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Business & Economy
India plans satellite radio
What is India News Service,
April 2, March 2005, 1400 hrs IST
The only satellite radio platform present in India, WorldSpace, may soon face competition. The department of space (DoS) is exploring the possibility of setting up a multi-media satellite platform, that would include satellite radio, video and data channels, industry sources indicated. Even as officials at Telecom Regulatory Authority of India (Trai) and WorldSpace confirmed the development, a DoS representative denied any knowledge of the issue.
Trai had issued a consultation paper on satellite radio recently. It\92s learnt that the department of space was actively involved in the process of consultation. According to a source, the DoS is exploring multiple opportunities, and a satellite multi-media platform is one of them.
Besides the Washington DC-headquartered WorldSpace, there are only two other satellite radio platforms in the world\97XM and Sirius. Both XM and Sirius are based in the US, but are now planning to expand to other markets like Canada. WorldSpace, which has two satellites, caters to audiences in Asian and African markets.
The WorldSpace service was launched in India in 2000 and was a free-to-air service till recently.
20 States migrate to VAT amid traders' protest,
8 still out: Unfazed by the three-day nationwide agitation against value added tax (VAT), 20 States and major Union Territories such as Delhi and Pondicherry migrated to a VAT regime on Friday.
RBI okays Idbi Bank merger with Idbi:
The merger of Idbi Bank Ltd with the Industrial Development Bank of India comes into effect from tomorrow. The Reserve Bank of India today gave its seal of approval for amalgamation of the banking subsidiary with IDBI creating a financial powerhouse with asset base of over Rs 80,000 crore.
Branson keen to make $ 50-m personal investment in Indian airline:
Virgin Atlantic chief Richard Branson has said he planned to invest about $ 50 million in his personal capacity in an Indian airline for which he was in talks with \93four different persons\94 in the country.
Continued value buying pushes Sensex up by 112 points: The stock markets held onto the gains of Thursday and effected another 112-point gain on the Sensex. Continued value buying, especially by domestic mutual funds, helped sustain the rally.
Sail's turnover set to cross Rs 30,000 cr:
Maintaining its capacity utilisation of saleable steel production at 104 per cent, Steel Authority of India Limited (Sail) ended the financial year 2004-05 with a record
turnover.
BHEL plans to invest Rs 1,000 crore in 3 yrs:
During 2004-05 BHEL secured orders worth Rs 18,016 crore from domestic and overseas markets.
Industry bodies welcome Vat:
Mr K.N. Memani, President, PHD Chamber of Commerce and Industry (PHDCCI), said Vat implementation would make Indian industry and trade competitive, both at the domestic and global level.
Vat to impact dry fruit trade:
The Vat system introduced from today in large parts of the country, is likely to result in shifting of the dry fruit business worth over Rs 2,000 crore from Punjab, Haryana and Delhi to the non-Vat neighbouring states like UP and
Rajasthan.
Voltas to hike prices of ACs:
Voltas Ltd, the Tata group company on Friday said it may go for a price hike in the wake of rising steel prices. The company plans to jack up the prices of its airconditioners by 3-4 per cent this month.
KSK to invest $ 1 b in captive power sector:
KSK Energy Ventures Ltd, a project development and investment management company, today said
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