Bizbits

Though FCA was $ 160 million more than as at end-March 1998, the total reserves were down by $ 277 million.

During the week ended September 11, the central government reduced its dependence to ways and means advance (WMA) from RBI by Rs 2,252 crore to Rs 2,844 crore. Also loans and advances by RBI to scheduled commercial banks was down by Rs 525 crores to Rs 4,164 crore during the week.

INFMMA plea

MUMBAI: Further expansion of non-ferrous metals industries in Maharashtra has come to a virutal halt and some of the manufuacturers are contemplating to migrate to other states, says S P Shorewala, President, Indian Non-Ferrous MetalsManufactururers’s Association (INFMMA).

He said most entrepreneurs who have set up their units in the state are facing serious problems.

Thomson to invest more

MUMBAI: Thomson Consumer Electronics India Ltd (TCEIL), a joint venture of Thomson Multimedia in India, has recorded a remarkable 85 per cent growth each year in volume for the last three years. The $ 16 billion conglomerate, which entered India in September 1994 with the launch of its world-class range of colour televisions, audios and videos, has plans to invest more in the coming years to take more market shares for their products, according to Kumar Chopra, managing director TCEIL.

Savita Chemicals to launch oil

MUMBAI: Savita Chemicals, a leading manufacturer of lubricants having technical collaboration with Idemitsu Kosan Company Ltd, Japan, launched Mahindra Maximile 6K Genuine Engine Oil, specially developed for Mahindra diesel vehicles. This is a high quality engine oil developed by Idemitsu Kosan and Savita Chemcialsat Savita’s Turbhe plant.

Everest bags more accounts

MUMBAI: Close on the heels of winning two prestigious international and several national advertising awards, Everest Integrated Communications has notched up some impressive client gains – Yamaha and National Panasonic etc. The expected billing on all these account wins total to approximately Rs 15 crore.

Crystal to expand units

MUMBAI: The Crystal group, the manufacturers of modern kitchen aids under brand "Crystal" has recently undertaken a major expansion of uniting all manufacturing plants under one roof. The group has set up a modern plant at Rajkot — at a cost of Rs 5 crore — which is equipped with modern machinery and latest technology. According to Arvind Agarwal, General Manager, the company has plans to invest another Rs 15 to Rs 20 crore to expand its products. The products has been launched in international market too.

Godrej launches security systems

MUMBAI: Godrej, engaged in the security equipment industry,has now entered the field of personal asset security by launching Fire Doors and Avanti Security Doors simultaneously in all parts of the country. This product is made of galvanized steel.

Portugal envoy keen on investment

MUMBAI: The removal of trade barriers, sizable transfers from the EU, a vast construction boom to improve infrastructure and investment from abroad have been the major forces behind strong growth of Portugal, stated by Manuel Curto, Ambassador of Portugal. Addressing a meeting by FICCI, he also said that the trend in Portugal is towards increasing privatization and internationalisation of economy. “Till 2000 AD $ 18 bn will be invested in infrastructural projects especially road system, railways and shipping. Liberalisation of telecommunication sector will also attract foreign investors,” he said.

Hutchison Max launches Ace modelsMUMBAI: Ace, the country’s leading pre-paid cellular SIM cards from Hutchison Max Telecom, will be available in two new forms. ACERegular and the ACE Super Saver have been launched at attractive flat airtime tariff rates. ACE Regular, priced at Rs 3,300 is available with 150 minutes of talk time at a flat rate of Rs 8 per minute. ACE Super Saver comes with a talktime of 575 minutes at a flat rate of Rs 6 per minute and is priced at Rs 6,300.