Ceat, Apollo Tyres to reduce prices
February 24, 2009
New Delhi: Two Indian tyremakers said they will reduce prices by 2%, passing on the excise duty cut announced by the finance minister on Tuesday.
Government cut the excise duty on a range of products to 8% from 10%, to help stimulate demand and shore up the flagging economy.
Apollo Tyres Ltd said it will reduce prices by 2%, following cuts in factory gate taxes by the government on Tuesday.
The new prices will be effective midnight of 25 February, the firm said in a statement.
Ceat Ltd will cut prices of truck tyres effective immediately, its third reduction in three months, it said in a press release.
Shares in Apollo Tyres fell 1.5% to Rs 16 while Ceat fell 1.6% to Rs 33.65 in a weak market.
BOA for SEZs grants 23 approvals
June 6, 2008
The 26th meeting of the Board of Approval for Special Economic Zones (SEZs) was held on 4th June, 2008 to consider proposals for setting up of Special Economic Zones and also approved other requests pertaining to SEZs.
Chairman informed the members of the Board that so far, formal approvals have been granted for setting up of 467 SEZs out of which 225 have been notified as on date. The newly notified Special Economic Zones are providing direct employment to about 97,993 persons. Out of the total employment provided to 3.36 lakh persons in SEZs as a whole, 2.01 lakh is incremental employment generated after February, 2006 when the SEZ Act came into force.
He also informed the members that physical exports from the Special Economic Zones have increased from Rs.34615 crore in 2006-07 to Rs.66638 crore in 2007-08, registering a growth of 92%.
In this meeting, 27 proposals for setting up of SEZs, including 4 proposals for conversion of In-Principle approval to Formal Approval were considered. The Board recommended grant of 21 Formal approvals and 2 conversion of In-Principle Approval to Formal Approval as follows :
Formal approvals: 6 IT/ITES, 4 Sector Specific, 2 FTWZs and one Gems and Jewellery SEZ in Andhra Pradesh by Deccan Infrastructure and Land Holdings Limited
IT SEZ in Uttar Pradesh by Diamond IT Infracon Pvt. Limited
Electronic Hardware, Software and IT?ITES SEZ in Karnataka by Hera Realcon Pvt. Ltd.
2 IT/ITES SEZs in Gujarat by SGV Infrastructure Private Limited and Larsen and Toubro Limited
Electronic Hardware and Software including IT/ITES SEZ in Maharashtra by Rameshwar Vaibhav Development Pvt. Ltd.
Airport based SEZ in Bangalore by Bangalore International Airport Ltd.
IT/ITES SEZ in Karnataka by Milestone Buildcon Private Ltd.
Engineering SEZ in Haryana by Ansal Kamdhenu Engineering SEZ Ltd.
Conversion of in-principle to formal approval
Metal SEZ in Maharashtra by Gremach Infrastructure Equipments & Projects Ltd.
Engineering SEZ in Maharashtra by Maharashtra Industrial Development Corporation
Matter of Goa SEZs
Personal hearing was also given to the Developers of four formally approved SEZs in Goa, in the wake of withdrawal of recommendation by the State Government. After hearing the Developers in detail, it was decided to refer the submission made by them to the State Government for their comments, before taking a final decision, in view of the fact that no representative of the Goa Government attended the meeting.
Fiat sets up central sourcing centre in India
May 8, 2008
Mumbai: Fiat is setting up a group purchasing office in India, the Italian car maker said on Thursday, as part of its strategy to cut costs by buying more components from low-cost centres such as India and China.
Fiat, which has a joint venture with India’s Tata Motors Ltd for manufacture and distribution of cars, engines and commercial vehicles, said the move would help ensure greater competitiveness and better margins.
“We are optimistic on sourcing from emerging economies like India and China,” Gianni Coda, chief executive officer of Fiat Group Purchasing, said in statement.
The Fiat Group Purchasing Office in New Delhi will source components for all sectors, including Fiat automobiles, commercial vehicles and powertrains, he said.
The centre will more than treble staff to 50 people by year-end from 15, he said.
Fiat, which set up a purchasing office in Shanghai last year, had plans to integrate purchase of components from Jan. 1, 2008, and aims to buy 8.5 billion euros ($13 billion) worth of components from “best cost countries” by 2010, it said.
“This is a key step in the direction to achieve the group’s 2007-2010 growth and margin expansion plan,” Coda said.
The Fiat-Tata venture in India will make 200,000 cars in four years at a plant in western India, as well as 300,000 engines and transmissions in the fast-growing market. (Source: Reuters)
India-Egypt to form joint venture in industrial sector
April 20, 2008
New Delhi: India and Egypt has agreed to explore possibilities of exchanging industrial know-how and formation of joint venture in the following industrial sector: textiles, iron & steel, cement, building materials, automotive and its components, chemicals, petrochemicals & fertilisers, drugs & vaccines, communication & IT, new & renewable energy and organic fuel for industrial use, infrastructure, housing and real estate development projects. This was discussed during a bilateral meeting between Shri Kamal Nath, Union Minister of Commerce and Industry and Mr. Rachid Mohammed Rachid, Trade Minister of Egypt. The meeting was attended by Shri G.K. Pillai, Commerce Secretary; Shri Ajay Shanker, Secretary (Industrial Policy & Promotion); senior officials from the Ministry of Commerce and Industry and a large business delegation from both the countries.
During the discussions, Shri Kamal Nath welcomed the Egyptian proposal for exploring the possibility of entering into a Framework Agreement on Economic Cooperation which will provide opportunity to the two countries for greater interaction in the field of trade and investment. He said that both countries could benefit by cooperating in the field of pharmaceuticals and possibilities of setting up of joint ventures should be explored to exploit the markets in Middle East and Africa. Shri Kamal Nath also welcomed the Egyptian proposal for Indian Industrial Zone in Egypt exclusively for Indian companies to attract Indian investments targeting domestic market as well as nearby international markets in Europe, Africa and the Middle East.
Shri Kamal Nath informed the Egyptian Minister that India has allowed foreign equity participation up to 100%, through automatic route, in the textiles sector and suggested that Egyptian manufacturers / exporters of readymade garments could source their requirements of fabrics from India.
Speaking at the bilateral meeting, the Egyptian Minister stated that his aim of the visit was to boost bilateral trade and investment between Egypt and India, encourage opportunities between private sector on both sides, and strengthen a new platform for economic cooperation, including a proposed free trade agreement between the two countries.
Egypt is India’s largest trade partner in North Africa accounting for 40% of India’s trade in the region. In terms of value, India’s trade turnover with Egypt has grown nearly nine-fold in 2006-07 as compared to 2000-01. India imports a diversified product basket from Egypt comprising of oil, inorganic chemicals and fertilizers (crude).