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NASSCOM: TCS tops software exporters` list
New Delhi: Tata Consultancy Services, Infosys Technologies and Wipro Technologies have emerged market leaders in information technology software and services exports in 2004-05 (April-March), a National Association of Software and Services Companies (NASSCOM) report has said.

Tata Consultancy Services topped the list of software and IT service exporters, clocking revenues of Rs7,449 crore, followed by Infosys at Rs6,806 crore and Wipro at Rs5,426 crore, the report said.

According to the report, Indian IT companies' software exports were at $12 billion 2004-05, up from $9.2 billion in 2003-04, indicating a growth of 30.4 per cent.
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IndiGo: New budget airline to buy 100 Airbus A320s
Mumbai: InterGlobe Enterprises Ltd, a player in travel and related management services, has announced its plans to launch IndiGo, a nation-wide low-cost airline venture. IndiGo has committed for 100 A320 aircraft with Airbus. Although Airbus did not reveal the agreed price, as per the catalogue value of the planes, the deal will be in the region of $6bn.

The venture is being jointly promoted by InterGlobe Enterprises and Rakesh Gangwal, globally recognized for his management skills and expertise in the airline industry.

Established in 1989, InterGlobe Enterprises has a significant presence in the fields of aviation management, travel related services, travel technology, travel distribution services and hotel development & management services.

Rakesh Gangwal has been associated with the travel industry since 1980. In his aviation career spanning over two decades, he has worked with United Airlines, Air France and US Airways in senior management positions.
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Govt. approves SAIL-IISCO merger
New Delhi: The government has given its nod to merge the Indian Iron and Steel Company with the parent Steel Authority of India (SAIL). A mandatory approval from the BIFR will now only be a formality.

"With SAIL's financial and managerial capabilities and availability of potential with IISCO mines, collieries, large infrastructural facilities and good work culture, there would be greater synergy for capacity expansion and technological upgradation of the plant," said Finance Minister P Chidambaram.

SAIL's fourth quarter net ending March 2005 jumped 164 per cent to Rs2,678 crore from Rs1014.28 crore during the corresponding period in the previous fiscal. IISCO after being in the red for years made a provisional profit of Rs40 crore during 2004-05.

But till March 2004, IISCO had an accumulated loss of Rs954.57 crore and a negative net worth of Rs620 crore.

IISCO as a company went sick way back in 1994.
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ACC lines up Rs.500 crore capex plans for fiscal
Mumbai: The Holcim-controlled ACC has chalked out a capex plan of close to Rs500 crore for the current fiscal.

The cement major, in which the Swiss cement and building materials giant now have 34.7 per cent stake, has decided to pump in around Rs170 crore in its cement manufacturing facility at Lakheri in Rajasthan, where the capacity would be augmented from 0.6m tonne to 1.5m tonne. Besides, the company is putting in around Rs100 crore at the same facility for a 25 MW captive power unit.

ACC is close to completing its modernisation project at Chaibasa in Jharkhand, which would include a clinkerisation unit with a capacity of 1.3m tonnes and installation of a 15 MW captive power plant.

Besides, the company is also expanding its grinding capacity at Gagal in Himachal Pradesh. Following the expansion, the company's total installed capacity would stand increased to 20.6m tonnes.

Last year, ACC had spent around Rs600 crore on capex, but a large part of it - aggregating to Rs238 crore - went towards buying out Tata Power's generation units with a total capacity of 75 MW at ACC's manufacturing facility at Wadi in Karnataka.

ACC has reported a hefty 89 per cent jump in net profit for the last fiscal to Rs378.4 crore. Free cash flow during the last fiscal aggregated to around Rs500 crore. The company has a net worth of Rs1,600 crore.

Holcim, the world's second largest cement manufacturer, has a total cement capacity of 154m tonnes worldwide. ACC, the second largest Indian player, has a cement capacity of 18m tonnes.
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TCS bags Central Bank's core banking solutions project
Mumbai: Tata Consultancy Services Ltd (TCS) has bagged the core banking solutions (CBS) project from the Central Bank of India (CBI) for implementing the FNS CBS product in over 1000 branches over the next five years.

According to CBI officials, the total value of the CBS contract is Rs150 crore, which also includes the hardware costs, connectivity costs and other implementation costs and scaling the solutions to about 1367 locations in the next five years.

TCS is already implementing one of the largest CBS projects in the world in another large PSU, State Bank of India, which will cover over 13,000 branches of SBI and its affiliates over the next few years.

TCS would be responsible for system integration, including networking and data centre set up. Under the rapid implementation programme, the first branch of CBI in Mumbai has already gone live within a record time of ten weeks, the fastest implementation of any CBS in India.
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Tata Indicom package delivers handset for Rs.499
New Delhi: Tata Indicom is now offering a CDMA handset, a connection, and free talk time worth Rs1,500 all for a one-time payment of Rs1,999. The package effectively offers a mobile handset for Rs499.

Chinese company Huawei will exclusively manufacture the handset, dubbed the Indicom Gem.

The move comes weeks after Reliance Infocomm launched a package offering a LG handset and free talk time worth Rs1,000 for an upfront payment of Rs1,999.

Motorola has also launched a GSM handset for Rs1,500.

The free talk time can only be used to make local calls to another Tata Indicom subscriber, though. For calls made to subscribers belonging to other operators, the existing airtime rates being offered by Tata Indicom will apply.

Indicom Gem is a compact handset that fits into the palm, and weighs just 70 gm.

It is an entry-level mobile phone that comes equipped with polyphonic ringtones, group SMS, and a large capacity phonebook. It is also T-SIM enabled, thus providing additional memory for phone book and SMS.

Initially, Indicom Gem will be available in Delhi and Maharashtra.
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McDowell cuts SWC debt by Rs.460 crore
Mumbai: McDowell & Company has said that it has commenced the process of debt reduction following the financial closure of the Shaw Wallace and Co (SWC) acquisition.

The overall debt of Rs1,545 crore, which is the acquisition cost of SWC, will be reduced by about Rs460 crore. A part of the proceeds from the sale of non-spirits assets of SWC has been used towards reduction of the acquisition cost.

The company also informed that SWC will own 95 per cent of Shaw Wallace Distilleries Ltd, which is the principal operating company for the spirits business of SWC.

"In keeping with the UB Group's commitment to reorganise businesses in the best interests of all stakeholders the present move to bring Primo Distributors under SWC will enable minority shareholders to fully participate in the business of Shaw Wallace Distilleries Ltd," a release said.
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TotalFinaElf to double market share by 2010
Mumbai: TotalFinaElf India Ltd, a wholly owned unit of France's Total S.A., said it plans to double its market share in the domestic lubricants market by 2010.

The company has announced a business strategy for India, which entails strengthening of distributor network, increasing investment in brand image, expanding relationship with fuel and gas stations and growing exports of selective products to Asian countries.

The company currently has a 10 per cent share in the lubricants market.

The company also announced its agreement with Reliance to sell its automotive lubricants from Reliance fuel stations across the country. This alliance will further lead to an increase in market penetration for Elf through about 2,000 Reliance outlets by 2006.

In India, Total is participating in the Hazira LNG Terminal and Port. It is also partnering with HPCL to set up an LPG underground storage facility. This is a 50:50 joint venture and will open in early 2007.
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Business briefs: JVS Exports, Kingfisher, Air Sahara, Mahindra & Mahindra, REVA Motors, Kinetic Motor
JVS Exports wins Wal-Mart top award
Madurai-based JVS Exports has said that it has been recognised as the 'International Supplier for 2004' by US retail giant Wal-Mart.

JVS Export is a manufacturer of kitchen textiles, a company statement said in New Delhi.

Kingfisher leases Airbus planes
Singapore Aircraft Enterprise Leasing has said that it has finalized an agreement to purchase three Airbus A319s that will be leased to India's Kingfisher Airlines.

The company, an affiliate of Singapore Airlines, said in a statement that the three new planes will be delivered by Airbus from December 2005. Financial terms were not disclosed.

Kingfisher, the country's latest budget carrier, began flying in May.

Sahara to start Delhi-London flights
Air Sahara has announced its plans to fly daily services between Delhi and London from September-October this year and will operate two Boeing-777s on this route. Th announcement follows the signing of an agreement for dry-leasing two 777-200 ER (Extended Range) aircraft from US-based leasing company ILFC at the Paris Air Show yesterday.

The lease is valid for eight years, an Air Sahara spokesperson said in New Delhi.

M&M to produce Logan at Nashik
Mahindra & Mahindra Ltd (M&M), which has a 51:49 joint venture with French auto major Renault, has announced that it will produce Renault's `Logan,' an entry-level C segment car, at its Nashik facility.

A Rs550-crore MoU was signed between the Maharashtra Government and M&M to this effect. After the Skoda plant in Aurangabad, this is the second major auto investment in Maharashtra in the last four years.

By 2007, the manufacturing will start at the facility and it will produce about 50,000 cars a year.

Reva to raise $15 mn towards expansion
Reva Motors hopes to raise $15 million this year for its expansion plans, which includes strengthening distribution network to 10 more cities, stepping up exports and achieving full manufacturing capacity of its electric passenger vehicle.

The company, which launched its vehicle four years ago, has already invested Rs100 crore. The company plans to scale up to full capacity utilisation of 6,000 cars per year in about two years.

Reva Motors hopes to achieve a production of 1,500 cars this year.

Kinetic Motor to restructure group
The Kinetic Motor Company (KMC) plans to restructure its entire group in another couple of years and expects to post revenues of over Rs1,000 crore in three years.

KMC is expected to turnaround during this financial year as it expects good sales of its newly launched Italjet range of scooters. It expects to sell at least 50,000 units. During the next two years, sales are expected to cross the 2-lakh mark.

The combined group turnover is around Rs250 crore and in another three years, it is expected to climb to over Rs1,000 crore.
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