Archive for May, 2007

Microsoft opens service hub in Chandigarh

Thursday, May 17th, 2007

Microsoft Corporation (India) Pvt Ltd has entered Chandigarh with the opening of its service hub here,its first to the north of Delhi.

The proliferation of the manufacturing and service industry in the area lured Microsoft to open its marketing and servicing hub in the Union territory.

The company was present in 13 locations (6 major cities and 7 smaller towns) and would set up offices in another 17 towns in the next two years, having a network of 30 hubs to service more than 100 towns across India, said Rajeev Mittal, group director, small and medium enterprise, Microsoft (India).

The company was contemplating expanding into Ludhiana and Jaipur in the near future, he added.

Mittal said the personal computers (PC) market was growing at 50 per cent and the server market at 40 per cent in the non-metros, which meant a tremendous potential in tier-II towns. According to Mittal, there were 25,000 small and medium business enterprises in the region under different verticals.

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Essar SEZ faces de-recognition

Thursday, May 17th, 2007

The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd, on the ground that the company had units under construction in the zone when it applied for approval in 2005, in violation of SEZ rules.

At the same time, two Essar Steel executives were arrested by the excise authorities based in Gujarat for allegedly moving goods from the SEZ to the domestic tariff area.

Commerce ministry officials confirmed that the duty (around Rs 300 crore or Rs 3 billion on excise and customs) has since been paid, but that the executives were arrested for violating the Customs Act. They are likely to get bail tomorrow.

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Citigroup may bag Sharekhan

Thursday, May 17th, 2007

Shripal Morakhia, promoter of Mumbai-based financial services firm SSKI Financial, is ready to sell his 37% in Sharekhan Securities.

Citigroup Venture Capital International is tipped to be preferred by Morakhia ahead of others for picking up a substantial stake in the retail brokerage arm of the Mumbai-based SSKI group. Others in the race include Baring Private Equity, TPG and 3i.

Sources close to the deal say Citigroup will seal the deal at around Rs 600–700 crore and this will include picking up Morakhia’s 37%. Other investors in the firm, General Atlantic, Intel Capital and a group of funds advised by HSBC Pvt Equity, which have around 48%, are also said to be offloading their stakes. A response was still awaited from Citi at the time of going to press.

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Tata Power signs $1 bn deal with Korean firm

Thursday, May 17th, 2007

Tata Power Company, which is developing India’s first 4,000 mw ultra mega power project in Mundra signed on Wednesday contracts reportedly worth $1 billion with Korea’s Doosan Heavy Industries & Construction Company for supply of super-critical boilers and development of ancillary civic structures.

“The contract covers 45 per cent of the total orders under this project,” a statement from the company said.

The contract to Doosan was awarded on an engineering, procurement and construction basis. The company’s scope of work would, therefore, include civil works in the areas housing the super-critical boilers, which would be used for the first time in India, claimed Tata Power officials. These boilers and associated super-critical technology would help in the generation of 800 mw of power from each unit of the project, which is 300 mw more than the highest generating unit in existence at present.

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Vodafone Completes Essar-Hutch Deal For $10.9bn

Thursday, May 10th, 2007

Global mobile telephony giant Vodafone has formally acquired the controlling stake in Hutch-Essar from Hong Kong-based Hutchison Telecommunications International for $10.9 billion.

“I am delighted that, having secured all the necessary regulatory approvals, we are now able to complete this important transaction and move onto the process of integration,” India-born Vodafone chief executive Arun Sarin said.

“India is a tremendously exciting and fast moving market and I am confident that the Hutch-Essar business would make a major contribution to the Vodafone group over the coming years,” Sarin added in a statement.

London-headquartered Vodafone had said Feb 11 that it had concluded its talks to pick up a 52-percent stake in Hutch-Essar from Hutchison Telecommunications, a company based in Hong Kong, controlled by industrialist Li-Kashing.

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Maruti launches SX4 sedan

Monday, May 7th, 2007

Car market leader Maruti Udyog today launched SX4 sedan, a bold, muscular and feature-packed car, powered by the global M-series engine and built on a brand new platform.

SX4 sedan is the second global car, after the Swift, from Suzuki Motor Corporation, the parent company of Maruti Udyog. SX4 Sedan is making its debut in India, before being launched in Europe and Japan.

Speaking at the launch Mr. Jagdish Khattar, Managing Director & CEO, Maruti Udyog, said “SX4 sedan is just the right car with which Maruti Udyog can reinforce its presence in the A3 segment and enhance its leadership”.

He added: “The large number of customers who bought our compact cars 4-5 years ago, and also Esteem and Baleno customers, will now choose the SX4 as the next upgrade option. Besides, people who like to own a Maruti Suzuki car, but were considering moving to competitors because we did not offer an A3 segment car of their choice, will now choose the SX4 sedan”.

The SX4 sedan is being launched soon after Maruti Udyog has completed its best year ever (2006-07) in terms of sales, financials, investment milestones and model launches.

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