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Govt: 3G spectrum for commercial purposes under study
New Delhi, September 13
The government said today no frequencies had been allotted for regular operations so far to any organisation and the issue of allotment for 3G is under consideration.

IDBI Board to take up RBI offer for UWB on Sept 21
Mumbai, September 13
IDBI Ltd, which won the race for United Western Bank (UWB) leaving behind 16 players, would hold a Board meeting on September 21 to discuss the RBI draft scheme for amalgamation of the UWB with itself, a bank source said here today.

Quota formula of IMF flawed: Chidambaram
Colombo, September 13
Exhorting developing nations to unitedly seek greater say in the International Monetary Fund (IMF) at its annual meeting in Singapore next week, India today opposed the proposed restructuring of quotas in the IMF as it was based on a "flawed" formula.

Nigeria assures more crude to India 
New Delhi, September 13
Nigeria has agreed to enhance crude oil supplies to India by raising the term contract volume and speed up the process of setting up a refinery in the West African state by the Indian Oil Corporation.

ONGC consortium may take over Bharat Pumps 
New Delhi, September 13
The government has mooted a proposal for the takeover of Bharat Pumps and Compressors Limited (BPCL) by a consortium of public sector companies led by the ONGC.

Videocon, Daewoo squabble over breach of pact
New Delhi, September 13
Videocon and Daewoo Electronics were squabbling today, making allegations against each other of breach of a confidentiality agreement in regard to a deal under which the Indian electronics major is to takeover the troubled South Korean company.

ADAG gets 2,500 acres for SEZ in UP
Lucknow, September 13
After getting the Dadri gas-based power project, the Anil Ambani promoted Reliance group has bagged an ambitious special economic zone (SEZ) in UP.

Rs 200-cr realty deal in Amritsar?
Amritsar, September 13
A Delhi-based real estate conglomerate is likely to sign the biggest property deal on the Mall here for Rs 200 crore. Billed as mother of all deals, the real estate business in the holy city had never seen such an awesome time.


 

 

Model Regina Deutinger wears what is supposed to be the world’s most expensive Dirndi dress in Munich
Model Regina Deutinger wears what is supposed to be the world’s most expensive Dirndi dress in Munich on Wednesday. The Dirndi dress is studded with 1,50,000 Swarovski jewels and costs $ 1,27,000. — AP/PTI

 

 
Models present the tandem bike “Parent Taxi” of the German Zwei plus zwei marketing company at a preview to the Internaitonal Bike Fair in Cologne, Germany
Models present the tandem bike “Parent Taxi” of the German Zwei plus zwei marketing company at a preview to the Internaitonal Bike Fair in Cologne, Germany, on Wednesday. More than 750 exhibitors from 35 countries will present their products at the fair from September 14 to 17. — AP/PTI

3 Balsara cos merge with Dabur India
New Delhi, September 13
Dabur India Limited today announced the merger of three Balsara companies, Balsara Hygiene Products Limited, Balsara Home Products Ltd and Besta Cosmetics Ltd, after the approval of merger by the Delhi and Mumbai High Courts.

Biocon to sell insulin in America, Europe
Bangalore, September 13
Biocon Limited, India’s largest biotechnology firm, announced today it had finalised marketing tie-ups to sell insulin in the US and Europe by the end of this financial year, Biocon chairperson Kiran Mazumdar Shaw said. Ms Shaw also said the company had decided to double investment on research and development activities to boost discovery of new molecules and launch new products.
President of Mitsubishi Motors Osamu Masuko (left) and models introduce the new mini wagon "eK Wagon", equipped with a turbo-charged or non-turbo 660cc engine, with a power sliding door in Tokyo
President of Mitsubishi Motors Osamu Masuko (left) and models introduce the new mini wagon "eK Wagon", equipped with a turbo-charged or non-turbo 660cc engine, with a power sliding door in Tokyo on Wednesday. The car is priced between 9,13,000 yen ($7,900) and 1.48 million yen ($12,900). — AFP  

India global leader in mobile subscriber additions
New Delhi, September 13
With the addition of 5.9 million mobile subscribers in August, India has emerged as the global leader in the addition of new customers in a single month.

Gold plunges to below Rs 9,000
New Delhi, September 13
Gold tumbled on the bullion market today on heavy selling by stockists triggered by a weakening overseas trend amid negligible buying and closed with a hefty loss of Rs 225 at Rs 8,900 per 10 gm.

Rupee gains 10 paise
Mumbai, September 13
The rupee today grew strong by 10 paise to close up at Rs 46.18/19 per US dollar as compared to Rs 46.27/28 on Tuesday as the crude oil prices weakened globally, giving hopes to counter inflation, a trader in the money market said.

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Jaipur emeralds shine forever.
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Govt: 3G spectrum for commercial
purposes under study

Tribune News Service

New Delhi, September 13
The government said today no frequencies had been allotted for regular operations so far to any organisation and the issue of allotment for 3G is under consideration.

The Communications and IT Ministry said the issue of allotment of 3G spectrum for commercial operations in the country was presently under consideration in consultation with the Telecom Regulatory Authority of India (TRAI).

During the past one year, low- power indoor demonstration of the 3G mobile communication technology and testing of the 3G equipment interface with other existing telecom networks has been allowed for short durations to various equipment vendors, software developers and service providers, as per their request.

For this purpose, power level, which is 1,000 times lower than the normal operational power level has only been allowed and these demonstrations and experiments are limited to the indoor environment.

While permitting, it has been specified that such operations should not cause any interference to other operations. Further, no claim can be made by any equipment vendors, software developers and service providers on these trials frequencies or any other part of the 3G spectrum for regular operations/services.

Spectrum is various frequency bands in which telecom companies operate. Spectrum bands required for wireless telephony are scare in India as most of it is occupied by defence and other government agencies.

Telecom companies want additional spectrum to improve the quality of services and also to launch 3G services, which will bring high-end video and data services on the mobile phone.

Most telecom companies had, over the past six months, made applications for allocation of spectrum for 3G experiments along with equipment vendors like Ericsson and Lucent.

The applicants included companies that use two dominant mobile technologies GSM and CDMA. 

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IDBI Board to take up RBI offer for UWB on Sept 21

Mumbai, September 13
IDBI Ltd, which won the race for United Western Bank (UWB) leaving behind 16 players, would hold a Board meeting on September 21 to discuss the RBI draft scheme for amalgamation of the UWB with itself, a bank source said here today.

Notably, the RBI yesterday proposed a draft scheme to IDBI Ltd for amalgamating the ailing bank with itself. This came as a setback to the efforts of the Government of Maharashtra which, along with Sicom and HDFC Group, had proposed a rehabilitation package to ensure continuation of the independent entity status of the Satara-headquartered bank.

As per the draft scheme, IDBI will have to make an upfront payment in cash of Rs 28 per share in respect of every fully paid-up share in the UWB to investors as on a date to be decided by the Government later.

Market sources said the IDBI would have to pay Rs 150.50 crore to the UWB shareholders. Payment made to UWB investors will be considered as provision for bad debt, the scheme says.

The books and balance sheets will have to be prepared as on September 2.

The IDBI will discharge all payments to creditors and depositors of the UWB while the employees will continue in service and will be transferred to the IDBI, the scheme says.

Both banks have been given two weeks’ time up to September 27 to consider the draft scheme, after which the RBI will take a view on the future set-up of the UWB.

Meanwhile, the Board of United Western Bank will meet here tomorrow to discuss the draft amalgamation scheme proposed by the Reserve Bank.

A UWB source said here today that “we will discuss the draft scheme in our tomorrow’s meeting. Our strategy and future course of action will be decided then.” The source said the UWB management was presently examining the proposal. “Our foremost concern is our depositors,” he added.— PTI

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Quota formula of IMF flawed: Chidambaram

Colombo, September 13
Exhorting developing nations to unitedly seek greater say in the International Monetary Fund (IMF) at its annual meeting in Singapore next week, India today opposed the proposed restructuring of quotas in the IMF as it was based on a "flawed" formula.

India has always held that the developing world deserves to have much greater "voice" in the management of international financial institutions, Finance Minister P Chidambaram said here.

Addressing a meeting of the finance ministers of Commonwealth nations, he said: "It is widely believed that the present quota formula of the IMF is hopelessly flawed.

Obviously, an ad hoc quota redistribution based on this flawed formula cannot provide a durable solution." Many countries, including India, find the present quota structure as skewed in favour of the US and Europe. The IMF meeting, slated for September 19-20, will take up the issue of ad hoc increase of quota of China, Korea, Mexico and Turkey.

A member's quota delineates basic aspects of its financial and organisational relationship with the IMF, including voting powers and access to finance.

Mr Chidambaram said participation in the management of both IMF and World Bank has to undergo a change to reflect the current global realities more accurately.

"This is something, all developing economies strongly endorse, and I urge you to join me in Singapore to articulate our united view on this matter," the Finance Minister said.

Mr Chidambaram said the relevance of IMF and the World Bank would eventually be determined by their ability to play a meaningful role in meeting the increasing aspirations of the vast majority of the people for freedom from hunger and for the bare necessities of health and education.

Mr Chidambaram said there must be a deep commitment to fundamental reform and there should be no postponement of a comprehensive review. "My government firmly believes that any exercise intended to enhance the credibility and legitimacy of the IMF has to be based on fundamental reforms in the quota structure."

The current quotas in IMF are roughly determined by the size of a country's gross domestic product, openness to trade and reserves. — PTI

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Nigeria assures more crude to India 
Tribune News Service

New Delhi, September 13
Nigeria has agreed to enhance crude oil supplies to India by raising the term contract volume and speed up the process of setting up a refinery in the West African state by the Indian Oil Corporation.

This assurance was given by Nigerian Minister of State for Petroleum Dr Edmund Daukoru and the current President of OPEC to Indian Petroleum Minister Murli Deora at a bilateral meeting in Vienna on the sidelines of 3rd OPEC international seminar.

During the meeting, Mr Deora emphasised the need for increasing the volume of crude oil imports by the Indian Oil Corporation on a term contract basis. The Nigerian minister stated that Nigerian crude oil production was on the increase and agreed to favourably consider enhancing the term contract volume.

Dr Daukoru sought Indian investment in the downstream oil sector in Nigeria. Petroleum Secretary M.S. Srinivasan and Chairman, IOCL, were among those present in the meeting.

In his meeting with Mr Abdullah Bin Hamad Al Attiyah, Second Deputy Prime Minister and Ministry of Energy and Industry, Qatar, Mr Deora reiterated India’s keen interest for additional volume of LNG.

He also sought active participation of Qatar in the Indian hydrocarbon and petrochemical sector through appropriate investments.

In a luncheon meeting, Iraqi Oil Minister Hussain Al-Shahristani invited active participation of India in the downstream sector of Iraq.

Mr Deora said ONGC Videsh Limited had already started working on the exploration block 8 in Iraq where the work was suspended in the wake of the war situation. He said OVL was also interested in commencing negotiations on the Tuba field.

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ONGC consortium may take over Bharat Pumps 

New Delhi, September 13
The government has mooted a proposal for the takeover of Bharat Pumps and Compressors Limited (BPCL) by a consortium of public sector companies led by the ONGC.

“A draft Cabinet note for the takeover of BPCL has been prepared and circulated to various ministries for their comments,” the sources said. The ONGC will be joined in this takeover attempt by BHEL and Engineers India Limited.

The proposal for the takeover of BPCL by public sector companies was mooted by the Board for Reconstruction of Public Enterprises (BRPSE) as part of its revival plan. BPCL is a subsidiary of Bharat Yantra Nigam Limited (BYNL), which is a holding company for six public sector companies. It is catering to the needs of sectors like oil, fertilisers and chemicals for various types of pumps and compressors. The company posted profits for the last fiscal after a long interval.

With its takeover by the ONGC, BHEL and EIL, the company would be assured of strong management support and could also get orders from them.— PTI 

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Videocon, Daewoo squabble over breach of pact

New Delhi, September 13
Videocon and Daewoo Electronics were squabbling today, making allegations against each other of breach of a confidentiality agreement in regard to a deal under which the Indian electronics major is to takeover the troubled South Korean company.

In the middle of the negotiations for the takeover of Daewoo by Videocon, the two companies had recently signed a non-disclosure agreement (NDA) in Mumbai and this was cited yesterday by Videocon Chairman and Managing Director Venugopal Dhoot for refusing to confirm that his company was paying $700 million (nearly Rs 3,200 crore) for the buyout.

Videocon officials are said to have been taken aback by a statement attributed to Daewoo Electronics President Lee Seung-Chang that his company was looking for more investments from the new buyer without which the takeover would have no meaning.

Citing the NDA, Videocon officials today declined to talk on the issue but sources in the group said the company has taken up the matter with Daewoo Electronics.

"They (Daewoo) are also bound by the NDA," a source familiar with the development said.

Meanwhile, the deal is said to be on course and the finer details were being worked out, sources said.

Videocon, along with US equity fund Ripplewood, was selected as the preferred bidder for acquiring 97.5 per cent equity stake held by the creditors of Daewoo Electronics. — PTI

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ADAG gets 2,500 acres for SEZ in UP

Lucknow, September 13
After getting the Dadri gas-based power project, the Anil Ambani promoted Reliance group has bagged an ambitious special economic zone (SEZ) in UP.

Though Reliance is yet to start work on the Dadri power project even after one year of signing the agreement with the Mulayam Singh Yadav Government, the state government has allotted 2,500 acres of prime land worth Rs 6,000 crore in Noida for setting up the SEZ.

The Dadri project had gone on a wrong track after the Centre refused to approve the price of gas to be supplied to the power project. Former Prime minister V.P. Singh-led Jan Morcha had led an agitation in favour of the farmers whose lands were acquired for the project.

The UP Government has allotted 2,100 acres of land for the Dadri project. But the farmers are agitating at the alleged low compensation rate for their farming land, acquired by the government at Rs 150 per square meter.

Recently, the UP government has approved allotment of 2,500 acres of land worth Rs 6,000 crore, for the ADAG Reliance group to set up a special economic zone at NOIDA.

This would be the first such approval given by the UP Government after the new SEZ policy was announced in July last. This proposal has also been approved by the state Cabinet.

A consortium of three companies of the ADAG group: Reliance One World, Reliance Energy Limited and Reliance Infocom will set up the multi-product SEZ at NOIDA. 
— UNI

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Rs 200-cr realty deal in Amritsar?
Ashok Sethi

Amritsar, September 13
A Delhi-based real estate conglomerate is likely to sign the biggest property deal on the Mall here for Rs 200 crore. Billed as mother of all deals, the real estate business in the holy city had never seen such an awesome time.

The spurt had come after a thaw in Indo-Pak relations.

A leading property agent, while confirming the deal, said a large number of reputed real estate developers were making a beeline towards the city. He added that more than 12 big property groups, including Advance Projects India Limited, Omaxe, Today Homes and Developers, Ansal, DLF Universal had already signed up to construct six malls and about 10 hotels of various star rating.

It may be recalled that the property for the Mall opposite the historic Ram Bagh was sold through auction by the Municipal Corporation and it fetched a record price of more than Rs 80 crore, which spurted the property prices at all locations, especially on the Mall, Ajnala Road, Ranjit Avenue, Court Road, G T Road and Batala Road areas.

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3 Balsara cos merge with Dabur India
Tribune News Service

New Delhi, September 13
Dabur India Limited today announced the merger of three Balsara companies, Balsara Hygiene Products Limited, Balsara Home Products Ltd and Besta Cosmetics Ltd, after the approval of merger by the Delhi and Mumbai High Courts.

The three Balsara group entities will be merged with Dabur India on the filing of the High Court order with the Registrar of Companies, said a company statement.

This marks the completion of the formal process of merging the legal entities of Balsara Companies with Dabur India. With the completion of this merger, Dabur India formally becomes the No. 3 player in oral care business. 

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Biocon to sell insulin in America, Europe
Tribune News Service

Bangalore, September 13
Biocon Limited, India’s largest biotechnology firm, announced today it had finalised marketing tie-ups to sell insulin in the US and Europe by the end of this financial year, Biocon chairperson Kiran Mazumdar Shaw said. Ms Shaw also said the company had decided to double investment on research and development activities to boost discovery of new molecules and launch new products.

Biocon’s entry into the Rs 200-crore domestic insulin market dominated by MNCs will make it the fifth player after Eli Lilly, Novo Nordisk, Aventis and Wockhardt, which launched wosulin a few months ago. The central government gave its approval on July 14 to the three insulin formulations - regular, NPH and bi-phasic isophane, with quick, slow and medium-paced action, respectively.

Biocon’s trials were conducted on 400 patients compared to the DCGI-mandated 30 patients for validating a drug. 

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India global leader in mobile subscriber additions

New Delhi, September 13
With the addition of 5.9 million mobile subscribers in August, India has emerged as the global leader in the addition of new customers in a single month.

As per latest reports from the EMC and TRAI, India has surged ahead of even China, which added 5.19 million subscribers over the same period. COAI Director-General Ramachandran stated that, with this growth, India was well on course to exceed the COAI forecast of 130 million subscribers by December.

It is also noteworthy that, as per Wireless Intelligence, the last half billion cellular subscribers had come in a record time of 12 months. — TNS

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Gold plunges to below Rs 9,000

New Delhi, September 13
Gold tumbled on the bullion market today on heavy selling by stockists triggered by a weakening overseas trend amid negligible buying and closed with a hefty loss of Rs 225 at Rs 8,900 per 10 gm.

Selling pressure gained momentum on reports that gold in Asia fell for the sixth day, the longest losing streak in three months, as investors indulged in currency buying on optimism Japan will begin increasing interest rates.

Marketmen said the metal also fell on reports of the European Bank selling gold to reduce its reserves before September 26.

The gold fell by $7.22 to $580.22 an ounce, the sixth fall in a row, the longest losing streak since June 14.

They said the precious metal has fallen 8.8 per cent in the past six days, tracking the decline in oil futures, which have dropped 9.3 per cent in the past seven trading days, the longest losing streak since October, 2003.

Standard gold and ornaments plunged by Rs 225 each at Rs 8,900 and Rs 8,750 per 10 gm, respectively. It recorded a fall of Rs 750 this week so far. Sovereign also lost Rs 25 at Rs 7475 per piece of 8 gm.

Silver also remained under pressure and lost Rs 600 at Rs 17,250 per kilo while weekly-based delivery declined by Rs 175 at Rs.18,300. It lost by Rs 2,400 in the past four days.

However, silver coins continued to be asked at the previous levels of Rs.21,100 for buying and Rs 21,200 for selling of 100 pieces.— PTI

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Rupee gains 10 paise

Mumbai, September 13
The rupee today grew strong by 10 paise to close up at Rs 46.18/19 per US dollar as compared to Rs 46.27/28 on Tuesday as the crude oil prices weakened globally, giving hopes to counter inflation, a trader in the money market said.

Earlier, the domestic currency opened at Rs 46.26/27 and during the mid-morning session traded at 46.32/33. The RBI today fixed the reference rate at Rs 46.22 as compared to the previous rate of 46.34 yesterday. — UNI

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BRIEFLY

Oracle offer for i-flex stake
Mumbai, September 13
Oracle Global (Mauritius) Ltd has made an open offer to the shareholders of i-flex Solutions Ltd for acquiring a 20 per cent stake in the company for around Rs 2,452 crore.

Oracle Corporation has made an offer to acquire over 1.66 crore equity shares of Rs 5 each of i-flex, representing a 20 per cent stake. Oracle Global Mauritius is offering a price of Rs 1475 per share, to be paid in cash, for acquiring 1.66 crore equity shares of i-flex. The offer opens on November 6 and closes on November 25.— PTI

Sky King Aviation
Aizawl, September 13
The Ministry of Civil Aviation has granted the initial NoC to private airliner Sky King Aviation to operate exclusively in the North-East region. Airport Authority of India (AAI) sources said here today that as part of the initiatives to improve air connectivity in NE states, the ministry has accepted Sky King’s plan to operate from Agartala, Aizwal, Dibrugarh, Guwahati, Leelabari, Silchar, Dimapur, Imphal, Shillong and Tura. — UNI

Nokia deals
Beijing, September 13
Nokia has signed two major deals in China worth $2.61 billion for mobile communications equipment to be delivered this year. Under a framework agreement signed in Helsinki, Finland, Nokia will supply China Mobile Communications Corporation GSM/GPRS radio and core network equipment worth $ 728 million for network expansion, Nokia said. The major deal was signed to mark Chinese Premier Wen Jiabao’s visit to Helsinki. Nokia yesterday also signed a memorandum of cooperation with China Postal Mobile Communication Equipment Company Ltd (China Postel), China’s largest mobile phone distributor, for the supply of $1.88 billion worth of mobile terminals. — PTI

Marico in Egypt
Mumbai, September 13
Marico Ltd has entered into the Rs 170- crore hair-care market in Egypt through the brand 'Fiancee', hitherto owned by Egypt-based Ready Group. The deal, for an undisclosed consideration, envisages acquisition of the brand by Marico and direct investment in Egypt, the company informed the BSE. "This footprint in Egypt will help us widen our strides in the International hair care market," Ready Group Chairman Sayed El Ready said.— PTI

Nucleus Software
New Delhi, September 13
Nucleus Software, provider of nextgen software products for banking and financial sector said today it has won a contract from Indonesia's private sector Lippo Bank for the implementation of its software solutions in the bank's branches worldwide. Nucleus will implement its FinnOneTM LOS, FinnOneTM Collections and Recovery Management System solutions across Lippo Bank's 396 branches in Indonesia.— UNI

Ranbaxy patent
New Delhi, September 13
In a partial win for Ranbaxy Laboratories in the ongoing patent litigation with Pfizer over atorvstatin (lipitor), a district court in Netherlands ruled in its favour in one of the patents, while invalidating another. A three judge panel in the District Court of Hague, Netherlands, ruled that (Pfizer) Warner Lambert's European patent 409 281 — covering the calcium salt of atorvastatin which had been challenged by Ranbaxy — was invalid in the Netherlands. — PTI

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