Adlabs buys Synergy
Adlabs Films, promoted by Anil Ambani’s ADAG group is acquiring 51 % stake in Siddharth Basu’s television production company Synergy Communications for an undisclosed amount. ADAG will use the Synergy platform to foray into TV business. Industry sources say the deal was struck at close to Rs 25 crore. The operational control will remain with the original promoters and Basu will be one of the prominent representatives of Adlabs in the television content business.
Synergy Communications produces the famous show Kaun Banega Crorepati.
NIIT in Swiss tie-up
Software Company NUT Technologies on Thursday announced a $3 million joint venture with Switzerland-based Adecco SA, to provide software development and maintenance solutions to the clients of Adecco around the world. Both companies have 50 per cent stake each and have invested $1.5 million each in the JV The joint venture company will be known as Adecco-NIIT Technologies Pvt Ltd.
India bulls to raise stake in 3 arms to 51%
India bulls Financial Services has said it would raise Its stake in its three subsidiaries to 51 per cent, which is being held by foreign institutional investor FIM Ltd. India bulls informed the BSE that it had entered into an agreement with FIM Ltd to raise its shareholding to 51 per cent from 40 per cent in India bulls Infrastructure, India bulls Properties and India bulls Estate through conversion of optionally convertible debentures amounting to Rs 141.5 crore.
Reliance applies for GSM
Reliance Communications Ltd (RCL) on Thursday applied to the Department of Telecommunications (DoT) for grant of spectrum to run GSM cellular services in 21 circles where it already operates. This would put Anil Ambani’s group in a position to offer both GSM and CDMA mobile services to customers, based on rival technologies, a group spokesman said.
Sensex slips on weak Asia
The Sensex fell on Thursday, tracking weak Asian markets and as investors grew wary as the key index neared record highs. Data on U.S. labour costs rekindled worries that interest rates may be raised again. Investors took profits in software firms and some auto makers that had rallied recently. The 30-share BSE index ended down 0.67 percent at 11,853.85 points. Losers edged gainers on trade of 178 million shares. The 50-is-sue NSE index fell 0.65 percent to 3,454.55. Reuters
Indian flights to Varanasi, Khajuraho
Bangalore: Indian is launching new flights to Khajuraho and Varanasi from Delhi from September 15, 2006. The airline has also scheduled a daily flight on the Varanasi-Kathmandu route. The carrier has increased the frequency of operations on several routes such as Chennai-Bangalore, Delhi-Raipur-Vizag-Chennai, Chennai-Bhubaneshwar, Kolkata-Agartala, Kolkata-Silchar and Silchar-lmphal.
SEZs to have duty-free shops
SPECIAL economic zones (SEZs) are getting another cap on their feather: Duty - free shopping. The government has agreed to allow duty-free outlets in SEZs and a dozen applications filed by Fiemin-go Duty free Shop Ltd which runs duty-free outlets across the country’s major international airports are under consideration now.
Since SEZs are still going through teething troubles, setting up duty-free outlets in these zones was a grey area till now and there was no clarity on allowing foreign investment in such out-lets. Therefore, the issue was discussed by the Foreign Investment Promotion Board (FIPB) recently and it has been decided that such outlets can be allowed with prior permission from the department of commerce.
It is understood that rules will be framed for such outlets by the department in consultation with revenue officials. To avoid confusion, the government would specify the categories of people who would be eligible for purchase from these outlets and the value ceiling on such transactions. SEZ units and SEZ developers are entitled to duty-free inputs but not all purchase of consumer goods might be covered by this concession.
Apart from SEZs, Flemingo had sought permission for opening duty-free outlets at Wagah border with Pakistan and the Paradeep port. The foreign investor had also suggested that an ‘omnibus’ clearance should be given instead of approving new outlets one by one.
After discussing the ‘omnibus’ clearance suggested by the foreign investor, FIPB decided that permission should be granted only with the approval of the nodal authorities — commerce & industry ministry in the case of SEZs, the civil aviation ministry in the case of airports and the ministry of shipping in the case of ports.
ABB mulls entry into ports, SEZs
RIDING on the growth of its core business and with order backlog of Rs 3137.5crore as of June, ABB India is now looking at increasing its market penetration by adding new revenue streams and more channel partners. The power and automation technology major is also planning to increase its total headcount, which currently stands at around 5,000.
Speaking to ET ABB India vice chairman & MD Ravi Uppal said: “We are planning to hire close to 800 people within this year against 600 last year.” He adds: “There are plans to increase the number of scientists, engineers and domain experts from 356 to 5oo at the R & D centre in Bangalore.” The company also intends to increase the number of engineers at the recently established global operations-cum-engineering centre at Peenyain Bangalore, which is fully functional with around 250 engineers.
As a long-term strategy to strengthen its marketing base and improve the reach of its products in the Tier n cities ABB India is planning to hire around 300 channel partners or distributors in the near future. Currently, the company has a network of 650 channel partners. These channel partners are mainly responsible for the sale of standard products like low voltage switchgears, drives and motors.
ABB India is also looking at the prospect of adding new business streams like developing automation system for ports and process automation and electrification of upcoming SEZs across India. “With metals leading the charge, ABB India is aggressively targeting sectors like pulp & paper, cement, construction and pharm,” says Uppal.
Source : ET
Pay Rs 699/day, fly, Sahara for a month
IN AN attempt to shore up its market share to 12% by December, born-again airline Air Sahara has come out with a new scheme, offering passengers unlimited flying to any destination on their network, including international ones, on payment of a fixed sum, ranging from Rs 699 to Rs 999 per day. With this, the airline hopes to augment its 2-lakh strong frequent flyer base by 10-15%, Air Sahara president Alok Sharma told ET.
Under the Fly Unlimited scheme, passengers can fly to any destination for a year on paying at Rs 699 for 365 days, that is by depositing a sum of over Rs 2.55 lakh. The 30-day package comes for Rs 999 per day while the 60-day package can be availed off after paying Rs 899 per day. One has to pay Rs 799 per day for a 90-day package. In all these cases, taxes and fuel surcharge will be additional as applicable on the day of travel. To be able to fly on international routes, one has to pay Rs 100 extra per day. For flying business class, one has to pay 50% extra on each package.
Mr Sharma said the scheme is targeted at regular flyers, who generally travel more than twice each month. “While keeping cost of travel low, it will also help passengers to save on hotel expenses,” he said, adding that the scheme would help the airline in getting committed business passengers. Around 30% seats in each flight will be dedicated to this scheme. Industry analysts note the scheme will help the airline to earn working finance in advance for a minimum load factor.
Source : ET
Rolls Royce planning a Joint Venture with HAL
ROLLS-ROYCE Corporation is planning a JV with Hindustan Aeronautics (HAL) for manufacturing of engines, components and gas turbines. Rolls-Royce together with Bell Helicopters is bidding for this Indian Army contract of 197 helicopters, where it is piped against a Euro Copter-led consortium. “Our engines have performed very well in the technical trials, which include heat and altitude testing. Now we are looking forward to partnering HAL rather than being just suppliers,” Mr Scott Crislip, global president, Helicopter & Small Gas Turbine Engines, Rolls-Royce, told ET in an interview. The roadmap for the contract is expected to be finalised byend-2006.
The company is also keen on partnering HAL in the indigenous helicopter programme - Dhruv - and has put forth multiple proposals to the Indian manufacturer. Besides, as per the plan, it would also help in marketing the gas turbines manufactured in the JV. HAL is already one of the strategic suppliers of rolled ring forging to Rolls-Royce. Now, Rolls-Royce is looking at a complete technical transfer to indude design, technical development, manufacturing, service et al on the six sigma prindple, “Indigenous capability is extremely important in this business as the cost to capital is very high,” Mr Crislip said.
Rolls-Royce already has more than 1,300 engines operational in India. “With aviation turbine fuel (ATF) hitting an all-time high, the need for Rolls-Royce’s gas turbine engines is expected to escalate,” he said.
Withthehelicopterindustrygrowingat7%, the maximum growth is expected from the US, South America and Asia. Mr Crislip sees the next 10-15 years as the real period of growth for the helicopter business in India as people are replacing older models and looking at long-term service offerings with innovative solutions. While US has one commercial helicopter per 1,000 people, Japan has one per 10,000 people and India has one per 10million people.
Source : ET
