Virgin all set for fare war
New Delhi: Virgin Atlantic, which has just concluded an agreement with Air-India for the New Delhi-London route, promises fare wars in the sector. The airline’s managing director, Richard Branson, said he intends to launch the fare war soon after the airline starts its India operations  in July 2000. Mr Branson said he is will give "value for money".

The main target will be British Airways. Virgin aims to fill all its flights, for which lower fares will be a useful tactic. Mr Branson has indicated that Virgin may charge business class fares for first class and fares that will be 30 to 50 per cent lower than British Airways' fares in the economy class.
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Wagon R ready for launch
New Delhi: Maruti Udyog announced that it will launch its Wagon R in the week begining 13 December. The company wll price the vehicle around Rs 4 lakh. Announcing the Wagon R plans, Maruti Udyog mananging director Jagdish Khattar said the car will be fitted with a 1,062-cc engine. Mr Khattar also said Maruti will launch its next small car in mid-2000.
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PAL seek extension on payment of sales tax
Mumbai: Premier Automobiles has appealed to the Maharashtra state government to grant it an extension up to 30 September 2000 for payment of sales tax dues worth Rs 14.43 crore for 1995-96. With interest, the company will have to pay arrears of about Rs 25 crore.

The company has also  requested the government not to freeze its bank accounts, attach properties or initiate prosecution - so that the company may continue to run its operations and raise the revenues required to pay its dues. The company’s request is in response to an ultimatum served by the state sales tax department. The company has not been able to pay its dues despite repeated reminders, according to a report.

The company owns 106,600 sq. metres of residential land and 40,985 sq. metres of industrial space in Kurla in Mumbai, and residential space of 346,156 sq. metres and industrial space of 867,470 sq. metres in the Dombivili/Kalyan area outside Mumbai.
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Home Box Office in India
Kochi: Leading movie channel Home Box Office will be available in India from early 2000. The channel will be brought to India by Turner International India. The 24-hour channel will be broadcast via PanAmSat-4, which currently beams other channels distributed by Turner International India -- CNN International and TNT. The channel is now available in 40 countries and reaches 47 million households.
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L&T to get equity in Indian Oil power projects
Mumbai: The Indian Oil Corporation has finalised equity pattern of its two power projects at Panipat and Sawli. Larsen & Toubro has been allotted 24 per cent in both projects, and the Oil and Natural Gas Corporation will be given equity only in the Panipat project. No financial institution has been given a share in either project. The Industrial Development Bank of India is said to be keen on taking a stake.

While Indianoil and Mitsubishi of Japan will each have 26 per cent equity in the 500-megawatt Sawli project, L&T will take up 24 per cent and the Gujarat government and Bharat Heavy Electricals13 per cent and 11 per cent respectively. Indianoil and Marubeni of Japan will be allotted 26 per cent each in the 301-MW Panipat plant, L&T 24 per cent, and ONGC 20 per cent. The balance four per cent has been earmarked for Engineers India Ltd.
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Oil company officers to strike
Mumbai: Officers in 13 public sector oil companies have threatened to go on a strike if their pending pay revision is not finalised. The Oil Sector Officers Association said the issue of pay revision has been pending from January 1997 and has demoralised the entire workforce. The association had earlier deferred its agitation on assurances from the government.
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Daewoo Motor may be auctioned
Seoul: Two US automobile majors are now interested in South Korea's Daewoo Motor. Local creditors of Daewoo group, the ailing South Korean conglomerate, are likely to put the company on the international auction block.

A senior Korea Development Bank official said there is now a strong possibility of holding an auction with the termination of General Motors’ exclusive takeover talks in November. General Motors said it remains interested in talking to Daewoo Motor about a tie-up. Ford Motor has also expressed interest in exploring the possibility of an affiliation with Daewoo.

An international auction seems the best way to settle the Daewoo Motor issue, according to an official overseeing Daewoo Motor's debt rescheduling plan.
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