Moser Baer sells 6.5 pc stake in photo-voltaic unit

NEW DELHI, Sept 4: Optical storage media manufacturer Moser Baer India on Thursday said it has sold 6.5 per cent stake in its photo-voltaic unit for Rs 411 crores to a consortium of investors including Japanese firm Nomura and CDC group.

"Moser Baer has entered into definitive agreements to raise Rs 411 crores from a consortium of global investors including Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE and IDFC", Moser Baer group CFO Yogesh B Mathur said, adding the transaction values Moser Baer photo-voltaic business at Rs 6,350 crores,

The proceeds would be used for expanding the unit's capacity.

Moser Baer shares closed at Rs 116.20, up 9.47 per cent on the Bombay Stock Exchange.

The company also announced that it would invest over Rs 1,774 crores (USD 400 million) during this fiscal to expand the capacity of its photo-voltaic unit.

The company had raised Rs 400 crores in November 2007 through private equity for the photo-voltaic unit and a part of that proceedings would also be used for the expansion, Tarun Jaitly, Head, Group Capital Markets Moser Baer India said, adding in all the wholly-owned subsidiary would have raised Rs 811 crores of private funding.

The rest of the amount would be raised through debt, he added.

Sony recalls laptops due to overheating

TOKYO, Sept 4: Sony says it is recalling 440,000 Vaio laptop computers worldwide due to a wiring flaw that could cause overheating.

Sony Corporation said on Thursday the recall involves 19 models in the Vaio TZ series manufactured between May 2007 and July 2008, including three export models.

The Tokyo-based consumer electronics company says improperly placed wires near the hinge connecting the body of the laptop and its display could wear quickly, causing a short circuit and overheating.

It says it has received reports of overheating, including some cases in, which people received minor burns.

M&M August sales up 5 per cent

MUMBAI, Sept 1: Mahindra & Mahindra (M&M) said on Monday that its total automobile vehicle sales rose by 5%, registering sales of 19,211 units in August compared to 18,269 units in the same month last year. Domestic sales climbed 5% to 18,321 units while exports for the month were up by 7% at 890 units.

Sales of Logan slumped 35% to 1,464 units in August, while three-wheeler sales jumped 51% to 4,315 units. UV sales (without Scorpio) were up 12% at 9,029 units. UV sales (including Scorpio) were down 2% at 11,731 units. LCV sales fell 3% to 811 units.

Total tractor sales in August were up 16%, registering volume of 7,597 units compared to 6,572 units in the corresponding month a year earlier. Domestic sales were up 16% to 7,000 units while exports rose 6% to 597 units.

Raheja to invest Rs 4,500 cr to develop Engg SEZ in Gurgaon

NEW DELHI, Aug 20: Realty firm Raheja Developers Ltd today said it would invest about Rs 4,500 crore to develop an engineering SEZ in Gurgaon over the next three to five years.

"This is the first notified engineering Special Economic Zone (SEZ) in the northern India. The project cost to develop this 255-acre SEZ is about Rs 4,500 crore," Raheja Developers Chairman Navin M Raheja told reporters here.

The investment would be funded through a mix of debt, equity and internal accruals, he said. "We are looking at strategic investors as well," he added.

The project is expected to create job opportunities for around 50,000 people (including both direct and indirect) and has a potential to generate annual exports of Rs 1,000 crore.

Raheja said the first phase of the project that involves the notified 255 acre would be completed over the next 3-5 years. The company plans to increase the size of SEZ project and is in talks with land owners.

He said the expression of interest from the companies has been sought and deadline for submitting the same is September-end.

"We are in talks with at least 10 firms which have shown interest in setting up facilities in our SEZ," Raheja SEZs Ltd Director Ajay Midha said, but refused to name any.

Raheja informed that out of the total 255 acre, about 60 per cent has been purchased while in the remaining 40 per cent the company has entered into partnership with land owners.

We are sorting out the Scorpio grill issue: Anand Mahindra

MUMBAI, Aug 18: M&M vice-chairman and MD Anand Mahindra said that while there is an issue only with the grill of the Scorpio, ‘we are sorting it out.’

M&M and Chrysler are embroiled in a dispute over the front grill design of the Scorpio. Chrysler alleges that M&M copied the design from its automobile marquee, Jeep.

Auto experts indicate that M&M will have to redesign the grill, as the US auto maker Chrysler is keen to make its presence in emerging markets like India and China. Sales have been under pressure for the US auto maker for the last few months.

A Chrysler official, when contacted, declined to comment. The two companies were also locked in an unrelated dispute in South Africa in June this year which has been sorted out. M&M’s ‘Jeep’ connections are decades old.

When M&M founders, brothers JC Mahindra and KC Mahindra, started out in 1945 just after the war, they began by assembling completely knocked-down (CKD) Willys Jeeps imported from the US. Chrysler pointed out that till 1994, M&M could use the word, Jeep. But after 1994, it belonged only to Chrysler.

Scorpio: ‘No infringement of intellectual property’

MUMBAI, Aug. 18 “We are extremely confident that there is no infringement of any intellectual property,” said Mr Anand Mahindra, Managing Director and Vice Chairman, Mahindra & Mahindra, while responding to queries regarding reports of dispute between Mahindra and US automaker Chrysler on Scorpio’s design.

“The issue has to do with the grill and not the entire design of Scorpio. Dialogue between the two companies will resolve the issue,” he told reporters at the press conference on Monday, held to announce the joint venture with the Chinese tractor company.

Meanwhile, sources familiar with the issue indicated that there was no question of legal battle over the design dispute although there were a few e-mail correspondence between Mahindra and Chrysler at the middle management level.

Mr Mahindra has made it clear that the company is not interested in buying Hummer, the SUV brand of the US automaker General Motors. “There has been a lot of speculation. I am saying categorically that we are not pursuing Hummer. At the Auto Expo, we have showcased our strength as green warriors and we don’t want to tarnish our image,” he said, alluding to the gas guzzler image of Hummer.

Anil Ambani to capture 40% market in DTH

MUMBAI: Anil Ambani's Reliance Big TV forays into the growing Direct to Home (DTH) services and draws up an ambitious plan to capture 40 per cent of the market share within 12 months.

Reliance Big TV, a subsidiary of Reliance Communications, will offer 202 channels initially and increase the bouquet to 330-350 over a period of time, company CEO Arun Kapoor said here on Tuesday.

Against 120 million TV homes in India, world's second largest, only six million are connected to DTH services being provided by four players namely, Tata Sky, Dish TV, Sun TV and DD Direct.

"The number of DTH TV homes is likely to grow by an additional 11-12 million in a year from now and we aim to have 40 per cent market share of that," Kapoor said.

The DTH subscriber base is likely to go up to 60 million by 2015, he added.

The service will be available in over one lakh outlets across country's 6,500 towns including over 2,000 exclusive Reliance branded stores. By March next year, the reach would be extended to 10,000 towns, he said.

"We are ready to provide the service to five million homes," Kapoor said adding that STBs would be outsourced from various vendors including Hyundai and ZTB.

He, however, did not rule out the possibility of setting up a Group-owned STB manufacturing facility in the distant future, saying," As of now, we don't have any plan. We will see that in future".

‘Mahindra will talk to Chrysler on Scorpio design’

Mumbai, Aug. 13 There is no dispute between Mahindra and Mahindra and US automaker Chrysler on the issue of Scorpio design, a spokesperson for the company said.

However, a source close to company said the Indian company will talk to the US automaker as there were media reports that Chrysler may take legal action against Mahindra for copying the design of its iconic model, Jeep.

“Scorpio has been around since 2002 and there has been no controversy so far. Therefore, these reports are hard to comprehend,” said a company source. The entire controversy must be viewed in the context of reports that Chrysler is in talks with Tata Motors and Fiat, he said.

However, Chrysler declined to comment, leaving much to speculation. “We hope you’ll understand that we cannot comment on this matter at this time,” Mr Michael Palese, a spokesperson of Chrysler, told Business Line in response to an e-mail query.

As regards the reports of another dispute between Mahindra and Chrysler in South Africa regarding the use of Jeep in the ads put out by the Indian company, a Mahindra official said that it had won that case. Chrysler’s South African arm had complained against an ad run by Mahindra which uses its automobile marquee Jeep, saying it owns the trademark to the world’s oldest sports utility vehicle of World War II vintage.

Canara Bank opens branch in Shanghai

BEIJING, Aug 6: Canara Bank opened a branch in Shanghai on Wednesday making it the fourth Indian bank having branch operations in China.

The bank expects to go beyond the usual strategy of offering services to Indian businesses and offer banking linkages to Chinese companies with interests in Hong Kong and London.

"We are also keen to offer banking facilities to Chinese customers looking for linkages in India as well as in London and Hong Kong where we have branches." A C Mahajan, chairman and managing director of Canara Bank told over phone.

But the bank's main focus in Shanghai would be offering trade finance to Indian customers doing business in China. Letters of credit and guarantee business are other important areas.

Mahajan said it was possible to obtain a license from the China Banking Regulatory Commission as the regulator had sufficient knowledge about Canara Bank's strength as a favourite bank for small and medium enterprises besides being the strongest bank in South India. The bank also has a healthy book in terms of profitability, capital adequacy and non-performing loans.

Canara Bank, which set up a representative office in Shanghai three years back, has floated the branch with a capital base of $28 million. This allows the bank to burrow a similar sum from foreign exchange markets outside China, and use more than $50 million to grow its business.

The other Indian banks with branches in China are the State Bank of India, Bank of India and Bank of Baroda. But no Chinese bank has so far sought a license to operate in India.

"I think Chinese banks will soon get interested about setting up branches in India as the bilateral trade is expanding at a very fast rate. As long as they do not come, Indian banks like us will be providing Chinese banks with performance guarantees to do business in India," he said.

Performance guarantees that generate at least 0.3 per cent as commission have emerged as a lucrative area of profit for banks. Mahajan expects this line of business to grow now that Canara Bank has a branch in Shanghai.

Airtel, Vodafone to launch iPhone on Aug 22

NEW DELHI, Aug 6: Bharti Airtel and Vodafone Essar will launch the iPhone 3G in India on August 22.

This is the first time Apple has partnered with two different operators in the same country for launching iPhone. The price of the device will be announced closer to the launch. Globally iPhone costs between $199 (around Rs 8,000) and $299 (Rs 12,000) depending on the model.

In some countries operators are offering iPhone bundled with a connection for an initial cost of just €1 (Rs 65) and a monthly rental of around €70 (Rs 4,500). In Japan, for example, iPhones are available for a monthly fee of just Rs 1,100.

Industry sources said that iPhone in India may be priced higher initially though operators could also offer bundled options. Neither Airtel nor Vodafone were willing to comment on the pricing. Apple had decided to partner mobile operators in each country for launching iPhones on a revenue sharing model.

While the iPhone3G will work on existing networks, the real experience will come once the operators launch their third generation services.

For consumers, Apple’s iPhone3G combines three products in one — a feature rich phone, a widescreen iPod, and an Internet device with rich HTML email and a desktop-class web browser. It has built-in GPS for expanded location-based mobile services, and iPhone 2.0 software, which includes support for Microsoft Exchange ActiveSync, and runs hundreds of third party applications available through the new App Store.

While these features are useful for enterprise mobile users, analysts at Gartner reckon that corporate usage may be limited to services such as voice, email, Web browsing and the storage of personal information.

Commenting on the launch, Mr Sanjay Kapoor, President of Mobile Services at Bharti Airtel, said, “iPhone has been the iconic technology revelation of this year. Airtel has been at the forefront of innovation and customer delight in the Indian telecom sector. Introducing iPhone 3G to India further underscores our commitment to enrich the communication experience of all Airtel users.”

Auto manufacturers to introduce more hybrid cars

NEW DELHI, Aug 4: The sequential launch of Honda Civic Hybrid in India has made many of the auto manufacturers launch more hybrid cars into the Indian market. The ever increasing fuel costs in India have also led them to roll out more hybrid cars in India by this year end.

Currently, Civic Hybrid is the only fully hybrid version in the Indian market, which bears the price tag of Rs 22 lakhs. This car is imported as Completely-Built-Unit (CBU) from Japan and is power-driven by a 1.3-litre petrol engine and an electric motor that delivers 47 per cent-more fuel efficiency than the regular 1.8-litre Civic.

Now Mahindra and Mahindra (M&M) is all set to launch a start-stop option of its Scorpio diesel-electric hybrid by end of this year. However, the company also has a hybrid version of the Bolero in the lineup to be rolled out in India and will also be a start-stop.

Start-stop option is nothing but, it is the engine that shuts off and restarts automatically. The other features in a hybrid car comprises of the regenerative braking, electric launch and torque supplementation by an electric motor.

According to Pawan Goenka, president, automotive sector, M&M Ltd, “We plan to launch the start-stop option of the Scorpio hybrid before the end of this year since it is fuel efficient without adding on too much cost.”

According to Arun Jaura, chief technology officer, Mahindra Group and chairman, National Hybrid Propulsion Platform (NHPP), “Hybridisation offers many benefits, mainly the advantages of fuel economy and reduction in emissions.”

Even the Toyota Motor Corporation is also ready to roll out its Prius hybrid in India by 2009-10. Tata Motors is also planning to roll out a hybrid version of the Indica.

Reliance Retail to bring in Hamleys

NEW DELHI/BANGALORE, July 28: Reliance Retail has clinched a deal with the world’s largest toy shop, Hamleys. India’s largest private conglomerate will be the partner in one of the biggest international expansions by the 250-year-old Hamleys till date.

Sources said Hamleys and Reliance have struck a franchise deal to open large format stores. Reliance Retail is believed to have pipped the Wadias and Kishore Biyani’s Future Group in snapping up the deal.

The Mukesh Ambani-led Reliance and the Icelandic investor Baugur Group-controlled Hamleys are expected to make a joint announcement shortly. Reliance had also explored an arrangement with the US chain Toys ‘R Us before deciding to strike a deal with Hamleys.

Hamleys’ foray into a potentially big market like India could be interesting. The seven-storey Hamleys store on London’s Regent Street is one of the top tourist draws. Despite its cult appeal globally, Hamleys has largely restricted itself to the UK market.

It is believed that Reliance plans to open four standalone Hamleys stores in the first 24 months, which is a significant expansion move for the marque UK brand. Baugur is also working on expanding Hamleys to Middle-East, Russia, Turkey and China. Hamleys operates a standalone store in Jordan’s capital Amman.

While the local stores may not be as big as the London flagship, it will surely be unlike anything seen before in India’s toy retailing space. The Indian stores will be around 25,000 sqft and will be opening doors in metros like Delhi, Mumbai and Bangalore initially.

With Hamleys selling toys of several brands besides its own, Reliance had little elbow room to work on an equity structure. Indian regulations don’t allow foreign players to hold stakes in Indian companies that sell multiple brands. It, however, allows foreign retailers to hold up to 51 per cent in a company in India if it sells goods under a single brand only.

The Hamleys deal marks Reliance’s third engagement with a major international brand in recent times. It has unveiled JVs with iconic apparel retailer Marks & Spencer and optical chain Vision Express.

TERI and Reliance TimeOut collaborate on children’s books series

NEW DELHI, July 26: In a bid to inculcate the spirit of environmental protection and conservation in young children through vibrant and fun-filled series of books, TERI Press, the publishing arm of The Energy and Resources Institute (TERI) and an independent publisher in its own right, in collaboration with Reliance TimeOut launched its brand new series of children’s books with great fanfare today, at the Reliance TimeOut store, Ambience Mall, Gurgaon.

The concise and informative series of books, printed on recycled paper, introduce children to the critical issues of climate change and offer information on clean, green solutions to the problem of Global Warming.

Beautiful photographs, detailed illustrative work, and natty designs make this series a visual delight for kids. Engaging text, reviewed by experts in the field of environment, and high production values make these books a must-have for every child.

Apart from the release of the books, TERI had also organized an environment quiz, aptly titled ‘The Green Genius Quiz’ which featured quiz teams from top Delhi schools as they battle it out for the title of ‘TERI Mini-Environmentalist’. Underprivileged children from Gurgoan also participated in a poster painting competition – ‘The Green Canvas’ – at the venue.

Beginning with Delhi and followed by Bangalore, these books – published under TERI Press’ children’s imprint Terrapin – will be available at all Reliance TimeOut and Reliance Fresh outlets across India. Aimed at sensitizing young children to environmental problems and the urgent need to protect our planet, the launch showcased the efforts of Reliance TimeOut towards making quality non-fiction literature accessible to future generations.

Terrapin books – first of the kind in India – are produced under the aegis of Dr R K Pachauri, Director-General, TERI and head of the Intergovernmental Panel on Climate Change (IPCC), joint winners of the Nobel Peace Prize 2007.

Explaining the rationale behind the children’s book imprint, Dr RK Pachauri said, “It is really in the hands of children to try to change their own lives towards greater protection of the environment and all our natural resources. I hope those who read these books will not only enjoy them greatly but also feel inspired to implement actions that are described in these pages, so that we create a beautiful, peaceful and healthy future for the human race.”

Speaking of the launch Deepinder Kapany, Head of Reliance TimeOut expressed “It is important we integrate all children in sensitizing them towards the environment, we are proud to partner TERI in these activities which will touch both privileged and underprivileged children. At Reliance TimeOut we have an extensive range of books for children – this is aimed at creating an interest in reading from the young age itself. We offer many fun experiences to young children which enables them to learn and develop much better and in a bright and healthy environment.”

Ms Madhu Singh Sirohi, Manager In-charge, TERI Press, added “The mission of Terrapin books is not only to inform, but also to encourage observation, application, and positive participation in tackling environment-related problems. We are honoured to partner with an established and respected player like Reliance Retail in this endeavour.”

TERI Press aims to publish very colourful and attractive international quality children’s books on environment related subjects. All books are printed on recycled paper. The series is geared towards enhancing the ‘green quotient’ in our future generation through literature that entertains while preparing them for a ‘green’ tomorrow. About 100 titles will be launched in the year 2008-09, targeting children from the age of 5 yrs onwards to 15 years.

The present sets of books launched were:

1. 101 Questions and Answers on Climate Change

2. Reduce Reuse and Recycle

3. Mission Conservation

4. SOS: Extreme dangers of Climate Change

5. Future Power

6. Six pack series of Green Genius Guide

Reliance Autozone launches retail store

NEW DELHI, July 25: Reliance Autozone, a subsidiary of Reliance Industries Limited, has launched an automotive speciality store at Ambience Mall, Gurgaon, adjacent to the national capital.

Spread over an area of 6,500 square feet, the Reliance Autozone store launched Friday will sell a comprehensive range of car and bike accessories, electric scooters, tyres and batteries among others.

The Reliance Autozone store will be retailing electric scooters by offering a multi-brand choice under one roof. Tyres and batteries are the other two focus areas.

"This new format provides a one stop solution to automobile owners who face inconvenience by having to crisscross between various touch points for accessories, batteries, tyres and tubes at different locations at different times," said Arun Dey, Chief Executive of Reliance Autozone.

“Reliance Autozone stores will offer unique and unmatched value proposition to automobile owners by delivering world class automotive products and services with a wide choice at the best price," Dey added.

Integrated Farming & Horticulture: Source of Income and Livelihood Security

By Deepak Arora

NEW DELHI, July 24: Deputy Director General (Horticulture), ICAR, Dr. H. P. Singh, has said that horticulture that holds promising future for Indian farmers can be increased five fold with the help of science and technology.

Dr Singh was speaking at conference titled “National Conference on Income and Livelihood Security through Horticulture Development”.

The two-day conference was jointly organised here by IFFCO Foundation, National Horticulture Mission and ICAR and was attended by a number of scientists, farmers, officials from government and cooperative departments.

Welcoming the gathering, Mr J. N. L. Srivastava, Managing Trustee, IFFCO Foundation, said that horticulture experts cannot be placed in every village but farmers can be trained as experts to look after horticulture.

Mr Srivastava further added that the conference will serve as an ideal forum for scientists and farmers to interact and their views and recommendations will be forwarded to the government for implementation. This will enable the government to effect changes in the policy.

India ranks second in the world in production of fruits and vegetables and horticulture contributes 28 per cent to nation’s agriculture production.

Dr. M. L. Choudhary, Horticulture Commissioner, revealed that idea of Horticulture Mission was conceived in 2004 due to growth in industrialisation and urbanisation. He advocated that group farming and marketing will be more profitable than individual farming in prevailing circumstances.

Mr S. K. Pattnayak, Mission Director, National Horticulture Mission enlisted various activities required to improve and accelerate horticulture production. He also stressed on developing post-harvest technology and facilities so that farmers can get higher income.

Dr. C. V. Ananda Bose, Additional Secretary, Ministry of Agriculture, emphasised on improving productivity of horticultural crops. He said that though India ranks second in the world in vegetable and fruit production but the productivity is at very low level which needs to enhance through adoption of technology.

Dr Bose also stressed on the collective action for production, processing and marketing of horticulture produce.

Dr. U. S. Awasthi, Managing Director of Indian Farmers Fertiliser Cooperative Ltd. (IFFCO) said IFFCO is setting up Kisan SEZ, first of its kind in the country on 2700 acres of land in Nellore, Andhra Pradesh.

Dr Awasthi further said that the basic objective of Kisan SEZ is to increase farmers income through processing and packaging of agri produce. He also added that IFFCO has recently ventured into an agreement with Legend International Holdings in Australia for mining of rock phosphate in view of the problems of availability of phosphatic fertilisers in the country.

During the conference, renowned experts and scientists deliberated on a wide range of topics like propagation of quality, planting materials in fruit crops, integration of organic farming systems for sustainable production of horticulture crops, improving soil fertility in case of fruits and vegetables, promotion of food parks, impact of national horticulture mission (NHM) in providing better livelihood opportunities to farmers, scope for export of horticulture produce etc. They also shared their experiences acquired during implementation of NMH programmes, according to Mr S K Mahajan, Consultant, Iffco Foundation.

The conference concluded with a vote of thanks proposed by Mr Lallan Singh, Consultant, IFFCO Foundation.

India's Reliance Industries Q1 net profit up 13.2 percent

MUMBAI, July 24: Indian oil and petrochemical giant Reliance Industries reported Thursday that first-quarter net profit rose by 13.2 percent on strong refining margins.

The largest private sector firm in the country said net profit totalled 41.1 billion rupees (978 million dollars) in the three months to June, against 36.3 billion rupees a year earlier. Sales rose 43 percent to 418 billion rupees.

"Reliance showed a strong financial performance despite a challenging business environment including domestic inflation and a weakening of the leading global economies," company chairman Mukesh Ambani said in a statement.

Refining margins for the quarter rose to 15.7 dollars a barrel. Reliance has the largest private sector exploration acreage in India.

The company said it "managed to sustain its margins primarily on the back of efficient sourcing of crude oil and the ability to produce globally accepted products."

In the quarter, the company said its Jamnagar refinery in the western state of Gujarat processed 8.13 million tonnes of crude, clocking a utilisation rate of 98.5 percent, against 8.01 million tonnes of crude oil processed in the same period last year.

During the quarter, Reliance Retail entered into a joint venture with US-based Office Depot for office solution products.

IFFCO bags Smart Workplace Award

By Deepak Arora

NEW DELHI, July 24: IFFCO has bagged the prestigious Economic Times, Acer and Intel Smart Workplace Award in the Manufacturing & Industrial Segment. The award was received by S.C. Mittal, Executive Director (MS & IT) and A.K. Gupta, Dy General Manager (Systems) at a award ceremony in Mumbai.

The award was instituted by The Economic Times, Acer and Intel Corporation with the objective of recognising companies which have set up smart offices and have used technology to simplify the lives of their employees and enhance their productivity.

The criteria was that the offices should have strong connectivity, security and automated systems, employees welfare facilities like health, medical, recreation, modern office infrastructure etc.

The category of award was based on the size of the organization and verticals such as Financial Services, FMCG, Information Technology, Manufacturing, Infrastructure etc.

Out of 550 entries, 90 were short listed on the parameters devised by Price Waterhouse Coopers. Each of the short listed company was then visited by a jury from Price Warterhouse Coopers and The Economic Times.

Special edition Logan from Mahindra Renault

NEW DELHI, July 23: Mahindra Renault on Wednesday launched the special edition of its sedan Logan, priced between Rs. 5 lakh and Rs.7.15 lakh (ex-showroom Delhi). The company, a joint venture between Mahindra & Mahindra and French carmaker Renault, also plans to export the ‘no-frills’ car to boost its sales and launch the CNG version of Logan soon.

Called “Logan Edge”, the new variant will be available in petrol and diesel versions with engine capacities in the range of 1.4 to 1.6 litre. The special edition car that promises better fuel efficiency comes with some additional features like reverse parking censor, anti-lock braking, luxurious interiors and some added safety features.

Addressing a press conference here, Mahindra Renault Chief Operating Officer Nalin Mehta said: “The new Logan is based on extensive customer feedback and is part of our endeavour to offer our consumers the best. An arresting combination of sleek and good looks and innovative features, Logan Edge fulfils the aspirations of auto enthusiasts across the country.”

Stating that the company is planning to launch the CNG version of Logan within the next two to three months that could be priced in the Rs. 5-lakh range, Mr. Mehta said it would cost Rs. 45,000 more than the existing versions. He hoped that the CNG version would do well in view of the rising fuel prices.

Mr. Mehta said Mahindra Renault would export Logan, particularly in right hand drive markets including neighbouring countries and South Africa, by this year.

“We will use the dealership networks of Mahindra & Mahindra and Renault in overseas market to sell Logan,” he added.

On the company’s marketing and sales strategy, Mr. Mehta said they would be expanding their dealer network by adding 54 dealers across the country in as many cities within a year.

Mahindra Renault has now 94 dealers in 72 cities. It sold 26,000 units of Logan last year, capturing 12 per cent of the market share in the segment.

Higher costs of raw materials such as steel, and rising interest rates aimed at checking annual inflation at 13-year highs, have bumped up vehicle loan rates by 200-300 basis points and depressed demand.

A fuel price hike in June of 10 percent, the biggest increase in a dozen years, has further crimped consumer spending and delayed vehicle purchases.

Mahindra Renault, which started selling the Logan last year, saw its car sales fall to 5,000 units in the April-June quarter from 8,300 cars in the first three months of 2008, Mehta said. A 10-day maintenance shutdown at its manufacturing plant in western India in June also hit sales.

"Yes, the market is less buoyant than last year ... but we are just a year old," he said.

Mahindra Renault has a current annual capacity of 25,000 units, but had the equipment in place to scale it up to 50,000 units, Mehta said.

Last week, Mahindra & Mahindra launched a compressed natural gas (CNG) variant of a popular pick-up truck, while Tata Motors launched a CNG-powered mini truck in January. Market leader Maruti Suzuki also sells dual-fuel cars.

Renault is developing a low-cost car with Nissan Motor Co and Indian motorbike maker Bajaj Auto Ltd.

Reliance Petroleum says refinery 94 pc complete

NEW DELHI, July 22: Reliance Petroleum Ltd has said that its 580,000 barrel-per-day (bpd) refinery in Western state of Gujarat was 94 percent complete. "Pre-commissioning activities are preceeding at a hectic pace with necessary support infrastructure facilities already under commissioning," the firm said in a statement on Tuesday.

It also repeated previous comments that it was on course to complete the refinery ahead of its initial target of December, but did not give a revised date for commissioning.

Reliance Petroleum is a subsidiary of Reliance Industries Ltd, India's most-valuable listed firm, which runs a 660,000 bpd refinery next to the new project in Jamnagar.

Shares in Reliance Petroleum, in which Chevron Corp owns a 5 percent stake, ended with a gain of 3.5 percent in a Mumbai market that closed 1.8 percent higher.

Mahindra launches the revolutionary Scorpio V-Series in Kochi

KOCHI, July 18 : Mahindra & Mahindra, India’s leader in the Utility Vehicles segment, today introduced the Scorpio V-Series in Kochi, a new line-up of one of India’s leading SUVs. The Scorpio V-series offers customers a dual advantage – a technologically superior, more refined and fuel efficient engine, coupled with innovative, hi-tech features which will provide passengers with greater luxury at their finger tips.

The new Scorpio VLS is powered by the revolutionary mHawk engine and incorporates a bundle of innovative features. Based on customer feedback, Mahindra has also launched the Scorpio SLE, a high-end variant with a 2.6L CRDe engine.

The Scorpio VLS is priced at Rs. 9,68,000/-, ex-showroom Kochi, while the Scorpio SLE is available for Rs. 8,81,800/-, ex-showroom Kochi.

“With pathbreaking technology and user-friendly, modern features, the Scorpio V-series is a clear validation of our customer-centric approach to business. This package would delight the evolved, new age customer. The Scorpio has always been the leader in driving change in the industry and with the launch of the new VLS from the Scorpio V-series, we have once again raised the bar,” said Dr. Pawan Goenka, President, Automotive Sector, Mahindra & Mahindra Ltd.

The new Scorpio VLS sports a host of Tech-Packed features:

Powerful mHawk engine: Powered by a 2179cc and 4 cylinder diesel engine, the mHawk engine produces 120 bhp and a flat torque of 290 Nm. Advanced turbochargers feed concentrated gusts of wind into a Variable Geometry Turbine, a simple yet cunning device that partially closes to trap the air inside at high pressures. This generates tremendous torque even at low speeds.

The 2nd generation Bosch Common Rail system with solenoid injectors intelligently manages fuel supply to the engine. With 4 valves per cylinder fuel spray design, the mHawk engine ensures that fuel burns better, generating more power from the same amount of fuel, hence ensuring better fuel efficiency. Moreover, the mHawk’s innovative 2 stage chain drive system and hydraulic lash adjuster cut down engine noise levels drastically, making this monster deceptively quiet.

Anti-lock Braking System (ABS): Go ahead. Brake hard on any slippery surface.

Floor the brakes on any skid-prone surface and you will be pleasantly surprised. The wheels won’t lock on you and steering control will be perfectly obedient. And the brakes will behave just like they always do. ABS will make sure peace reigns inside the car and out.

A Safety Vault protects your vehicle from thieves: The special Immobilizer locks the engine and cuts off the fuel supply, in case of attempted forced entry, making fools of thieves.

The Scorpio SLE sports a 2.6L CRDe engine and incorporates several innovative features, including 5-zone cushion suspension, Voice Assist system, ‘Fire retardant’ upholstery and ‘Follow Me Home’ headlamps.

The US $6.7 billion Mahindra Group is among the top 10 industrial houses in India. Mahindra & Mahindra is the only Indian company among the top tractor brands in the world. Mahindra’s Farm Equipment Sector has recently won the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize.

Mahindra is the market leader in multi-utility vehicles in India. It made a milestone entry into the passenger car segment with the Logan.

The Group has a leading presence in key sectors of the Indian economy, including the financial services, trade and logistics, automotive components, after-market, information technology, and infrastructure development. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its ‘Global 200: The World’s Best Corporate Reputations’ list.

IFFCO, Legend International in Rock Phosphate pact

By Deepak Arora

NEW DELHI, July 16: In its quest to procure adequate quantity of Rock Phosphate for its complex fertilizer producing plants, IFFCO finalized an agreement with Australia’s Legend International Holdings, Inc.

“Principles of Off-Take Agreement” for Rock Phosphate was signed with Legend International Holdings, Inc at Legend’s Corporate Office, Melbourne today between Dr. U.S. Awasthi, Managing Director of Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Mr. Joseph Gutnick, Chairman, President & CEO of Legend International Holdings, Inc.

In April 2008, IFFCO had initialed a Heads of Agreement for jointly working on Legend’s Phosphate deposits with an off-take of about 3 million tonnes of concentrated rock phosphate per annum.

Under this arrangement, the price of the rock will be based on market pricing related to significant volumes of international supply agreements to the Indian market.

An alternate pricing mechanism, based on international phosphoric acid prices has also been incorporated.

Dr. U.S. Awasthi has joined Legend International’s Board as a Director.

Taking to the Media on this occasion, Dr. U. S. Awasthi said that “considering its strong commitment to the farming community and its farmer-members, IFFCO continues to look for opportunities to enhance fertiliser availability and has inked the agreement with M/s Legend International Holdings Inc. Australia with this objective.”

He added “We are delighted to work with Mr. Joseph Gutnick and Legend to establish a significant fertilizer and resource company in Australia.”

IFFCO will provide technical, logistic and financial support/ facilitation to Legend International Holdings, Inc., in the development of its Phosphate mining operations and shipment of its product to India.

IFFCO shall purchase 15 million shares in Legend International Holdings, Inc. IFFCO shall also receive options for another 30 million shares to be acquired, in a phased manner, which will be utilized to fund capital expenditure related to the project.

Speaking about the agreement, Mr. Joseph Gutnick stated “It’s a great honour and privilege for me to welcome Dr. Awasthi, Managing Director of IFFCO, to join the Board of Legend International Holdings, Inc., I look forward to his direction and guidance in ensuring the success of the Phosphate project.”

Mr. Gutnick continued, “I am also very excited by the opportunity to work with IFFCO which is World’s largest fertilizer cooperative society representing 50 million farmers and the largest fertilizer entity in the burgeoning Indian market. IFFCO’s excellent performance track record and its market coverage provide Legend International Holdings, Inc., a customer who has the capacity and financial strength to commit to large volumes of phosphates on an annual basis for the life of the project. It also enables Legend International Holdings, Inc., the ability to further develop its interest in fertilizer products and a channel to distribute these products.”

IFFCO stated that supplies coming from Legend within next two to three years will be in addition to and will not affect the present supply arrangements.

The tie up with Legend will ensure that IFFCO’s Paradeep Unit operates at its full capacity and, if possible, even at higher capacity without facing any raw materials constraints.

Honda launches first hybrid car in India at Rs 21.5 lakh

NEW DELHI, June 18: Making a statement of its commitment to protect the environment, Japanese car major Honda launched the first hybrid car in India on Wednesday, Civic Hybrid, priced at Rs 21.5 lakh (ex-showroom, Delhi).

The car is powered by a 1.3 litre petrol engine and an electric motor that deliver 47 per cent enhanced fuel efficiency than a regular 1.8 litre Civic automatic transmission.

Developed way back in 1999, the Civic Hybrid has sold over 2,60,000 units across the world and India is the 33rd country where Honda has launched the car.

"This is yet another step to strengthen Honda's presence in India in line with our long term goal of bringing eco friendly vehicles," Honda Siel Car India President and CEO Masahiro Takedawa said in New Delhi.

He said the company was not looking at volumes from the car but "is an opportunity to offer to customers technology we have. It is a Honda statement to protect the environment".

"So far we have received over 100 inquiries from the 80 dealerships we have across India," Takedagawa said, however, adding bringing the car to India was a challenging task.

"We have to set an entirely new standard for testing and homologating this car in collaboration Automotive Research Association of India (ARAI) with as there were no regulations earlier," he said.

Asking for support from the government in promoting the eco-friendly car, Takedagawa said: "This car comes at a much higher price as the import duty is over 100 per cent."

Govt. cuts down on complex fertilizer prices

NEW DELHI, June 18: The government on Wednesday reduced the prices of complex fertilisers by up to Rs 2,296 per tonne to encourage farmers to use them instead of regular urea and DAP so that soil fertility is maintained.

The Union Cabinet had taken a decision in this regard on June 12.

Complex fertilisers would now be available in the price range of Rs 5,121-Rs 8,185 per tonne from Rs 6,980-9,080 per tonne earlier. Down by about Rs 843-2,296 per tonne.

Complex fertilisers are those which have at least two nutrients, while regular fertilisers have only one nutrient nitrogen (N), phosphorous (P), potash (K) or sulphur(S).

The Centre has also urged farmers not to resort to panic buying, as it would only help black marketeers. It is "closely monitoring the availability of of fertilisers in consultation with states", the Fertiliser Ministry said in a statement.

With both claim and counter-claim going on between Centre and states on the availability of fertilisers in the country, the Centre also launched a toll-free helpline to redress the grievances of farmers.

Farmers can lodge complaint regarding non-availability of fertilisers in their areas and also report incidents of blackmarketing at 1600-114400 from any part of the country, an official said.

With the new pricing, the 10:26:26 (N:P:K) would cost Rs 719.70 a quintal, while 12:32:16 at Rs 763.70 a quintal.

Other complex fertilisers would cost Rs 587.50 per quintal (16:20:13-N:P:S), Rs 629.50 (20:20:13-N:P:S), Rs 534.30 (20:20:20-N:P), Rs 614.50 (23:23-N:P), Rs 748.10 (28:28-N:P), Rs 705 (14:28:14-N:P:K), Rs 818.50 (14:35:14-N:P:K), Rs 512.10 (15:15:15-N:P:K), Rs 580.40 (17:17:17-N:P:K) and Rs 648.70 (19:19:19-N:P:K).

Canara, HSBC and OBC life insurance co launched

BANGALORE, June 16: Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd, a partnership between two nationalised banks -- Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Ltd, the Asian insurance arm of HSBC, today commernced operations.

Union Finance Minister P Chidambaram handed over the first 8 policies of the company to underprivileged children at a function held here today.

The new company, headquartered in Gurgaon, is capitalised at Rs 325 crore ($81 million). While Canara Bank holds the majority 51 per cent stake in the company, HSBC and OBC hold 26 per cent and 23 per cent respectively.

To begin with the company has launched 8 types of life insurance policies with a mix of traditional and unit-linked schemes. The company will largely focus on the bancassurance model. The company has an exclusive customer base of 40 million customers and a nationwide network of 4,000 branches.

Global dreams intensify Ambani family feud

NEW DELHI, June 16: The feud between the Ambani brothers, two of the world's richest men, has been rekindled by Anil's global ambitions and could become as bitter as the one that split their massive business empire in 2005.

The spark was Anil's bid to merge his Reliance Communications with South Africa's MTN Group to create a global telecoms giant. Older brother Mukesh has objected, saying his permission is required for any sale of the family's shares.

The brothers, Mukesh and the more flamboyant Anil, still live in the same building in an upmarket area of Mumbai and are ranked by Forbes the fifth and sixth richest men in the world respectively, with combined wealth of around $85 billion.

But they had a very public falling out in 2005, three years after the death of their father, legendary magnate Dhirubhai Ambani, which was only resolved when their mother divided the Reliance empire between the two.

Since then, both have grown their businesses significantly, their rivalry simmering but not boiling over until last week.

"I think this time the fight will have more fire," R.K. Gupta, managing director of Taurus Asset Management Co. "Anil has been able to stand on his own legs. I think he was not standing on his own in 2005. It was more of his father's shadow."

Under the deal, sources and media say Anil will swap control of his Reliance Communications for a large stake in the combined unit.

Mukesh's Reliance Industries, India's most valuable company, said it had informed both Anil Ambani's group and MTN "in good faith" that it had first rights over the sale of shares in Reliance Communications.

Reliance Communications has dismissed Mukesh's claim, saying it was based on an agreement signed when the company was under the control of Reliance Industries. Company sources say the firm is prepared for a legal battle.

"Mukesh is using a very sober language and Anil is a bit aggressive, and that aggressiveness shows that he is ready to take on his elder brother," Gupta said.

If they really fancy a battle, analysts say the brothers have much more firepower now than three years ago as their businesses have rocketed in value since the split.

Anil, who runs marathon races, married a film star, mingles with politicians and was the public face of the undivided group, got the newer business.

Since the split, he has overseen spectacular growth in telecoms and mutual funds and expanded into other areas.

His group's Reliance Power raised a record $3 billion in its first offering of shares this year in a frenzied listing that was lapped up by investors in a minute.

Other companies in his group include Reliance Infrastructure, Reliance Natural Resources and Reliance Capital.

Mukesh, who controls the family's flagship firm, Reliance Industries, has a relatively sober image compared to his brother, but stories of his wealth fascinate the media.

He bought a cricket team in a popular domestic league, gave his wife a luxury jet for her birthday, with a bar and fancy showers, and is building a 27-storey home with a helipad for an estimated $1 billion for his family of six, local media say.

But his business success has also made headlines.

Mukesh's group is almost ready with a new refinery which, along with an existing unit, will make its refining complex the biggest in the world. It has also expanded into the retail sector.

This is not the first time since the split that the two have fought. A dispute is still before the courts over the price Anil's group will pay for natural gas from gas fields under Mukesh's control.

"It is not a fight where the brothers are attacking each other directly ... but something like when one tries to do something good the other one is trying to become a hurdle in it," said V.K. Sharma, head of research at Anagram Stock Broking.

The shockwaves of the clash are already being felt in the stock market, where the possibility of a delay in the deal with MTN hit Reliance Communications on Monday.

Its shares ended down 1.5 percent at their lowest close since April 24, having fallen as much as 2.3 percent during trade.

Reliance Industries ended up 0.7 percent in a Mumbai market that had gained 1.4 percent.

"More than what impact it can have on the groups' shares, I would say it is bad news for the broader market when there were some signs of a revival after recent falls," said Anagram's Sharma.

RIL to be India's largest gas producer

MUMBAI, June 12: Mukesh Ambani-led Reliance Industries is all set to become the single largest gas producer in the country with more than 50 per cent market share, besides the Jamnagar facilities being close to claim the envious status of having nearly 2 per cent of the global refining capacity.

"Production of gas from KG-D6 and other oil blocks will catapult Reliance into the single largest gas producer in the country with more than a 50 per cent market share," company CMD Mukesh Ambani told shareholders of the company in Mumbai on Thursday.

"Besides development of KG-D6, the company will continue its ongoing efforts of exploration and development of various blocks," he said at the 34th AGM.

The high oil price environment and stretched refining systems would also benefit the company, he added.

"We expect this business segment to deliver sustainable long-term returns," Ambani said.

Besides, the company's Jamnagar facilities can boast of the envious status of having nearly 2 per cent of the global refining capacity with the commissioning of its new refinery adjacent to its existing one second half of the FY 2009.

"Our new refinery will be operational in the second half of FY 09. The completion of the refinery will increase Reliance's ability to process crude oil from 0.66 to 1.24 million barrels per day, equivalent to about 2 per cent of global capacity," Ambani said.

The 5,80,000-barrel-a-day refinery is being built adjacent to Reliance's existing unit of 6,60,000-barrel-a-day plant at Jamnagar.

"Almost two per cent of the global petroleum refining capacity would be in one location--Jamnagar," Ambani said.

The commissioning of oil and gas production systems will make Reliance one of the largest deep-water oil and gas companies in the world.

Ambani said that Reliance's efforts were now strongly focused on two projects--the development of the KG-D6 block and the implementation of the new refinery at Jamnagar, through its subsidiary RPL.

Ambani said that the company had 41 discoveries to date and an overall success ratio of 63 per cent. Its coal based methane (CBM) block in Sohagpur has a capacity of 3.76- trillion cubic feet. The East-West gas pipeline from KG-D6 will be completed by the year-end, he added.

Deep water exploration activities would be expanded with the additional of six rigs by second half of FY 2009.

"We have been allotted two blocks in Yemen, three in Peru and have gross, contingent reserves of five billion barrel oil equivalent. The gross reserves is accretive to target 10-billion barrels of oil equivalent, Ambani said.

Ambani also informed that Reliance will sell gas this year at USD 25 per barrel equivalent.

Reliance's two major deepwater fields were poised to come on-stream with a combined capacity of around 5,50,000 barrels of oil equivalent per day. This is about 44 per cent of India's current indigenous production, Ambani said.

At current crude oil prices of USD 135 per barrel, they imply an annual saving of Rs 1,14,000 crore in energy imports by India," Ambani said.

On its polyester business, Ambani outlined his growth strategy which included both greenfield investments and acquisitions.

"We will consolidate our position (in the polyester business) by pursuing greenfield investments and acquisitions in the entire value chain," Ambani said.

A new refinery at Jamnagar, expected to be operational in six months, would add a further 9-lakh tonne per annum to the company's polypropylene capacity.

M&M to offer on-the-spot tractor loans

NEW DELHI, June 10: In a bid to push its tractor sales, Mahindra & Mahindra today said it would provide on-the-spot product loans to farmers through its dealerships. The company said it has tied up with group firm Mahindra Finance to provide the loans.

It has kicked off a month-long 'On-the-Spot-Loan Mahotsav' that will last till July 7 in Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, Punjab, Haryana, Gujarat and Rajasthan.

M&M President, Farm Equipment Sector, Anjanikumar Choudhari said the initiative is a part of the firm's endeavour to increase rural prosperity.

Quick processing of documentation and single-window clearance will allow farmers across the country to purchase tractors with minimum time delay.

Moreover, Mahindra Finances vast rural network will ensure that even customers in the farthest reaches of the country can avail of this scheme, Mahindra Finance Managing Director Ramesh Iyer said.

Mahindra is the third largest tractor company in the world besides being the largest manufacturer of tractors in India.

Ford to tie up with M&M

NEW DELHI, June 10: Ford Motors believes in expansion. Of late, it plans to tie up with Mahindra & Mahindra for a project-specific manufacturing of utility as well as luxury cars in India. M&M is already prospering with its association with Renault for making Logan sedan..

FORD PLANS big for India. The company is going to expand itself in India and Russia. As an expansion plan, the company is thinking to tie up with Mahindra and Mahindra in India all over again.

Its partnership with the Chinese auto group, Chang, has helped it with good growth and market share. According to Alan Mulally, Ford’s chief executive officer, the company is looking to take the partnership route in India. It is possible that the two may discuss of entering a project-specific association, similar to the Bajaj-Renault small car alliance.

In November 1995, US-based Ford Motor Company ( world’s second largest automobile company) ventured into India along with M&M to form a 50:50 joint venture, which rolled out the Escort sedan. While it subsequently bought over M&M’s stake in the venture, the Mahindra continue to enjoy close ties with Ford.

M&M decided to focus on utility vehicles, after its exit from the venture but with its tie-up with Renault for Logan has re-entered the car segment. Its current tie-up with Renault will not have any issue with this venture. Its auto division president Pawan Goenka states, "The contract between the Renault and M&M is very transparent and well-defined and the company is opened to more joint ventures.

The only defining clause is that neither can get into a segment that competes with the Logan. M&M also stood third among the three top bidders for British brands, Jaguar and Land Rover. Bidding with private equity player, Apollo Management, is also backed by long-standing Ford connections. We thought India can provide only reasonable IT solution, and not auto engineering."

India is already making it big in the low-cost auto engineering solution. Renault has merged with Bajaj for $3,000 car. Volvo is seeing opportunities with Eicher. Even commercial vehicles segment is getting warmed up by global leader for Indian partnerships.

Mahindra chases Tata dream with small engine

NEW DELHI, June 6: Mahindra & Mahindra (M&M), the country's biggest maker of utility vehicles (UV), is developing a small engine for a smaller version of its UVs and replicate the Tatas dream of a small car, a company official said.

The company is developing an engine with a capacity ranging between 650cc and 750cc, said Hemant Luthra, president, Mahindra Systech. He declined to give more details. The Rs 28,500-crore group, which is partnering France's Renault to sell Logan, aims to expand presence in all the segments of the market. The Tata group's plan to sell the world's lowest-priced car has spurred many companies, including M&M, to follow in its footsteps.

Mahindra Bolero, powered by 2.5 litre engine, is priced at Rs 5.28 lakh. The utility vehicle is among the largest selling vehicles in rural India. Mahindra Logan, a mid-sized sedan, is powered by 1.4 litre petrol engine which is imported from France.

Italian acquisition

Meanwhile, M&M today announced the acquisition of 100 per cent stake in Italy-based engineering and design firm, Engine Engineering Srl, for an undisclosed amount. The company intends to utilise the Italian company's expertise in making small, yet fuel-efficient engines, suitable for small vehicles.

Luthra said, "We have acquired a company, which apart from making designs for high-end motorcycles, has proficiency in optimising fuel economy from a small engine – the size of about 700cc. There will be spin-off benefits of this expertise from which Mahindra & Mahindra stands to gain. We can use this engine in M&M vehicles."

The Italian company has been developing engines for superbikes such as Ducati and others and M&M intends to capitalise on this expertise for its range of vehicles. For example, Tata Motors' Nano will be powered by a 623cc, 2-cylinder, petrol engine, while superbikes such as Honda CBR 600RR and Yamaha YZF R-6 ride on a similar size engine.

Engines produced by M&M using the Italian technology will most probably have higher power output despite smaller engines. "Unlike outdated large size engines, these new generation engines enable higher power output even from small engine displacement," said an industry expert.

Despite being a home-grown automotive giant like Tata Motors, M&M is yet to make a mark in the low-cost vehicle market. Except for an initiative in the farm equipment segment, where the company is understood to have been working on cheap and low-powered tractors, the company has been low on innovations.

Through the acquisition of the Italian company, M&M Systech, the components, engineering services and design arm of the group, will look to shore up its engineering services business along with better access to market, technology and management skills.

"Mahindra Engineering Services has over 1,000 engineers, which provide high-end cost-effective solutions and can support the offshore needs and technical skills of Engines Engineering," stated a company release. Mahindra Systech contributes nearly 15 per cent to M&M's overall revenue at $1 billion.

A significant portion of Systech's revenue is generated by the companies it acquired in recent years. M&M's automotive division, as a client, generates about 8-10 per cent of Systech's turnover. This figure is expected to go up substantially in near future as the automotive division, which makes utility vehicles, trucks, 3-wheelers and tractors, will make the most of Systech's in-house technological capabilities.

Engines Engineering, which is in the business of two-wheeler designing and developing of motorcycle prototypes, posted a turnover of $12 million. The company was originally founded in 1979 by Alberto Strazzari who also held 85 per cent in the company with three other investors holding the balance.

The company is based in Castenaso near Bologna which is also one of the leading automotive engineering and industrial manufacturing hubs in Italy.

The Italian firm carries out a full range of activities (starting from a basic idea, culminating into a finished product on the road) with latest styling trends and incorporates the most advanced technology in terms of mechanics, said a Mahindra release.

The company has served clients including Benelli, Beta, Ducati, Gilera, Honda, LEM, Malaguti and Yahama.

Logan variant for high-end buyers

NEW DELHI, June 6: M&M is launching a limited edition of its Logan car shortly which will target high-end customers. The new variant will be launched sometime in July and will come with a host of refined features to meet competition from some newly launched cars.

Mahindra Renault MD Rajesh Jejurikar said: “The special edition is few months away and will have a new music system, fresh upholstery and enhanced interiors. It will target top-end customers. We have had a good response for our top-end GLS and DLS variants, which are loaded with air bags and antilock brake system and the new feature-loaded model will further re-establish the brand.”

The Logan was launched by Mahindra Renault last May and is pitted against popular sedans like the Honda City, Ford Fiesta, Maruti Suzuki SX4 and the Indigo range from Tata Motors.The advent of Maruti’s Dzire has spoilt the sales of Logan. The company is devoid of any small car in its portfolio and has betted heavily on the success of Logan. Tagged as the widest car in the market, the company had sold 1,531 cars in May down from 2,551 cars sold last year.

Mahindra UV sales rise 18%, cars drop 40%

NEW DELHI, June 2: India's leading utility vehicle maker, Mahindra and Mahindra (M&M), has posted a growth of 18 per cent in sales of utility vehicles, selling 13,048 units as against 10,986 units sold in the same month of the previous year.

Meanwhile the company's car venture with French giant Renault has suffered during the month as sales recorded a drop of 40 per cent at 1,531 units as compared to 2551 units posted in May '07.

All in all the company saw a growth of 15.5 per cent in sales at 20,653 units (including exports) over 17,881 units registered in the same month of the earlier year.

Apart from UV's and cars the company also sells light commercial vehicles and three wheelers.

Mahindra & Mahindra to raise vehicle costs

MUMBAI, May 10: Indian vehicle manufacturer Mahindra & Mahindra Ltd is raising prices in the range of 1.5 percent to 2.5 percent due to rise in input costs, a company statement said late on Friday.

The hikes will come into effect from May 19, it said.

Mahindra & Mahindra's products include multi utility vehicles, tractors and engines.

IFFCO strengthens its global cap, forms JV with Australia's Legend

By Deepak Arora

NEW DELHI, May 5: Indian Farmers Fertiliser Cooperative Limited (IFFCO), the largest producer and seller of Fertilises, has entered into a long term offtake and supply agreement with Australia’s Legend International Holdings, Inc. for about 3 million tonnes annually of concentrated rock phosphate from Lady Annie project in Queensland, Australia.

IFFCO and LEGEND have decided to pursue the Project in Joint Venture with an investment of about 800 million dollars.

Describing it as a landmark agreement for the benefit of Indian farmers, Dr. U S Awasthi, Managing Director, IFFCO Said “India is currently facing shortage of Phosphate fertilizers which is causing anxiety among the Indian farmers. The prices of Phosphate fertilizers including there raw material have also gone up many folds in last one year due to supply constraints and other factors like increased use of bio fuels in different countries."

Dr. Awasthi further added that “considering its strong commitment to the farming community and its farmers members, IFFCO continues to look for opportunities to enhance fertiliser availability and has inked the agreement with M/s Legend International Holdings Inc. Australia with this objective.”

IFFCO stated that supplies coming from Legend within next 2-3 years will not affect the present suppliers and will ensure that its Paradeep Unit will operate at its full capacity and if possible even at higher capacity without facing any constraints on account of raw materials.

Financing and Joint Venture options for the capital cost of Legend’s phosphate project are currently under discussion between the parties as is the price of the phosphate rock. The price of the rock will be negotiated on a fair and equitable basis for both companies based on international market prices applicable for the Indian market with an appropriate discount. Negotiations in regards to finance options will be concluded in coming months.

Reliance Industries Announces Construction LOI with NOVA Chemicals

By Deepak Arora

MUMBAI, May 2: Reliance Industries Limited has signed a letter of intent with NOVA Chemicals to form a joint venture in the area of building and construction. This proposed new joint venture between RIL and NOVA Chemicals, with RIL having 51 per cent shareholding and NOVA Chemicals 49 per cent, would be a technological partnership for deploying green building and construction technologies to design, engineer, fabricate and build a range of high-efficiency structures for the Indian sub-continent.

The LOI between RIL and NOVA envisages providing turnkey facilities to build structures for RIL needs as per its requirements, and for other customers initially within the Indian Subcontinent.

“India has a $60 billion construction market that is growing at about 20% per year. The potentialfor energy efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail’s strategy.” said Kamal Nanavaty, President, Reliance Industries Limited.

“This new venture will enable us to work with Reliance to build a large, profitable business based on our proprietary Performance Styrenics building and construction systems,” said ChrisPappas, NOVA Chemicals President and COO.

These unique building and construction systems and component parts, based on expandable polystyrene, minimize resource consumption while decreasing on-going energy demand by as much as a third.

The components of the system include structural and non-structural roof, decking and wallpanels. The new venture is expected to be operational soon following finalization of formal agreements.

Initial steps necessary to fabricate components in India are underway. The first activity of the venture will be the construction of buildings for Reliance Retail in India.

IFFCO, Egypt sign pact for the development of Cooperatives

By Sushma Arora

NEW DELHI, April 23: Egypt's Central Agricultural Cooperative Union (CACU) have signed an agreement with world’s premier fertilizer cooperative, Indian Farmers Fertiliser Cooperative Limited (IFFCO) with an objective of ensuring economic and social well being of the people, particularly farming community in their respective countries; and to also make available the expertise of IFFCO in setting up Nitrogenous Fertiliser Plant in Egypt.

A high level delegation led by Ahmed Abo Seadah, President, CACU with Members of Parliament representing Egyptian Cooperatives and Chairman of various Cooperatives visited India at the invitation of Dr. G.N.Saxena, Director (Cooperative Develoment), IFFCO.

In line with the assurance given by Dr. U.S.Awasthi, Managing Director, IFFCO to Mr. Amin Abaza, Minister of Agriculture of Egypt, for providing managerial, technical and training expertise in promoting and developing in industrial and commercial cooperatives at its own cost in Egypt, the protocol agreement was initialled by Dr. G.N.Saxena and Ahmed Abo Seadah here.

IFFCO, a leading cooperative institution with allround credentials of professional management in the field of cooperation will provide its expertise in developing and integrating cooperatives of Egypt for the betterment of their members and assistance to Egypt Government in line with their policies.

Being a true cooperative in character, IFFCO is committed to share its knowledge with cooperatives of other countries for mutual benefit.

The CACU is the umbrella organization for the growth of cooperative movement and commands representation from all cross sections of cooperatives in Egypt.

As a part of this agreement, both IFFCO and CACU will make efforts in formation and furtherance of cooperative trade, transfer of appropriate technology development in agricultural commodities and inputs; will promote and spread cultural relations jointly between them and their members that includes exchange of cultural visits, studies and exhibitions.

Mahindra launches its Scorpio SUV in Chile

MUMBAI, April 23: Mahindra & Mahindra (M&M) have announced the launch of its Mahindra Scorpio SUV in Chile in partnership with Fortaleza, a part of the Automotores Gildemeister group.

Fortaleza SA is a subsidiary of the Gildemeister group, a leading and diversified Latin American conglomerate.

Earlier, M&M had launched its Mahindra Pik Up Double Cab in Chile in July last year.

"The Mahindra brand is already well-known in Chile and the launch of the Scorpio will only help us further consolidate our presence in the region," M&M's Executive Vice-President, Pravin Shah, said.

"The response to the launch of the Mahindra Double Cab in Chile has been very good," Automotores Gildemeister's President & CEO, Ricardo Lessmann, said.

"With its unique combination of ruggedness, reliability and style, the Mahindra Scorpio SUV offers a strong value proposition and is sure to emerge as the diesel offroader of choice in the Chilean market," he added.

Automotores Gildemeister is the Chilean arm of the Gildemeister group. In addition to Mahindra, the company also represents Hyundai and Ford in Chile.

In addition to Chile and Peru in South America, Mahindra has its presence in Brazil and Uruguay as well.

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