HUGHES ISPAT CITES SANCTIONS, INVOKES FORCE MAJEURE AGAINST LICENCE FEE
Article Abstract:
Hughes Ispat (HI) has decided to withhold payment of licence fee for its basic telecom operations in Maharashtra. Hughes Ispat is a joint venture of Hughes of USA and the Ispat group. The company has invoked the force majeure clause to withhold payment of licence fee, following imposition of US sanctions against India. The force majeure clause permits a company to defer or cancel its financial commitments under an act of state. Hughes has planned to secure loans of $400 million from foreign lending institutions and US banks. The sanctions by the US government have made this funding difficult. The Department of Telecommunications (DOT) has rejected the company's appeal as the force majeure clause is not applicable in this case. (gs)
Comment:
Decides to withhold payment of license fee for basic telecom operations in Maharashtra, India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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TOYOTA TSUSHU EDGES OUT ISPAT FOR STEEL CENTRE
Article Abstract:
Toyota Tsushu of Japan has outsmarted Ispat Steel by setting up its first steel service centre at Bangalore in collaboration with Kirloskar Systems. The centre will provide just in time inventory facility to high grade steel consuming companies around Bangalore. It will meet the needs of the Toyota auto project and the Kirloskar group of companies. The steel service centre will act as common dockyard for consumers. It will provide custom made steel of all sizes and shapes within two or three days. The centre will be set up at a cost of Rs8.9 crore. It will commence operations by mid 1999. Ispat Steel had earlier planned to set up a Rs21 crore steel service centre in Bangalore.(ag)
Comment:
Is setting up its first steel service center in Bangalore, India, in collaboration with Kirloskar Systems
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
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