Swiss PTT to step up stake in Sterling Cellular stake
Swiss PTT is likely to hike its stake in Sterling Cellular by 17%, if its tals with the Essar group work out successfully. The Essar group and Swiss PTT are currently deliberating upon a proposal seeking to hike Swiss PTT's stake in Sterling Cellular from 32% to 49%. Swiss PTT is also eyeing a 24% stake in Sterling Cellular's parent company, Sterling Computers.
Private Net players free to fix tariff rates
Private Internet service providers (ISPs) in the country can now fix their own tariffs, following an announcement to this effect made by the Centre yesterday. The Centre also unveiled a three-tier license structure and qualification norms for ISPs. The tariffs would, however, be subject to the regulations of the Telecom Regulatory Authority of Indias (TRAI).
Power Grid, UK company likely to set up joint ventures home and away
The UK-based power major National Grid Corporation (NGC) and the Power Grid Corporation of India Ltd (PGCIL) have now embarked upon a new plan of action. The two companies are planning to forge two separate tie-ups -- one each for domestic and overseas transmission activities. The groundwork for the Indian venture has already been finished and the companies are now in the process of finalising arrangements for the overseas joint venture.
IDV in talks to buy out Polychem's stake in domestic venture
Polychem is likely to dilute its 40% stake in its joint venture with global liquor major, International Distillers and Vintners (IDV). The move comes in the wake of the global merger of IDV's parent company GrandMet with the parent firm of rival liquor major, United Distillers (UD) last year. IDV will, however, continue using Polychem's manufacturing base on a payment basis.
RBI, State Bank intervene to stem rupee fall
The Indian rupee continued its downward spiral yesterday, touching yet another new low of 40.35 against the dollar. However, massive intervention by the Reserve Bank of India (RBI) and the State Bank of India (SBI) prevented the rupee from depreciating further. The two banks together sold about $100 million to enable the rupee to close at 40.22/27.
Volvo to make India hub for truck manufacturing in Asia
The trucking division of the $20 billion car major, AB Volvo, Volvo Truck Corporation, is now eyeing India. The company is planning to make India its worldwide base for truck components and is also looking to make India its Asian truck production hub. Volvo also plans to localise its components and is accordingly carrying out quality tests on Indian components to this end.
