Bizbits

Enron, Qatar scrap projectWASHINGTON: US-based Enron Corporation and the Qatar government have announced the cancellation of their $4 bil...

Enron, Qatar scrap project

WASHINGTON: US-based Enron Corporation and the Qatar government have announced the cancellation of their $4 billion liquefied natural gas (LNG) project, from which the American company initially had plans to source gas for its 2450 mw Dabhol power plant in India. Enron and Qatar had said in 1995 that they planned to produce five million tonnes of LNG. Enron wanted to ship about two million tonnes to India to fuel the Dabhol plant and sell the rest to India and the Middle East, Bloomberg News Service reported. However, Enron spokesman John Ambler, said the US energy major later on lined up other fuel suppliers for Dabhol, making the Qatar project less critical.

Synergy Log-in

MUMBAI: Synergy Log-in Systems Limited is planning to raise Rs 674.04 lakh through a rights issue of 67,40,400 equity shares of Rs 10 each for cash at par for the shareholders of the company. V Sanjay Kumar, MD, said the issue proceeds would be used to finance its expansion plans and reducethe debt component to zero. The company proposes to invest Rs 100 lakh in a US subsidiary which has already been incorporated but is yet to start operations, Rs 90 lakh in the expansion of its Malaysian operations and Rs 40 lakh in a 50:50 venture with Banca Sella Group of Italy for software development in Europe. Rs 500 lakh will go towards reduction of debt. The total secured and unsecured loans as on June 30, 1998, were Rs 1412.35 lakh.

Today’s Writing

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MUMBAI: Today’s Writing Products Ltd has signed on Salman Khan, the leading Bollywood star, for promoting its diverse product range. Rajesh Drolia, chairman and managing director said that the group’s turnover of 1997-98 was over Rs 60 crore of which 15 per cent accounted by exports. It is planning to cross the Rs 100 crore mark by the end of the millennium with the recent collaborations with Mon-Ami of Korea and Aubex of Japan.

SUN F&C range

MUMBAI: SUN F&C Money Value Fund, the dual option income scheme of SUN F&C Mutual Fund, has nowextended its services for the liquid option to five major commercial centres, in addition to Mumbai. These include Bangalore, Calcutta, Chennai, Hyderabad and New Delhi. With this expansion, it now expects higher inflows from corporates and other institutions as they will be able to place their money and redeem within 24 hours.

Watch trade plea

MUMBAI: The Watch Trade Federation has asked the finance minister to reconsider unwanted shift of the base of central excise levy from the cost based ex-factory price to the maximum retail price (MRP). The MRP base for excise levy is totally illogical, unjustifiable and impractical, considering the peculiar nature of this consumer industry. “The 1999-2000 budget has introduced for the first time a complicated and frustrating new method of excise collection basing on MRP indications,” it said. Now watches priced above Rs 850 MRP would attract 16 % excise duty with 35 % abatement and watches priced below Rs 850 MRP would attract 8 % duty with 30 %abatement rate.

Syndicate Bank

MUMBAI: Syndicate Bank has revised its interest rates on domestic term deposits with effect from March 15, 1999. The revised rates for the maturity periods of 15 days to 29 days is at 5%, from 6 to 90 days 7 per cent, for 180 days to one year 8 per cent over one year upto two years 10 per cent and for a period over three years 11.25 per cent.