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| Future Group to launch Big Bazaar
Supercentres MUMBAI, Apr 15: Big Bazaar is now getting bigger. The Kishore Biyani-promoted Future Group, which owns the retail chain, ......more IOC targets Rs 1,000 cr from non-fuel operations in 3-5 yrs MUMBAI, Apr 15: Indian Oil Corporation (IOC) today said it is targeting a Rs 1,000-crore turnover from its non-fuel .....more L&T to diversify into water business MUMBAI, Apr 15: Four billion dollar heavy engineering giant Larsen & Toubro is diversifying into water business. Besides treatment of water, the company ......more Pvt equity to meet development capital requirements: Survey MUMBAI, Apr 15: Private equity is likely to emerge as a source of development capital for mid-corporates in India over the next six months, reveals a recent private equity confidence survey.....more |
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HM management not to concede union's
demand KOLKATA, Apr 15: The possibility of an early solution to the present deadlock at Ambassador car-maker Hindustan Motors ......more Nath to brief China on WTO Delhi meet NEW DELHI, Apr 15: After hosting a meeting of the EU, US, Brazil and others who agreed to set this year-end deadline for concluding global trade talk....more TRAI dismisses BSNL’s claims on ADC cut NEW DELHI, Apr 15: Dismissing BSNL’s claims it would suffer huge losses on account of reduction in Access Deficit Charges, telecom regulator TRAI has ...more UK law firm offers online legal consultation to Indians NEW DELHI, Apr 15: While India is yet to make up its mind on letting foreign legal firms into the country, a UK-based law firm has launched a portal offering Indians advisory services ranging from buying a house to setting up a business to marriage and divorce.........more |
Future Group to launch Big Bazaar Supercentres MUMBAI, Apr 15: Big Bazaar is now getting bigger. The Kishore Biyani-promoted Future Group, which owns the retail chain, has plans to launch "Big Bazaar Supercentres", which will provide postal services, health and beauty zones and entertainment sections to the existing services. The group would launch six such centres in next two months at an investment of Rs 96 crore. "We will come up with six Big Bazaar Supercentres by end of May-June. Each Supercentre involves an investment of Rs 15-16 crore," Big Bazaar Chief Executive Officer Rajan Malhotra told PTI. "We will add a lot more categories to the Supercentres like postal services and health and beauty zones," he said. One Supercentre each would come up in Hyderabad, Baroda, Surat, Nagpur and two in Bangalore, he said. On the Big Bazaar front, the company is targeting to enter the tier-II and tier-III cities in a big way. It plans to take the number of Big Bazaars from the current 50 to 300 by 2010. "By 2010, we would open 300 Big Bazaars across the country. We are doing a lot of experimentation and are in talks to add a lot more categories like opticals and food courts to Big Bazaars," he said. The company has already signed 160 properties for Big Bazaars on lease, he said. (PTI) |
IOC targets Rs 1,000 cr from non-fuel operations in 3-5 yrs MUMBAI, Apr 15: Indian Oil Corporation (IOC) today said it is targeting a Rs 1,000-crore turnover from its non-fuel operations (LPG centres) in the next 3-5 years as compared to Rs 180 crore revenue it earned from this business in fiscal year 2007. "When we scale up our LPG distribution centres, we are expecting a large turnover. It should be around Rs 1,000 crore in 3-5 years," IOC Director-Marketing G C Daga said here. The company, which currently has close to 5,000 LPG distributors, recorded a turnover of Rs 180 crore in 2006-07, he said. Apart from scaling up the existing tie-ups, the company has also entered into new alliances with retailers for supply of kitchenware, gas tubes, etc, at the LPG centres, he said. (PTI) |
L&T to diversify into water business MUMBAI, Apr 15: Four billion dollar heavy engineering giant Larsen & Toubro is diversifying into water business. Besides treatment of water, the company would also look at distribution and supply of water. By 2015, the company plans to triple its sales and it would accordingly make the necesssary investment, a top L&T official said. "We are on the threshold of major investment," Senior Executive Vice-President M V Kotwal told PTI. The homegrown giant is among the first Indian private companies to get into production of equipment for defence. "We are working on Pinaka, multi-barrel rocket launchers. We are in the design stage. It would be entirely designed and built by us," Kotwal said. Each rocket would cost Rs 170 crore, he said. Besides L&T, Tata is the other company that has bagged the order to make defence equipment. L&T plans to manufacture large thermal power generators and super critical boilers for ultra-mega power project, in association with Japanese technology. The company has also tied up with Mitsubishi for manufacture of super critical boilers and it is in talks with Toshiba for manufacture of power generators of 500-800 MW, Kotwal said. "We are in the final stages of talks with Toshiba for thermal power generators," he said. Currently, India does not manufacture super critical boilers required for mega power plants. Bharat Heavy Electricals Ltd has entered into a technology transfer agreement with French power major Alstom for design and manufacture of super critical boilers. (PTI) |
Pvt equity to meet development capital requirements: Survey MUMBAI, Apr 15: Private equity is likely to emerge as a source of development capital for mid-corporates in India over the next six months, reveals a recent private equity confidence survey. The H1 2007 Deloitte India Private Equity Confidence Survey, carried out by UK-based research firm Arbor Square Associates, has found 84 per cent respondents expecting an increase in private equity investment in India over the next six months. The survey coincides with Deloitte India launching its dedicated private equity practice in India. While 16 per cent feel that private equity investment will remain the same, none of the respondents feel it would decrease in the next six months. "Indian companies are getting more and more global and there are also plenty of domestic growth opportunities. Therefore, there is a strong case for raising equity capital as debt can't fuel the growth alone," the respondents said. While they feel there could be a gradual slowdown in the next two to three years, the long-term growth prospects are very positive. However, none of the respondents feel that buyouts or venture transactions would qualify for private equity and the most popular transaction would be development capital. "Though there are huge growth potential we will like to pick up a minority stake initially, add value to the company and then build on it," said Timothy Mahapatra, Deloitte, Partner Transaction Services. (PTI) |
HM management not to concede union's demand KOLKATA, Apr 15: The possibility of an early solution to the present deadlock at Ambassador car-maker Hindustan Motors Limited's (HM) Uttapara plant seems bleak as the management is not ready to concede a union's demand of withdrawal of suspension notice on some workers. An official of the HM told PTI "there is no question of withdrawal of suspension unless the union (SSKU) ends the strike." The official said that the management was keen for an early solution, but maintained that the strike called by SSKU, the sole bargaining agent at the plant, should be withdrawn first. The HM management had declared suspension of work on April 11 as workers belonging to SSKU went on strike from March 13 and blocked movement of materials. During the strike period, production of Ambassador cars dropped from 1200 per month to 450. The Uttarpara plant has been incurring loss of Rs 20 crore per annum as sales of Ambassador cars witnessed a serious downturn due to increased competition from other automobile companies. (PTI) |
Nath to brief China on WTO Delhi meet NEW DELHI, Apr 15: After hosting a meeting of the EU, US, Brazil and others who agreed to set this year-end deadline for concluding global trade talks, Commerce Minister Kamal Nath has left for China for cementing the unity of developing countries in the WTO negotiations. "I will review the WTO talks with China's Trade Minister (Bo Xilai)," Nath told PTI before leaving for Beijing. China, along with India and Brazil, is an important member of the G-20 grouping of developing countries which is putting pressure on developed nations to cut subsidies given to their rich farmers. Besides multilateral issues, Nath will review the progress on Joint Working Group which is studying the feasibility of signing a regional trade agreement with China. The two countries are hoping to take bilateral trade volume to over 20 billion dollars by 2008. In the first quarter of this year, Sino-India bilateral trade amounted to 8.22 billion dollars. (PTI) |
TRAI dismisses BSNL’s claims on ADC cut NEW DELHI, Apr 15: Dismissing BSNL’s claims it would suffer huge losses on account of reduction in Access Deficit Charges, telecom regulator TRAI has said the state-run firm has not even maintained accounts of the levy collected from private operators for offering services in rural areas. "The appellant (BSNL) is not going to suffer any deleterious effect under the new levy (ADC) regime and postponement of revised ADC regime would be an additional burden to the consumers and keep continuing the non-level playing field," the regulator said in its reply submitted before telecom tribunal TDSAT. BSNL had challenged TRAI’s new ADC regime, which came into effect from April 1 this year and reduced the charges by 37 per cent, saying the regulator reduced the ADC in an arbitrary manner and the company would suffer huge losses. On the other hand, TRAI also alleged BSNL was unable to utilise the money it got from private telecom operators to provide services in rural areas. "Appellant has failed to show... As to how much ADC it is receiving and in what manner it is being utilised," TRAI said in the reply filed through counsel Meet Malhotra. TRAI also contended that BSNL itself in a letter to Telecom Disputes Settlement and Appellate Tribunal has said that no separate ADC from the call originated in BSNL’s own network was recovered as a part of the trail and a separate account could not be maintained. "Call from the traffic originated by other network and terminated into BSNL’s network is recovered as a part of ADC ... No separate account of ADC can be maintained," TRAI said. (PTI) |
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UK law firm offers online legal consultation to Indians NEW DELHI, Apr 15: While India is yet to make up its mind on letting foreign legal firms into the country, a UK-based law firm has launched a portal offering Indians advisory services ranging from buying a house to setting up a business to marriage and divorce. Net Lawman's portal www.Netlawman.Co.In not only brings the concept of online legal services to India, but seeks to make the process cheaper than visiting a solicitor's office. Another service that clients can avail of is legal clarifications at Rs 500 per question, Net Lawman said in a release. "Services are required when one buys a house, sets up a business, acquires an office, incorporates a company, intends to marry or divorce in India... The lay person often finds it a difficult task to engage a lawyer," the firm said. Observing that the Indian legal system has gradually become expensive due to prolonged litigations and tiresome process, the company said it would provide simplified and actionable solutions without having litigants to travel and incur unnecessary expense. "Our intention is to facilitate the process of investing, doing business or safeguarding property in India through provision of suitable legal services or engaging a lawyer online," the statement said. The portal would also provide court representation service, in which its team would assist the litigants in queries regarding law and facts and would try to simplify it. (PTI) |
SEBI seeks US help for regulating investment advisers... NEW DELHI, Apr 15: Seeking to rein in the growing crop of investment advisers dishing out "hot" market tips through various media that include SMS, sector regulator SEBI has turned to its US counterpart for some regulation advice. Worried about the proliferation of unregistered entities acting as self-proclaimed investment advisers on stocks and other investments, Indian regulator is looking for the "experience and expertise" of its US counterpart - Securities and Exchange Commission - for overseeing these advisers. A team from SEC was in Mumbai late last month to conduct a four-day training programme on Investment Company Regulation, Examination and Enforcement, which was attended by more than 60 officials from SEBI as well as domestic securities exchanges and depositories. This was SEC's first ever foreign regulator training programme focused on regulating and examining investment companies and investment advisers. According to a SEC statement, Securities and Exchange Board of India Chairman M Damodaran said after the completion of the training programme that SEBI was looking "forward to benefiting from the considerable experience and expertise that the US SEC has gained over the years -- especially in matters related to regulatory oversight, monitoring and examining of investment advisers and investment companies." Incidentally, SEBI has also mooted the idea of creating a private sector Regulatory Organisation (RO) as a first-level regulator for investment advisers and is inviting public comments and suggestions on the issue of regulation of investment advisers till the end of this month. (PTI) |
Ficci asks modification of tax norms for auto retail.... NEW DELHI, Apr 15: Industry body Ficci has asked the government to review existing provisions regarding VAT, Service Tax and FBT to boost the auto retail sector. In a representation to the Finance Ministry and the Empowered Committee of State Finance Ministers, Ficci said high rate of VAT on used cars is weaning the customers away to the unorganised sector. "Levy of VAT at 12.5 per cent (4 per cent in some states) on sale through registered dealers of used vehicles, which have already suffered a sales tax, places the organised sector at a distinct disadvantage," Ficci said. It said VAT should be imposed at four per cent. If a four per cent VAT across states with input credit is not possible then only one per cent of resale value of the used vehicles should be charged without any input credit, it added. The chamber also said depreciation allowance on passenger cars should be increased to 33.33 per cent, as the product cycle was becoming shorter and used vehicle prices have been crashing over a period of time. Ficci has also asked the Finance Ministry to issue a clarification stating that automobile dealers were not selling vehicles on behalf of manufacturers on a commission basis but on principal to principal basis. It is equally important that incentives should not attract service tax. It also said FBT provisions should be reviewed and demo cars, replacement cars, on-road service cars, fuel used at PDI (Pre-Delivery Inspection) and complimentary fuel given to customers at the time of delivery by automobile dealerships should not attract FBT. (PTI) ITC to invest Rs 15,000 cr in seven years.... NEW DELHI, Apr 15: ITC Ltd, the country's biggest cigarette maker, plans to invest about Rs 15,000 crore in the next 5-7 years in other areas such as hotels, agri-business and FMCG as it seeks to transform its image to a diversified corporate conglomerate. "The company is giving impetus on segments such as FMCG, agro business, paper and packaging, hotels and the infotech business, for which it has earmarked an investment of Rs 15,000 crore in the next five-seven years," sources said. As part of ramping up non-tobacco divisions, ITC plans to rev up its social farm forestry projects in states like Andhra Pradesh and Karnataka, which will involve 12 lakh farmers by 2012-14, up from current three lakh. With almost 60-70 per cent of its raw materials coming from its social forestry projects, ITC has already embarked on a capacity enhancement programme for paper production. Its Bhadrachalam paper manufacturing plant would produce 4 lakh tonnes annually by April 2008 from the current 3 lakh tonnes and the total Elemental Chlorine Free (ECF) pulp production would increase to 2.2 lakh tonnes annually by the last quarter of 2007, from the current 1 lakh tonnes. Sources said ITC is focusing on taking modern retail to rural India and plans to enhance its reach through e-choupals (direct marketing channel for farmers) and Choupal Sagars (rural retail stores). At present, ITC has about 6,500 e-choupals covering 40,000 villages and 40 Choupal Sagars. (PTI) UAE realty firms seek joint venture in India.... NEW DELHI, Apr 15: Close on the heels of UAE-based real estate firms Nakheel and Emaar Properties venturing into India, other property developers from the Emirates are looking for joint ventures in the booming Indian real estate market. While Nakheel has entered into a 20 billion dollar partnership with the DLF Group, Emaar Properties has forged a partnership with the MGF Group. "We are in talks with a few developers and will soon submit our FDI proposal to the government," Damac Properties Consultant Mohamed Sajeer said. He said while his company would prefer a joint venture, it is open to going solo in case it did not get the right partner. The company wants to enter the Indian realty market in the next six months. Al Fajer Properties, a top real estate developer in the UAE, is also looking for an opportunity to enter the country. "We are here to assess opportunities and we would like to develop townships," Al Fajer Senior Sales Consultant Diana Houri said. She said Al Fajer was a cash rich group and "finances would not be a problem". Most of the UAE's realty firms were here this week to participate in a realty expo. "India offers a huge market but it still lacks world class construction. We want to give the option of a luxurious lifestyle to an average property buyer," Irfan Khakhi of Giga Real Estate said. The company is interested in developing residential projects here, he said. (PTI) |
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