Warsaw: India has withdrawn new rules for scrap imports after realizing the impracticality of those rules, Ikbal Nathani of trading firm Nathani Group told a conference on Tuesday.
The regulations said imports of unshredded scrap were only permitted from suppliers who had been registered by the government via the Director General of Foreign Trade (DGFT).
“The DGFT and the customs took a bold and courageous decision to scrap the regulation altogether. This means you can freely export scrap to India,” he told the Bureau of International Recycling conference.
Sun Pharma gets US nod for Novartis drug
Mumbai: India’s top drug maker by market value, Sun Pharmaceutical Industries Ltd, said on Tuesday it had obtained approval from US authorities to market the generic form of Novartis’ Exelon capsules.
Sun said it would share 180-day exclusive marketing rights in the US for the drug as it was one of the first to file the abbreviated new drug application (ANDA) for the generic drug. “In view of the ongoing litigation with Novartis on this product, the company is evaluating all launch options,” it said.
India trying for a deal with Asean on FTA
New Delhi: India is trying to bridge differences over a free-trade agreement (FTA) with the Association of South-East Asian Nations (Asean) and “strike a deal” before the 10-nation bloc goes for a summit between 17 and 20 November. Prime Minister Manmohan Singh is likely to attend the summit.
“We have put our best offer on the table,” commerce secretary G.K. Pillai said on Monday. “However, the offer of Asean is not enough. On their side, they want us to cut duties on products such as palm oil, pepper, tea and coffee,” he said.
SpiceJet awaits govt nod to go international
Coimbatore: The country’s second largest budget carrier Spicejet Ltdis awaiting government approval to commence its international operations, a top company official said on Tuesday.
Announcing the launch of new flights from Coimbatore to Chennai, Delhi, Mumbai and Hyderabad from 25 October, SpiceJet vice-president (sales and marketing) Kamal Hingoranisaid the company was expecting approval from the Centre to start its international services from May 2008.
The company is looking at South-East Asia, South Asian Association for Regional Cooperation (Saarc) countries, Gulf and parts of China to launch its international operations.
No new guidelines for telecom licence seekers
New Delhi: The department of telecom is understood (DoT) to have dropped the idea of framing fresh guidelines for the 575 new applications seeking licences to offer telecom services.
There will be no fresh guidelines for these hopefuls on any criteria including lock-in period, raising net worth and the like, official sources said, adding the existing norms in these aspects will be applicable to them.
Canon India targets Rs800 crore revenue
New Delhi:Canon India Pvt. Ltd, the Indian arm of Canon Singapore Pte, seeks to increase its revenues from the current Rs500 crore to Rs800 crore by December 2008. The company, which grew 38% over last year, plans to grow by 50% by 2008 end.
“Entering into new verticals such as production and graphics arts space will give us a thrust in the commercial business, which today contributes 5% of our revenues. It will also push our overall growth rate from India to 50%,” said Alok Bharadwaj, vice-president at Canon India.
Spice Telecom launches eBerry in Bangalore
Mumbai: Mobile operator Spice Telecom Ltd has launched ‘Spice-eBerry’ service in Bangalore, to capture the fast expanding market of mobile phone-enabled net services. Spice said it expects 10 to 15% of its base customers to use the service in three to six months.
Spice has a customer base of about 1.3 million in Karnataka and 2.1 million in Punjab. With its new service, pre-paid and post-paid customers will be able to send or receive emails on their regular GPRS-enabled mobile phones, the company said.
Ministry streamlines rules for pvt airports
New Delhi: The civil aviation ministry has streamlined rules for operators planning to setup private airports in the country. Under the new guidelines, which will need approval from the committee on infrastructure (COI) and then the Union cabinet, an airport operator will be offered an aerodrome licence by the regulatory body Directorate General of Civil Aviation (DGCA) directly.
Currently any operator setting up a new airport has to get a Central government clearance through the civil aviation ministry, which then seeks clearances from the defence, finance and environment ministries.
Shishir seeks valuation of Bajaj holding firms
New Delhi:Shishir Bajaj, chairman of Bajaj Hindusthan Ltd, who is battling with his brother and cousins over the division of the Bajaj group companies and assets, has sought valuation of the holding companies that have cross investments in companies controlled by the two sides.
Shishir’s counsel R.A. Dada told the Company Law Board (CLB) that his client wants to assess the value of all assets that are held by Bajaj Sevashram Ltd, Jamnalal Sons Pvt. Ltd and Bachhraj and Co. Pvt. Ltd. These holding firms in turn have shares in all group companies including Bajaj Auto Ltd, Bajaj Hindusthan Ltd, Bajaj Electricals Ltd and Mukund Ltd.
Small traders target Mumbai supermarket
Mumbai: The shopfront of a D-Mart supermarket was damaged on Tuesday after a group of traders and hawkers threw stones at the store.
The traders were participating in a rally to protest against an amendment in the APMC (Agriculture Produce Market Committee) Act that allows large retailers to source directly from the farmers rather than the APMC markets.