SIG to frame norms for CEPA tariff evaluation: The justice PN Bhagwati-led standing independent group will lay down the modalities for evaluating the tariff offered by the promoters of the 4000 MW CEPA project in Orissa vis-a-vis other mega power projects. SIG will also work out the modalities for securitisation of receivables along with finalising the terms and conditions for a feasible power purchase agreement, transmission supply agreement and fuel supply agreement.

ABB launches new business strategy: Asia Brown Boveri of Germany has introduced a new business strategy in India to focus on the needs of its clientele. The concept,termed as key account management, has already been tested in other countries. The strategy provides for a centre point of contact for all queries relating to ABB's operations.

Airbus woos private airlines: Airbus Industrie of France is making a sales pitch to private airlines in India which have so far opted for aircraft manufactured by its rival, Boeing company of the USA. Airbus officials are slated to meet Jet Airways and Sahara Airlines to make presentations on Airbus aircraft in the coming few months.

Bilt to invest Rs 500 cr in Vidarbha units: Ballarpur Industries has planned an investment of Rs 500 crore for capacity addition of two lakh tonne to its Gadchiroli and Chandrapur units in Vidarbha region. The company's decision has come as a shot in the arm for the state government following reports that the state has been losing investors.

ONGC Videsh opens office in Azerbaijan: ONGC-Videsh has opened a representative office at Baku, capital of the oil-rich Azerbaijan, part ofthe former Soviet Union and known for its vast natural oil reserves.

CLW builds 6000 HP freight electric locomotive: The Chittranjan Locomotive Works has built the first indigenous three-phase state-of-the-art 6000 HP freight electric locomotive, christened as "Navyug". The technology was transferred to the Indian Railways by ADtranz of Switzerland in 1996. India is the first developing country to manufacture the sophisticated locomotive indigenously. The cost of the imported loco works out to Rs 32 crore.

CBEC members meeting on Monday: Central Board of Excise and Customs chairman S D Mohile has called a special meeting of members and chief commissioners on Monday to discuss ways for checking modvat misuse and improve tax compliance for increasing revenue. The meet will also discuss the poor response generated by the much publicised Kar Vivad Samadhan Scheme and remedial steps needed to prompt litigants to avail of the scheme.

IRA to finalise agents' regulation by November-end: TheInsurance Regulatory Authority has called a meeting with top officials of Life Insurance Corporation of India as well as insurance agents on November 26 to discuss the draft Insurance Agents Regulation, 1998, before giving it a final shape.

NRI businessmen criticise centre attitude: NRI businessmen came down hard on the government for having a half-hearted attitude towards foreign investment at the Global Indian Entrepreneurs Conference. Speaker after speaker at the session on trade and business opportunities criticised the government for doing nothing at the ground level for making the foreign investor feel that he is wanted in the country. While the top bureaucracy makes the right noises about attracting investment the lower bureaucracy has not changed, remarked Manu Chanderia an NRI businessman from Africa.

Hudco creates project fund: The Housing and Urban Development Corporation has created a project initialisation fund aimed at funding the preparations of feasibility reports for largeinfrastructure projects. The effort would help smoothen the process of project planning for infrastructure development reducing large scale slippages and time and cost overruns.

New telecom policy: take an overview of the telecom sector by providing better direction to investors and highlight investment opportunities in basic telecom and value added services (VAS). Anil Kumar, secretary, department of telecommunications, hinted that the new policy would take into account the emerging trend of convergence among different communication mediums and evolve a frame work of measures to take into account business errors made by private players while bidding for licences of different services.

Dematerialised format for new issues soon: Securities and Exchange Board of India may make it compulsory for new issues to come in dematerialised format, said executive director Pratip Kar at a session on financial and consulting services at the global Indian entrepreneurs conference organised in New Delhi bythe Federation of Indian Chambers of Commerce and Industry on Friday.

Centre flayed for mismanaging Concor offering: Disinvestment Commission chairman G V Ramakrishna has criticised the government for mismanaging disinvestment process in public sector Container Corporation of India (Concor). "There was no need for the government to appoint a foreign merchant banker for a domestic issue when there are domestic merchant bankers like SBI caps and others who can deliver the goods in a much professional manner," he said. Swiss-based Warburg Dillon Read is the sole book runner and lead manager to the issue.

6150 TCM of gas hydrates mapped: The National Institute of Oceanography has mapped 6150 trillion cubic metres of gas hydrates, a hitherto untapped source of energy in the country, all along the lower tip of the peninsula, stretching from the Bay of Bengal to the Arabian Sea. The frozen crystals of gas are tapped to generate energy in some developed countries like Canada. The unexploitedresources of gas hydrates along the Indian coastline are enormous. The country's estimated reserves of coal bed methane (CBM), another unconventional source of energy, is only 13.4 trillion cubic feet in comparison.

MTNL, VSNL price war soon: Mahanagar Telephone Nigam Limited's proposed internet service is likely to trigger a price war with Videsh Sanchar Nigam Ltd as the former plans to offer the service at rates significantly lower than the existing VSNL charges. MTNL is actively considering a package under which subscribers might not be required to pay the local call charges per three minutes while surfing the Net.

100% FDI in housing sector mooted: The government is considering a proposal to allow 100 per cent foreign direct investment in the housing sector with a three-year lock-in period to ensure that the investment was not withdrawn half way through, urban affairs minister Ram Jethmalani said in New Delhi on Friday. "The draft of the proposal will be placed before the next meetingof the cabinet for its approval."

20-30 years for full rupee float: Tarapore committee has misrecognised the time required for the build up of necessary infrastructure for capital account convertibility and a period of 20-30 years is a `reasonable time' for India to make rupee fully convertible, World Bank's chief economist John Williamson said in Mumbai. "Institutional building will take much larger time than recognised in the report," he added. He was speaking on `Wither financial liberalisation' at the derivatives conference.

Laloo, Mishra approach SC for bail: Former Bihar chief ministers Laloo Prasad Yadav and Jagannath Mishra on Friday filed special leave petitions in the Supreme Court seeking bail in the Rs 950 crore fodder scam conspiracy cases while challenging the Patna high court order rejecting their bail pleas. A three-judge bench fixed November 2O for hearing. Yadav has termed the CBI action of arresting him again as politically motivated while Mishra has pleaded for grant ofbail on medical grounds as well.

Rural bank staff to join strike on December 11: The All-India Regional Rural Bank Employees' Association has decided to join the national platform of public sector trade unions in observing a strike on December 11 in support of its 10-point charter of demands, including revival of sick PSUs. The association, a constituent of united forum of RBI unions, has also decided that the entire work force in rural banks would observe dharna in New Delhi on December 2-3, general secretary Dilip Mukherjee said.