Hindalco may dispose off its alloy wheels assets

Hindalco Industries Limited, the metals flagship company of the Aditya Birla Group, has put its alloy wheel assets on sale and is seeking expression of interest from prospective suitors, as reported. The channel also stated that Hindalco, which has an alloy wheel business based out of Silvassa and that rolls out nearly roughly around 300,000 alloy wheels for car makers like Maruti, Ford Honda Siel, etc, have also put its plant and machinery on sale but have excluded land on which the entire plant is based. Though no official comment could be elicited from the company officials CNBC claims that Hindalco is seeking value for the entire assets, which includes the Aura brand, available in the aftermarket segment. It is widely believed that the company is resorting to such a strategy in its endeavour to exit from its non-core business. A metals powerhouse with a consolidated turnover of Rs. 600,128 million (US$ 15 billion), Hindalco is the world's largest aluminums rolling company and one of the biggest producers of primary aluminum in Asia. Its copper smelter is the world's largest custom smelter at a single location. Established in 1958, Hindalco commissioned its aluminum facility at Renukoot in Eastern U.P. in 1962. Later acquisitions and mergers, with Indal, Birla Copper and the Nifty and Mt. Gordon copper mines in Australia, strengthened the company's position in value-added alumina, aluminum and copper products, with vertical integration through access to captive copper concentrates. In 2007, the acquisition of Novelis Inc. a world leader in aluminum rolling and can recycling, marked a significant milestone in the history of the aluminium industry in India. With Novelis under its fold Hindalco ranks among the global top five aluminium majors, as an integrated producer with low-cost alumina and aluminium facilities combined with high-end rolling capabilities and a global footprint in 12 countries outside India.

Divestment will help in branding Satluj Jal Vidyut Nigam

Authorities in hydropower major Satluj Jal Vidyut Nigam Ltd (SJVNL), who are upbeat over the central government’s decision to divest 10 percent stake through public offer, said disinvestment will help in branding and creating identity of the company. ‘This (Disinvestment) will help us in branding our company. It will create our identity as shares will be floated in the market,’ company Chairman and Managing Director H.K. Sharma told IANS. Sharma said SJVNL will invest more than Rs.23,000 crore (Rs.230 billion) in the power generation sector. We are ready to invest over Rs.23,000 crore in the power-generation sector. Our plans are to tap 4,000 MW additional hydropower in the next 10 years,’ The Cabinet Committee on Economic Affairs (CCEA) Monday approved the disinvestment of government equity in the SJVNL. The company is a joint venture between the central government and the Himachal Pradesh government, with the former currently holding a 75 percent stake. SJVNL is already executing a 402 MW power project in Nepal and two in Bhutan, besides a host of projects in the country. Recently, SJVNL has signed a memorandum of understanding for the execution of the 1,500-MW Tipaimukh hydropower project in Manipur in partnership with NHPC Ltd and the Manipur government. Currently, SJVNL, whose paid up equity capital is Rs.4,108.81 crore, owns and operates its maiden 1,500-MW Nathpa-Jhakri project in Himachal Pradesh’s Kinnaur district.

Authorities in hydropower major Satluj Jal Vidyut Nigam Ltd (SJVNL), who are upbeat over the central government’s decision to divest 10 percent stake through public offer, said disinvestment will help in branding and creating identity of the company. ‘This (Disinvestment) will help us in branding our company. It will create our identity as shares will be floated in the market,’ company Chairman and Managing Director H.K. Sharma told IANS. Sharma said SJVNL will invest more than Rs.23,000 crore (Rs.230 billion) in the power generation sector. We are ready to invest over Rs.23,000 crore in the power-generation sector. Our plans are to tap 4,000 MW additional hydropower in the next 10 years,’ The Cabinet Committee on Economic Affairs (CCEA) Monday approved the disinvestment of government equity in the SJVNL. The company is a joint venture between the central government and the Himachal Pradesh government, with the former currently holding a 75 percent stake. SJVNL is already executing a 402 MW power project in Nepal and two in Bhutan, besides a host of projects in the country. Recently, SJVNL has signed a memorandum of understanding for the execution of the 1,500-MW Tipaimukh hydropower project in Manipur in partnership with NHPC Ltd and the Manipur government. Currently, SJVNL, whose paid up equity capital is Rs.4,108.81 crore, owns and operates its maiden 1,500-MW Nathpa-Jhakri project in Himachal Pradesh’s Kinnaur district.

Tata Teleservices launches GSM in city with a splash

Tata Teleservices Ltd (TTSL) launched its GSM service Tata DOCOMO in Kolkata on Thursday with a splash, making it available in 10,000 outlets across the city. The reach and coverage of the Tata DOCOMO network in the Kolkata district is greater than any other operator at the time of launch, claimed TTSL managing director Anil Kumar Sardana. Tata DOCOMO has been launched in nine other circles across the country and the pan India rollout will be completed by the year-end. The Tata group had entered into a strategic alliance with Japanese mobile operator NTT DOCOMO in 2008. NTT DOCOMO is a global leader in 3G technology. The service will enable TTSL to take the pay per second concept further with pay for what you use . The per second pricing model covers everything like voice calls to value added services. A Trai survey has found that customers pay 18-25% extra because of call drops. Why should a customer pay for what he hasn t used? Our pay per second model, which other operators are also trying to emulate, will free the customer of this burden and bring in transparency, said Sardana. Tata DOCOMO is keen on setting up a research and development centre in India. NTT DOCOMO has five research and development centres across the world and we are planning to set up one in India, mainly for the value added services, somewhere in the south, said Sardana. The value added service (VAS) in India has not reached even 10% of its potential. Tata DOCOMO -- DOCOMO being a leader in VAS -- will introduce services like diet-SMS, free voicemail, timed SMS service, free missed call alerts, call-me tunes, in the Indian market, according to Tata DOCOMO president Deepak Gulati. VAS share of revenue for us is 14%, which is the highest in the market, Sardana said.

ADAG agrees to pay mkt margin to RIL

Less than a month after it stopped paying marketing margin to Reliance Industries (RELIANCE.NS : 2099.75 -19.9), Anil Ambani Group firm Reliance Infrastructure has agreed to pay the levy, although under protest, and has asked the Mukesh Ambani firm to resume natural gas supplies to its power plant. R-Infra on October 7 wrote to RIL saying it was instructing its "bank to effect full payment of the invoice (raised by RIL for supply of KG-D6 field gas to its Samalkot power plant) including the marketing margin element." The company, which had paid USD 0.135 per million British thermal unit in marketing cost to RIL for over four months without protest, had on September 15 written to the Mukesh Ambani-firm saying it will no longer pay the "unauthorised and illegal" levy. R-Infra defaulted on payment of Rs 12 lakh in marketing margin on the 0.56 mmscmd gas supplied to Samalot in the first half of September, leading to RIL sending a notice of suspension of supplies. "We request you to withdraw the suspension notice dated September 28 and confirm immediate resumption of the supply of gas," R-Infra Vice-President Kamal Kant wrote to RIL. On the same day, the Anil Ambani Group firm also wrote to ministries of power and petroleum informing of the decision and reiterating its position that the levy was "unauthorized and nothing but abuse of its (RIL's) monopolistic position." An ADAG group spokesperson did not immediately offer any comments on the issue

Obama wins Nobel Peace

Barack Obama has been conferred with the Nobel Peace Prize for his call to reduce the global stockpile of nuclear weapons, according to television reports. With this, Obama becomes the third US President to win the Prize, earlier recipients being Woodrow Wilson (1919) and Theodore Roosevelt (1906). Jimmy Carter won the Prize in 2002, several years after he had relinquished the country's highest office. The first African-American to be elected first person of the US, Obama has called for disarmament and worked to restart the stalled Middle East peace process since taking office in January. He won the Nobel Peace less than a year after he took office with the jury hailing his "extraordinary" diplomatic efforts on the international stage. The prize worth 10 million Swedish crowns ($1.4 million) will be handed over in Oslo on December 10.

Neyveli Lignite - Strike

Neyveli Lignite Corporation Ltd has informed that the non-executive employees of the Company have resorted to strike from 22.00 hrs. on October 07, 2009 onwards in support of certain demands relating to payment of production incentives. The management of the Company has already commenced negotiations with the Recognised trade unions and conciliation proceedings before the Regional Labour Commissioner is in process and it is expected that normalcy would be restored soon.

Moser Baer - Cancellation of repurchased FCCBs

Moser Baer India Ltd has informed that with reference to the announcement made by the Company, in relation to its repurchase of FCCBs on September 25, 2009 and September 29, 2009. The table below sets out the details of the FCCBs cancelled following the repurchase: 1. Tranche A - Trading Date: September 24, 2009 - Number of Convertible Bonds Repurchased: 15 - Repurchase Price (USD): 952,500 - Total Price (USD): 952,500. 2. Tranche B 1. Trading Date: September 24, 2009 - Number of Convertible Bonds Repurchased: 10 - Repurchase Price (USD): 635,000 - Total Price (USD): 635,000. 3. Tranche B 1. Trading Date: September 25, 2009 - Number of Convertible Bonds Repurchased: 50 - Repurchase Price (USD): 3,550,000 - Total Price (USD): 3,550,000.