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+ Industrial growth declined from 7.3% in August 1999 to 4.8% in August 2000.
+ India plans to remove American components from the Advanced Jet Trainers that it is buying from Britain since US sanctions on defense related equipment still exist. + Former Indian prime minister, P V Narasimha Rao, and former Union minister, Buta Singh, have been sentenced to three years' rigorous imprisonment in the Jharkhand Mukti Morcha? bribery case. USIBC Daily News October 13, 2000 Agro/Patents/Pharma October 13: India's rice exports (non-basmati) declined by approximately 80% compared to the same season last year. The international market price for India's non-basmati rice ranges from $230 to $240 per ton. Hindu Business Line http://www.hindubusinessline.com/stories/071303b5.htm October 13: Foodgrain production in India during the current season is expected to be 102.7 million tons, lower by 1.2 million tons from the same period last year due to heavy floods in West Bengal and Bihar, and severe drought conditions in Gujarat. The Economic Times http://www.economictimes.com/today/13comm01.htm Broadcasting/Entertainment October 13: India's first web-based entertainment channel, G-Slot.com, plans to invest $2 million over the next one year to expand its operations. This additional investment will enable G-Slot.com to launch its portal in all metros and major towns. Business Standard <http://www.business-standard.com/< October 13: Citibank Private Equity bought a 33% stake in the Delhi-based Beehive Systems. Beehive Systems specializes in providing broadcast and broadband solutions. The Financial Express http://www.financialexpress.com/ Communications October 13: YadaYada, a New York-based company, announced a strategic partnership with Infosys Technologies Ltd, an Indian IT consulting firm. YadaYada provides integrated wireless services and has a personalized mobile web portal. Infosys will establish a team of over 100 consultants in India, United States and Europe to develop end-to-end wireless solutions within 12 months for YadaYada. The Times of India http://www.timesofindia.com/today/13busi10.htm Economic/General News October 13: India's GDP growth decreased from 6.9% in the first quarter last year to 5.8% in the same period this year. This is attributed to the slowdown in manufacturing and agriculture sectors. The Financial Express < http://www.financialexpress.com/<; October 13: Industrial growth declined in August, continuing the trend for the year. The growth decreased from 7.3% in August 1999 to 4.8% in August 2000. The Times of India http://www.timesofindia.com/today/13busi14.htm Energy October 13: British Petroleum and Enron may start a project with Indian Oil Corporation and Petronas of Malaysia to develop an LNG terminal and hydrocarbon complex at Kakinada port in Andhra Pradesh. The Economic Times http://www.economictimes.com/today/13infr01.htm Financial: Trade & Investment October 13: Bayer AG will pay Ranbaxy Labs $5 million as the second installment for the novel drug delivery system (NDDS) for anti-infective drug, ciprofloxacin. Ranbaxy is developing ciprofloxacin for Bayer. Bayer has now paid $15 million out of a total $65 million license fee it owes Ranbaxy. The Economic Times http://www.economictimes.com/today/13comp06.htm October 13: Honda Motor Company Ltd (HMC), the Japanese automobile and two wheeler manufacturer, announced plans to set up a $155 million export base facility in Gurgaon, near Delhi. HMC is already setting up another $111 million project in Gurgaon for manufacturing two-wheelers. Hindu Business Line http://www.hindubusinessline.com/stories/14130703.htm October 13: LG Electronics of South Korea will start manufacturing computer monitors, LCD display panels and LCD projection televisions in India next year. A new production line is already being set up for computer monitors. LG Electronics is likely to invest $22 million in this project. Hindu Business Line http://www.business-standard.com/today/corp8.asp?Menu=2 October 13: Sanyo will invest $8.8 million in BPL Sanyo Utilities, the merged entity of BPL Refrigerators and BPL Sanyo Utilities and Appliances. The equity infusion will raise Sanyo's stake to 25%. Business Standard http://www.business-standard.com/today/corp5.asp?Menu=2 Information Technology October 13: Mitsui & Co. will purchase a 10% stake in Zygox Software Pvt. Ltd., a total IT solutions provider in Bangalore. Mitsui may also help Zygox in marketing its automated fingerprint identification system product worldwide. Hindu Business Line http://www.hindubusinessline.com/stories/151339ff.htm October 13: The government ministries of information technology, telecom and information/broadcasting are likely to be integrated into one ministry. The Economic Times http://www.economictimes.com/today/13econ01.htm October 13: e4e Inc., a U.S. based company has announced its plan to create India's first technology holding company. e4e will support Internet technology based infrastructure service companies. It also plans to finance 10-12 start-up companies in India over the next 3 years and assist them in expanding globally. The Hindu http://www.hinduonline.com/ Insurance and Finance October 13: Amex Travel Related Services launched its Gold Credit Card in India. This card will offer credit limits higher than other products available in India. Hindu Business Line http://www.economictimes.com/today/13comp09.htm Political/International October 13: Former Indian prime minister, P V Narasimha Rao, and former Union minister, Buta Singh, have been sentenced to three years' rigorous imprisonment in the Jharkhand Mukti Morcha bribery case. The two were subsequently released on bail to enable them to file an appeal against the verdict in a higher court. The Times of India http://www.timesofindia.com/today/13home1.htm Sanctions October 13: The Indian government is planning to remove American components from the Advanced Jet Trainers that India is buying from Britain. These measures come in response to the delay in the lifting of defense related sanctions that the US imposed after India's nuclear tests. The Times of India http://www.timesofindia.com/ Transportation/Infrastructure October 13: India's largest housing and infrastructure financial institution will start a financing program with annual disbursements worth $111 million for providing housing for information technology professionals. It also plans to develop commercial complexes, shopping plazas and clubs. The Economic Times http://www.economictimes.com/today/13fina03.htm ============================================================================== = The USIBC Daily News is a free service of the U.S.-India Business Council to USIBC Members and affiliates. USIBC provides Internet links to news stories for informational purposes only, and makes no representation of the accuracy of information posted on other organizations' websites.? To add or remove your name from this list, or with questions or comments, please contact USIBC via e-mail at usibc@uschamber.com. U.S.-India Business Council Website: <http://www.usibc.com<; 1615 H Street NW Washington DC 20062-2000 Phone 202 463 5492 Fax 202 463 3173 West Coast 477 Ninth Avenue, Suite 107 San Mateo, CA 94402 Phone 650 685 8790 xt. 16 Fax 650 343 2848
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