 |
||
|
||
| BoM to hold
15% stake in JV NEW DELHI, Dec 24: The public sector Bank of Maharashtra (BoM) will establish a joint venture (JV) with Shriram Financial Services Holdings Pvt Ltd and South Africa-based Sanlam Ltd for general . .........more Autoindia.Com opens new offline centres NEW DELHI, Dec 24: The American NRIs-owned Autoindia.Com, one of the top portals in automobiles, is opening ''offline centres'' in five major cities in India this month .......more 'Firang Paani' to give Hyderabad Victorian drinking experience HYDERABAD, Dec 24: City pubbers longing for the bygone era of Victorian splendour, viceregal ambience and ......more Jagran Prakashan launches 'I-next' in Kanpur NEW DELHI, Dec 24: With a view to tapping the market consisting of youthful generation speaking mixture of languages in the mini-metros, Jagran Prakashan Ltd (JPL) has launched its compact-. ......more |
|
Despite mounting losses, Kingfisher
will survive: Mallya NEW DELHI, Dec 24: Despite losses of Rs 347 crore in the first 18 months, Kingfisher Airlines has the power to survive, .......more IRTC planning to set up call centres KOLKATA, Dec 24: In a bid to attract more tourists, the Indian Railways is planning to set up call centres across all the four zones in the countr.. ......more TataTele to open handset service centres,expand network in Bengal KOLKATA, Dec 24: Tata Teleservices Ltd (TTSL), a leading telecom company in the country, has chalked out a three . ......more SEZs are catalysts for growth: Anil Mukim AHMEDABAD, Dec 24: As India stands on the threshold of turning into an economic powerhouse, Special Economic Zones (SEZs) being set up in different parts of the country will play a .. .........more |
|
NEW DELHI, Dec 24: The public sector Bank of Maharashtra (BoM) will establish a joint venture (JV) with Shriram Financial Services Holdings Pvt Ltd and South Africa-based Sanlam Ltd for general insurance business and will hold a 15 per cent equity stake in it. The bank will approach the regulatory authorities for necessary approvals shortly, a company statement has said. Earlier this week, the bank set a target of doubling its total business from Rs 55,000 crore expected to be achieved by the end of current fiscal to Rs 1,10,000 crore by March 2010. (UNI) |
Autoindia.Com opens new offline centres NEW DELHI, Dec 24: The American NRIs-owned Autoindia.Com, one of the top portals in automobiles, is opening ''offline centres'' in five major cities in India this month as part of its target of having such centres in 100 major towns and cities during 2007 for meeting the needs of auto buyers and sellers. Autoindia.Com Sr Channel Development Manager Sony S Kumar told mediapersons here the offline centres were being opened in Delhi, Bangalore, Chennai, Kochi and Thiruvananthapuram this month. He said the portal saw consumer traffic numbers dramatically increasing in June this year, hitting an all-time high of more than 2.8 million visitors, up nearly 36 per cent over the previous month traffic record. In addition, the company saw consecutive month-over-month traffic growth since July this year. The inventory on Autoindia.Com increased to 200 per cent, reaching over 15,000 vehicle listings in November. ''Our target is to have Autoindia offline centres in 25 towns and cities before March 2007. It will go up to 100 by the end of this year,'' Mr Kumar, a veteran in the automobile industry, said. A major achievement of the three-year-old portal was its sales of more than 1,678 vehicles in a month, in October this year that is a sale of a vehicle every 29 minutes compared to April vehicle sales at every 45 minutes. ''The portal has been instrumental in connecting thousands of buyers and sellers every month, and generating vast customer interest and hundreds of new car and bike leads every day,'' Mr Kumar said. The geographical spread of its users is drawn mainly from top-end cities such as Delhi, Mumbai, Chennai, Bangalore, Kolkata and Hyderabad. The site has established largest tie ups with manufacturers and dealers across the country. Serving as an online hub, the Autoindia.Com will provide a free information exchange for auto enthusiasts to share opinions and information on vehicles, and for consumers conducting research in order to make informed purchase decisions. ''Whether you are a novice to the car or bike buying process, or you are an avid car fanatic, the Autoindia Forum and Ask Expert feature will be a great source of information on the latest models, how to get great deals, and in general, how to get more from your vehicle buying and owning experience,'' said Mr Kumar. Autoinidia.Com, with its state-of-the-art Technopark in Thiruvananthapuram, is the Internet's leading auto classifieds marketplace and consumer information website. (UNI) |
'Firang Paani' to give Hyderabad Victorian drinking experience HYDERABAD, Dec 24: City pubbers longing for the bygone era of Victorian splendour, viceregal ambience and fascinating antique features of 1800s British Raj era now have a new hangout - Firang Paani. Launched on Saturday by leading food and hospitality chain BJN Group Firangi Paani is a pub with a theme that steps back in time and gives its guests a taste of of yesteryear grandeur with typically aristrocratic English settings. "From elegantly understated decor featuring antique lamps to Victorian etched glass and dark, rich woodwork, fascinating memorabilia from years bygone give a regal and authentic look to the pub," brand manager Gareema Gautam told reporters here. Hyderabad is a growing city and after successful launches in Bangalore, the group decided to launch the pub in the city, with an investment of Rs 12 crore, Gautam said. Referring to prices, she said brands are at least 50 per cent cheaper than five-star hotels with the same comforts. Group chairman and managing director P B Nichani said, "With an edge of launching three successful pubs in the Pub City of Bangalore, I am confident that Firangi Paani will take the pubbing experience of Hyderabad to another level." (PTI) |
Jagran Prakashan launches 'I-next' in Kanpur NEW DELHI, Dec 24: With a view to tapping the market consisting of youthful generation speaking mixture of languages in the mini-metros, Jagran Prakashan Ltd (JPL) has launched its compact-sized, bilingual newspaper 'I-next' to target the 18-35 age-group people. Initially, the paper is launched in Kanpur and will be launched in Lucknow next week with an initial print run of 50,000 copies in each of the cities. ''Our new offering I-next is a first-of-its-kind newspaper in the Indian market that will appeal to its targeted readers and I am sure that the paper will be well received by the readers and all our associates,'' Jagran Prakashan Ltd CMD M M Gupta said. The 24-page city-centric publication will be in a combination of Hindi and commonly-used English words. ''Twelve of I-Next's 24 pages will be in colour, and we should be able to go all colour soon,'' Jagran Prakashan Limited Director Marketing Shailesh Gupta said. Mr Gupta said I-next is uniquely different from the mother brand Dainik Jagran in terms of look, feel and content presentation. Depending upon the response to the Kanpur and Lucknow editions, the company plans to launch the brand in five more mini-metros of North India by March 2007. The Kanpur edition has been launched with a cover price of three rupees and an invitation price of two rupees, while the price for Lucknow editions which gets launched within this week will be announced later. (UNI) |
Despite mounting losses, Kingfisher will survive: Mallya NEW DELHI, Dec 24: Despite losses of Rs 347 crore in the first 18 months, Kingfisher Airlines has the power to survive, its chairman and CEO Vijay Mallya says. ''The airline was not a mistake,'' he said in an interview to CNN-IBN television channel. ''Kingfisher Airlines did lose money. It continues to lose money. However, we are losing a lot less than others. That's not comforting but the fact is there is a blood bath. There will be a shakeout. We have the staying power and the sustenance that it takes.'' Dr Mallya claimed that Kingfisher's average ticket value is among the highest and that it is getting twice the yield of a low fare carrier. ''Kingfisher is a very well differentiated product and acknowledged (as such). Our average ticket value across our network is among the highest in the country. And it (the battle) is only between Jet Airways and Kingfisher. On a typical route, we are getting twice the yield of a low fare carrier.'' Several aviation experts are predicting that airline industry losses could double in the next two years and several airlines would go belly-up. But Dr Mallya insisted that will not happen to Kingfisher. He went on to claim that Kingfisher had expressions of interest from a number of private equity houses but is in no hurry to clinch a deal. ''We aren't desperately looking for cash. Kingfisher will never go belly-up. We have a wonderful product which is now rated as the best in the Indian skies. The fact is we are not burning cash to the extent that others are.'' Dr Mallya predicted that Kingfisher will break even in the financial year 2008-09. ''We have a paid up capital of 100 million dollars which is Rs 450 crore. We will fund it and we have put in place funding arrangements quite adequately. And let me tell you, our funding arrangements for Kingfisher are not to cover operating losses. These are largely pre-delivery payments towards aircraft that we have on order.'' The fundamentals of civil aviation growth in India remain intact and very compelling, he said. However, there has been a huge increase in deployed capacity. ''And, of course, there is low fare madness. India doesn't offer the scope and potential to be a low cost economy when it comes to aviation. In fact, the costs are very high.'' Next year, Kingfisher will take possession of at least five wide-bodied Airbus aircraft. Dr Mallya confidently predicted that by then he would have received permission to start an airline from the United States to India which will ensure that the new wide-bodied planes are in service. He was also confident that the Indian government will relax eligibility criteria, thus permitting Kingfisher to fly abroad from India. (UNI) |
IRTC planning to set up call centres KOLKATA, Dec 24: In a bid to attract more tourists, the Indian Railways is planning to set up call centres across all the four zones in the country. The Indian Railway Catering and Tourism Corporation (IRCTC) would be setting up the call centres which would handle 20 million calls each day. IRTC sources said the call centres would impart information on train arrivals and departures, facilitate ticket and hotel reservations, tour maps and guides and even a complete travelogue- in gist a packaged tour complete with hotel and cab reservations. IRTC sources said it would outsource the manning and functioning of these call centres to a consortium comprising Spanco Telesystems, Stracon Backoffice Solutions Limited and BSNL. The centre would go live in March 2007. The project is estimated to cost Rs 80 crore. The call centre would have value added services such as fare inquiries, tatkaal booking, sms services, etc. IRCTC has tied up with the hotels, and the call centre will act as the window for execution. (UNI) |
TataTele to open handset service centres,expand network in Bengal KOLKATA, Dec 24: Tata Teleservices Ltd (TTSL), a leading telecom company in the country, has chalked out a three pronged strategy to increase subsrciber base in the West Bengal circle (excluding Kolkata circle). Speaking to UNI, Tata Teleservices Ltd-Rest of West Bengal Circle (ROWB), Circle Operating Officer Anurag Garg said here today that the company is targetting a market share of 14 per cent. The company would open around 50 Handset Service Centres across the state with an investment of around Rs 50 crore. ''We plan to provide handset servicing centres to every customer of the TTSL. This will be another first from TTSL in the industry,'' he claimed. The TTSL has tied up with several mobile vendors like Samsung, Nokia and other vendors to provide servicing facilities and training to True Value Shop and Hub select employees. ''We are also planning to increase our retail presence with expansion of several True Value Shoppes and Hubs, which provide all products and services to customers. We are increasing these stores from 136 to more than 200 in West Bengal circle within current fiscal. This will ensure better services and faster response to the customers, available in close proximity,'' he said. The TTSL is almost doubling its network in the West Bengal circle in current fiscal, taking it from 151 to 290 Base Stations. The switching capacity would be increased three fold. Besides, TTSL has also created a 930 km long Optic Fibre backbone from Asansol to Cooch Bihar. The company has more than 3 Lakh subscribers in ROWB. Talking about investments, Mr Garg said,''Our investment in the current fiscal would be around Rs 147 crore in Bengal and Sikkim (excluding Kolkata). In the last fiscal, the investment was Rs 150 crore which would take the total investment to Rs 300 crore. (UNI) |
 |
SEZs are catalysts for growth: Anil Mukim AHMEDABAD, Dec 24: As India stands on the threshold of turning into an economic powerhouse, Special Economic Zones (SEZs) being set up in different parts of the country will play a pivotal role in attracting investments, to the tune of a staggering Rs one lakh crore and also provide employment to lakhs of people. Addressing a seminar today on 'SEZ-Law, Policy and Taxation' at the Gujarat Chamber of Commerce & Industries, jointly organised with the Ahmedabad branch of WIRC of ICAI and Chartered Accountants Association, Ahmedabad, the joint secretary at the Union Ministry of Commerce Mr Anil Mukim said so far formal approval has been given to establish 237 SEZs and out of this 22 have become functional. The main objectives of the SEZs are generation of additional economic opportunities employment, infrastructure development, promotion of domestic and foreign investment and export of goods and services. Referring to the ongoing controversy regarding acquisition of agricultural land and loss of income under various taxes, Mr Mukim said that most of them are misplaced. So far only 34,510 acres of land has been acquired. First a waste land is acquired, followed by land under a single crop and then land under multi-crop. These acquisition follow guidlines of the central government and at present 10 crore acres of waste land is available in the country, he explained. At present, India's share in the world trade is only 1 per cent and to make our exports competitive globally there is an urgent need to make tax concession for SEZs, Mr Mukim opined. Though India is planning the SEZs in a big way yet all is not rosy, Gujarat Industries Commissioner Mr Arvind Agarwal cautioned. Mr Agarwal said that whenever there is a talk of SEZ a comparision is made with China. Chinese model is an unique legal model. In India, 90 per cent of the SEZs are owned by the private sector, while in China it is fully state owned and public funded, he pointed out. (UNI) |
Control pesticide use and check adulteration of spice: Panel NEW DELHI, Dec 24: Concerned over the country's sluggish spice trade, the Parliamentary Standing Committee on Commerce has suggested a slew of measures to help India recapture its prime position in the international market by controlling indiscriminate pesticide use and checking adulteration. In its report on the ''Functioning of the Spices Board'', the panel has underlined the need to lay emphasis on intensive cultivation and improved practices of sowing, harvesting, grading and packaging on a par ''with international practices''. To meet stringent environmental and health safety standards while exporting to developed nations which after result in rejection or ban of exporting items, it noted that indiscriminate use of pesticides had affected crop output besides creating environmental imbalance. ''The Government should ensure that indiscriminate use of chemicals, particularly the spurious chemicals, in the garb of pesticide application is controlled. Institutional arrangements should be made for free testing of produce for presence of pesticides,'' the members said and suggested slapping of strict penalties on suppliers of the spurious variety which would act as an effective deterrent. The panel further asked the Government to curb the practice of adulteration of Indian spices. In this context, it said ''duty structure of the imported spices should be such that the prices of imported spices are not less than the domestic price of Indian spices.'' Regarding the slump in selling prices of several spices, the report suggested that these should be brought under the negative list whereby all such imports would require licence from the DGFT. Foremost among its proposals were setting up of an umbrella Spices Development Authority and making it a focus area in the next Plan. (UNI) |
Edible oils made India-ASEAN FTA out of reach in 2006.... NEW DELHI, Dec 24: In a country where oil diplomacy usually relates to petroleum resources, the year 2006 must have come as a lesson for top trade and foreign policy makers. For, India's efforts in strengthening ties with other Asian countries as part of its "Look East" policy suffered a setback over serious differences with ASEAN on another type of oil - the one used for cooking. Edible oil, the country's second largest imported commodity after crude petroleum, was the most important reason for the failure to seal the key Free Trade Agreement between India and ASEAN, although there are divergent views on other commodities such as pepper and black tea as well. The year also saw the government reducing customs duty on edible oils, but contrary to expectations imports declined as speculators found themselves on the back foot and domestic output of oilseeds and consequently that of edible oils rose. Edible oil, specifically vanaspati, also remained in news for India-Sri Lanka trade relations, with domestic industry divided over imposing a cap on imports under the bilateral FTA with the island nation. But Indian policy makers faced their toughest test in bilateral trade pacts as they tried to balance domestic interests and international relations following demands by Malaysia and Indonesia, the world's two largest exporters of palm oil, to include crude and refined palm oil in the list of items for duty cuts under the proposed FTA. The demand, if accepted, would almost surely destroy the domestic industry in India, a country which imports more than 40 per cent of its edible oil requirement of about 100 lakh tonnes. (PTI) NTPC inks JV with Haryana Power to set up power plant NEW DELHI, Dec 24: State-owned power major National Thermal Power Corporation Ltd (NTPC) has said it has formed a joint venture (JV) company with Haryana Power Generation Corporation Ltd to establish a 1,500 MW coal-based power plant in Haryana. The company will hold 60 per cent equity stake in the JV, and the rest will be shared between Haryana Power Generation Corporation and Indraprastha Power Generation Company Ltd. Earlier this month, Asian Development Bank (ADB) agreed to give NTPC a 300 million dollars loan to finance the capital expenditure of the coal-based Sipat (2,980 MW) and Kahalgaon-II (1,500 MW) projects, to be completed by 2012. (UNI) |
Oriflame to raise investments in India.... NEW DELHI, Dec 24: Swedish cosmetic company Oriflame India, with a product portfolio of 550 products in skincare, toiletries and fragrances, has said it will line up more products and increase investments in India. The company, which has completed 11 years of operation in the country this year, claims to have invested 20 million dollars in the Rs 16,500-crore-beauty care market in India so far and is contemplating to get into other segments like oral care and wellness products. ''India is among our top three priority markets besides China and Mexico. We plan to increase investments and launch more products in the country every year,'' Oriflame India Managing Director Tomas Eriksson told UNI here. The company claims to launch at least 120 products in the entry level and premium segment this year and has recently launched the 'Optimals' range from its kitty of natural products. Oriflame India has set a sales target of 900 million euros across the world but wants to cross the one billion euros mark in global sales next year. ''We expect to close this calendar year with sales of 900 million euros (Rs 5,300 crore) across the world, of which six per cent (Rs 318 crore) will be comprised by Asia. But our aim is to cross the one billion euros mark in sales in 2007,'' he said. He declined to give the share contributed by India alone. Oriflame India has a manufacturing unit in Noida, Uttar Pradesh, which counts for 30 per cent of what the company produces worldwide, Mr Eriksson added. The company has more than 2.5 lakh independent sales consultants in Asia of which India and Thailand have a majority 80 per cent share. (UNI) |
|
