S Korean trade ministry to raise Posco issue with Sharma

New Delhi: South Korean trade minister Kim Jong-hoon is likely to seek clearances for the much delayed Posco steel project in Orissa, when he meets his counterpart Anand Sharma here on Thursday.

"The ministers will discuss wide ranging issues that include fast-tracking of South Korean Posco steel project," an official in the commerce ministry told PTI.

The $12-billion Posco project of South Korea, the largest foreign investment project in India, has got stuck due to environmental issues.

The environment ministry has put the project, which seeks diversion of 1253.225 hectares of forest land for establishment of integrated steel plant and captive port in Jagatsinghpur district in Orissa, under scanner citing alleged green law violations.

Besides, the two ministers may also discuss issues like facilitation of visa, further upgradation of trade pact, possibility of opening Korean bank branches in India and progress in WTO talks, the official said.

These issues are likely to figure during Mr Sharma's meeting with Mr Jong-hoon on 20th January.

The two leaders are meeting to review the bilateral comprehensive trade pact, which was operationalised a year back.

The official also said that a joint statement would be issued after the review meeting.

After the implementation of India-South Korea Comprehensive Economic Partnership Agreement (CEPA) in January 2010, trade between the two countries went up by 45% to $15.6 billion during January-November 2010.

Under CEPA, tariffs are being reduced or eliminated on the maximum number of tradable goods between the two nations.

Yesterday, finance minister Pranab Mukherjee after meeting with his South Korean counterpart Yoon Jeung-hyun said that two-way trade between the countries will double to $30 billion by 2014.

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3i Infotech partners with Manipal Health Enterprises

3i Infotech, a global provider of IT solutions, said that it has won a contract from Manipal Health Enterprises Pvt Ltd (MHEPL), to provide end-to-end IT infrastructure solutions. The project will be implemented in three phases over five years. No financial details were provided.

The engagement includes providing services like facility management, DC collocation/migration, managed services and server room build. This will enable MHEPL to build their IT Infrastructure highway and expand its bandwidth to implement their hospital information systems (HIS) an ERP applications across their various locations. It will also provide them flexibility in terms of operations and services.

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Opto Circuits Q3 net profit at Rs56.22 crore

Opto Circuits (India) Ltd reported standalone net profit of Rs56.22 crore for the quarter ended 31 December 2010 compared to Rs35.63 crore in the corresponding quarter a year ago. Total Income increased to Rs164.71 crore from Rs110.57 crore from a year ago, the company said in a statement.

On Tuesday, Opto Circuits ended 10.55% up at Rs249.40 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.11% up at 19,092.05 points.
 

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