Volvo India to explore medium, LCV segments
Mumbai: Volvo India, subsidiary of the $15-billion Swedish commercial vehicle giant, is planning to enter new segments, possibly in medium and light commercial vehicles sector, following slack demand in the heavy vehicles segment.

The company is reported to be working on entering into new segments, mainly in short haul transportation systems, such as tractor-trailers. Presently, Volvo India has two main versions in the tractor-trailer segment — SH 12 and SM 7, while its multi-axle vehicle Tipper is suited for efficient long-haul transportation.

Volvo is targeting sectors like cement, steel, mining and export containerisation, which involve intensive short distance transportation. Industry analysts say that tractor-trailers are expected to sell higher volumes in the years ahead, as it can carry almost twice the volume as a three-axle rigid truck thereby enjoying a higher tonnage per litre, per trip.
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Asahi India to set up second manufacturing unit
Chennai: Asahi India Safety Glass, the largest manufacturer of automotive safety glass, is planning to set up yet another state-of-the-art manufacturing facility near Chennai. The company already has one such plant in operation at Rewari, Haryana.

The proposed new plant would cater to the growing requirements of Asahi India’s southern customers including Ford, Hyundai, Toyota and the Mitsubishi Lancer project of Hindustan Motors. Asahi India is the sole supplier of safety glass to these major car manufacturers and supplies are currently met from the Rewari plant.

The new plant, being close to the Chennai port, would also cater to Asahi India’s increasing exports, especially of laminated shields.
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ONGC to develop Iraq’s Abu Khema oil fields
Mumbai: The Oil & Natural Gas Corporation (ONGC) will invest Rs 400 crore for exploration and development of 'Abu Khema' oil fields in Iraq starting early next year. A contract for exploration of the blocks for crude oil for a period of 20-25 years has been recently signed between ONGC subsidiary and the Oil Exploration Company of Iraq.

Abu Khema oil fields (block No 8) will have a capacity to produce up to three lakh barrels of crude per day, equivalent to that produced by ONGC's prime property Mumbai High.
ONGC's overseas subsidiary ONGC Videsh will execute the project, which it had prospected some 15 years ago but abandoned after the outbreak of Iran-Iraq war.

The ONGC has also tied up with Reliance Industries and Sonatrach, an Algerian national oil company for securing the Tuba oil field in southern Iraq. Tuba, discovered in 1959, lies in southern Iraq between Rumaila and Zubair oil fields and could yield as much as 300,000 barrels per day of oil of medium and heavy crude. The Tuba project expected to cost over $500-600 million.
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RK Hospitality to launch 3 UK food brands
Mumbai: Radha Krishna Hospitality Services Ltd. (RKHSL), a food and allied services company catering mainly to institutional market segments is introducing three UK-based branded outlets in the Indian market in India. The three brands include Ritazza (a coffee bar), Uppercrust (for sandwiches and light dining) and Not Just Doughnuts (for desserts) in India.

All three brands belong to pound 7-billion Compass Granada Group of UK, which, amongst other brands, owns and manages the well-known Forte group of Hotels. RKHS hopes to have these branded foods and beverage outlets dotting shopping malls, multiplexes, entertainment centres as well as in cafeterias of Indian corporate offices.

Plans are being firmed up to have 25 Ritazza cafes over the next one year in leading metros across the country. A mini cafe, Ritazza, was launched recently at the new outlet of Shoppers’ Stop in Mumbai and a second one is be launched at the offices of Tata Consultancy Services (TCS) soon. Ritazza is at present spread across 18 countries in Europe and Asia and has over 1,000 outlets.
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Thapars raise stake in Ballarpur Packaging
New Delhi: The Thapars have increased their stake in the group company- Ballarpur Industrial Packaging, from 51 per cent to 82 per cent. Ballarpur Industrial Packaging, earlier known as Servall, a Coimbatore-based loss-making company, was taken over by the Thapars some time back.

At that time of acquisition, the Thapars had taken a 51 per cent stake in the company, held by Lalit Mohan Thapar-controlled APR Ltd., a former pulp producing company, which has now been made the holding company for all paper businesses of the Lalit Mohan Thapar group.

The increase in stake took has taken effect with transfer of some assets from APR Ltd. to Bilt Industrial Packaging. Earlier, Thapars had decided to bring their industrial paper business, then under two companies -- APR Packaging and Ballarpur Industrial Packaging -- into one company. APR Packaging a former Bilt division, was thus, spun off as a 100 per cent APR subsidiary and was given equity in Ballarpur Industrial Packaging.
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Accor interested in taking over Great Eastern Hotel
Calcutta: The Bangkok-based Accor Asia Pacific, part of the the French hospitality giant has shown interest in taking over Great Eastern Hotel. A team of senior executives from the group is expected to shortly meet the West Bengal government to work out the modalities of the agreement. A memorandum of understanding (MoU), signaling the finalisation of the deal could be signed by early January.

Accor is believed to have offered to invest Rs 100 crore to develop Great Eastern as a heritage five-star hotel. The government will hand over the lease of the hotel for an initial period of 30 years. The French firm has said that it will spend Rs 15 crore on a separation package for the hotel’s 500 employees.

Accor is currently working on the draft of the memorandum and its Delhi office has communicated to the West Bengal government that it would try to submit it within the stipulated time. The West Bengal government is keen to close the deal by March 31 next year.
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