The company has already established its presence in Seychelles, Sri Lanka and now looking at Middle East, South Asia and South East Asia. "In the longer run, we see Metropolis establishing its direct presence in most of the Asian and African countries and participate in the outsourcing segment in Europe and USA in telephathology, teleradiology and medical BPO," he said. "We want to be a global diagnostic player with a significant market presence across the world," he added. Metropolis reported a revenue of about Rs 45 crore in 2004-05 and aims to achieve Rs 100 crore in the next two years and Rs 500 looking at Middle East, South Asia and South East Asia. "In the longer run, we see Metropolis establishing its direct presence in most of the Asian and African countries and participate in the outsourcing segment in Europe and USA in telephathology, teleradiology and medical BPO," he said. "We want to be a
global diagnostic player with a significant market
presence across the world," he added. (PTI) |
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MUMBAI, Sept 7: Wipro Ltd's Director Eisuke Sakakibara has resigned from the board of directors of the company. Informing the BSE, the company said that he would, however, continue his relationship with the company as an advisor. (UNI) |
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