Audit team to inspect Panipat refinery
NEW DELHI, June 16 — Concerned over repeated fire accidents, the Indian Oil Corporation is re-working the safety aspects of its Rs 3,868 crore Panipat refinery project, to be dedicated to the nation by the Prime Minister on June 24.

Tata Chem, Mukand downgraded
MUMBAI, June 16 — The rating assigned to the outstanding Rs 4.08 billion debentures and bonds of Tata Chemicals Ltd has been downgraded by the Crisil from ‘AA+’ to ‘AA’.

Coke ‘safe’ in India, dumped in France

NEW DELHI, June 16 (UNI) —Coca-Cola India today assured consumers, retailers and distributors that the company’s products in India are completely safe for consumption.

This follows the temporary withdrawal of company products in Belgium.

“There is no connection between Coca-Cola manufactured in India and the Belgium issue,” according to a statement issued by the company’s spokesperson Raul Dhawan. “Coca-Cola in India is produced locally, and is not affected by the withdrawal of the product in Belgium.”

The company has determined the cause of two separate quality issues which arose in Belgium last week. These issues caused health-related concerns, which prompted the Belgium Health Minister to take precautionary measures.

After thorough investigation, no health or safety issues were found. Both issues are confined to products manufactured or transported through the Belgian market, and these quality matters do not relate to products produced in other parts of the world.

PARIS (AFP): France has ordered 50 million cans of soft drinks made by Coca-Cola to be pulled from store shelves in the latest fallout from illness linked to the sodas in Belgium, the government said today.

“I have asked wholesale suppliers, by a ministerial decree, to take these products off sale,” Junior Consumer Affairs Minister Marylise Lebranchu said in an interview in the Le Parisien newspaper.

Sales of all Coca-Cola, Coca-Cola Light, Sprite and Fanta cans manufactured in the northern city of Dunkirk from January this year were suspended. The plant was producing drinks for the Belgian market but the French authorities fear some may have been shipped back to France.

Lebranchu said other Coca-Cola products were not affected by the move. The results of tests on the sodas should be known by the end of the week.

She said the protective measure had been decided because of “Coca-Cola’s inability to provide a clear explanation on the traceability of its products,” adding the government was also unconvinced by Coca-Cola’s explanation that a strange smell emitted by some of the cans was caused by a fungicide chemical used to treat wooden transport pallets.

A fungicide was found on the bottom of soft-drink cans in warehouses in Dunkirk. Consumers have been warned not to drink the sodas concerned until the results of the tests are known.

Pak economy worsens

ISLAMABAD, June 16 (PTI) — Pakistan’s Opposition members have flayed the annual Budget for 1999-2000 saying the country’s economy was slowly drifting towards chaos and all economic indicators were showing signs of deterioration.

The gross domestic product was likely to be around 2.1 per cent, much lower than the growth target of 6 per cent and provisional estimation of 3.1 per cent, Pakistan People’s Party (PPP) member Naveed Qamar said in the absence of Opposition leader Benazir Bhutto.

Wheat and cotton production have declined, Qamar said adding export of sugar by the government on grounds of surplus production had resulted in increase in domestic prices.

Exports in last 11 months remained at $6.9 billion, a decline of 12 per cent, imports had also decreased but the claim of Finance Minister Ishaq Dar that he would bring down balance of payment position had proved wrong, Qamar claimed.

The tax machinery has completely failed, he said adding that if loaners had not agreed to reschedule loans, the country would have been in a difficult situation.

As for investment, he said it amounted to $300 million as against last year over $ 600 million.

The 50-point fall in stock market on day of presentation of the Federal Budget showed “no-confidence in the government”, Qamar claimed.

He debunked the government claim of checking inflation and said it was due to reduction of foreign investment and recession, which had eroded purchasing power of people.

Audit team to inspect Panipat refinery

NEW DELHI, June 16 (PTI) — Concerned over repeated fire accidents, the Indian Oil Corporation (IOC) is re-working the safety aspects of its Rs 3,868 crore Panipat refinery project, to be dedicated to the nation by the Prime Minister on June 24.

“Repeated accidents in the refinery have created doubts on the quality assurance of the plant. We have appointed an inspection audit team to carry out a complete check on the refineries’ various units to make the plant foolproof”, Director Pipeline S N Jha told PTI.

Officials of the IOC and specialists of materials and maintenance group from the Engineers India Ltd (EIL) have been appointed members of the audit team which will again inspect the crude distillation unit (CDU) and the Hydro cracker unit of the refinery, Jha said.

“We hope to restart the CDU within a week’s time after the inspection”, he said.

After the appraisal of the project, whose engineering, procurement and construction contract was executed by EIL, the IOC authorities were dissatisfied by the quality of the work, sources said.

Five persons had perished in a fire accident on May 6. Three incidents of fire had ravaged portions of the Panipat refinery in separate incidents since work started on the premises,

The latest fire at the hydrocracker unit on May 6, 1999, had forced the authorities to shut down the unit immediately.

The refinery has already processed 1.Million metric tonnes of crude oil since it started the trial run in May 1998 and various products such as LPG, naptha, kerosene, high speed diesel and heavy petroleum stock are produced from the plant.

The IOC has also submitted a proposal to the government to expand the capacity of the six million tonnes refinery to nine million tonnes at an estimated cost of Rs 1605 crore.

The refinery claims to have employed state-of-the-art global process technologies from multinational companies like IFP-France, Haldor Topsoe of Denmark, Unocal/UOP and Stone and Webseter of the USA for maximisation of yield pattern, upgradation of product quality and enhancement of energy conservation.

The IOC is also planning to set up a petrochemical complex at Panipat with an estimated investment of Rs 4,056 crore and is scouting for a joint venture partner.

1:1 bonus by IOC

THE Indian Oil Corporation (IOC) Board on Wednesday recommended the issue of bonus shares to shareholders in the ratio of one share for every one share held (1:1).

This will raise the post-bonus equity of the State-owned oil giant to Rs 778.68 crore, an IOC spokesman said.

The bonus issue will now have to be formally approved by shareholders at the annual general meeting or extraordinary general meeting, for which a decision would be taken shortly.

HDFC

HDFC loans to NRIs in the Gulf grew by 30 per cent in volume in the last fiscal, showing signs that demand has begun to pick up in the housing sector in India, an HDFC official said in Dubai on Wednesday.

Thomas Cherian, Manager of HDFC’s UAE representative office, said more than 700 applicants from the Gulf, 80 per cent from Southern and Western States, utilised house loans totalling over Rs 58 crore from HDFC in fiscal 1998-99.

Morepen Lab

Morepen Laboratories plans to start manufacturing medical equipment in-house as part of its overall strategy to enter the high-value, technology driven sector. Manoj Pahwa, General Manager Sales, told PTI in Delhi on Wednesday.

The company, which launched inhalation therapy equipment in India as part of its marketing pact with German Major Pari Gmbh under the “Morepen Pari” name, will for the time-being import equipment from Pari.

Siemens

Siemens Telecom will go for direct marketing of its mobile phones in about six months as the company expects a spurt in cell phone sales with the implementation of the new Telecom policy. With today’s launch of two new models of mobile phones, the German phone maker plans to hike its market share from present 15 per cent over a period of time, Director (Operations) of Siemens Telecom Limited, I.B. Mehra told reporters. — Agencies

Tolerating metals in foods

NEW DELHI, June 16 (UNI) — The Health and Family Welfare Ministry proposes to allow flavour emulsion and flavour paste in carbonated and non-carbonated beverages.

This will be in addition to the already permitted synthetic colours, an official release said today. Similarly the Ministry also proposes to revise maximum tolerance levels of heavy metals like lead, copper and zinc in fruit products and maximum and minimum tolerance levels for heavy metals like copper and zinc in infant milk substitutes and infant foods.

Tata Chem, Mukand downgraded

MUMBAI, June 16 (PTI) — The rating assigned to the outstanding Rs 4.08 billion debentures and bonds of Tata Chemicals Ltd has been downgraded by the Crisil from ‘AA+’ to ‘AA’.

The proposed non-convertible debenture (NCD) programme of Tata Chemicals Ltd has also been rated ‘AA’, while the rating agency has retained the ‘P1+’ rating assigned to the company’s Rs 2 billion commercial paper programme.

The rating also factors in the vulnerability of the fertiliser business to government policies as exemplified in the delays of several years in fixation of the retention price and the low likelihood of favourable resolution of issues in the near term, it said in a release here today.

Meanwhile, the agency also revised downwards the rating assigned to steel manufacturer, Mukand Ltd, from ‘BBB+’ to ‘BB’ on account of continued deterioration in financial risk with the expected losses in 1998-99 and further worsening in capital structure.

Forex
US $ Rs 43.14/15
Stg £ Rs 68.58/61
Euro Rs 44.61/64
Jap yen (100) Rs 35.84/87

Amrit Banaspati
From Our Correspondent
FATEHGARH SAHIB, June 16 — Amrit Banaspati Company organised Ginni Gold cooking workshop to display different aspects of cooking at Sirhind town yesterday. The workshop was conducted by Mr P.Mukerjee of Food Craft Institute, Chandigarh and organised by the local dealers

ERP package
Tribune News Service
NEW DELHI, June 16 — Vishesh Infosystems Ltd, today launched “Businesspro” a fully integrated Enterprisewide Resource Planning (ERP) package . The new product is an upgraded version of “Businesssoft”, the companies flagship product.

Bausch & Lomb
Tribune News Service
CHANDIGARH, June 16 — Bausch & Lomb, today introduced monthly disposable Soflens66TM Toric Contact Lenses.