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Tata proposal to invest 2 billion 
in Bangladesh


What is India News Service, August 19, 2004, 1700 hrs IST


Bangladesh has agreed in principle to guarantee gas supply for 20 years for a power plant, a fertiliser factory and a steel unit to be built by the Tata group in what will be the largest foreign investment in the country.

The guarantee came after the Bangladesh government studied the Tata proposal to invest $2 billion in the country earlier this month.

The proposed 1-million tonne fertiliser unit and the 1,000 Mw power plant will use natural gas as raw material, while the 2.4 million tonne steel plant will be gas-powered.

Govt to wait for CAG report in Centaur case: Finance Minister P Chidambaram  promised to take steps to address \93some of the discomforting aspects\94 related to the disinvestment of the Centaur Hotel in Mumbai by the previous NDA government after receipt of the report of the Comptroller and Auditor General (CAG).

TCS listing slated for August 25: The global information technology services provider, Tata Consultancy Services Ltd (TCS), will list its scrips on the Stock Exchange, Mumbai (BSE), on August 25, even as it is planning to go for an overseas listing. 

Irda proposes cross-selling for micro-insurance covers: The Insurance Regulatory and Development Authority (Irda) has proposed a bundled micro-insurance product to be sold by either general or life insurers.

GAIL challenges Petronet's decision: The Central Government has nipped Oil and Natural Gas Corporation's exclusive plans to extract LPG and C2/C3 from liquefied natural gas.

RBI finds evidence against SICB directors: The Reserve Bank of India has recommended that the board members of the troubled South Indian Cooperative Bank (SICB) be sacked. 

Ranbaxy develops new malaria drug: Ranbaxy Laboratories announced it has developed a new anti-malarial drug, which it claimed would be cheaper and as effective as the drugs used currently.

SAD seeks relook in steel sops: Prime Minister Manmohan Singh today assured a SAD MPs\92 delegation that the government would re-look at the sops being offered to steel exporters.

Punjab to boost private input in agro sector: The Punjab Agro Industries Corporation (PAIC) has taken the initiative to facilitate private investment of over Rs 1,000 crore in agro-processing sector within the next two to three years.

Better infrastructure in HP sought: Ms Renu Sahni Dhar, the Additional Chief Secretary For Industries, said it was mandatory to develop quality infrastructure in the state. 

TN Chennai airport upgrade: The Civil Aviation Ministry is in touch with the Tamil Nadu authorities on the preferred mode of restructuring to be adopted for the Chennai airport.

Zenith\92s low-cost laptops:  Mumbai-based Zenith Computers Ltd launched series of low cost laptops to take on multi-national firms in domestic enterprise and consumer laptop market which is growing at nearly 200 per cent.


States, Centre differ on Vat date for drugs: The state governments rejected the suggestion of the Centre to cut taxes and advance the date of implementation of Vat regime for medicines. 

Google lowers IPO price range: In a sign that Google Inc.'s initial public offering will not be as hot or big as expected, the internet search giant lowered the number of
shares that will be sold by insiders and slashed its estimated price range.

Sail unveils big corporate plan: The country\92s steel major plans to take the total steel production capacity from the current 12.5 million tonnes to 20 million tonnes by
2011-12. 

Govt hopes to win over Left on insurance FDI: Finance Ministry officials are optimistic that the Left parties can be brought around on the issue of raising the foreign
sdirect investment (FDI) limit in insurance.

2011-12. Coke, Pepsi to cost Re 1 more: The two arch cola rivals, Coke and Pepsi, have made soft drinks costlier by Re 1.The 200 ml bottle of either Coke or Pepsi will now cost Rs 6 while the 300 ml bottle of the soft drinks of the two companies will be priced at 
Rs 7.

Alliance Air to go low-cost next year: Civil Aviation Minister Praful Patel has indicated that Alliance Air, the wholly-owned subsidiary of state carrier Indian Airlines (IA), will be converted into a no-frill, low-cost carrier once its ageing fleet is replaced by newer, leased planes early next year.

EIH to focus on management contracts:  EIH Limited, which owns the Oberoi and Trident chain hotels, will focus in future on management contracts of properties for better revenue growth. 

Farm-out for OVL in Sudan oil blocks: Oil major ONGC Videsh Ltd today got post-facto approval for farming out up to 3 per cent stakes in its two prized oil blocks in Sudan to the African nation\92s state owned oil company. 

Look-alike consumer goods a bane for MNCs: Look-like products of FMCG (fast moving consumer goods) have emerged as a big nuisance to multi-national companies which, according to an estimate, are losing Rs 2,500 crores annually because of the counterfeit industry.

Crude prices remain near all-time high: Crude oil prices stayed close to their record high of $46.95 per barrel on Wednesday over lingering concerns in supply from Iraq and Russia. 

Decision on airports soon: The Inter-Ministerial Group (IMG) on privatisation and modernisation of Delhi and Mumbai airports is expected to meet shortly to finalise recommendations based on the evaluation of expressions of interest (EOI) from 10 bidders. 

Cyber caf\E9s at 51 rly stations soon: The RailTel, a public sector undertaking under the Railways Ministry, is installing cyber caf\E9 at 51 railway stations during the current financial year 2004-2005. 

Consumers spared of price hike of petrol and diesel: The consumer will be spared any hike in prices of petrol and diesel following the government's decision to reduce the duties on the petro-products. 

Buying unabated; Sensex soars 80pts: The Sensex pierced the 5,100-mark to touch a intra-day high of 5,101. The index is now at 5,091 - up 53 points. The Nifty is at 1,599 - up 17 points.


Overall:

2 billion investment proposal by Tata:  Bangladesh has agreed in principle to guarantee gas supply for 20 years to the Tata group in what will be the largest foreign investment in the country.

Ranbaxy develops new malaria drug: Ranbaxy Laboratories announced it has developed a new anti-malarial drug, which it claimed would be cheaper and as effective as the drugs used currently.

Look-alike consumer goods a bane for MNCs: Look-like products of FMCG (fast moving consumer goods) according to an estimate, are causing a loss of  Rs 2,500 crores annually because of the counterfeit industry.