Modi group cellular companies to recast debt
Calcutta: The BK Modi group cellular companies, SpiceCell Ltd and Spice Communications, are understood to have started a crucial financial restructuring programme, which entails arranging combined debts of $280 million.

The companies, which provide service in Calcutta, Karnataka and Punjab are looking at arranging long-term debts of around $250-260 million for Spice Communications and $15-20 million for SpiceCell. Spice is poised for an increase in its customer base to over 300,000 nationally by the year-end and over 700,000 in the next three years.
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TEC and Total to review LNG project
Mumbai: Following sudden fluctuations in LNG prices, Tata Electric Companies (TEC) and Total of France are reportedly taking a relook at whether to go ahead with a proposed Rs 2,660- crore liquefied natural gas project. The project is the largest standalone LNG project announced so far.

The promoters are understood to be carrying on a detailed study on the economic viability of the project, which is to be completed within a month. Based on this, they are likely to take a decision on whether to go ahead with the project. The two promoters had also roped in Gas Authority of India as a third partner in the project.

According to officials from TEC, almost all the LNG projects in the country are undertaking this exercise and that in present market conditions it may not be viable for anyone to take up such ventures.
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IDBI plans to take minority stake in BPL Communications
Mumbai: India’s leading financial institution, IDBI, has expressed its willingness to pick up a minority equity stake in BPL Communications, the holding company for the BPL group’s cellular ventures in the country.

According to sources, while IDBI is understood to have sent feelers to BPL, the company management is yet to take a formal decision on the issue.

BPL Mobile currently offers cellular services in the Mumbai metro circle, while BPL Cellular operates in Maharashtra, Tamil Nadu, Kerala, Pondicherry and Goa with a combined subscriber base of more than four lakh.

The BPL group currently holds 60 per cent of the equity in BPL Communications, while other domestic and foreign and financial institutions hold the remaining 40 per cent. Recently, the TVG group of Hong Kong had expressed its desire to sell a part of its holding in BPL Communications, and the management may allow IDBI to pick the stake.
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Fortis Healthcare ties up with US hospitals
New Delhi: Fortis Healthcare Ltd, a company promoted by late Dr Parvinder Singh of Ranbaxy, has entered into an international scientific affiliation with leading hospital in the US for implementing modern medical systems at its Fortis Heart Institute coming up in Mohali, Chandigarh.

The affiliation, with such institutions like Partners Healthcare Systems (PHS), The Massachusetts General Hospital (MGH) and The Brigham and Woman's Hospital (BWH), will cover areas like patient care, educational and medical research initiatives.

Besides resulting in mutual referrals of cardiac patients for treatment, the collaboration also calls for transfer of clinical protocols and procedures related to cardiac, quality assurance, training of hospital personnel, criteria for accreditation in accordance with the US hospital standards. It will also involve an exchange and updates on cardiac care, hospital processes, technology and postgraduate educational exchange.

According to the chairman of Fortis, the partnership is to bring in over 150 years of rich and varied experience across specialties and super-specialties, high quality standards and patient care, state-of-the-art medical technology and superior hospital management systems. All of this, according to him, will help in developing the Fortis Heart Institute as a "centre of excellence" benchmarked against the best international medical systems.
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L&T food unit to tie-up with New Zealand firm
Chennai: In an arrangement that will help it gain access to technical expertise in food processing, the food business unit of Larsen & Toubro Ltd (L&T) is planning to have a strategic alliance with New Zealand-based Fletcher Construction Company Ltd. The agreement will offer fully-integrated food projects to Indian clients.

The arrangement will offer a range of services for our clients right from conducting feasibility studies till commissioning of the facility, which includes project facilitation, supply of plant and machinery for the purpose and also training the workforce to operate the facility.

Currently, the company is negotiating with some companies in Gujarat for setting up a cold chain facility in the state.
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Data Inc moves to stop Polaris from stealing customers
New Delhi: In what is clearly getting to be a very murky affiar, Data Inc, the new-Jersey based company that filed a lawsuit against Polaris for backing out of an acquisition deal, has decided to seek injunction from the court preventing Polaris from doing business with its clients in India and abroad.

Clients of Data Inc include Chase Manhattan Bank, Union Bank of Switzerland, Depository Trust Company, Deutsche Bank, Merrill Lynch, Goldman Sachs, New York Life, Prudential, ICOR Brokerage, Johnson and Johnson, Merck, Hoechst (Aventis), Warner Lambert (Pfizer), United Parcel Service, BMW, Henkel, Bell Atlantic.

Data Inc has already announced plans to modify its lawsuit and seek $63 million punitive charges and $ 50 million defamation charges in addition to the $21 million compensatory damages as filed in the lawsuit.
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Reliance enters metcoke market with a bang
Calcutta: Reliance Petroleum, which manufactures metallurgical coke as a by-product in its refinery, has entered the metcoke market with a bang. Within two months of test marketing its raw petroleum coke (RPC), a by-product from its refinery, the product is proving to be a major competition for both imported variety of low ash Chinese metcoke and CIL’s coke.

Reliance is apparently already selling more than 2,000 tonnes of RPC to consumers of metcoke in Gujarat, Maharashtra and Rajasthan, mainly to cement grinding units. Priced at Rs 1,200 per tonne, which is almost a fourth of the landed price of Chinese metcoke and a third of CIL’s high ash coke, the Reliance product is turning out to be a favourite among coke consumers since it produces more energy than the metcokes.

Also, cement producers are saving on gypsum consumption as the use of RPC virtually eliminates the drying process. Metcoke consumers are mixing Reliance’s RPC with lignite as a cheaper and better substitute for the imported grades of metcoke. However, due to high sulphur content, RPC is not yet ready to hit the high-end markets.
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