NEW DELHI: Bayernwerk AG, a major German power company, is negotiating with Jaiprakash Industries and Bhilwara group of Industries for setting up four power projects in India, company representative Horst Kreiser has said. The company, which had set up power projects of 12,000 mw capacity in Europe, was negotiating with Jaiprakash Industries for setting up of two independent power plants of 400 mw and 300 mw capacity in joint venture in Uttar Pradesh and Himachal Pradesh respectively, Kreiser said.

M&M launches small tractor

NEW DELHI: Automobile major Mahindra and Mahindra (M&M) Thursday launched a tractor costing Rs 2,30,000 targeted to meet the requirements of small farmers. "The 255 DI tractor would be of 25 hp (horse power), but would have features of a big tractor for the price of a small one with a two-year guarantee," M&M senior general manager Soumitro Mukherji told reporters. He said, the company in the future might even seek sales tax exemptionfrom the state government to place the present price of the new tractor in a competitive position. The company offered the product at Rs 1,99,000 to the farmers and said the offer would be opened for another seven days only.

Modi Xerox nod for Rs 86 cr issue

MUMBAI: The shareholders of Modi Xerox Ltd on Thursday approved a preferential issue of shares to the two promoters, Modis and Xerox, worth Rs 86.40 crore with the support of the financial institutions. The infusion of fresh equity is an integral part of the strategy to enhance the market leadership position of Modi Xerox by introducing state-of-the-art digital technology and continue upgradation of the marketing and distribution infrastructure.

SCI-Enron JV

NEW DELHI: The government has cleared the $200 mn joint venture proposal between Shipping Corporation of India (SCI), Enron Power Corporation and Mitsui Osk Lines for transporting liquefied natural gas (LNG) for Dabhol power company. The proposal was cleared by the surfacetransport ministry after the partners agreed to increase SCI's stake in the venture to 20 per cent from the originally proposed 10 per cent, a ministry official said.

The ministry had insisted on a higher stake for the Indian company as this was the first time such a long-term chartering permission has been given by the government. "The ministry's view is that Indian shipping should be making headway as far as LNG transportation is concerned," the official said.

According to the new proposal cleared by the ministry, Mitsui would hold 60 per cent, Enron and SCI would have 20 per cent each. The memorandum of understanding (MoU) signed by the three partners had envisaged 70 per cent to Mitsui, 20 per cent to Enron and 10 per cent to SCI.