Message-ID: <9012365.1075840242897.JavaMail.evans@thyme> Date: Thu, 12 Oct 2000 12:05:00 -0700 (PDT) From: ksherwood@uschamber.com Subject: USIB Daily News for October 12, 2000 Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: "Sherwood, Katherine" X-To: X-cc: X-bcc: X-Folder: \Kenneth_Lay_Dec2000\Notes Folders\Discussion threads X-Origin: LAY-K X-FileName: klay.nsf + Reliance, Prudential-ICICI and HDFC-Standard Life are expected to receive licenses from the Insurance Regulatory and Development Authority (IRDA) by the end of this month. + The BJP president told US ambassador Richard Celeste that India was committed to creating a national consensus in favor of signing the Comprehensive Test Ban Treaty (CTBT). + The Carlyle Group is setting up operations in India to investment $100 million in technology, Internet and telecom sectors. USIBC Daily News October 12, 2000 Agro/Patents/Pharma October 12: The Centre for Monitoring the Indian Economy (CMIE) lowered estimates for agricultural growth from 4.2% to 1.3%. The decline in the growth of India's agricultural sector is expected to affect fast moving consumer goods (FMCG) companies. Business Standard < http://www.business-standard.com/> Broadcasting/Entertainment October 12: Vijay Television Ltd. is looking for a strategic alliance for children's programs. The Tamil language channel already has alliances with NDTV, Padmalaya (for mythological content), and Discovery channel (for infotainment programs). Financial Express Communications October 12: The Department of Telecom (DOT) requested the Telecom Regulatory Authority of India (TRAI) to allow basic telephone companies to provide limited mobile phone services. DOT suggested an additional entry fee or license fee for providing limited mobility to these fixed lines service providers. The Economic Times < http://www.economictimes.com/today/12econ14.htm> October 12: The Delhi High Court has directed the government to submit documents relating to the contract for the controversial Sankhya Vahini telecom project. The government earlier took a decision to approve the Rs 1,300 crore ($283 million) telecom project. This project includes setting up of a broadband network throughout India. According to the government plan, a 10,000 km network would be laid within a year. The Economic Times < http://www.economictimes.com/today/12econ07.htm> Economic/General News October 12: International rating agency Standard & Poor's lowered its "positive" rating outlook for Reliance Industries, Larsen & Toubro Ltd and TELCO Ltd. In contrast, Moody's Investors Services, another international rating firm has assigned a "positive" rating to National Thermal Power Corporation (NTPC) owing to its dominant industry position. The Indian Express Energy October 12: Shell, Reliance and Enron approached Oman LNG to establish an LNG supply agreement for their upcoming LNG gasification terminals in India. The Economic Times Financial: Trade & Investment October 12: Hindustan Lever, a Unilever company, is making an open offer to the minority shareholders of International Bestfoods' Indian subsidiary. This follows Unilever's global acquisition of International Bestfoods Inc. Business Standard October 12: The Carlyle Group, one of the world's largest private equity investors, is setting up operations in India to investment $100 million in technology, Internet and telecom sectors. The Carlyle group has already invested in seven new economy companies in India. The Economic Times October 12: U.S. based Unifrax Corporation (UCL), a leading global manufacturer of ceramic fiber products, is increasing its stake in Orient Cerlane from 59% to 74%. Unifrax currently holds stake in Orient Cerlane through its UK based subsidiary. The Economic Times < http://www.economictimes.com/> Information Technology October 12: The Indian government is likely to remove import duty on certain computer hardware items. Finance Minister Sinha did not agree to demands of the Information Technology Ministry for allowing free import of all computer hardware items. Financial Express Insurance and Finance October 12: Reliance, Prudential-ICICI and HDFC-Standard Life are expected to receive licenses from the Insurance Regulatory and Development Authority (IRDA) by the end of this month. While Reliance is expected to obtain a license for non-life insurance, it applied for both life and non-life sectors. Prudential-ICICI and HDFC Standard Life has only applied for life insurance. The Economic Times Political/International October 12: The Bharatiya Janata Party president told US ambassador Richard Celeste that India was committed to creating a national consensus in favor of signing the Comprehensive Test Ban Treaty (CTBT). Business Standard? < http://www.business-standard.com/> October 12: The supreme court of India criticized state governments of Karnataka and Tamil Nadu for surrendering to demands of Veerappan, an extremist who kidnapped a famous movie actor recently. The court asked the government to provide details of the meetings between both state chief ministers before agreeing to release 51 associates of Veerappan. The three-judge jury also asked whether the state governments had an alternate plan to release the 73-year old matinee idol who was kidnapped on July 30. The Indian Express < http://www.expressindia.com/ie/daily/20001012/ina12011.html> Transportation/Infrastructure October 12: The Indian government has decided to include an additional 5,694 km of existing roads in the national highway network. The national highway cover will become 57,704 km. The cost of upgrading the 5,694 km of road to NH standards would cost Rs 7,000-Rs 8,000 crore ($1.5-1.7 billion) over a period of 3 years. The Economic Times < http://www.economictimes.com/today/12infr01.htm> October 12: Ispat Energy, a captive power generation company, plans to sell 87 mw of power to private companies near its Dolvi steel complex in Raigad, Maharashtra. Financial Express ============================================================================== = The USIBC Daily News is a free service of the U.S.-India Business Council to USIBC Members and affiliates. 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