Putting an end to the fierce scramble for India's iron ore resources, the government has decided to split the Chiria iron ore mines in Jharkhand into two and give at least half the reserves to Steel Authority of India Ltd for its expansion plans. The other half will be kept for development by the private sector later, said informed sources.
Affluent Indian automobile buyers may get another brand to choose from. Nissan, Japan's third largest carmaker, is looking at the possibility of launching Infiniti, a luxury brand owned by it, in India. Known for its luxurious features and power-packed driving characteristics, Infiniti is a premium brand which competes with benchmark ones globally such as Mercedes, BMW, Porsche, Audi and Accura.
The department had earlier also examined the option of a direct equity sale but opted for a PPP model because it offered revenue sharing opportunities, fertiliser secretary Atul Chaturvedi said. Chaturvedi explained that whereas the outright sale of equity will mean the government will have to wait for the plants to make profits to get a share of revenue, the PPP mode will help it do so in the first year.
Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenfield slag-based cement manufacturing units with a total capacity of 3 million tonnes through a joint venture.
Renault and Nissan's decision to launch their own compact cars is independent of a tie-up with Pune-based motorcycle maker Bajaj Auto to develop a low-cost car that is expected to debut in 2011. A formal joint venture agreement is yet to be signed among the partners, though work on the small car is progressing at a slower pace.
John Brumby, Prime Minister of the state of Victoria in Australia, decided to cancel his scheduled trip to Mumbai after a detailed advisory issued first by the US and then by Israel, which said terrorists are planning attacks in India.
Government-owned Oil and Natural Gas Corporation, the country's largest petro exploration company, wants to hire an ultra deep-sea drill rig, the daily cost of which is about Rs 5 crore.
Second hand demand entirely for the top-end LX variant
With production hitting a three-year low of 14.7 million tonnes in this sugar season (October to September), the government is also expected to double the levy quota for the PDS from 10 to 20 per cent to tide over shortages. The levy price and quota act as a notional benchmark for open market sugar prices, which have doubled to Rs 34 to Rs 35 a kg since last September, owing to a global shortage. The price of levy sugar is half that of the open market price.
As Cairn India began to pump crude oil on Monday from its Mangala oilfield here.
RIL's KG basin started pumping gas in April and is currently producing 37-38 mscmd.
Global motorcycle majors find a surging response.
Under the scheme, the government provided incentives of $1,000-5,600 directly to those buyers who were willing to trade their old, gas-guzzling vehicles for new, fuel-efficient vehicles. Indian auto bigwigs, including Tata Motors and Mahindra & Mahindra, among others, through the association of the Society of Indian Automobile Manufacturers (Siam), had approached the government to implement a similar programme. However, they are yet to succeed.
Prices of key inputs up 44% to 74%; analysts expect earnings squeeze after a quarter or two.
India's biggest two-wheeler manufacturer, Hero Honda, is already predicting a certain impact by November-December.
Companies that made expensive overseas acquisitions lead the way in driving cost efficiencies.
With both leisure and business travellers dropping Pune from their itineraries, 30 to 50 per cent of all grades of rooms in the city are vacant. This steep fall comes as double whammy for these hotels, since they were forced to pare tariffs 35 to 40 per cent owing to falling occupancies as a result of the economic slowdown.
The JV company, Tata Motors (Thailand) Ltd was formed between the two in December 2006. Tata Motors holds 70 per cent stake and Thonburi the balance 30 per cent.
Currently, OMCs provide A-I a two-month credit. "There was a request from the committee of secretaries to extend the credit on ATF to three months from the existing two months to help Air India.
Maruti Suzuki and Hyundai Motors are expected to see overseas sales fall sharply following the recent removal of an incentive scheme.
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