‘Business’ Articles
Written by admin on 05 January 2010
Auto Expo 2010
Auto Expo 2010 is starting on January 5 at the Pragati Maidan, New Delhi.
The Chevrolet Beat will be available in two versions i.e. petrol and diesel versions.
German automaker, Audi, will display its luxury sedan, Audi A7, at the show and it will also unveil the new logo of Audi.
Maruti Suzuki will display the hatchback version of its popular SX4 sedan.The SX4 hatchback is very popular in the European market.
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Written by Rahul on 20 August 2009
Moscow, Aug.19 (ANI): India and Russia are expected to ink a deal for the setting up of a joint venture for production of state-of-art multi-role transport aircraft (MTA) for their air forces.
The agreement is expected to be signed next month during Defence Minister A K Antony’s visit to Moscow.
A news agency report quoted V Balakrishnan, General Manager of Hindustan Aeronautics Ltd (HAL) aircraft manufacturing division,as saying that Russia has cleared the formalities for the creation of the 50-50 JV.
Russian Prime Minister Vladimir Putin has allocated funds for financing Russia’s share, he told the news agency on the sidelines of the International Aero-space show ‘MAKS-2009′.
From the Indian side HAL will hold 50 per cent equity in the JV.
The inter-government agreement for the joint development and production of MTA was inked in 2006 during the then President Putin’s visit to India. (ANI)
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Written by Rahul on 17 August 2009
Karachi, Aug.17 (ANI): The State Bank of Pakistan (SBP) has in its latest report revealed that foreign investment in Pakistan has fallen by 12 per cent to 195.6 million dollars in the first month of the 2009/10 fiscal year compared with 222.3 million dollars in the same period last year.
According to the report,which appears on the SBP website, foreign direct investment (FDI) fell from 342.5 million dollars in July of last year 200.1 million dollars, a drop of 41.6 per cent.
Foreign portfolio investment outflows slowed to 4.5 million dollars in July this year, compared with 120.2 million dollars in the same month last year.
According to the bank, Pakistan’s economy is in virtual recession as GDP growth in the 2008/09 fiscal year of two per cent was barely enough to keep up with population growth.
Pakistan’s new financial year began on July 1.(ANI)
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Written by Rahul on 13 August 2009
Bangkok, Aug.13 (ANI): India on Thursday signed the ASEAN-India Free Trade Agreement in Goods following the meeting of the ASEAN-India Economic Ministers held in Bangkok.
Union Minister of Commerce and Industry Anand Sharma and ASEAN Economic Ministers signed the pact on trade in goods under the Comprehensive Economic Cooperation Agreement (CECA).
Sharma described the free trade pact as “well balanced” and said it “is in harmony with the India’s Look East Policy.”
The signing of the trade pact holds significance as it will break duty barriers in the 1.7 billion consumer market in the region.
As part of the Comprehensive Economic Cooperation Agreement, the Trade in Goods Agreement will integrate the two globally important economic blocks for mutually beneficial economic gains.
ASEAN is a major trading partner for India and accounts for about 10 per cent of its global trade.
In the last financial year, bilateral trade between India and ASEAN was more than 40 billion dollars.
India and ASEAN have set an ambitious target of achieving bilateral trade of US 50 billion dollars by 2010. The current Agreement which comes into force from 1st January 2010 would help achieve this target.
The Trade in Goods agreement focuses on tariff liberalization on mutually agreed tariff lines from both the sides and is targeted to eliminate tariffs on 80 per cent of the tariff lines accounting for 75 per cent of the trade in a gradual manner starting from 1st January, 2010.
The Agreement has provided flexibilities to India and ASEAN countries to exclude some of the products from the tariff concessions or eliminations to address their respective domestic sensitivity.
The exchange of tariff concessions between India and the ASEAN Member Countries would lead to growth in bilateral trade and investment resulting in economic benefits to India and the ASEAN Member Countries.
Indian exporters of Machinery and machine parts, Steel and steel products, agriculture products such as Oilcake, Wheat and Buffalo Meat, Auto Components, Chemicals and Synthetic Textiles would gain additional market access as a result of tariff liberalisation by ASEAN.
Indian manufacturers would also be able to source products at competitive prices from the ASEAN countries.
The Agreement also provides for bilateral safeguard mechanisms to address sudden surge in imports after the Agreement comes into force.
The signing of the pact could be possible following over six years of intense negotiations.
The first phase of implementation is expected to be over by January 1, 2010. (ANI)
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Written by Rahul on 13 August 2009
New Delhi, Aug 13(ANI): The annual rate of inflation on Thursday fell marginally to minus 1.74 percent for the week ending August 1 from minus 1.58 percent the week before.
Food prices continued on a higher path with barley, jowar and gram gaining two percent each and condiments and spices, arhar and fruits and vegetables costlier by one percent. However, the prices of tea declined by nine percent.
Higher prices of aviation turbine fuel also contributed to the overall inflation data.
The decline in Wholesale Prices Index was due to lower prices of Metals Alloys and Metal Products which declined by 0.1 percent riding on pig iron and foundry pig iron, iron steel.
While the index for primary articles rose 0.1 percent to 262.5 (provisional) from 262.2 (provisional) the week before, the index for manufactured products rose 0.1 percent to 205.9 (provisional) from 205.6 (provisional) for the previous week. (ANI)
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Written by Rahul on 26 March 2009
Mumbai, Mar 26 (ANI): The Bombay Stock Exchange’s Sensex on Thursday crossed 10,000-points marks for the first time since January 2009.
At 3 p.m., Sensex was at a high of 10,010.42 points, up 3.54 percent or 342.52 points.
The National Stock Exchange’s Nifty also rose by 73.95 points to 3058.30 points.
The BSE Midcap Index was up 1.27 per cent and the BSE Smallcap Index rose 0.8 per cent.
Biggest index gainers were Tata Power (6.59 percent), Tata Motors (6.44 percent), Larsen and Toubro (6.18 percent), Tata Consultancy Services (6.13 percent) and ITC (5.86 percent). (ANI)
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Written by Rahul on 18 March 2009
Jakarta (Indonesia) Mar 18 (ANI/Business Wire India): MSE Earthstone Resources FZC, part of Earthstone Group, a diversified mining company, today announced the acquisition of 100% economic rights for coal tenement extensively spread over 2,560 Hectares in the thermal coal resource region of Melabouh, Aceh, North Sumatra, Indonesia.
The Indonesian Department of Mining granted a three-year Kuasa Pertambangan (a mining right) license to PT Bara Bina Perkasa early this month. MSE Earthstone Resources FZC has acquired 100 per cent economic rights from PT Bara Bina Perkasa and has agreed to invest for exploration and exploitation of the tenement.
Integrated Coal Mining limited, a RPG Group company from India entered into an agreement with MSE Earthstone Resources FZC to jointly explore this tenement. RPG Group has an option to acquire up to 51% economic interest of the mine subject to satisfactory exploration of the tenement.
Commenting on the acquisition, Earthstone Group, Chairman and CEO Pankaj Shah said: “This acquisition is in line with our growth strategy of identifying and exploring high quality natural resources in order to meet the industry demand”.
Earthstone conducted initial reconnaissance studies to identify outcrops, determine characteristics of the coal seam, collect samples and determine the logistics; initial results show immense potential for prospecting of high quality thermal coal. The proposed site has good road infrastructure with minimal effort required to expand.
Earthstone jointly with RPG Group plans to initiate detailed systematic surveys including geophysical studies, drilling and geological logging on the site by April 2009.
Earthstone Group is a diversified multinational Group with established presence in Mines and Minerals and developing interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure. Acting through its subsidiary companies the Group secured 100 per cent Economic Rights in Coal, Iron Ore, Lead Ore and Manganese Ore properties in Indonesia.
We are actively pursuing opportunities in a number of Asian and African countries for Coking Coal, Uranium, Gold and Thermal Coal Mining. (ANI)
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Written by Rahul on 18 March 2009
Gaithersburg, Mar 18 (ANI/Business Wire India): Gene Logic (An Ocimum Biosolutions Company), a leading genomics company, today announced an enhanced range of services through its new interactive website.
The website integrates 14 years of research and development in Biomarker Discovery and areas like SNP analysis, Genome Wide Association Studies (GWAS), Microarray Profiling and Genotyping.
The website also showcases new priority application areas like Diagnostics, Agriculture, and Food and Nutrition.
Gene Logic, who has been providing Genomics services and solutions since 1995, recently expanded its range of service offerings with the purchase of an Illumina iScan system.
The system will be used with the recently released high density Infinium HD assays, Illumina’s most advanced assays, as well as their whole genome expression and methylation technologies.
This technology provides clients with another option for GWAS and determination of chromosomal Copy Number Variation in DNA samples. The company is offering a limited time introductory pricing for its services on Illumina platform untill April 30, 2009.
On this launch, Gene Logic encouraged and called for partnerships with organizations and scientists working in areas like Diagnostics, Agro-Tech, Food and Neutraceuticals and other Discovery Areas saying that there is a huge scope of applying genomics in R andD and for improving scientific support mechanisms in a consumers’ perspective.
Anu Acharya, CEO, Gene Logic said, “We have been partnering with many pharma and biotech companies to help them focus on their core competencies and outsource their ‘genomics programs’ to us. We have also recently launched a number of accessible programs for Emerging, Small and Mid-sized biotechs, sector-specific innovators in Diagnostics, Agro-biotech, Neutraceuticals and Food Science.”
She added, “Our new website emerges from a worldwide survey we have been doing for the past few months. It incorporates feedback and suggestions from the genomics community, who have trusted us for over 15 years. This new website signals Gene Logic 2.0 that has geared up to deal with Genomics 2.0 challenges. We are also pleased to launch our new services and products along with our complete genomics outsourcing options. ” (ANI)
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Written by Rahul on 18 March 2009
Mumbai, Mar 18 (ANI/Business Wire India): Shell Lubricants, the global market share leader in finished lubricants, unveiled a new range of Product PLUS Services.
Shell recognises that simply supplying high quality lubricants is not always enough to give its customers a clear competitive advantage and has developed this range of services aimed at helping customers get the best from Shell products.
In practice this means, customers get the best performance, fuel economy, extended maintenance intervals, reduced maintenance and can even prevent failures. This ultimately saves money and brings a competitive advantage for them.
Introducing the service portfolio in India, Donald Anderson, Country Head – Lubricants, Shell India Markets Pvt. Ltd. said, “The launch of the Product Plus service portfolio reinforces our strong commitment to providing value to our customers. Shell has been a global frontrunner in the lubricants industry in providing customers products with state-of-the-art technologies and innovative as well as effective services. We are determined to bring to our customers in India the same success drivers to enable them to experience their benefits.”
Shell’s Product PLUS portfolio has a wide range of services to meet the needs of B2C and B2B customers in India. Some of the services included in the portfolio are Shell LubeAnalyst, Shell LubeAdvisor , Shell LubeClinic, Shell LubeCoach, Shell LubeExpert and Shell LubeVideoCheck, with the latest addition to the family, Shell LubeMatch.
This web-based tool is designed to help customers match their vehicles and engines to the correct lubricants, whether in the commercial vehicle, industrial or off-road sectors. The website, www.shell.com/lubematch/ is simple to use with drop down menus and provides recommendations for the right Lubricants for your equipment or vehicle within seconds.
Mark Raynes, Shell’s Global Services Manager said: “We have had a tremendous response to the launch of our new range of Products PLUS service across the world. For example, the online service Shell LubeMatch has witnessed over 2.5 million users already worldwide. The Shell LubeMatch service, which is available in 94 countries and 19 languages, is one of the most important services to us as it puts information that enables our customers to make the right lubricant decision through a free online tool. Now finding answers to important lubricants questions is easy! Our services are already demonstrating the value that product can deliver in real life cost savings and improvements for our customers.”
Shell’s Product PLUS helps the valued customers get the best performance and efficiency from Shell products. The company plans to continue investing in new innovative services to help customers realize maximum benefit from Shell’s products. (ANI)
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Written by Rahul on 18 March 2009
Hyderabad, Mar 18 (ANI/Business Wire India): The GVK Biosciences (GVK BIO) Clinical Pharmacology Unit at Hyderabad was inspected by a three-member delegation from Ministry of Health, Turkey and approved for conducting bioequivalence studies.
The team from the Ministry of Health, Turkey inspected the facility and carried out a detailed audit of the facility for systems and processes meeting Good Clinical Practice (GCP) and Good Laboratory Practices (GLP) requirements, before granting approval.
This approval enables GVK BIO to cater to generic drug manufacturers in Turkey as well as to those who intend to market their generic drug products in Turkey.
The Clinical Pharmacology Unit carries out Bioequivalence studies meeting international regulatory requirements like USFDA (USA), ANVISA (Brazil), AFSSAPS (France) and WHO (World Health Organization, Geneva) and has successfully cleared their audits.
These accreditations coupled with GVK BIO’s delivery engine, has helped GVK BIO build a loyal and growing list of top generic drug players globally and in India.
The Clinical Laboratory is also accredited by NABL (National Accreditation Board for testing and calibration Laboratories), Department of Science and Technology, Govt of India for meeting ISO 15189:2007 standards. (ANI)
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Written by Rahul on 18 March 2009
New Delhi, Mar 18 (ANI/Business Wire India): “In today’s world – convergence is the keyword. All facets of communication have converged digitally into the mobile handset,” said Siddhartha Behura, Secretary, Department of Telecommunications, Govt of India, Chief Guest at the inauguration of the 17th Convergence India 2009, which commenced today in the nation’s capital.
With wireless technologies like 3G and WiMAX allowing mobile access to voice, data and multimedia over converged networks, the Indian market is excited about the reach of new applications like tele-medicine, tele-education, mobile Internet and location based services.
Behura emphasized the role of communications technology in reducing the urban-rural digital divide. “Our main concern is to bridge the gap between urban and rural India,” he remarked.
Voice services, data access, and video downloads are services taken for granted in India’s urban markets while basic voice services in rural areas are hard to come by. And yet, with a tele-density of merely 14 per cent, rural India represents the next phase of growth for the information and communications technology (ICT) industry.
“The key areas of focus are affordability, accessibility and inclusion,” said Subhendu Mohanty, Country Head and Senior Director Home and Networks Mobility Business, Motorola, at Convergence India’s inaugural conference session.
According to Mohanty, convergence should take us down the path of inclusion where everyone has access to information and services like security, medical advice/health, financial services.
The government has a significant role to play as far as rural penetration is concerned, especially in terms of augmenting the existing infrastructure. Given India’s geographical diversity, RN Prabhakar, Member-Technology, Telecom Regulatory Authority of India (TRAI) said that state governments should work out their own policies regarding telecom penetration in their respective states.
He also felt that the Universal Service Obligation Fund (USOF) should be utilized effectively for expansion of mobile and broadband services in rural areas.
Transforming the TV from an entertainment medium to an information medium, and thereafter to a productivity medium enabling tele-medicine, tele-education etc, in a cost-effective manner, will go a long way towards connecting rural India. Television is a very powerful medium in a country like India where we have 100 million plus TV homes.
“Video will play a very important role in convergence. India will be at the forefront of developments in video communications because of the high level of TV penetration and lower-cost transmission to the end user as compared to global economies,” claimed Vijay Yadav, Managing Director – South Asia, UTStarcom.
A global showcase featuring exhibits from 20 countries, the Convergence India exhibition brings cutting edge services and solutions conducive to the convergent technological scenario.
Among the exciting launches were Sai Infosystems Ltd’s Video-Phone services in collaboration with BSNL. The wireless/wireline service will be launched initially across North and West India and would provide audio/video calls at rates even cheaper than the Re. 1 per minute landline rate. Affordability is the main concern in spreading communications services across the remote, rural and unconnected areas and video communications just might be the answer. (ANI)
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Written by Rahul on 13 March 2009
Melbourne, Mar.13 (ANI): A union in Australia today described ANZ’s decision to send 500 Australian jobs to India as a “kick in the guts”.
The bank, which slashed 800 roles under a program completed last month, is relocating the jobs to its processing center in Bangalore.
A spokesman for ANZ said 500 back-office jobs would be shed by the end of this year.
“In 2008, the size of the operation in Bangalore grew by around 500 people and it is reasonable to expect there will be some further growth in 2009,” he said.
Most of the losses will be in technology and back office operations roles.
ANZ said its Australian and New Zealand call centres would stay in operation.
The Finance Sector Union says Australia’s highly profitable banks have moved more than 4500 back-office jobs offshore during the past two years, and now wants government action to end the job losses, reports the Herald Sun.
“It is an absolute disgrace,” the union’s national secretary Leon Carter told reporters here.
“It is unacceptable and the fact they would announce that they’re sending 500 jobs overseas the day after we’ve got such an increase in unemployment rates is unconscionable,” he added.
Labour force data released yesterday showed the jobless rate in February soared to 5.2 per cent, the highest in four years.
ANZ has had an operations and technology centre in Bangalore since 1989 and has about 3000 ANZ staff working there.
The announcement was made as the finance union told a Senate inquiry government assistance to banks should be withdrawn if jobs were sent offshore.
The union’s director of policy, Rod Masson, said bank staff was being directed not to tell consumers work was being done offshore.
He claimed consumers were being let down as call centre staff were being moved abroad
In October, the Federal Government unveiled a guarantee program for deposits in Australian-owned banks, building societies and credit unions for the next three years. The deposits scheme is worth up to 700 billion Australian dollars. (ANI)
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Written by Rahul on 13 March 2009
Hyderabad, Mar 13 (ANI/Business Wire India): Magazine Publishers Association of Singapore (MPAS) with support from Pressmart has launched the first Singapore Magazine Awards to recognize the best magazine publishers in Singapore.
Pressmart is the leading hosted print-to-online publishing service in the world with publishers from over 45 countries using its services and MPAS is an organization dedicated to best practices in Singapore’s professional magazine publishing industry.
Awards will recognize publishers for Best Magazine Front Cover Design, Front Cover/Feature Story in Consumer, Trade and Contract categories and to the Best Visual Series in photography.
Five special awards will also be presented to the Best Magazine of the year 2009, Chinese Magazine, New Magazine, and Online Magazine in Consumer and Trade categories.
A panel of highly reputed industry experts forms the jury, which is drawn from India, Indonesia, Taiwan, Hong Kong, Philippines and Singapore.
The MPAS-Pressmart Awards Nite will be held on March 24 at Suntec City and will witness the best magazine publishers getting crowned.
“The Magazine Publishers’ Association of Singapore is glad to have the support of a distinguished company like Pressmart to work on the inaugural MPAS Singapore Magazine Awards. Pressmart has been specially chosen to assist with the online judging process with its in-depth knowledge and expertise in the digital multimedia and publishing arena. MPAS is glad to be associated with such an excellent corporation,” said James See, Executive Director of MPAS.
“We are delighted to sponsor the first of its kind awards for Magazine Publishers in Singapore,” said Sanjiv Gupta, Founder and Executive Chairman of Pressmart.
“Most importantly, we want to support and encourage excellence in this medium. Our collaboration with MPAS will also enable us to share our print-to-digital delivery solution technology benefits to the publishers in this part of the world,” added Sanjiv. (ANI)
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Written by Rahul on 13 March 2009
New Delhi, Mar 13 (ANI): The Satyam board on Friday met to discuss the expressions of interest (EoIs) submitted by bidders, which includes one of its shareholders Larsen and Toubro, Tech Mahindra and Spice Corp.
On Thursday Satyam had closed registrations for potential bidders as it began a process to sell 51 per cent stake.
The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
Under the process, the bidders will have to submit detailed EoIs, along with proof of availability of funds of at least 1,500 crore rupees by March 20, Satyam said in a statement.
On Monday, the company issued an expression of interest, according to which there is no floor price for the bidders.
Based on the submitted EoIs, eligible bidders would be short-listed and given access to certain business, financial and legal diligence material of the company provided they sign a non-disclosure and non-solicitation agreement with Satyam, the company stated.
The process of the stake sale will involve 31 percent fresh equity shares and 20 percent open offer. (ANI)
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Written by Rahul on 13 March 2009
Philadelphia, Mar 13 (ANI/Business Wire India): The student leadership committee of the Wharton India Economic Forum (WIEF) today announced that the 13th Wharton India Economic Forum would be held in Philadelphia on March 21.
The committee invites the public to gain insights from some of the world’s top business leaders including keynote speakers: Jim Rogers (billionaire Investor in the Asian Markets and Co-Founder of the Quantum Fund); Dominic Barton (named the next Global Managing Director, McKinsey and Co.); Chanda Kochhar (named the next CEO and Managing Director, ICICI Bank, India’s largest private financial institution); Dr. Montek Singh Ahluwalia (Deputy Chairman of India’s Planning Commission and the architect of the country’s current economic policy); and Farrokh Kavarana (Chairman of several Tata Group companies).
As has been the case in the past, the forum will be driven by business leaders, politicians and experts from across the world who will come together to share their outlook and vision for India.
The forum will also be attended by the glitterati of the nation’s booming sports and entertainment industries including Abhishek Bachchan (Actor), Sunil Gavaskar (Cricketer), Geet Sethi (Billiards Champion), Vijay Amritraj (Tennis Champion) , Sabeer Bhatia (Hotmail) and Rohan Sippy (Film Director). In addition, the young Congress Party leader Rahul Gandhi, will share his vision for a new India in a specially taped video address.
The forum will also run nine panel discussions on diverse topics covering every major aspect that is critical to the Indian economy.
Many panels will be moderated by the country’s top journalists including Sreenivasan Jain (Managing Editor NDTV) and Senthil Chengalvarayan (President and Group Editorial Director Business Media, CNBC TV18). (ANI)
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Written by Rahul on 12 March 2009
New Delhi, Mar 12 (ANI): Inflation has fallen to a more than a six-year low of 2.43 per cent for the week ended February 28, against the previous week’s 3.03 per cent, government data showed on Thursday.
The annual inflation rate was 6.21 per cent during the corresponding week of the previous year.
The fall in the wholesale price index is mainly attributed to a fall in prices of manufactured products and some food items.
During the week, prices of steel ingots, batteries and nylon yarn declined.
While, the prices of maize, arhar dal and moong dal declined by one per cent each, prices of fuel remained unchanged at the previous week’s level.
In an attempt to revive the economy, Reserve Bank of India has slashed the borrowing costs.
According to the experts, inflation is likely to fall below zero by March end this year. (ANI)
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Written by Rahul on 12 March 2009
New Delhi, Mar 12 (ANI/Business Wire India): In an endeavor to provide door to door medical emergency services, Gurgaon based Rapid Rescue Services has launched an emergency medical rescue service across New Delhi and Gurgaon.
The emergency service will be run by qualified MBBS trained by Medical team from US to provide the customers a door to door service in the event of a medical emergency.
All the doctors and paramedics will be carrying emergency medical equipment and administrative drugs, who will come on a special designed motorbike to avoid the traffic congestion. This is the first company to launch an emergency medical service in case of emergency and will be providing the services anytime, anywhere in New Delhi and Gurgaon region.
The launch of the service means that from now on in case of emergency, the residents of New Delhi and Gurgaon can be attended maximum within 30 minutes to provide the customer the fastest, most effective and reliable medical service.
To help the team reach the patient faster, the company has also installed GPS system in place. This will help the team to find out the exact location of the patient. The service will be available to all customers signed to a plan, 24 hours a day, 7 days a week and 365 days a year in the Delhi and Gurgaon vicinity.
“We intend to provide the most effective and reliable emergency rescue to our members in need of help anywhere, anytime. There is a need for the general public in pre hospitalization treatment and we aim at addressing that with the help of our international standard service,” commented Bhavin Shukla, Director, Rapid Rescue Services.
The company has floated two kinds of memberships-Gold and Silver. The Gold Customers will be located using a GPS key ring. In the event of an emergency all the customer has to do is press the predefined number on their mobile phone in order to be connected to the team to take care of him.
The rescue team will reach at the location in not more than 30 minutes and will be given the necessary medical treatment then and there. Incase of life threatening emergencies, the patients will be taken to a nearest or desired hospital in an ambulance. Apart from the patients’ preference, the company is also in the process of tying up with some of popular hospitals across the two cities. The annual subscription for Gold membership is Rs 15,000 per person and any additional membership will cost Rs 7500.
The other one is silver membership. The silver customers are covered within their homes and need to call the toll free number-1800 102 3005, using either their landline phone or registered mobile in the event of a medical emergency.
In this case also the rescue team will reach their home within 30 minutes, where they will be given medical treatment at the incident scene and in case of life threatening emergency can be taken to the nearest or desired hospital in an ambulance. The annual subscription fee for two people from one family is Rs 10,000 per year. An additional per person would be Rs. 2000. (ANI)
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Written by Rahul on 07 March 2009
Mumbai, Mar 7, (ANI/Business Wire India): Sterlite Industries (India) Limited (“Sterlite”), a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, today announced that it has signed a new agreement with ASARCO LLC (“Asarco”), a Tucson based mining, smelting and refining company, for purchase of substantially all the operating assets of Asarco.
The purchase consideration comprises (a) a cash payment of dollar 1.1 billion on closing; and (b) a senior secured non-interest bearing promissory note (the “Note”) for dollar 600 million, payable over a period of nine years as follows: (i) dollar 20 million per year from the end of second year for a period of seven years; and (ii) a terminal payment of dollar 460 million at the end of the ninth year, totaling to dollar 600 million.
In the event that the annual average of daily copper prices in a particular year increases beyond dollar6,000 per tonne, the annual payment in that year will be proportionately increased subject to a maximum of dollar 66.67 million and the terminal payment in the ninth year will be correspondingly reduced, keeping the total payment at dollar 600 million.
The principal amount of the Note will be adjusted for any variations in working capital on closing. The obligations under the Note are secured against the assets being acquired and are without any recourse to Sterlite.
The agreement is subject to the approval of the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division.
Asarco, formerly known as American Smelting and Refining Company, is a 110 year old company and is currently the third largest copper producer in the United States of America. It sold approximately 237,000 tonnes of refined copper in 2008. Asarco’s mines currently have estimated reserves of 5 million tonnes of contained copper. For the year ended 31 December 2008, Asarco had total revenues of nearly US dollar1.9 billion and profit before tax of dollar 393 million.
The integrated assets to be acquired include three open-pit copper mines and associated mills and SX-EW in Arizona, USA, a copper smelter in Arizona, USA and a copper refinery, rod and cake plants and a precious metals plant in Texas, USA. The asset acquisition is on a cash free and debt free basis.
Sterlite will assume operating liabilities but not legacy liabilities for asbestos and environmental claims for ceased operations. The consideration being paid is towards the gross fixed assets and working capital of Asarco.
“We are happy that we have reached agreement with ASARCO on these new terms,” said Anil Agarwal, Chairman, Sterlite. “This acquisition is in line with our strategy of leveraging our existing skills to become a diversified global copper producer and creating long term value for shareholders.” (ANI)
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Written by Rahul on 06 March 2009
Pune/ Lavasa, Mar 6 (ANI/Business Wire India): Lavasa Corporation Ltd., and ITC’s wholly-owned subsidiary Fortune Park Hotels Ltd., today announced the opening of the upscale, Fortune Select Dasve, in Lavasa.
The 60-room hotel on the Warasgaon lakefront has been set up in partnership with Fortune Park Hotels Ltd., a subsidiary of ITC Limited. The elegant property has been created with a carefully crafted blend of contemporary style and aesthetics to provide premium accommodation for visitors. Lavasa is free India’s first and largest Hill City being developed by Lavasa Corporation Ltd., an HCC Group Company.
Set admist the Sahyadri hills and facing the Warasgaon lake, Fortune Select Dasve is spread over 1.5 acres. It offers a choice of 60 standard rooms and suites. All the rooms have been tastefully designed in a contemporary cor, equipped with modern amenities and offer two equally breathtaking views – scenic hills or the serene lake. A wide range of dining facilities is available within the hotel, including a fine dining restaurant, an all-day dining outlet and a bar beside the swimming pool. State-of-the-art banquet facilities for exclusive events and indoor play facilities for children are also available.
Speaking on the occasion, Ajit Gulabchand, Chairman, Lavasa Corporation Ltd., said, “Lavasa continues to attract best in class partnerships to provide an exciting experience for visitors. Our vision is to develop Lavasa as a preferred destination for both business and leisure. The new ITC hotel is a key milestone and a first step towards setting up world-class hospitality facilities at Lavasa. The new property also enjoys green certification as we strongly believe in keeping environment foremost in mind on any construction activities that are carried out in Lavasa. “
“With the opening of its 26th hotel-Fortune Select Dasve, Fortune Hotels now has properties in the key destinations of Kolkata, Navi Mumbai, Gurgaon, Chennai, Bengaluru, Ahmedabad, Indore, Pune, Hyderabad serving the needs of the discerning business traveler” says Pawan Verma, Senior Executive Vice President, ITC Ltd.-Hotels Division. He adds, “ITC also has plans to build and own landmark Fortune Hotels in the key gateway cities of Bengaluru, Kolkata and Coimbatore and subsequently, in other key destinations.
Suresh Kumar, President, Fortune Hotels, is happy that Lavasa’s very first hotel is opening under the Fortune Hotels brand. He says, “We are delighted to add another hotel in our ‘Select’ category and to partner with Lavasa Corporation Ltd., in this venture. Fortune Select Dasve is a well-designed property having spacious rooms with excellent view that offer all modern comforts and amenities and we can expect it to be seen as a preferred hotel for corporate and leisure travelers.
Lavasa has already established tie-ups with the best of international as well as domestic institutions such as ITC Hotels (Fortune Select) and Accor (Pullman, Novotel and Grand Mercure) in the field of hospitality, Oxford University (Said Business School), Girls’ Day School Trust (UK), Ecole hotelier de Lausanne (Switzerland), Symbiosis (Pune) and Christ University (Bangalore) and NSHM (Kolkata) in the field of education and Apollo Hospitals in health and wellness. In the Edutainment space Lavasa has tied up with SpaceWorld LLC to set up a 65-acre space theme park that will offer a space-like experience to visitors.
The fortune hotels chain is known for the excellence of its cuisine and Fortune Select Dasve will also ensure that its cuisine lives up to this reputation. Fortune’s multi-cuisine brand of restaurants, ‘Zodiac’, offers round-the-world cuisine as well as a wide selection of Indian and regional dishes. In addition, Earthen Oven – the Indian specialty restaurant – and Nostradamus-Bar and Lounge will also soon be opening at the hotel.
A subsidiary of ITC Limited, Fortune Park Hotels Ltd. is one of the fastest growing chain of first class hotels, with 52 properties across 41 cities in India. (ANI)
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Written by Rahul on 06 March 2009
London, Mar.6 (ANI): Workers at TATA-owned car giant Jaguar Land Rover have voted to accept a shorter working week and a one-year pay freeze to avoid compulsory job cuts.
Members of Unite and the GMB unions accepted the deal – 70 percent to 30 percent – after being urged to vote in favour by union officials.
The deal was thrashed out between union leaders and the company, which has cut around 1,800 agency, production and management jobs in recent months because of the downturn in the motor industry.
Workers at the company’s sites, including Castle Bromwich and Solihull in the West Midlands and Halewood on Merseyside, took part in the ballot on the deal, which is aimed at saving up to 70 million pounds in costs.
The deal involves cutting the working week to four days, while pay will be frozen for one year in order to ensure continued production and avoid compulsory redundancies. (ANI)
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