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THE TRIBUNE SPECIALS
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B U S I N E S S

Exports grow over 18 pc in July
New Delhi, September 3
Despite the appreciation of rupee, India's exports grew at a slower pace of 18.52 per cent in July 2007 as against 40.67 per cent a year ago. The exports during July 2007 were valued at $12,494.11 million, which was 18.52 per cent higher than the level of $10,542.14 million during July 2006.

Fake batteries caused explosions: Nokia
New Delhi, September 3
Nokia, the world's largest maker of mobile handsets, today blamed fake batteries and tampered cell phones for explosion in its mobiles, while advising that customers must always use original components.

Bajaj-TVS feud intensifies
Mumbai, September 3
The war of words between Bajaj Auto (BAL) and TVS Motor Company intensified today with the former refusing to be cowed down by the threat of a law suit by its Tamil Nadu-based rival.

GAIL targets Rs 50,000-cr revenue
New Delhi, September 3
GAIL (India) Ltd has drawn up an ambitious growth strategy of three-fold increase in revenue to Rs 50,000 crore by 2011 from Rs 16,047 crore in the year 2006-07.



EARLIER STORIES

 
‘Chak De India’ actresses Sagarika Ghatge (2nd left), Vidya Sharma (centre) and Chitrashi Rawat along with CEO of Hindustan Coca-Cola Beverages Ltd. John Ustas (left) at the launch of Coca-Cola Minute Maid Pulpy Orange in New Delhi on Monday.
‘Chak De India’ actresses Sagarika Ghatge (2nd left), Vidya Sharma (centre) and Chitrashi Rawat along with CEO of Hindustan Coca-Cola Beverages Ltd. John Ustas (left) at the launch of Coca-Cola Minute Maid Pulpy Orange in New Delhi on Monday. — Tribune photo by Manas Ranjan Bhui

Hyderabad exchange derecognised
Mumbai, September 3
The Securities and Exchange Board of India (SEBI) has withdrawn recognition granted to Hyderabad Stock Exchange (HSE), as it had failed to dilute 51 per cent of its equity share capital to public other than shareholders having trading rights on or before August 28, 2007.

RBI directive to banks
Mumbai, September 3
The Reserve Bank of India (RBI) wants all banks in the country to strengthen their branch level customer service committees - a mechanism to ensure formal communication between banks and customers - in which the involvement of customers should be ensured.

Reliance Fresh gets industry’s support
Lucknow, September 3
Indian Industries Association (IIA), in its state level executive committee meeting here, expressed concern over the Uttar Pradesh government’s decision to impose a ban on Reliance Fresh outlets in the state.

DTH Cos can pick channels of choice: TRAI
New Delhi, September 3
In a far-reaching decision ensuring delivery of quality channels at the DTH subscriber home, the telecom regulator, TRAI, has directed all broadcasters not to compel DTH operators to buy the entire bouquet of channels but let them pick what they think are the best.

The world's largest passenger plane, Airbus A380, takes off from Hong Kong international airport during the Asian Aerospace International Expo and Congress in Hong Kong on Monday.
The world's largest passenger plane, Airbus A380, takes off from Hong Kong international airport during the Asian Aerospace International Expo and Congress in Hong Kong on Monday. European aircraft maker Airbus said it expects China to order 100 to 150 planes per year from the company over the next five years to meet heavy demand from its booming aviation market. — AFP

Corporates plan to beat attrition
New Delhi, September 3
With the attrition rate reaching alarming levels in India's booming sectors like information technology and telecom, human resource personnel have devised innovative ways such as over-staffing and thinking beyond higher pay packet to retain talent.

Maoist violence affects NMDC operations
Hyderabad, September 3
The spurt in Maoist violence has resulted in severe disruptions in the mining operations of the National Mineral Development Corporation (NMDC), resulting in the loss of over Rs 205 crore in the last 17 months.

Parsvnath’s Gurgaon SEZ notified
New Delhi, September 3
Real estate major Parsvnath Developers has received the government's notification to develop a 105-acre IT SEZ in Gurgaon with an investment of about Rs 1,725 crore.

ArcelorMittal is largest steelmaker
Brussels, September 3
Mittal Steel Co NV wrapped up the first part of its $41-billion takeover of rival Arcelor SA by merging today into ArcelorMittal to create the world’s largest steel company.

IOC oil bonds in October
New Delhi, September 3
State-run Indian Oil Corporation (IOC) Ltd today said it plans to sell oil bonds worth Rs 1,500 -2,000 crore to offset losses incurred due to the skyrocketing international crude oil prices in October.

Nestle takes over Gerber
Vevey (Switzerland), September 3
Swiss food giant Nestle said today it had completed its $5.5 billion takeover of Gerber, the biggest baby food maker in the United States. The move, which took effect on September 1, followed successful conclusion of regulatory approval, Nestle said in a statement.

Kalyani group acquires German firm
Mumbai, September 3
With a view to further strengthen its position in the wind energy sector, Kalyani group has acquired Germany-based RSBConsult (RSB) for an undisclosed amount. RSB is a well-established design-and-consulting house and has more than 150 years of cumulative and international experience in the wind industry with a global customer base.

India seeks cut in farm subsidies
New Delhi, September 3
As negotiators from across the world resume multilateral trade talks in Geneva today, India has asked the developed countries to cut their farm subsidies and remove distortions in the global agricultural commerce.

Video
Indian telecom growth story rings louder.
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Exports grow over 18 pc in July
Tribune News Service

New Delhi, September 3
Despite the appreciation of rupee, India's exports grew at a slower pace of 18.52 per cent in July 2007 as against 40.67 per cent a year ago.

The exports during July 2007 were valued at $12,494.11 million, which was 18.52 per cent higher than the level of $10,542.14 million during July 2006.

In rupee terms, exports touched Rs 50,493.57 crore, which was 3.10 per cent higher than the value of exports during July, 2006.

Cumulative value of exports for the period April-July 2007 was $ 46,797.61 million (Rs 1,91,824.22 crore) as against $39,586.71 million (Rs 1,81,139.67 crore) during the same period last year.

The imports during July 2007 were valued at $17,508.63 million, representing an increase of 20.40 per cent over the level of imports valued at $14,542.21 million in July 2006.

In rupee terms, imports increased by 4.74 per cent. Cumulative value of imports for the period April-July, 2007 was $72,417.47 million (Rs 2,97,080.57 crore) as against $55,427.93 million (Rs 2,53,545.49 crore) during the same period last year.

The oil imports during July 2007 were valued at $5,048.33 million, which was 8.75 per cent higher than oil imports valued at $4,642.31 million in the corresponding period last year.

Oil imports during April-July 2007 were valued at $19,878.52 million, which was 5.33 per cent higher than the oil imports of $18,873.12 million in the corresponding period last year.

Non-oil imports during July 2007 were estimated at $12,460.30 million, which was 25.86 per cent higher than growth on non-oil imports of $ 9,899.90 million in July, 2006.

Non-oil imports during April-July 2007 were valued at $52,538.95 million, which was 43.73 per cent higher than the level of such imports valued at $ 36,554.82 million in April-July, 2006.

The trade deficit for April-July 2007 was estimated at $25,619.85 million, which was higher than the deficit at $15,841.22 million during April-July, 2006.

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Fake batteries caused explosions: Nokia

New Delhi, September 3
Nokia, the world's largest maker of mobile handsets, today blamed fake batteries and tampered cell phones for explosion in its mobiles, while advising that customers must always use original components.

"Every single incident is being investigated and almost all cases where explosion took place involved either fake batteries or their phones were tampered. We are doing our best to educate our customers about the disadvantages of using counterfeit accessories," D Shivakumar, managing director of Nokia India, said here.

The company's reaction follows after some incidents of Nokia mobile phones exploding were reported from states such as West Bengal and Gujarat in the past few days.

The Finnish company, which today mustered support from the Cellular Operators Association (COAI) and Indian Cellular Association (ICA), also assured that all cases involving replacement of batteries covered under product advisory of August 14 would be resolved in the next 10-15 days.

COAI, a lobby of private GSM cellular players batted for Nokia, saying only in cases of counterfeit products such incidents were happening and sought government's intervention to protect consumers from using fake accessories.

"A mobile is as safe as any other consumer electronic device used at home. However, consumers need to be mindful and should follow steps advised by the manufacturers to ensure safety of their cell phones and longevity of the batteries," COAI director general T V Ramachandran said.

ICA also favoured rationalisation of duty structure for accessories. A fake battery is available in the market for as less as Rs 10 only compared to Rs 200 for an original mainly due to duty difference, ICA president Pankaj Mohindroo said.— PTI

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Bajaj-TVS feud intensifies
Tribune News Service

Mumbai, September 3
The war of words between Bajaj Auto (BAL) and TVS Motor Company intensified today with the former refusing to be cowed down by the threat of a law suit by its Tamil Nadu-based rival.

In a statement released here today, Bajaj said "It accords the highest importance to its intellectual property (IP) portfolio, and (would) defend the same. Bajaj cautions against any attempt to infringe (its IP rights)."

Bajaj's response came in response to a threat by TVS Motor Company that it would file a defamation suit to the tune of Rs 250 crore against the former. Bajaj had earlier alleged that TVS had stolen its designs for a new 125 cc bike introduced recently.

Bajaj claims the patent for the digital twin spark ignition (DTS-i) system, which, it says, has been replicated by TVS. Bajaj had applied for patent for the Indian market on July 16, 2002, and was granted approval via patent number 195904 on July 7, 2005, the comapny said.

"If there exists any application for revocation of this patent, details of the same are not known to Bajaj," the statement issued today said.

"Similarly, it is also expecting approval of its international patent applications in various foreign countries subsequent to its application PCT/IN03/000348 dated October 30, 2003."

The statement added that "Bajaj has been anxious that failing domestic manufacturers may, in an act of desperation, adopt similar dubious methods in India. Bajaj is preparing to defend its intellectual property in the event that such a product is eventually introduced.

At that time, if evaluation of the actual product appears to suggest reasonable grounds for infringement, Bajaj will take all necessary steps to safeguard its interests as also to inflict the maximum permissible damage upon the offender so as to set an effective precedent for the future."

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GAIL targets Rs 50,000-cr revenue
Tribune News Service

New Delhi, September 3
GAIL (India) Ltd has drawn up an ambitious growth strategy of three-fold increase in revenue to Rs 50,000 crore by 2011 from Rs 16,047 crore in the year 2006-07.

GAIL chairman and managing director, U.D. Choubey laid out the state enterprise’s vision plan while addressing the company’s shareholders at the 23rd annual general meeting of the company here today.

He said the turnover of GAIL during 2006-07 has gone up to Rs 16,047 crore in 2006-07 as against Rs 14,459 crore in 2005-06, registering a growth of 11 per cent. Profit after tax for the year 2006-07 was Rs 2,387 crore as against Rs 2,310 crore in the previous year.

Choubey said the company would focus on protecting and strengthening the core competencies of gas transmission, distribution and marketing businesses and shall pursue margin-enhancing businesses namely, petrochemicals and city gas projects.

GAIL intends to use first mover advantage to strategic benefit in gas retailing and evolve a partnership-based business model with gas producers, he said. Similarly, the company shall diversify downstream presence in gas-based LPG and petrochemical plants.

Choubey added GAIL will aggressively pursue gas sourcing options, both from the new domestic sources as well as through international sources, by way of pipelines and LNG route, to secure gas supplies for transmission and trading businesses.

Choubey said GAIL is moving ahead in a time-bound manner to complete the eight new gas pipelines in two phases, targeting completion by 2011.

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Hyderabad exchange derecognised

Mumbai, September 3
The Securities and Exchange Board of India (SEBI) has withdrawn recognition granted to Hyderabad Stock Exchange (HSE), as it had failed to dilute 51 per cent of its equity share capital to public other than shareholders having trading rights on or before August 28, 2007.

The SEBI's de-recognition to the HSE was effective from August 29, 2007.

The SEBI has withdrawn the recognition of the HSE in terms of section 5(2) of the Securities Contracts (Regulation) Act, 1956 (SCRA), the market regulator said in a release here today.

SEBI had notified The HSE Ltd. (Corporatisation and Demutualisation) Scheme, 2005 on August 29, 2005.

As per SCRA, every recognised stock exchange whose scheme for corporatisation and demutualisation has been approved by SEBI shall ensure that at least 51 per cent of its equity share capital is held by the public other than shareholders having trading rights, within 24 months from the date of publication of the scheme. However, the HSE failed to fulfil the SEBI requirement. — UNI

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RBI directive to banks

Mumbai, September 3
The Reserve Bank of India (RBI) wants all banks in the country to strengthen their branch level customer service committees - a mechanism to ensure formal communication between banks and customers - in which the involvement of customers should be ensured.

In a notification here today, the regulator has also asked banks to include their customers in these committees to enhance customer-friendly approach.

“It is desirable that branch level committees include their customers too. Further, as senior citizens usually form an important constituency in banks, a senior citizen may preferably be included therein,” said the release.

Earlier, the RBI had issued guidelines considering the recommendation of different committees to press the constitution of customer service committees at branch levels.

The present directive is learned to have come out of the RBI’s impression that most of the banks have failed to follow the direction. — UNI

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Reliance Fresh gets industry’s support

Lucknow, September 3
Indian Industries Association (IIA), in its state level executive committee meeting here, expressed concern over the Uttar Pradesh government’s decision to impose a ban on Reliance Fresh outlets in the state.

“Such decisions will have adverse effect on the overall economic and social environment in UP,” said Anil Gupta, IIA senior vice-president.

Investors will be hesitant to invest in the state due to uncertainty and employment opportunities will dry out. Farmers also would have got better returns for their produce, had they been able to sell their products directly to Reliance Fresh instead of through the intermediaries, he opined.

Gupta expressed hope that the committee constituted under the chairmanship of the cabinet secretary will submit its report at the earliest and the state government will encourage such investments.

The committee also urged the government to ensure that the policies are framed in consultation with all the stake holders and once policy is announced, it should stay for reasonable time and be implemented properly.

Bhopal: Meanwhile, Madhya Pradesh excise minister Babulal Gaur today defended the state government’s decision to allow opening up of Reliance Fresh stores in the state saying it was in the overall interest of growers and consumers. — UNI

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DTH Cos can pick channels of choice: TRAI

New Delhi, September 3
In a far-reaching decision ensuring delivery of quality channels at the DTH subscriber home, the telecom regulator, TRAI, has directed all broadcasters not to compel DTH operators to buy the entire bouquet of channels but let them pick what they think are the best.

The new regulation brought out today by the TRAI could intensify the survival struggle of less-performing, or the new channels, which have been piggy-riding the popular channels in the bouquet offered by the broadcaster.

Telecommunication (Broadcasting and Cable Services) Interconnection (Fourth Amendment) Regulation 2007, coming in force from December 1, allows broadcasters to sell the bouquet only in addition to the a la carte choice of the DTH service providers.

The new regulation aims to resolve the ongoing tussle between the broadcaster and DTH operator where the latter had been protesting against taking less popular, even flop channels along with the hit ones in a bouquet.

"All broadcasters will compulsorily offer all their channels on a la carte basis to DTH operators," the new regulation says.

"Additionally, they may also offer bouquets, but they will not compel any DTH operator to include the entire bouquet in any package being offered by DTH operators to their subscribers," it adds.

Fortifying further the a la carta mode of picking up channels, TRAI also ruled that the sum-total rate of pay channels picked by the DTH operators will not exceed 1.5 times the rate of the entire bouquet.

The broadcasters have also been asked to publish within 90 days Reference Interconnect Offer (RIO) for the DTH operators.

The RIO will clearly indicate rates of channels and bouquets, details of discounts, payment terms, security and anti-piracy requirements, subscriber base reports and audit, tenure and termination of agreement.— PTI

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Corporates plan to beat attrition

New Delhi, September 3
With the attrition rate reaching alarming levels in India's booming sectors like information technology and telecom, human resource personnel have devised innovative ways such as over-staffing and thinking beyond higher pay packet to retain talent.

"Attrition is a crisis in India, especially in sectors such as IT, ITeS, telecom and retail, that are growing at the fastest pace. Simultaneously these are the very sectors which get plagued by attrition the most," Global HR consultancy firm HayGroup's Practice Leader Mark Thompson said.

Hence, HR managers are resorting to innovative ways to harness and retain talent as the market is witnessing demand-supply constraints, Thompson added.

BPO firm Genpact resorts to rotation of talent as a phenomenon or culture. "GE overstaffs around 15 to 20 per cent to tackle attrition," Genpact executive vice-president (HR) Vivek Jain said.

High attrition rate experienced by 60 per cent of BPO units are due to higher salary expectations. Over 80 per cent of respondents from BPO firms surveyed by industry body, Assocham recently, felt attrition rates in future would rise over 40 per cent, while remaining 20 per cent were optimistic that it will drop and would stabilise between 20-25 per cent.

Now-a-days a hike in salary is not the only incentive that attracts talent, Thompson said.

"Companies now offer an ideal relational reward that balances work and family life. This is because salary alone cannot ensure retention and loyalty as others can match this," he added.

According to a report by Hay Group, IT and ITeS companies are facing high attrition rates of 30-40 per cent mainly at junior and middle management levels and are looking at tools beyond compensation to arrest this trend. Top four Indian IT firms — TCS, Infosys, Wipro and Satyam — witnessed an exodus of about 10,000 persons for the quarter ended July. — PTI

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Maoist violence affects NMDC operations
Ramesh Kandula
Tribune News Service

Hyderabad, September 3
The spurt in Maoist violence has resulted in severe disruptions in the mining operations of the National Mineral Development Corporation (NMDC), resulting in the loss of over Rs 205 crore in the last 17 months.

In Bailadila, mining complex in Chhattisgarh, the production loss was to the tune of 8.5 lakh tonnes during 2006-07 and about 7.5 lakh tones in the current financial year so far, the chairman and managing director, NMDC B Ramesh Kumar said.

The Maoists had, on February 9 last year, damaged high voltage transmission tower of Chhattisgarh electricity board, Bhansi railway station and railway line between Kirandul and Bacheli, NMDC pump houses, conveyors, cord drills and Kailash Nagar explosive magazine, resulting in disruptions.

“A major setback to the production was caused by the damage to one of the conveyors in Bailadila deposit in October last year and there was no production between October 30 to December 23, 2006,” Kumar said. The employees of Bailadila had borne the brunt of Maoist attacks but put in their best efforts to restore the plant in a record time and make up for shortfall in production, he said.

Outlining the company’s performance, the official said the turnover had touched Rs 4,186 crore last year with a profit of Rs 3,498 crore. The production stood at 27 million tonnes and the exports touched 3.2 million tonnes.

Meanwhile, the company has declared a final dividend of 85 per cent, amounting to Rs 112.34 crores, for the financial year ended March 31 and changed its official name to NMDC Limited.

The NMDC had already paid two interim dividends during the financial year-77 per cent (Rs101.76 crore) in November 2006 and 190 per cent (Rs 251.1 crore) in February 2007. The total dividend for the fiscal now works out to 352 per cent (Rs 465.19 crore). 

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Parsvnath’s Gurgaon SEZ notified

New Delhi, September 3
Real estate major Parsvnath Developers has received the government's notification to develop a 105-acre IT SEZ in Gurgaon with an investment of about Rs 1,725 crore.

The notification for the Gurgaon special economic zone comes close on the heels of its Indore SEZ (spread over 76-acre) getting notified early last month. Gurgaon SEZ is the company's second such zone approved by the Centre.

"The investment for Gurgaon SEZ is estimated at Rs 1,725 crore," Parsvnath chairman Pradeep Jain told PTI.

He said the construction work would start in the next three months after complying with the pending formalities. — PTI

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ArcelorMittal is largest steelmaker

Brussels, September 3
Mittal Steel Co NV wrapped up the first part of its $41-billion takeover of rival Arcelor SA by merging today into ArcelorMittal to create the world’s largest steel company.

ArcelorMittal, based in Luxembourg and already operating as a single company, started trading shares on Euronext in Amsterdam, Paris, Brussels and smaller bourses in Spain today. The steel-maker will be listed on the New York Stock Exchange from tomorrow, when it reopens after the Labour Day holiday. The company will control 10 per cent of the world’s steel market.

ArcelorMittal must still combine with the remaining shareholders of Arcelor SA. Arcelor shareholders have not yet formally approved the merger, though more than 90 per cent tendered their shares to Mittal’s August 2006 offer. — PTI

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IOC oil bonds in October

New Delhi, September 3
State-run Indian Oil Corporation (IOC) Ltd today said it plans to sell oil bonds worth Rs 1,500 -2,000 crore to offset losses incurred due to the skyrocketing international crude oil prices in October.

“We plan to sell oil bonds worth Rs 1,500-2,000 crore in October,” IOC director (finance) S V Narasimhan told reporters here.

He said without selling the bonds, the company may not be able to show profits in the second quarter of this fiscal.

From April onwards, the company has lined up Rs 4,000 crore by liquidating the oil bonds. IOC chairman Sarthak Behuria said he expects Rs 24,000-30,000 crore in oil bonds for the entire industry to bear some of the losses the state-run oil companies have had to suffer on account of higher oil prices in global markets. — UNI

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Nestle takes over Gerber

Vevey (Switzerland), September 3
Swiss food giant Nestle said today it had completed its $5.5 billion takeover of Gerber, the biggest baby food maker in the United States. The move, which took effect on September 1, followed successful conclusion of regulatory approval, Nestle said in a statement.

Nestle announced the deal to to buy Gerber from the Swiss pharmaceutical group Novartis in April, in a bid to secure Gerber's 79 per cent market share in the United States, the world's largest baby food market. — AFP

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Kalyani group acquires German firm

Mumbai, September 3
With a view to further strengthen its position in the wind energy sector, Kalyani group has acquired Germany-based RSBConsult (RSB) for an undisclosed amount. RSB is a well-established design-and-consulting house and has more than 150 years of cumulative and international experience in the wind industry with a global customer base.

Describing the acquisition as a “strategic step towards entering into the high-growth wind energy sector”, Kalyani group chairman B N Kalyani said with this acquisition “the group will have a strong and experienced design and engineering team that would take care of product technology.” — PTI

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India seeks cut in farm subsidies

New Delhi, September 3
As negotiators from across the world resume multilateral trade talks in Geneva today, India has asked the developed countries to cut their farm subsidies and remove distortions in the global agricultural commerce.

“We do hope that developed countries will provide a leadership role and not thwart the process of Doha negotiations,” commerce and industry minister Kamal Nath said.

India has already sent its team of officials to negotiate on agricultural subsidies, which would be followed by talks on industrial tariffs or non-agricultural market access (NAMA).

The WTO had circulated separate drafts on agriculture and NAMA prepared by respective chairs - Crawford Falconer and Don Stephenson - on July 17. The new proposal of NAMA envisages European Union cutting its highest tariffs by as much as 73 per cent as against its offer of 70 per cent. It also requires India to lower duties on industrial products to an average of about 12 per cent. — PTI

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BRIEFLY

ICICI Bank
Mumbai, September 3
Close on the heels of raising $5 billion through a public offer, ICICI Bank has mandated 10 international banks to arrange a Japanese Yen equivalent loan of $1.5 billion (about Rs 6,100 crore). The funding would be the biggest-ever offshore syndicated loan facility by an Indian financial institution, sources said. The funds would be used for general corporate purposes. The 10 banks, include BNP Paribas, Galyon, Goldman Sachs, HSBC, Standard Chartered Bank and Sumitomo Mitsui, the sources added. — PTI

Plaza centres
Mumbai, September 3
Netherlands-based Plaza centres today said it will invest Rs 5,000 crore in India over the next 5-7 years to create 50 entertainment and commercial centres. The developer would create such centres in partnership with local partners in tier-I, tier-II and tier-III cities, Abraham Goren, executive vice-chairman of Elbit Imaging Group, owner of Plaza centres, said here. Plaza centres would rope in local partners for developing these centres and to operate them, Goren said. — PTI

Tata MF
Mumbai, September 3
Tata Mutual Funds has launched Tata Indo-Global Infrastructure Fund, a close-ended equity fund having a maturity of three years, that will mainly invest in equity and related instruments of infrastructure companies. New fund offer is open for subscription from today and will close on October 16. The offer is priced at Rs 10 per unit. — UNI

Maruti plan
Jerusalem, September 3
Maruti Udyog Ltd is eyeing the Israeli market as it mulls expansion plans amid robust growth. Dan Gafni, CEO of automotive equipment and vehicles (Machshirei Tnua), the importers of Suzuki vehicles, told The Ha’aretz that they are involved in the plan and considering to import the cars. — PTI

Intel MoU
Chennai, September 3
Intel Technology (India) will provide internet-based content to over 1,800 higher secondary schools in Tamil Nadu. An MoU to this effect was signed between the state government and Intel today. Chief Minister M Karunanidhi, Intel chairman Craig Barrett and Intel (India) president Frank Jones were present during the signing of the MoU, the company said. — PTI

BoM schemes
Pune, September 3
Bank of Maharashtra (BoM), in association with the Life Insurance Corporation of India (LIC), has launched two products-Maha Suraksha Deposit Scheme and Maha Grih Suraksha scheme. Maha Suraksha Deposit Scheme covers savings, current and term deposits and provides value addition of life insurance for deposit account holders. The deposit holders of the bank can avail life insurance cover under a one-year renewable term insurance plan of the LIC, a BOM release said today. — PTI

BHEL pact
New Delhi, September 3
The Minerals and Metals Trading Corporation (MMTC) today agreed to promote the export of power plant equipment manufactured by BHEL. The MoU was signed here today by Ashok K. Puri, CMD, BHEL and Sanjiv Batra, CMD, MMTC Ltd. It envisages using opportunities of counter trade/ bulk buying by the MMTC to promote the export of BHEL equipment in overseas markets. — TNS

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