+ 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 

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