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Journalism of Courage
GEB demands Rs 800 cr from CIL
BARODA: Gujarat Electricity Board GEB has demanded recovery of Rs 800 crore from Coal India Ltd as compensation for supplying substandard coal to its coal-based thermal power stations located in various parts of the state.
RBI panel on bank vigilance
MUMBAI: The Reserve Bank of India has appointed a committee 8212; under the chairmanship of executive director S Gurumurthy 8212; to prepare a draft vigilance chapter for the banking sector. This follows a decision by chief vigilance commissioner N Vittal to incorporate a separate chapter for the bankingsector in the vigilance manual itself.
The committee consists of representatives from the Securities and Exchange Board of India, State Bank of India, Industrial Development Bank of India and the Indian Banks8217; Association. The committee will finalise the report by the last week of October.
The draft chapter will then be given the final shape by another panel consisting of RBI deputy governor Jagdish Capoor, SBI chairman MS Verma, IDBI chief GP Gupta and SEBI chairman DR Mehta. The CVC has said that new chapter on banking sector is likely to be incorporated by December 1. The CVC will incorporate the new chapter after receiving inputs from the banks and the Central Bureau of Investigation CBI.
MUV from Hyundai
CHENNAI: Korean auto major Hyundai Motors is considering a multi-utility vehicle for India after launching its mid-size luxury car next year, a company official has said. quot;We are currently carrying out a study to ascertain the market needs and a multi-utility vehicle would probably beHyundai8217;s third vehicle in India, Hyundai Motor India Ltd HMIL managing director Y S Kim said.
The Korean chaebol, which launched its small car quot;Santroquot; on September 23, is planning a mid-size car by October next year based on its popular quot;Accentquot; model.
HMIL, which has already invested over Rs 2500 crore at its manufacturing facility, proposes to infuse another Rs 1680 crore for its second phase of operations, Kim said. The second phase would commence in the year 2003 and by that time annual production capacity would be jacked up to two lakh from the current 1.2 lakh.
CIGNA, ILFS to tie up
MUMBAI: CIGNA International, Infrastructure Leasing and Financial Services ILFS and Dr Parvinder Singh have formalised an agreement to explore business opportunities in India8217;s property-casualty and health insurance markets. The agreement, a memorandum of understanding, signed in Delhi recently, enables the two companies and Dr Singh to assess the demand among Indian consumers for property-casualty andhealth insurance, and discuss the possibility of eventually forming a joint venture insurance company in India, pending regulatory approvals.
Markets closed
MUMBAI: The Bombay and National Stock Exchanges, foreign exchange, all commodities markets including bullion, sugar, metal, spices, cotton, copra, grain, vegetables and others remained closed on Thursday on account of Dusshera8217; festival.
Ingersoll-Rand
MUMBAI: Ingersoll-Rand has achieved a record increase of 28 per cent in income, with almost 42 per cent increase in gross profit for 1997-98, announced chairman Ashwin Nagarwadia at the company8217;s annual general meeting held recently. quot;The company continues to grow in all spheres successfully, facing up to the adverse economic conditions in the country,quot; said Nagarwadia. He also utilised the occasion of the annual general meeting to accomplish another task 8211; pass on the reigns of Ingersoll to Daljit Mirchandani.
Tata IBM
MUMBAI: Tata IBM will play a lead role in theestablishment of an autonomous institution in Hyderabad in order to promote the concept of electronic governance for the IT sector. A memorandum of understanding was signed recently in New York, USA by Ravi Marwaha, managing director and CEO, Tata IBM and R Chandrasekar, secretary, Department of Information Technology, AP, in the presence of N Chandrababu Naidu, Chief Minister, AP. Tata IBM is a joint venture between IBM Corporation and the Tatas.
Hinditron
MUMBAI: Hemant Sonawala, founder of Hinditron Informatics Ltd HIL signed an investment agreement with an investor group led by TAIB Bank a leading investment bank based in Bahrain, which included IndAsia Ventures of Pradip Shah and Darius Pandole to induct the investor group as shareholders of HIL. Simultaneously, Philippe Silberzahn, formerly with Anderson Consulting will join the HIL executive management team. According to the agreement, the investor group will buy out, subject to FIPB approval, 65 per cent equity stake in HIL at a priceof Rs 8 per share. In line with SEBI regulations, an open offer will be made to acquire further 20 per cent stake from the public shareholders. The investor group and Hemant Sonawala will together subscribe 80 lakh equity shares at par.
Dewan Housing
MUMBAI: Dewan Housing Finance Corporation Ltd, a leading housing finance company in the private sector has reduced the interest rates under special rural housing scheme by 0.50 cent on loan amounts in excess of Rs 50,000. The company which launched the special rural housing scheme as part of the India8217;s 50th independence day celebrations has lowered the interest rate to 14 per cent on loan amounts in the range of Rs 50,000 to Rs 2 lakh. On loans in excess of Rs 2 lakh and upto Rs 5 lakh, the interest rate has been reduced to 14.5 per cent from the earlier level of 15 per cent.
Siemens
MUMBAI: The components division of Siemens Ltd and Electronic HiTech Components EHC have formed a new strategic alliance which will be effective from October1, 1998. According to this alliance, the components division of Siemens Ltd will market the AC capacitors, power capacitors, metallised films and capacitor elements manufactured by EHC, Nashik. Electronic HiTech is a joint venture company of Siemens Matsushita GmhH 74 per cent equity and Asian Electronics 26 per cent equity.
Prince Plastoware
MUMBAI: Prince Plastoware, the leader in Plastic houseware market has diversified and opened up a new strategic business unit SUB -II for moulded furniture. The SUB-I has been doing well in the domestic market and has a export house status, meeting the demands of the western world. The new product-Prince Accord has been launched recently.
