Bangalore: The local unit of the Trade Union Coordination Centre (TUCC) claimed production of vehicles at the Toyota Kirloskar Motor Ltd factory was hit for a day after a snap strike by employees of the firm’s logistic provider.
Around 1,300 workers and drivers of Transystem Logistics International Ltd (Transystem) the logistics provider, went on a snap strike on Monday, following an accident that killed an employee on the city outskirts the night before.
Denying the claim by the union, a Toyota spokesman said there was no disruption in production. “Production resumed (Tuesday) from the second shift. They paid compensation after the (employee) protests,” said G.R. Shivashankar, president of TUCC.
Air India pays advance of $214 mn for 8 aircraft
New Delhi: State-owned National Aviation Co. of India Ltd (Nacil) that runs Air India has signed a pre-delivery finance loan facility or an advance payment of $214 million (Rs907 crore) for eight wide-body aircraft that it will induct by 2010.
The transaction arranged through Royal Bank of Scotland Group Plc., Deutsche Bank AG together with ING Bank and Natixis Transport Finance, was sealed last month in London, the company said in a statement. “The facility will be repaid from the delivery financing to be concluded for the aircraft,” it added.
Air India is inducting another 73 aircraft over the next four years from Airbus SAS and Boeing Co. as part of its 111 aircraft order in 2005. A Staff Writer
Hyundai arm to enter power generation biz
Hyderabad: Korean diversified conglomerate Hyundai Heavy Industries Ltd (HHI) plans to set up a facility in India to produce power generation equipment, said Ki Young Kong, director-sales and marketing of Hyundai Construction.
HHI, through its Indian subsidiary, Hyundai Construction Equipment India Ltd, has already invested Rs300 crore setting up a facility near Pune to produce construction equipment, mainly excavators and plans to “invest another Rs700 crore in our Indian operations in the next two-three years, mainly to take up production of power generation equipment among others,” he added. A Staff Writer
Apollo Health’s CEO Ratan Jalan gets bail
Hyderabad: Chief executive of Apollo Health and Life Style LtdRatan Jalan, who was arrested in Hyderabad on Monday afternoon following a non-bailable arrest warrant issued by the Uttar Pradesh police, was released on bail on Tuesday.
Jalan has been charged with cheating and criminal breach of trust according to V. Ramakrishnaih, assistant commissioner of police, Banjara Hills, Hyderabad, under whose jurisdiction Apollo Hospitals is located.
UP officials produced the Apollo chief executive before Nampally, Hyderabad chief metropolitan magistrate, where Jalan was granted bail.
The warrant was issued following a complainant by Maneesh Kumar, promoter of Aligarh, UP-based Rex Healthcare India Pvt. Ltd, who claimed that Apollo agreed to a franchisee agreement on payment of Rs22 lakh but has failed to live up to the agreement. According to a Apollo spokesperson, the fee is non-refundable, even in the event of termination of agreement and Rex Healthcare, which had applied for the franchisee and paid for it, never opened a clinic as agreed. Lison Joseph
Recast Sebi board to hold meeting today
Mumbai: Capital market regulator Securities and Exchange Board of India, or Sebi, will hold its board meeting on Wednesday in Mumbai, its first after two new whole-time directors — M.S. Sahoo and K.M. Abraham — joined its board in July.
The board is likely to discuss certain critical issues on primary market reforms. Besides, market sources say, curbs on participatory notes imposed last year and the securities lending and borrowing mechanism, introduced in April, may also come up for discussion. Market participants also expect the regulator to clear applications of exchanges that have applied to set up platform for trading currency futures. A panel, jointly set up by Sebi and banking regulator, is scrutinizing the applications. After the board meeting, Sebi chairman C.B. Bhave will address the press at its headquarters in Bandra Kurla Complex in Mumbai. Khushboo Narayan
NSE gets Sebi nod for currency futures trading
Mumbai: The National Stock Exchange (NSE) has received capital market regulator Securities Exchange Board of India’s (Sebi) nod for trading in currency futures, according to a source familiar with the development.
Sebi has not made any announcement on this as yet and it is not known whether India’s oldest stock exchange, Bombay Stock Exchange, and the Multi Commodity Exchange, two other contenders for setting up the currency futures trading platform, have got the regulator’s nod or not. NSE is likely to make an announcement soon.
The Reserve Bank of India and Sebi released the guidelines for such trading on 6 August. Under the guidelines, the membership of the currency futures market should be separate from that of the equity derivatives segment and only US dollar-rupee contracts with a size of $1,000 each will be allowed for trading.
The membership of the currency futures market of an exchange will be separate from the membership of the equity derivatives segment or the cash segment. Anup Roy