Thousand rupee note next year
NEW DELHI, Jun 2 — The government will introduce thousand rupee notes in January next as a measure to ease currency notes shortage in the country, official sources said today.


Ballarpur Industries to expand capacity
YAMUNANAGAR: Gautam Thapar (38), Managing Director of Ballarpur Industries Ltd, has decided to double its capacity from 2.75 lakh tonnes to 5 lakh tonnes per annum in the next five years.

Industrialisation rate slows down
NEW DELHI, June 2 — If the provisional results of the fourth economic census data released today are any indicator, then the pace of industrialisation in India may be slowing down, with the annual growth rate of enterprises declining from 2.64 per cent (1980-90) to 2.23 per cent (1990-98).

BASF net profit jumps up 6.74 pc
MUMBAI, June 2 — BASF India Limited, the Indian subsidiary of leading German multinational chemicals company BASF, has reported a 6.74 per cent increase in net profit to Rs 345.89 crore for the year ended March 31, 1999.

Sundram Fasteners eyes Autolec
CHENNAI, June 2 — TVS group company Sundram Fasteners Ltd today announced it would acquire 51 per cent stake in another auto component maker, Autolec Industries, for about Rs 28 crore.

IBM to buy Tatas’ stake in two firms

MUMBAI, June 2 (PTI) — The Tatas will divest their 50 per cent and 10 per cent stakes in Tata-IBM Ltd and IBM Global Services India Ltd (IGSIL) respectively to IBM World Trade Corporation.

The decision by the Tatas to divest their holdings in the two companies has been taken under a mutual arrangement between the Indian and American partners for a reorganisation in the ownership patterns in the firms, a Tata Services statement said here today.

After the divestment, IBM will arrange to acquire the holding in Tata-IBM Ltd and IGSIL at a mutually agreed price, it said, adding the Tatas would continue to hold 1 per cent equity in Tata-IBM Ltd.

The new shareholding structure will come into effect following the approval from the Government of India.

Tata-IBM markets and supports IBM products, solutions and services in India while IGSIL is a comprehensive IT service provider in the country.

“The decision is an outcome of an agreement between the Tatas and IBM. Our relationship has been cordial and constructive,” Tata Industries Chairman Ratan Tata said.

IBM Asia-Pacific president John Joyce said: “All existing contracts and other business arrangements with Tata-IBM and IGSIL will remain in force. IBM will remain committed to its business partners as well as existing and potential customers, to ensure that the operations will not be affected in any way by the proposed reorganisation of the ownership.”

The name of Tata-IBM Ltd will undergo a change after the new shareholding structure comes into place, Joyce said.

BASF net profit jumps up 6.74 pc

MUMBAI, June 2 (PTI) — BASF India Limited, the Indian subsidiary of leading German multinational chemicals company BASF, has reported a 6.74 per cent increase in net profit to Rs 345.89 crore for the year ended March 31, 1999.

The Board of Directors have maintained the dividend at last year’s level of 35 per cent.

According to the working results for the year released here today, the company’s income rose by 16.2 per cent to Rs 345.9 crore (Rs 297.6 crore the previous year).

However, export sales were down by 22 per cent to Rs 28.8 crore as compared to Rs 37 crore last year.

Depreciation and interest charges for the current year were Rs 20.42 crore as compared to Rs 19.02 crore last year and Rs 16.8 crore as compared to Rs 14.02 crore last year.

The dispersions and speciality chemicals business recorded a significant increase in turnover with the commencement of sale of Styrene Butadiene Latex (Styronal) dispersions during the year, the company said in a statement.

However, the profitability of Styronal business was adversely affected on account of poor offtake by the paper industry coupled with additional interest and depreciation charges associated with the commissioning of the plant.

Sundram Fasteners eyes Autolec

CHENNAI, June 2 (PTI) — TVS group company Sundram Fasteners Ltd (SFL) today announced it would acquire 51 per cent stake in another auto component maker, Autolec Industries, for about Rs 28 crore.

“It is a friendly association, not a hostile takeover,” SFL chief executive Suresh Krishna told reporters here today.

SFL already holds 14.33 per cent in Autolec and proposes to acquire another 11 per cent through private negotiations, with the balance being through public offer and a preferential offer, Krishna said.

The public offer is being made for 12.2 lakh shares at Rs 82.50 per share while the preferential issue would entail sale of 10.31 lakh shares at Rs 60 a share.

The total cost for SFL would be between Rs 26 and Rs 28 crore, depending on the extent of response to the public offer, he said.

After the preferential offer, the share capital of Autolec, promoted by the Vasudevans of Chennai, would go up to Rs 6.10 crore from the present Rs 5.06 crore.

The takeover forms part of SFL’s strategy to diversify its range of products within the auto component segment, Krishna said.

SFL, which is an original equipment manufacturer for auto giant General Motors, will have 51 to 58 per cent stake in Autolec, which is a leading supplier of water pumps, oil pumps and fuel pumps to most domestic car makers.

“Our final stake in the company would be clear after the preferential offer, though the Vasudevans’ stake would come down only by 5 percentage points from the current 34 per cent,” Krishna said.

SFL had provisioned for acquiring about 9 per cent stake in the last financial year through negotiations.

Industrialisation rate slows down

NEW DELHI, June 2 (UNI) — If the provisional results of the fourth economic census data released today are any indicator, then the pace of industrialisation in India may be slowing down, with the annual growth rate of enterprises declining from 2.64 per cent (1980-90) to 2.23 per cent (1990-98).

The growth in employment in these enterprises also declined during the period.

While decline in the growth rate of enterprises and employment is only one of the indicators, the other parameters could include capital employed and shift in the employment pattern. The slowdown is to be viewed seriously.

The growth rate figures for employment and workers have been given in the provisional results of the economic census.

The total number of enterprises in 30 State and Union Territories is 23. 7 million.

Among the States the maximum growth rate (5.63 per cent) has been observed in Nagaland, following by the Union Territories. It is maximum in Pondicherry (4.31 per cent), followed by Dadra and Nagar Haveli (4.26 per cent) and Delhi (4.03 per cent).

The growth rate has been found to be negative in Arunachal Pradesh (-0.15 per cent) and almost negligible in Lakshadweep (0.13 per cent).

Professionals get MIDI awards
Tribune News Service

CHANDIGARH, June 2 — The 1998 Midi-management excellence awards, were presented to 29 outstanding IAS, IPS, industrialists and professionals at a function organised by the Management and Industrial Development Institute, Jalandhar.

Mr Som Parkash, Deputy Commissioner, Jalandhar. Presided over the function. Amongst the guests were: Punjabi folk singer, Hans Raj Hans., cine actress of Punjabi movies, Ms. Deepika Singh. Mr J.B. Goyal, Commissioner, Municipal Corporation, Jalandhar., Mr K.K. Sharma, Chairman, Citizens Coop. Bank., Mr R.S. Bhatia, Dy. Vice-President, Bank of Punjab Ltd., Mr G.S. Bains, Member-Secretary, Punjab Pollution Control Board., and Mr J.S. Marwaha, Chief Mechanical Engineer, Rail Coach Factory, Kapurthala, etc.

The institute’s bulletin was also released by Mr Som Parkash, Jalandhar., and Mr Vijay Chopra Chief Editor, Hind Samachar group.

Thousand rupee note next year

NEW DELHI, Jun 2 (PTI) — The government will introduce thousand rupee notes in January next as a measure to ease currency notes shortage in the country, official sources said today.

The higher denomination currency note is now in the design stage. Printing of the notes will begin by year-end. Along with the thousand rupee note, the government will also introduce redesigned 500 rupee notes as existing ones look very similar to 100 rupee notes causing confusion.

The government had demonetised thousand rupee notes in the late seventies as a measure to check black money. A law was passed for this purpose and this was revoked through another legislation before dissolution of the Lok Sabha to enable the government reintroduce the higher denomination notes.

Ballarpur Industries to expand capacity
From Ashwani Dutta

YAMUNANAGAR: Gautam Thapar (38), Managing Director of Ballarpur Industries Ltd, has decided to double its capacity from 2.75 lakh tonnes to 5 lakh tonnes per annum in the next five years.

Talking to The Tribune here today, he said capacity enhancement will be done in a phased manner costing Rs 800 crore. By the end of 2000 there will be an increase in capacity of 50,000 tonnes. By 2004 BILT will be amongst the 10 largest companies of Asia.

The Rs 70 crore first phase will be financed through internal resources.

Gautam Thapar said when he took over the reins of Ballarpur in 1997 the dept was Rs 11,00 crore and its creditability was on the decline. Of the 14 divisions in 1996 about 10 have been hived off. These include The Pioneer newspaper. Now a separate balance sheet of each company will be prepared. The current focus is on streamlining operations and removing non-performing assets. From Thapar house in Delhi alone the company has saved Rs 30 crore.

Mr Gautam Thapar, on his maiden visit to Yamunanagar after becoming, the Managing Director, said that the should allow afforestation on forest land to save paper industries. He suggested that in northern States like Haryana, Punjab, Himachal and Uttar Pradesh the government should allow degraded land for use of plantation to feed the existing paper mills.

He stated that for the last three years the government has not honoured its commitment to provide eucalyptus. As a paper mills have to arrange raw material from distant places.

The company meets the standards of the Haryana State Pollution Control Board by getting its samples regularly tested from reputed laboratories. The company will initiate further action to make the Yamunanagar unit a fully environment friendly manufacturing facility.

Mr Thapar pointed out that despite an adverse scenario, Ballarpur Industries has been able to keep its head above water and has delivered good financial results. Out of 550 mills in the country only 14 are integrated paper mills.

He revealed Ballarpur is exploring the possibility of collaboration with Swedish company “Tumba Bruk” for manufacturing currency paper. This paper could be manufactured in Yamunanagar. A final decision would only be taken after exploratory meetings are concluded.

PSEB
LUDHIANA, June 2 (FOC) — The Federation of Punjab Small Industries has alleged that the Punjab State Electricity Board is imposing daily unannounced power break-downs which is hampering industrial production and causing great inconvenience to domestic and commercial consumers. Mr V.P. Chopra, President of the Federation urged upon the PSEB authorities to maintain regular power supply to the consumers.

Seminar
CHANDIGARH, June 2 (TNS) — A special chapter on vigilance in public sector banks should be included in the Central Vigilance Commission (CVC) manual, said Mr Hardial Singh, Additional Secretary, Central Vigilance Commission, New Delhi, at a seminar organised by Punjab and Sind Bank here today. Officials from Oriental Bank of Commerce and State of Patiala also participation in the seminar. Mr N.R.B. Patnaik, Chief Vigilance Officer of the PSB presided.