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Need to know | Mitsubishi to sell its Outlander in India

Need to know | Mitsubishi to sell its Outlander in India

Tokyo: Japan’s sixth largest auto maker, Mitsubishi Motors Corp., introduced the Outlander sport-utility vehicle (SUV) in India, where economic growth is lifting demand for cars and SUVs.

Mitsubishi’s Indian partner Hindustan Motors Ltd will build the model, the auto maker said in a statement on Friday. Mitsubishi aims to sell 600 Outlanders in the year ending 31 March. The vehicle went on sale on Friday. Mitsubishi now sells the Montero and Pajero SUVS and the Lancer sedan in the country.



Bengal airport project set to get delayed

New Delhi: The development of a new passenger airport in the Durgapur-Asansol region of Bardhaman district in West Bengal is likely to get delayed further with the civil aviation ministry forming a new committee to look into the project feasibility after objections were raised by the Indian Air Force and other government agencies concerned.

A civil aviation ministry official, who did not wished to be quoted, said Indian Air Force has opposed the idea of having the Durgapur airport at the site it is being proposed to be constructed because of its proximity to a defence airfield close by which clashes with the new runway alignment of the proposed civilian airport.

To be developed by Bengal Aerotropolis Projects Ltd (BAPL), a company promoted by Pragati Social Infrastructure and Development Ltd, Lend Lease Company (India) Ltd, Citystar Infrastructures Ltd and Pragati 47 Development Ltd, the airport is part of a large aertorpolis or a city around an airport.

Another airport project, at Dabra near Gwalior in Madhya Pradesh, that was proposed for similar clearances on Friday will also be studied further before any approvals are granted.

—Tarun Shukla


OIL’s import bill to reach $40 bn, chairman says

Mumbai: The nation’s biggest refiner, Indian Oil Corp. Ltd, on Friday said it will spend $40 billion (Rs1.87 trillion) this year to import crude oil, up from $34 billion in the previous year.

The refiner will buy as much as 47 million tonnes (mt) this year, up from 40mt last year, chairman Sarthak Behuria said in New Delhi.

V. Narasimhan, firm’s director of finance said the company may incur a loss in the second quarter after selling fuels below cost while crude oil rose.


Work on nuclear energy projects to start in 2009

Mumbai: The government aims to start final negotiations next week with General Electric Co., Areva SA and Westinghouse Electric Co. on building reactors as early as next year, after the US approval of a nuclear accord with the South Asian nation.

“The dream is to start work next year," said S.K. Jain, chairman of state-owned Nuclear Power Corp. of India Ltd, the nation’s monopoly atomic energy utility, in a telephone interview on Friday. “But there’s a full set of procedures to be followed after the companies agree."



MCX to launch rupee futures on 6 October

Mumbai: The country’s Multi Commodity Exchange of India Ltd (MCX) will launch exchange-traded rupee futures on 6 October, according to an invitation from the exchange.

The Bombay Stock Exchange launched its own platform of futures trading on 1 October after the National Stock Exchange kicked off trading in end-August.

The rupee fell 1% to 47.085 per dollar, the lowest since June 2003, at close in Mumbai trading. The currency lost 1.15% this week.



Jubilant, Eli Lilly form drug development JV

New Delhi: Jubilant Organosys Ltd and Eli Lilly and Co. are setting up a drug development joint venture (JV) that will start operations later this year.

The two companies, which will hold equal stakes in the venture, are setting up the venture in Bangalore, they said in a press release issued in New Delhi on Friday. The promoters of HT Media Ltd, which publishes Mint, and promoters of Jubilant Organosys are closely related. The companies have no promoter cross-holdings.



Sun Pharma extends Taro open offer again

Mumbai: The country’s largest drug maker by market value, Sun Pharmaceutical Industries Ltd, said on Friday it has extended its open offer for Israel’s Taro Pharmaceuticals Ltd to 7 Novermber.

The decision came after the Supreme Court of Israel prohibited the closing of the offer until it decided on an appeal by Taro “regarding the applicability of the special tender offer rules … ," Sun Pharma said in a statement.

The court will hear the case on 8 December, which could warrant another extension, it added. The offer, which was initially scheduled to close on 28 July, had already been extended twice and was to expire on 3 October. Sun Pharma, which currently holds around 36% in Taro, had on 30 June started the open offer for Taro shares in the US after the Israeli company decided to terminate a merger agreement that it had signed with Sun Pharma.

—Staff Writer

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