Mercedes-Benz ties-up with ICICI Bank for easy financing
New Delhi: DaimlerChrysler, owner of the Mercedes brand, is offering 'Star Extend', a scheme of extended loans up to seven years making EMIs more affordable.

According to a statement from the company a standard E class Mercedes-Benz (ex-Delhi) will now command an EMI of Rs45,000 while, its C class version will be available at an EMI of Rs30,000. The new scheme will be available across the country immediately.

Star Extend comes as a sequel to star choice a financing scheme where 40 per cent of the principal can be repaid as the last installment of the loan.
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Eveready launches new rechargeable batteries
Chennai: Eveready Industries India has launched a series of rechargeable batteries, which it claims are three times more powerful than a normal battery.

The company has also introduced a state-of-the-art 'Quick Charger' for recharging the batteries.

The company has imported the new range of batteries from South Asia and can be recharged up to 1,000 times. These are suitable for use in digital cameras, portable CD, MP3, DVD players and remote-controlled toys.

According to the company with the new launches its batteries business is expected to grow by about 8-10 per cent during next fiscal, much above the industry average.

The digital camera market, which grew by over 110 per cent last year, is expected to boost the demand for the new range of batteries in the coming years.
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Schneider Electric to expand operations in India
New Delhi: French electrical distribution products and automation and control company Schneider Electric is planning to ramp-up its Indian subsidiary in order to triple turnover by '09.

The revamp includes expansion in both manufacturing activities and its R&D centre. The company says it has identified India as part of four BRIC countries identified for future growth, that also include China, Brazil and Russia.

Schneider's three-year strategy unveiled early this year envisions double the share of business from Asia by 2008.

To achieve this the company is planning capacity expansion for its manufacturing plants in India at Nashik, Chennai and Baroda and increased activity at its global R&D centre at Bangalore.
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MTNL notice to Reliance stayed
New Delhi: The Delhi High Court has stayed the disconnection notice by state-owned MTNL to Reliance over the issue of avoidance of levies by illegal routing of international calls.

The stay order was passed after Reliance agreed to pay an additional Rs125 crore of the total demand of over Rs341 core by MTNL.

The disconnection has been stayed till May 9 and the private telecom company has to pay the amount within four weeks.

Reliance has already paid about Rs110 crore to MTNL and payment of the additional Rs125 crore would constitute about 69 per cent of the total demand, Reliance's counsel Mukul Rohatgi said.
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DoT issues show cause notice to Tata Teleservices
New Delhi: The Department of Telecom has asked Tata Teleservices to show cause as to why the company's licence should not be cancelled for violating the licence conditions while offering its Push-to-Talk (PTT)services.

Tatas launched PTT services three months ago allowing subscribers to talk anywhere on its network for Rs99 a month. The government has sought an explanation for the violation of licence conditions even though the company has stopped offering PTT services.

DoT had sought clarifications from the private operator on various issues including the numbering plan followed by Tatas while offering PTT and its compliance to Interconnect User Charge (IUC) which includes payment of levies like Access Deficit Charge for STD calls.
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Low cost Magic slated for take-off
Yet another low cost airline, Magic Airlines, is slated to takeoff. Promoted by public relations consultant, Nira Radia, Magic Airlines has applied to the government for a no-objection certificate to start a no-frills domestic airline. The company will invest over $40 million (Rs175 crore approximately) in the venture.

Starting with a fleet of 10 aircraft, Magic Airlines is expected to start flying next winter. It is already negotiating with both Airbus and Boeing to lease and buy these aircraft.

Radia is the promoter of public relations firm Vaishnavi, which handles all Tata group accounts.

Magic Airlines has entered the Indian market at a time when a number of low-cost carriers have announced plans to start operations in the country and according to the Centre for Asia Pacific Avaition (CAPA), at least 10 new airlines are expected to start services in the country in the next 18 and 24 months.
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Hyundai launches no-frills under Rs3-lakh Santro
Chennai: Hyundai Motor India is offering a Santro Xing for a little over Rs2.72 lakh (ex-showroom Chennai). Through this "limited period offer", the company has started pushing a stripped-down version Santro Xing X, minus air-conditioning and power steering.

The company says the model is always there on order and the present move is to spread the message to people.

Under the present offer, the on-road price for this 'Santro Xing X' works out to Rs3.03 lakh and with the insurance being free, the price comes down to down to Rs2.93 lakh.
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Air Sahara global operations to start by April
New Delhi: Air Sahara has announced it plans to launch its international operations between April and July this year. The airline is also changing its colours to orange, white, green and blue from March 11.

Air Sahara has recently been allowed to operate to South-east Asia and UK, and is looking at A-acquiring 330 and A-340 from Airbus Industrie and B-777s from Boeing Company for its long-haul operations.

Air Sahara has inducted a new Boeing 737-400 and was expecting to acquire five more aircraft in the next two months.
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Merck plans to set up 100 per cent subsidiary in India
Mumbai: Merck KgaA, German drug company, is planning to set up a 100 per cent subsidiary in India.

In a statement to the BSE, Merck KGaA's wholly-owned subsidiary Merck Holding Gmbh has submitted an application to the Foreign Investment Promotion Board (FIPB) to set up a subsidiary in the country.

Merck KGaA, Germany, through affiliates holds 51 per cent of the share capital of Merck in India.

According to company officials at Merck, the wholly-owned subsidiary will be called Merck Specialities and is likely to be used as a vehicle for the launch of newer products from the parent company's product portfolio.

The company's activities in the pharmaceuticals business comprise prescription ethical drugs, primarily patent-protected.
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Promoters up stake in Ranbaxy Labs
New Delhi: Malvinder Mohan Singh and Shivinder Mohan Singh, who are promoters of Ranbaxy Laboratories have acquired another 2 per cent in the company, increasing their stake in the company to 25.59 per cent.

The company in a communiqué to the NSE said that Ranbaxy Holding Company acquired 37,19,676 shares during June 25, 2004 to March 4, 2005.
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Glenmark Laboratories merges operations with Tasc Pharma
Mumbai: Glenmark Laboratories and Tasc Pharmaceuticals have merged operations to form a combined entity valued at Rs1,200 crore. Having a presence in pharmaceuticals and biologicals, the merged entity would be present both in the bulk drug and the finished dosage form segments, he said.

The amalgamation process including court approvals, is expected to be completed in about two months. The name of the merged entity would be decided in another two weeks..

The promoters would hold 63 per cent equity in the combined entity, of which Mark Saldanha managing director of Glenmark Laboratories would hold 53 per cent. Institutional investors would hold 15 per cent and the rest would be by the public.

The swap ratio for the merger, subject to approvals from both the boards, is 1.8:1 or the shareholders of Glenmark Labs will get 1.8 shares of Tasc for every share they hold in Glenmark Labs.

Post-amalgamation, the entity is projected to have a turnover of Rs590 crore for the fiscal 2005-06.
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IBM servers have highest market in India: IDC
New Delhi: IBM sells the highest number of servers in the Indian market according to data IDC's Asia / Pacific Quarterly Enterprise Server Tracker, Q4 2004 with a 30.5 per cent share of the market in 2004.

IBM registered 18.5 per cent compounded annual growth rate in domestic market and 25.3 per cent growth in exports.

IBM India expects to achieve revenues of Rs2,47,000 crore by 2008 in India.

IBM has over 30,000 patents and provides a range of servers and storage products.
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