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Plans to double trade with Latin America Infosys not to cut prices TCS, Indiaís biggest block buster LANCO opens negotiations with buyers for Karnataka power plant While MoTown is on a tailspin, the telecom sector is staging a rally Vodafone slapped with tax notice of Rs 3700 crore GMR to raise US $ 250 mn thru QIP Lanco to sell Australian acquisition Hunt for new finance secretary on... German envoy Steiner caps a language row Capital Notes How important is Modiís German visit... Trends point to a hung assembly Fox Star Studios to tie-up with Bolly-wood and Kollywood Flipkart India in the red by Rs 280 crore Kolkata kisses goodbye to Ambi? Hyundai Grand i10 awaiting launch Renault revving up small car launch Canada screams over IT outsourcing to India Jet-Etihad Rs 2000 plus crore deal to be cleared SpiceJet in the news again Automobile sector in slump... Smartphone prices may change ONGC to draw down on reserves to meet CAPEX needs Singapore Airlines prefers Airbus Wal-Mart studying FDI norms post split with Bharti Latin America beckons India for investments Urja Sangam in Delhi Aircraft lessors to get protection from defaulting airlines Airlines hit by service tax on lease Excise duty may halt the war in SUV market Carlyle invests in Trehanís Medanta Medical Centre TVS bullish on the two wheeler market? Vodafone to buy out minority shareholders
 
Capital Notes

TVS to invest Rs 110 crore in BMW

THE southern star TVS Motor Co is to invest euro 20 million (Rs 110 crore) for a tie-up with German automaker BMW AG’s motor cycle division for sourcing high-end technology for making upmarket motorcycles in India.

Under the agreement, TVS will invest in making vehicles under the 500 CC categories where the  development costs would be borne by BMW. “We have decided to marry our capabilities for manufacturing products for mass consumption while leveraging the strengths of our partner BMW,” said Venu Srinivasan, MD of TVS Motor,

The vehicles are to be made in two categories – one for TVS and one for BMW. They will be sold through their individual dealership networks. They will also be exported separately. 2015 has been set as the launch date for the products being jointly manufactured by TVS Motor and BMW. It will be a good marriage of the frugal engineering expertise of TVS with the tech- strength of the German company.

India to bail  out Iran ship industry

THE Shipping Corporation of India (SCI) is to take possession of about six ships owned by the Irano Hindi Shipping Company to help Iran escape sanctions from the western world. The joint venture was wound up some time ago.

The JV between Iran and India’s liners was wound up following a proposal by the Iranian government after western sanctions against it made it difficult for the venture to secure any new business. All the six ships that SCI gets from Iran will be registered in India and will fly the Indian national flag.

While Iran had a 51 per cent controlling stake in the JV, India had a 49 per cent stake and the former had been desirous of breaking the partnership as early as July last year. Shipping Ministry sources claimed that the net worth of the company was about US $ 75 million against outstanding loans of US $ 80 million.

Since no banking institution was willing to stick its neck out for saving the deal, SCI has taken the risk of underwriting the loans from its own funds while getting the vessels as re-compensation from Iran out of the joint venture.

Air India to resume flying Dreamliner

AIR INDIA, which grounded the entire fleet of its prestigious 787 Dreamliner aircraft acquired from Boeing, USA for a suspected battery component problem detected worldwide by many airlines, will resume flying the new airliners by May this year.

This follows Boeing’s clearance of an air worthiness certificate for a new battery system by the US regulator Federal Aviation Administration (FAA) on 5 April. In January this year, Air India had grounded all its six Dreamliner’s following an order by the country’s civil aviation regulator, Directorate General of Civil Aviation (DGCA).

The plane was first pulled out of flight in Japan in January middle when one of their aircraft made an emergency landing following a battery error signalled by one of the instrumentation panels.

New US rule to hit Indian IT companies

WITH US senators pushing for new immigration norms, India’s top IT companies doing major business in USA such as TCS and Infosys might feel the blow. The new law may lead to both IT companies pulling out their IT professionals from the shores of the US working on H1B visas/work permits. This visa has served as the company’s major business models in the US which might now stand disrupted.

NASSCOM, which represented India’s US $ 108 billion IT industry, feels the new immigration bill could have a very harsh impact on IT sector and its customers in the US.

According to Som Mittal, NASSCOM President, “the mobility of skilled manpower across borders does not constitute an immigration issue at all. It’s more a trade related issue. This now becomes a new form of non-tariff trade barrier. This has to be sorted by the two governments across the table.” 

More than Indian labour, US companies will be affected badly as they are outsourcing so much work to Indian companies.



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