Otis Elevator appoints S Joseph as MD of India business

‘Joseph has a long history with Otis and extensive experience in India, and these experiences will be of tremendous value in his new role,’ Otis' Pacific Asia area president Patrick Blethon said.

Otis Elevator Company, a unit of United Technologies Corp, said it has appointed S Joseph as managing director of its Indian business. In this role, Joseph will lead Otis' business operations throughout India, the world's second largest elevator market, the company said in a release.

“Otis has been committed to India since our first elevator was installed in the country in 1892,” Otis' Pacific Asia area president Patrick Blethon said. Joseph's leadership represents the next step in efforts to ensure that the people of India benefit from Otis' extraordinary service, quality and energy-saving products, he said. Blethon further said Joseph has a long history with Otis and extensive experience in India, and these experiences will be of tremendous value in his new role.

“I look forward to leading the over 2,400 employees of Otis India and demonstrating our commitment to deliver safe, innovative and energy-efficient products and services in this most important market,” Joseph said.

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World Bank says no plan to trim lending to India

The World Bank envisages lending $14 billion for projects in India between 2009 and 2012

The World Bank will not reduce financial assistance to India for poverty alleviation measures because of the recent official data that showed a decline in the number of poor people in the country.

The international funding agency takes a long-term view on its commitments and the poverty data released on Monday will not have any bearing on that commitment, World Bank country head, Mr N Roberto Zagha, told PTI on the sidelines of an event.

Mr Zagha said, however, that the Bank does use official data put out by Indian agencies while making its plans. “We are constantly analysing (data), and right now I don’t feel there will be any cut because the data has shown a reduction in poverty.”

The Washington-based multilateral lender envisages lending $14 billion for projects in the country between 2009 and 2012, according to the Bank’s country web site.

According to the data by the Planning Commission, the number of people under the poverty line—whose daily consumption is below Rs28.65 for urban centres and Rs22.43 for rural areas—declined to 29.8% in 2009-10, from 37.2% in 2004.
Mr Zagha welcomed the Union Budget 2012-13 that was presented to Parliament last week, calling it “realistic”.

He said, however, that energy, uneducated labour force, increased urbanisation and regulatory issues are the challenges faced by the country at present and demand the added attention of policymakers.

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Steel prices likely to go up by Rs1,000/tn

“Freight (on iron ore) has been increased, excise duty is up, cost has gone up by Rs1,000 per tonne. So, ultimately this will have to be paid by the consumers,” said VR Sharma, deputy MD & CEO (steel business), JSPL

Steel prices are all set to rise by about Rs1,000 per tonne by early next month due to recent increase in excise duty and hike in iron ore freight rates, leading firms indicated.

“The cost push due to increased duty and iron ore freight rates is Rs1,000 per tonne. So, it (price increase) will not be less than that. This will get reflected (in prices) by the end of this month,” Essar Steel (India) CEO & MD, Mr Dilip Oomen told reporters on the sidelines of a conference organised by information portal Steel Guru.

Other leading producers, RINL, JSW Steel and Jindal Steel and Power (JSPL) also echoed similar sentiments.

“Freight (on iron ore) has been increased, excise duty is up, cost has gone up by Rs1,000 per tonne. So, ultimately this will have to be paid by the consumers,” said Mr VR Sharma, deputy MD & CEO (steel business), JSPL.

Rashtriya Ispat Nigam Ltd’s (RINL) chairman, Mr AP Choudhary said that his company has not decided the extent of price hike but it is on the cards.

“We can absorb the impact to a limited extent. In a month, cost has increased very much due to recent policy changes. This will get reflected in next month’s price but we have not yet decided on extent of hike,” he said.

Confirming the move to effect a price hike, a senior official of the JSW Steel said, “It is on the drawing board, a decision will be taken by next week and the hike will be effective early next month.”

In the Budget for 2012-13, announced last Friday, the Finance Minister, Mr Pranab Mukherjee has increased excise duty rate from 10% to 12%.

Besides, the Railways had also increased freight rate on domestic iron ore transportation by 20% on 6 March 2012 to meet its revenue earnings targets, which was hit by the ban on export of the vital steel making raw material in the states like Karnataka and Odisha.

Steel prices, which have been on an uptrend in the last few months, are presently hovering in the range of Rs36,000-Rs37,000 per tonne.

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