Haryana plans three townships around
April 27: The Haryana government Thursday said it would set up
three new townships in the state in the vicinity of national capital
Delhi. The new townships will be developed along the Delhi-Rohtak-Hisar
highway, Chief Minister Bhupinder Singh Hooda told a visiting
delegation of non-resident Indians (NRIs) here.
NRI delegation comprised of real estate developers in the US.
While calling upon the NRIs to invest in the new townships, Hooda
said the townships were needed to ease congestion in the National
Capital Region (NCR).
said a survey was underway to identify suitable sites for the
townships. He said that Sampla town in Rohtak district was an
ideal place for a modern township, keeping in view its proximity
to Delhi. About 4,000 acres of land is available near Sampla for
a new township, where buildings can be constructed up to a height
of 60 metres, Haryana officials told the delegation.
construction of a four-lane Delhi-Hisar highway and a 135-km long
Kundli-Palwal-Manesar expressway will accelerate development in
the area, said the chief minister. Nearly 30,000 people from Rohtak
and nearby places commute to Delhi daily for work and business.
Land for the other two proposed townships was being identified,
net profit up 39.29 pc to Rs 11,890.5 million
DELHI, April 26: Car market leader Maruti Udyog Limited registered
Total Income of Rs 124,814.3 million (Net of Excise) during fiscal
2005-06, a growth of 10% over the previous year.
Before Tax went up to Rs 17,499.9 million in 2005-06, a growth
of 34.11% over the previous year. Net Profit stood at Rs 11,890.5
million, up 39.29% over fiscal 2004-05.
Total Income (Net of Excise) was Rs 33,922.7 million during January-March
2006, a growth of 8.04% compared to the same period of the previous
year. Net Profit for January-March 2006 stood at Rs 3,609.2 million,
up 39.11% over January-March 2005.
the Quarter, the company incurred a one-time expense of Rs 349.2
million to support dealers, following the reduction in excise
duty on small cars in the Union Budget. The compensation was made
against the stock of cars held by dealers on budget day. The financial
results were approved by the Board of Directors here on Wednesday.
The Board also recommended a dividend of 70% (Previous year: 40%).
company also announced that a new export model would be launched
during 2008-09. This model, while serving the Indian market, would
be for export mainly to Europe. MUL will target to export 100,000
units of this model annually.
IPO sets new world records; oversubscribed 50 times
DELHI, April 21: The Initial Public Offer of Reliance Petroleum
has received an overwhelming response and has set several new world
records. The public issue that opened on April 13 has been subscribed
IPO has beaten the record for the highest number of investors in
book building may times over and has set the new standard for the
capital markets world over. The book value of the applications is
likely to top Rs 1,50,000 crore, again a world record. Against the
total booking orders, the company had planned to raise Rs 2,565
crore and Rs 2,790 crore at the lower and upper end of the price
band respectively. The IPO has also set new benchmark for the market
for the financial year 2006-07.
had fixed a price band of Rs 57-62 for the IPO, which comprises
of 135 crore shares of which Reliance Industries (RIL) has subscribed
to 90 crore shares and the balance of 45 crore shares has been offered
to the public.
afternoon, the quota for qualified institutional buyers was subscribed
by 38 times, that of high networth individuals by 12 times and retail
investors by 6.8 times. Over 10 lakh applications from retail investors
alone were received, market sources said.
per cent of the shares on offer have been reserved for QIBS, while
4.5 crore shares have been blocked for non- institutional investors.
Retail investors can get a maximum of 13.5 crore shares. The RPL
shares are expected to be listed on the stock exchanges between
May 5 and 10.
a subsidiary of Mukesh Ambani`s RIL, plans to spend Rs 27,000 crore
on the new 580,000 barrels-per- day refinery, next to Reliance Industries
660,000-bpd refinery at Jamnagar in Gujarat.
response for RPL IPO
DELHI, April 20: The Initial Public Offering (IPO) of Reliance Petroleum
Limited (RPL) has been over subscribed 17 times by Wednesday afternoon.
The quota for Qualified Institutional Buyers (QIBs) has been over
subscribed 23 times, for High Networth Individuals (HNI) nine times
and for retail investors three times.
view of the unprecedented demand for the RPL shares leading to a
huge load on brokers all over the country to punch data into the
BSE and NSE systems, the stock exchanges have officially announced
extension of the IPO market till 9 pm.
has been an overwhelming response to the RPL IPO and even the banks
across the country have received countless and large requests for
Demat accounts due to the RPL IPO.
on the RIL front, share prices crossed Rs 932 which is higher than
RIL prices pre-demerger which was Rs 920-927. Post de-merger, RIL
has given more than Rs. 218 returns on opening price of Rs 714 which
works out to 30 per cent in less than three months and more than
120 per cent on annualized basis. Market capitalization of RIL went
up to Rs 1,28,000 Crore on Wednesday.
rush is expected on Thursday, the last day of the IPO, across the
country for the RPL issue and SEBI is considering extending time
for filing applications tomorrow also.
seeks hike in petrol, diesel prices
DELHI, April 19: With crude oil touching a record 72 dollars per
barrel, Indian Oil Corp (IOC) is seeking a Rs 5.6 per litre increase
in petrol and Rs 7.6 a litre hike in diesel prices to offset the
Rs 80 crore revenue loss per day it was suffering on selling fuel
below production cost.
to newsmen here, IOC chairman S Behuria held that if crude prices
continued at current levels, their revenue loss for the 2006-07
fiscal would be around Rs 30,000 crore. The company was selling
petrol at Rs 5.67 per litre lower than the imported cost while
diesel was being sold at Rs 7.60 a litre discount to the imported
cost. Kerosene was being sold at a loss of Rs 13 per litre and
the company was losing Rs 191 on sale of every cylinder of domestic
cooking gas (LPG).
said IOC, which controls roughly half of the Indian fuel market,
was losing Rs 80 crore per day on selling petrol, diesel, LPG and
kerosene below the production cost. He informed that in April alone,
their revenue loss was estimated at Rs 2500 crore.
Sources said the under-realisation in revenue by state-run oil marketing
companies, IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp
for selling petrol and diesel below their production cost was Rs
883 crores in the first fortnight of April. This
was over and above the Rs 14,756 crore shortfall faced by the OMCs
in April 2005-March 2006.
Minister Murli Deora is likely to meet Finance Minister P Chidambaram
next week to discuss a package of tax measures to help loss-making
launches loyalty-cum-rewards programme
DELHI, April 19: Car market leader Maruti Udyog Limited rolled out
a first of its kind 'Loyalty cum Rewards Programme' for its existing
and new customers. Maruti car owners can easily earn as many as
20,000 Autopoints in four years. One Autopoint is valued at One
Rupee. This Rs 20,000 can be used for additional discount by the
customer while purchasing the next Maruti Suzuki car.
the accumulated points can be instantly redeemed by customers when
they get their car serviced at Maruti Suzuki workshops or while
purchasing a Maruti Genuine Accessory worth equivalent amount.
program is quite unique in terms of the focus on Maruti Suzuki car
customers, and the technology deployed to offer flexibility to customers.
The loyalty cum rewards programme will be operated through a Maruti
Suzuki Autocard which will be offered to Maruti Suzuki car owners
who choose to enrol in the programme. A combination of chip based
card technology, state-of-the-art Point of Sale Swipe Terminal and
IT hardware has been used to make the program user-friendly. The
programme has been initially launched in 36 cities.
has launched the Loyalty cum Rewards programme in conjunction with
Citibank, part of Citigroup, the world's largest and most diversified
provider of Financial Services and Indian Oil Corporation, the largest
commercial enterprise in the country and a leader in the petroleum
retailing business in India.
programme rewards Maruti Suzuki car owners for all their spends
at Maruti outlets, IndianOil fuel outlets and for life style spend
as the Maruti Suzuki Autocard can be used as an international credit
loyalty cum rewards program offers attractive benefits to customers.
It includes 6
per cent reward on service bill, plus 500 exchange loyalty bonus
for each periodic service at any Maruti authorized workshop; 3 per
cent reward on purchase of car insurance and Maruti Genuine Accessories;
1.5 per cent reward on purchase of fuel at IOC petrol stations.
(0% surcharge for all fuel purchases); 1000 points can be earned
for each referral given by a customer which gets converted into
sale of a new Maruti Suzuki car; and 1 per cent reward on all spends
at card accepting establishments.
expenditure on car maintenance, even a Sunday night meal out or
a shopping trip can contribute to making the customer's next Maruti
Suzuki car a whole lot cheaper. The customer has the option to carry
over the points for redemption against exchange (trade-in) of his
car for a new Maruti Suzuki car. In addition to autopoints earned
by customers, Maruti and its dealers will provide attractive exchange
loyalty bonus based on regular servicing and age of car at the time
on the occasion, Mr. Jagdish Khattar, Managing Director of Maruti
Udyog Limited, said, "Maruti's loyalty and rewards programme
is designed to genuinely benefit our customers. They can earn and
redeem points conveniently, from their normal car-related and lifestyle
spends, and be rewarded handsomely when they buy their next Maruti
Suzuki car. We are delighted to be associated with Indian Oil and
Citibank, both leaders in their respective domain, in this programme".
Sarthak Behuria, Chairman, IndianOil, said, "We are glad to
be the Fuel Partner to Maruti's Autocard programme. With over 15,000
retail outlets in the IndianOil group, we are networked throughout
the Indian subcontinent right from Kashmir to Kanyakumari and from
Kutch to Kohima. Our long association with Maruti has been continuously
enriched by the mutual value addition that we have pursued whether
it is in fuels or lubricants. SERVO, India's largest selling lubricant
brand is already an integral part of the Maruti OEM family. With
the other partner, Citibank, we have had the unique distinction
of being one of the pioneers of co-brand credit cards in the country."
IndianOil Citibank Credit Card is one of the largest co-brand credit
cards in India. Ultimately, our endeavor is to keep looking at newer
and more innovative ways to reach out to customers. In the marketplace,
half the battle is won when you have the right coalition,"
Mr. Behuria added.
P. S. Jayakumar, Country Business Manager, Global Consumer Group,
Citigroup India said, "The Maruti Loyalty programme truly places
the customer at centrestage making the car owner's relationship
with Maruti deeper, more meaningful and longstanding."
believe that the programme will set a benchmark for the industry
as a whole. We at Citibank are delighted to leverage our strengths
as a leading card issuer to partner Maruti in this first-of its
kind programme", Mr. Jayakumar added.
a strong customer base of over 4.5 million, Maruti hopes to enrol
over one million customers. Maruti is setting up a Partner Relationship
Cell, as it expects many more partners to join the Loyalty cum Reward
Programme. This will help Maruti to offer even more benefits to
Oil Price Hits $70 a Barrel in Asia
April 17: Crude oil futures hit $70 a barrel for the first time
in seven-and-a-half months Monday, lifted by concerns over declining
gasoline stocks in the U.S., supply disruptions in Nigeria and tension
over Iran's nuclear program.
sweet crude for May delivery rose to $70 a barrel in electronic
trading on the New York Mercantile Exchange before slipping slightly
to $69.92 a barrel, up 47 cents from Friday's close. The last time
crude futures surpassed $70 a barrel was on Aug. 30 when they reached
a record $70.85 a barrel, after Hurricane Katrina struck the U.S.
inventories in the U.S. continue to be an issue in the market because
last week's inventory report showed a stock decline as we approach
the summer driving season," said Victor Shum, an energy analyst
at Purvin & Gertz in Singapore.
to a weekly report from the U.S. Department of Energy on Wednesday,
gasoline inventories dropped 3.9 million barrels in the week ending
April 7 to 207.9 million barrels down nearly 2 percent from
perhaps the concern over gasoline's stock drawdown is a little overdone
as it's largely a result of the refinery maintenance season,"
Shum said. "When the refineries come back from maintenance,
gasoline supplies may build, and then we could see the market go
through a correction." Heating
oil prices rose 1.09 cents to $1.9985 a gallon while gasoline futures
jumped 1.28 cents to $2.1198 a gallon a level not reached
since early September.
market was also driven by the disruption of Nigerian crude supplies
by rebels, the possibility of Iranian oil exports being halted due
to political tension. In Nigeria, the world's 12th-largest oil producer,
more than half a million barrels of crude a day are being blocked
due to militant violence, and rebels have said they will target
Iran, the world's fourth-largest oil producer, no oil exports have
been disrupted, but some market participants are worried they might
be, depending on the U.N. Security Council's response to the Iran's
defiance of council resolutions concerning the country's nuclear
natural gas gained a cent to $7.188 per 1,000 cubic feet on Monday
after the U.S. Department of Energy reported that natural gas inventories
grew by 19 billion cubic feet in the week ending April 7 to 1.7
trillion cubic feet less than most analysts had expected.
Petroleum Ltd's IPO subscribed 3 times
DELHI, April 13: Mukesh Ambani-controlled Reliance Petroleum
Ltd's Initial Public Offer was subscribed more than three times
within ten minutes of its opening.
The Initial Public Offer was fully sold out within 10 minutes
of its opening in capital market.
Qualified Institutional Buyers portion has been subscribed over
six times, market sources said, adding that the retail portion
was subscribed four times. RPL had fixed a price band of Rs
57-62 for the IPO, which comprises of 135 crore shares, of which
RIL would subscribe to 90 crore shares and the balance would
be offered to the public. The RPL shares are expected to be
listed on the stock exchanges between May 5 and 10.
to pick up 5 pc in RPL
DELHI, April 12: Reliance Industries has announced that US energy
major Chevron would pick up five per cent stake in Reliance
Petroleum Ltd. for $300 million (about Rs. 1,350 crore), representing
the first major infusion of foreign direct investment (FDI)
in the country's robust refining sector.
investment, subject to approvals from the regulatory authorities,
will be made by Chevron India Holdings Pte Ltd., Singapore,
a wholly-owned subsidiary of Chevron Corporation, RIL informed
the Bombay Stock Exchange. RPL,
a subsidiary of Reliance Industries, is building a Rs. 27,000-crore
refinery in Jamnagar in Gujarat.
the agreement, under which Chevron would pick five up a per
cent stake in RPL, and signing of two other MoUs, RIL Chairman
and Managing Director Mukesh Ambani said: ``The agreement and
MoUs between Chevron and Reliance will be the first step in
establishing a strong partnership with one of the world's largest
and most respected companies.''
agreement provides Chevron an option to increase the equity
stake in RPL to 29 per cent. Of the two MoUs, the first sets
out the principles of partnership by which RPL and Chevron plan
to optimise the crude supply and product offtake and marketing.
Besides, RPL and Chevron would jointly evaluate application
of mutually selected refinery technology.
other MoU envisages cooperation between the two to set up a
technology development centre in the country. Chevron has recognised
the inherent strengths of India in the energy sector, Mr. Ambani
said. "We are very pleased to have forged this relationship
with Reliance... This underscores the importance of Asia and
especially of India to Chevron,'' Chevron Chairman and Chief
Executive Office Dave O'Reilly said in a joint statement issued
to make Jamnagar world's largest refinery hub
By Deepak Arora
April 5: Reliance Petroleum Limited (RPL), a subsidiary of Reliance
Industries Limited (RIL), is setting up the world's sixth largest
refinery with a capacity of 580 kilo barrels per stream day
(KBPSD) at the Gujarat port town of Jamnagar. Along with the
existing 660,000 BPD RIL refinery, the upcoming Rs 27,000 crore
refinery would make Reliance's Jamnagar refining facility on
the West coast of India the world's largest single location
At present capacity levels, there are only two refineries bigger
than the existing RIL facility -- Praguana Refining of Venezuela
and SK Corp of South Korea. "The new refinery that would
be completed by December, 2008 is in close proximity to the
Middle East, the largest crude oil producing region in the world.
We expect this to result in lower ship turnaround time and crude
freight costs", according to company officials.
Reliance Petroleum Limited, a 100 per cent subsidiary of RIL,
is a start-up company formed to set up a Greenfield petroleum
refinery and polypropylene plant at the Special Economic Zone
(SEZ) in Jamnagar. The RPL is to float a public offer later
this month - the group's first in 13 years. The project would
be owned 80 per cent by RIL with project funded by debt $3.5
billion and equity $2.5 billion, including proceeds from the
The Reliance Industries group also hopes to reserve a part of
the equity in the public offer - for which the expected premium
band is yet to be ascertained - for what are called qualified
A preliminary agreement has already been reached with some banks
and financial institutions for a syndicated term loan of approximately
$1.5 billion while $1.5 billion is being sought from export
credit agencies, according to sources.
The new company's entire produce will be sold overseas, since
it is being set up as a special economic zone that has benefits
such as complete tax exemption for five years and 50 percent
waiver for another five. "We are at historic crossroads.
The refinery, on which the work has commenced, is coming up
at a time when there is a huge demand-supply gap for fuel products,"
said the official.
"The refinery will be capable of handling both sweet and
sour crude and that is expected to give us that extra refining
margin since the light-to-heavy crude differential is at a historic
high," he said.
"The Unites States and Europe are the main markets we will
target for export of our products. It will include gasoline,
middle distillates like diesel and jet fuel and kerosene."
The group's existing unit at Jamnagar, with the 33 million tonne
per annum (MTPA) capacity, is the world's largest grassroots
refinery - the largest facility constructed at one go from scratch
- and also the third largest at a single location. Only Paraguana
Refining of Venezuela, with a capacity of 940,000 barrels a
day, and SK Corp of South Korea, with 817,000 barrels a day,
have higher capacities at a single location.
"We have entered into agreements with Bechtel France S
A to license the technology for the major process units of the
refinery and polypropylene plant. Bechtel will also provide
engineering, project management and other construction services
for the project", the official added.
He said: "The proposed refinery will gain from RIL's prior
experience in constructing and operating the Jamnagar refinery,
especially in the areas of design and engineering construction,
labour and resource optimisation, greater use of local materials
and resources and faster implementation. These factors will
result in a significant reduction in the capital cost for the
project and enable us achieve lower costs per barrel,"
RIL has proven expertise in building and operating large refinery
and petrochemicals complex. Its existing refinery was built
in 36 months and commenced commercial production during 2000.
"This refinery has operated at near 100 per cent utilisation
during its five years of operations, consistently outperforming
the average utilisation rate of refineries in the Asia Pacific
region, the European Union and North America as reported by
PEL Market Services, Biannual Refining Report, July 2005,"
In addition to setting up the new facility, Reliance Petroleum
will also expand the jetty at the Jamnagar port to handle additional
inflows of crude oil for processing and for the export of products.
Besides, the capacity for captive power generation will also
be doubled from the present 500 megawatt.
(Canada) to open two more branches
March 20: State Bank of India (Canada) has decided to expand
its operations in the country to meet the growing demand of
Indians settled in Toronto.
more branches -- one in Brampton in Ontario, and another in Abeford
in British Columbia will be opened by the end of June this year
raising the total number of the bank's branches to seven,"
Shailesh Verma, President and Chief Executive Officer of the bank
was speaking at a function organised by the bank to celebrate
Holi, the festival of colours. Verma said the bank, a wholly owned
subsidiary of the State Bank of India, has been instrumental in
fostering trade ties between India and Canada by extending financial,
advisory and logistic support to Canadian and Indian corporates.
The bank, now operating at five locations in Canada -- Toronto,
Mississauga, Scarborough, Vancouver, and Surrey -- has been functioning
in the country for more than a decade. It has extended various
facilities to the Indians settled in Toronto such as remittance
of funds through a network of over 9000 offices of SBI, the largest
commercial bank in India, Verma said.
India unveils world's first dual-lens digital camera
DELHI, March 17: Kodak India Private Limited, unveiled one of
its most innovative compact digital cameras, the Kodak Easyshare
V570 zoom digital camera, here. V570, the World's first dual lens
digital camera was launched by the popular model and Bollywood
actress, Katrina Kaif.
proprietary Kodak Retina Dual Lens technology, the elegant V570
camera wraps an ultra-wide angle lens (23 mm) and an optical zoom
lens (39 X 117 mm) into a small, sleek package less than an inch
thin. This exciting camera will be available in India at an MRP
of Rs 23,999.
as global leaders in imaging, believe in constantly reinventing
ourselves to offer our customers the ultimate imaging experience.
Kodak is the first to give the Indian consumer a coveted ultra-wide
angle lens in compact digital camera," said Mr. Ravi Karamcheti,
Managing Director and Country Business Manager, DFIS, Kodak India
Private Limited, at the time of the launch.
high quality images with maximum ease of use are at the top of
people's minds when buying a new digital camera. By delivering
on these needs in a completely new way, the Easyshare V570 camera
pushes the boundaries of innovative design for ultra-compact cameras."
addition to its dual lens design, the 5-megapixel V570 camera
boasts a variety of notable features to enhance the photography
experience, including in-camera panorama stitching, which automatically
combines three pictures into a panorama photograph. Using the
ultra-wide view in panorama scene mode, people can take in a 180-degree
vista with just three shots, an industry exclusive.
advanced video performance, the camera makes it easier for users
to shoot all types of action in the way that many filmmakers prefer,
with an ultra-wide angle to capture more of the scene. The Easyshare
V570 camera records TV-quality video, up to 30 frames per second
(fps) using advanced MPEG-4 compression.
image stabilization technology reduces on-screen shaking from
unintentional hand and camera movement. The camera also offers
an optical zoom feature for video including auto focus. And it
is simple to select any frame in a video, then save and print
it as a "freeze frame" still picture in just seconds.
Ambani's journey to more riches
DELHI, March 15: With a magic wand, Anil Ambani has overnight become
the "second riches" Indian with his personal wealth valued
at US $ 12 billion.
understand the quick journey to riches, its important to know that
Reliance Communications Ventures (RCoVL) had market capitalization
of Rs 36,000 crore before the merger of Reliance companies was announced
on March 10 this year. Its 120 crore shares have a market valuation
of Rs 300 per share.
Communication Ventures holds 65 per cent in Reliance Infocomm and
balance 35 per cent is held by Anil Ambani and "friends".
old valuation of RCoVL of Rs 36,000 crore was 80 per cent due to
Reliance Infocomm. Therefore, 35 per cent share would have got Anil
Ambani shares worth Rs 9,600 crore.
much would Reliance Telecom and Reliance Communication and Infrastructure
have fetched him?
Telecom with 1.65 million subscribers based on Spice Telecom "independent"
valuation of US $ 200 per subscriber works out to US $ 330 million
or Rs 1,400 crore.
of this, Anil Ambani holds 48 per cent in Reliance Telecom and so
he should get shares worth Rs 710 crore. Although, he owns 65 per
cent, net holding after cancellation of cross holding is only 48
he owns 100 per cent of Reliance Communication and Infrastructure,
its total assets after deducting debt is only Rs 250 crore.
total entitlement of Anil Ambani thus comes to Rs 10,560 crore.
In fact, he gets additional shares worth Rs 24,600 crore. This is
almost 25 per cent of the Indian Government's Budget.
Anil Ambani gets extra shares worth Rs 14,000 crore thanks to the
Sunday Board meeting which was said to be attended by "his
close friends and members of his close circles" such as Gautam
Doshi and Bakul Dhalakia among others.
is so much more for a man who only some months ago was fighting
his elder brother, Mukesh Ambani, for "corporate governance".
Ambani is said to have issued these shares to himself on the recommendation
of valuers appointed by him.
information on the swap ration of the companies was not available.
contacted, a spokesman of the company said he was not sure of the
swap ratio. However, he said the international valuers - KPMG and
JP Morgan Stanley - were of international repute.
governance back to centrestage in Reliance battle
DELHI, March 5: The issue of corporate governance is back to the
centrestage in the seemingly never-ending Reliance battle. Last
year, Anil Ambani cried himself hoarse over the alleged lack of
corporate governance in the undivided Reliance Group controlled
by his elder brother, Mukesh Ambani.
the companies that fell into the younger Ambani's kitty after the
settlement in 2005 are ready to be listed on the stock markets.
And, he seems to have little regard for the principles of corporate
governance so assiduously championed by him in the past.
the notice submitted to the stock exchanges prior to its listing
on March 6, Anil Ambani's Reliance Communication Ventures Ltd (RCoVL)
seeks shareholders' approval through postal ballot for granting
the authority to the Board of Directors (read Anil Ambani, beacause
the notice says 'Board' means any committee constituted by the Board
to exercise its powers) to issue fresh capital to the extent of
25 per cent of the then issued and outstanding capital.
a catch here. Analysts point out that the resolution, if passed,
can be used to issue virtually any amount of capital at any rate
at any time in future. For example, if the issued capital on March
1 is Rs. 650 crore, the RCoVL board can issue further capital of
Rs 160 crore. On March 15, it now has new issued and outstanding
capital of Rs. 810 crore, so on March 20, it can issue additional
capital of Rs 200 crore. And so on.
company that practises good corporate governance would go to the
shareholders with resolutions where shareholders are given exact
amount of capital to be issued, the price range at which the capital
is to be issued and the time frame within which this capital needs
to be issued, analysts point out.
to the resolution, for which shareholders' approval has been sought
through postal ballot, the issue will be in the form of GDRs/ADRs
convertible into equity shares, preference shares, or any other
type of securities.
listed company needs to adhere to the SEBI guidelines for issuance
of preference shares. However, if the Board, or a committee authorised
by it, decides to issue preference shares in the manner suggested
in the resolution, what happens to the SEBI guidelines?
Security: The Chinese Strategy
DELHI, Feb 14: The aim of China's strategy for energy security is
to maintain abundant energy supplies, especially sufficient, secure
and stable supply of oil, to secure the sustainable development
of economy and the improvement of people's living conditions. This
strategy has been formulated according to the conditions of China's
energy resources' particularly oil supply and demand, according
to Xia Yishan, Senior Research Fellow, China Institute of International
China is a resource rich country as well as a large producer of
energy, its energy supplies are unable to meet the country's increasing
demands and the gap between demand and supply is becoming larger
and larger. In recent years, China has suffered from the deficiency
of electricity, coal and oil. All of these ascribe to its large
population, the small amount of resources per capita and the rapid
development of energy demand. Its energy problem has become a bottleneck
in its sustainable development path, says Xia Yishan in his paper
at the conclave on 'India's Energy Security: Major Challenges',
organised by Observer Research Foundation in New Delhi.
order to cut down the dependence on overseas supplies, reduce the
risk of the energy supply disruptions and avoid being controlled
by others, China relies on enhancing domestic production. To that
end, China is strengthening its capabilities in prospecting, exploring
and refining oil. Simultaneously China is also carrying out energy
conservation strategies and improving energy utilization efficiency
to relieve the contradiction between the energy supply and economic
enhance the effectiveness of these strategies, China carried out
programmes to educate people about energy conservation. China is
establishing strategic storage system for oil in order to mitigate
the risk of oil supply disruption. China is also developing renewable
energy supply, including the wind energy, solar energy, biomass
energy, geothermal energy, small hydroelectric power, nuclear energy
and hydrogen energy in order to improve the energy consumption structure
and also reduce the proportion of oil in the overall energy consumption.
is also developing the use of coal in a clean way. In order to mitigate
the effect of high oil prices, the Chinese government issued a set
of directives, including the Middle- to Long-term Program of China's
Energy, the Middle- to Long-term Program of Energy Conservation
and the Renewable Energy Law.
measures have had significant effect. In 2005, China's oil production
researched 181 million tonnes, which was 6 million tonnes more than
that of the last year. Meanwhile, the demand for oil was 311 million
tonnes, which increased by only 6 per cent and was much lower than
the 19 per cent increase of the year 2004. The import of crude oil
was 130 million tonnes, which was an increase of 3.3 per cent over
last year. 122.72 million tonnes were imported in 2004, which was
increase of 34.8 per cent over the previous year.
other words, the increase of the crude oil import in 2005 was 30
per cent lower than that of 2004. This improvement can be attributed
to the policy of enhancing domestic resources. China achieved this
despite very high economic growth rates.
increased domestic production China will have to import oil to fill
the increasing gap between the oil supply and demand. In that light,
a significant strategic measure of China is to secure overseas oil
resources and in addition establish oil supply systems overseas.
world's oil and natural gas resources are abundant enough to meet
the demand of all countries in the 21st century. At present, the
main sources of oil import are the Middle East and Africa but these
countries are characterised by political uncertainty. Moreover,
oil is transported through the oceans and in areas such as the Malacca
straits, oil tankers have to face the danger of pirates and terrorist
attacks. In order to mitigate risk of supply from these areas, it
is necessary for China to seek to import oil from Russia, Central
Asia and Southeast Asia.
China has embarked on enhancing both domestic and international
oil supply which has both advantages and disadvantages.
the whole, China has built up a peaceful, friendly and cooperative
relationship with other great powers and in particular countries
holding oil resources. The world's oil reserves are abundant, and
on the whole, the supply of oil exceeds the demand. This situation
will at least last to the end of the 21st century. The transport
of oil has evolved over the years and there is co-operation between
oil importers and exporters.
the countries that export oil are competitive, they have many common
interests in maintaining stable oil supplies and reasonable oil
prices. This provides sufficient space for cooperation. China's
economic strength has grown continuously, and the technological
appliances and managing skills of China's oil corporations have
been improved. Therefore, they have the capability of entering and
exploring oil resources overseas.
has entered the arena of securing overseas oil resources at a stage
when the world's energy resources have almost been completely taken
over by western oil companies. The opportunities for China to acquire
oil resources are becoming smaller and smaller. China can only explore
regions where the western companies can't go or must move away from,
because of political instability, high risk, difficult geology and
trying to win the bid for stocks sold by western oil companies,
China is usually treated unfairly and discriminated against. These
companies often reject China's bid on the excuses that it will undermine
their national security if China purchases their stocks. They also
use the so-called principle of "the domestic priority"
to force China out. Western companies have long-term management
experience and the advantages of capital, technology, management,
and information. The Chinese companies are fairly weak in these
areas and Chinese companies have not worked out a mechanism to work
together. Therefore, they are in an inferior position when it comes
to international competition.
has been only 12 years since China became a country whose import
of oil exceeds export, and only 2 years since China finally became
a country that imports 100 million tonnes of oil per year. Therefore,
when dealing with the abrupt rises of international oil price, its
experiences are deficient and capability of dealing with emergencies
is weak. China's national strategic energy storage is still under
construction and so its national energy security is devoid of necessary
the whole, when it comes to China's importing and applying overseas
oil resources and building up overseas oil supply systems, the advantages
exceed the disadvantages. China is therefore confident of achieving
its goals in this area through the hard work of its companies.
Role of International Cooperation.
must remember two concepts when developing international cooperation.
One is that every country has the right to participate in the re-allocation
of the world's energy resources. The other is that we should change
our old concepts and establish a new concept for energy security
when developing cooperation.
world's mineral resources is estimated to be almost 200 including
mental minerals such as gold, silver, copper, iron, aluminum and
hydrocarbon resources such as coal, oil, natural gas. All these
resources are impossible to be allocated evenly in every country.
Despite some countries like China which have various types of minerals
and abundant reserves, they cannot achieve self-sufficiency for
every mineral. Therefore, all countries in the world should supplement
each other's needs and participate in the world's energy reallocation.
is the same with oil. All over the world, the allocation of oil
is rather unequal. On the whole, some developed countries and rising
industrialized countries lack oil resources and need imports, while
some developing countries have extra oil resources that can be exported
in exchange for the foreign exchange. It is necessary and reasonable
for new industrialized countries such as India and China to vigorously
participate in the reallocation of the world's oil resources, because
they embarked on this mission rather late. Western countries should
treat India and China as their equals and not discriminate against
them or set up obstacles for them.
new energy concept
and cooperation in the energy security is absolutely essential.
Energy security involves not only one country, but also every country.
The energy security of one country will not be guaranteed unless
the issue of international energy security can be solved. Since
there are worldwide energy problems, all countries form an interest
group, which will probably win or lose but only together. Therefore,
every country should not only pay attention to its own energy security,
but consider other countries' as well as the world's energy security.
between all countries should be promoted, and harmful competition
should be avoided. The aim of international cooperation is mutual
benefit, 'twin-win' or 'multiple-win'. Energy cooperation should
cover multiple aspects, components and areas. Multiple aspects include
prospecting and exploring oil resources, establishing strategic
oil storage, guaranteeing the safety and security of oil transition
channels, maintaining the stability of markets, mutual development
of new resources and renewable resources, expanding and applying
energy conservation and the technology for increasing efficiency
and adhering to environmental safety measures. The components should
include technology, capital, talents, production, transportation
and markets. Multiple areas cover every region in the world, including
one's own country.
through flexibility and diversification
can be bilateral or multilateral, between countries or companies,
carried out in the name of countries, national holding companies
or enterprises run by the private sector. It is possible to purchase
an oil field or a company as a whole, or just buy parts of their
stocks. One company can bid alone, or two or more companies can
be united to bid for the stocks. The cooperation can be long-term
or short-term. We should actively build up relationship and dialogue
with regional energy organizations, such as OPEC, and promote regional
energy cooperation and energy cooperation mechanism to mutually
maintain the security of world's oil supply and reasonably stable
present, great powers have already started broad and close cooperation.
For example, U.S. has participated in China's coal bed gas; Europe
is exploring the technology of new energy such as the wind energy,
solar energy, biomass energy and so forth, and has introduced it
to China; China and Russia are cooperating in the fields of transportation,
prospecting and exploring of oil and natural gas in the Eastern
Siberia. As long as all great powers in the world desert old concepts
for energy security persist in the new concepts for energy security,
take the course of equality and mutual benefit, as well as mutual
development, the prospect of international energy cooperation will
be broad and bright.
and India are friendly neighbouring countries, and we have already
established strategic partnership. The economy of both countries
is developing rapidly, and the demand for energy is increasing continuously.
Both countries have cooperated in regions such as Sudan. Not long
ago, they united to win the bid in Syria. Their cooperation is speeding
January 2006, Mr. Mani Shankar Aiyar, the former Indian Oil and
Natural Gas Minister paid a visit to China, and both sides inked
the "Memorandum for Enhancing Cooperation in the Field of Oil
and Natural Gas". Both sides will carry out comprehensive cooperation
in the field of oil, including exploring, producing, the down stream
industry, strategic storage, research and development, clean energy
usage, as well as less conventional energy sources such as methane,
coal gasification and so forth. They also decided to set up a united
working group and hold high-level meeting once a year.
trend of China-India cooperation is good, and it will probably extend
to the Iran-Pakistan-India natural gas pipeline. China and India
cooperate well, not only in a bilateral relationship, but also probably
in the China-Russia-India trilateral relationship within the framework
of Shanghai Cooperation Organization. China and India enjoy broad
prospect for cooperation and that is a model for the rest of the
is Numero Uno Enterprise among unlisted companies
DELHI, Feb 7: Indian Farmers Fertiliser cooperative (IFFCO ), world's
largest fertiliser cooperative, has emerged as the premier enterprise
in terms of sales, networth, profitability and fixed assets in the
recent survey of large unlisted companies conducted by ET Intelligence
group (ETIG), an Economic Times initiative.
topped the ETIG ranking list owing to its sales worth Rs 7224 crore
during 2004-05. The cooperative major was ranked fourth in terms
of profitability with net profit touching Rs 320 crore in a year
that was marked by droughts and erratic rainfall.
fertiliser cooperative has hogged the second ranking in terms of
networth and gross fixed assets. By 2004-05, IFFCO's networth touched
Rs 3282 crore while the cooperative's gross fixed assets were valued
at Rs. 4572 crore.
ETIG Survey has put IFFCO ahead of Hyundai Motors,Tata Internationals,
HCL Infinet and Citibank in terms of sales achieved by unlisted
companies during 2004-05. In terms of net profits, the cooperative
enterprise has been ranked above Reliance Utilities and Power,ABN
Amro, Balco, NSE and Wipro BPO solutions.
far as the gross fixed assets are concerned, Tata Teleservices is
the only unlisted company that has surpassed IFFCO, the ETIG concluded.
As per ETIG Survey, the one single driver in the fertiliser sector
has earlier been ranked second amongst the 60 leading fertiliser
producers in urea, di-ammonium phosphate and complexes production.
The Society was placed second in a survey of UK-based agency Integer
Research Ltd., world's premier research and consultancy firm.
may be mentioned that IFFCO, as the largest cooperative icon, has
37,441 cooperatives as its members. Its accumulated reserves of
Rs. 2879.84 Crore as on March 31, 2005. The cooperative has interests
in general insurance, commodities trading, collateral management,
farm forestry, cooperative and rural development apart from fertilisers.
Its net worth as on March 31, 2005 stood at Rs. 3301.15 Crore.
company has won several laurels during the year 2004-05 including
the prestigious Best Managed Work Force Award instituted by Hewitt
Associates and CNBC TV18.
retains No. 1 spot by sales
DELHI, Feb 2: IndianOil, India's flagship oil company, has retained
its numero uno position by sales in the latest corporate rankings
released by the Economic Times. The ET500 report goes on to add,
"IndianOil has been the largest Indian company by sales for
as long as anyone can remember".
Apart from sales, the ET 500 ranking lists companies based on market
capitalisation, net profit, price-earnings ratio and return on net
In the above listings, IndianOil is also ranked No. 6 by both market
capitalisation and net profits respectively. These rankings assume
significance considering that India's downstream majors in the petroleum
industry have been bearing both subsidy and under-recovery burdens
owing to a steep rise in global crude oil prices throughout the
year 2005, thus affecting both net profit and market capitalisation.
farmers demand export incentives
DELHI: Keeping the glut in global market and fall in international
and domestic prices, the Indian cotton farmers lobby has urged the
Government to increase the import duty and give significant incentives
for exports to protect the farmers.
is being suggested that the Government now should embark on procurement
at high speed at remunerative prices and give significant incentives
for exports. At least 75 lakhs bales must be exported to mitigate
the hardship to the farmers.
is also being suggested that the Government must put NAFED, CCI,
MARKFED and such agencies in procurement, storage and export of
cotton with targets fixed for each of these. Similarly, these agencies
must enter into the market immediately to procure cotton from farmers
so that farmers are not forced to resort to distress sale of cotton
may be mentioned that a series of developments both in India and
in the international market are now creating an explosive situation
for cotton farmers in India. The international cotton market has
been flooded with 15 per cent increased production globally over
the previous year. The major cotton producing countries are US,
China, India, Pakistan and Uzbekistan.
the world cotton production is estimated to cross 25 million tonnes
in cotton season of 2005-2006 against the consumption of only about
22.5 million tonnes. This would mean a surplus of 2.5 million metric
tonnes of production over the consumption. Added to that is the
stock of about 10 million metric tonnes which were there in the
beginning of the season and this will show the monumental size of
the surplus and the burgeoning problem.
US subsidy to its farmers has also hit global cotton prices. The
USA, the largest producer of cotton in the world, has been giving
huge subsidies to the cotton farmers and also additional subsidies
to the domestic users of the US cotton. The subsidies would be in
the region of US $ 4.5 billion this year. These subsidies work out
to almost Rs 50 per kg on the total crops produced by the US farmers.
a result of this, the international prices have crashed last year
by 35 per cent and this trend is expected to continue even in this
cotton year due to the massive surplus. Apart from over production
in India by almost 20 per cent, that is from 177 lakhs bales to
a minimum of 213 lakhs bales, Indian farmers had to face the world
over-supply and the crash in the international prices of the cotton.
As a result, the Indian prices of cotton have also crashed by almost
30 per cent. The increase in the cost due to delay of monsoon last
year, requiring re-sowing of cotton seeds and the effect of the
untimely rains in the current period affecting the standing crops
has also added to woes of the cotton farmers in India.
question being asked is whether the Government has done enough to
mitigate this hardship to the farmers. The crisis was created in
India when the Cotton Advisory Board announced as early as in Sept
2004 that the Indian cotton production would be in the order of
213 lakhs bales. This affected the sentiments of the trade and the
buyers shied away from buying any cotton in the hope that the prices
will continue to crash, as domestic consumption was much lower than
farmers lobby then also urged the Government to increase the import
duty of cotton to protect cotton farmers and declare a remunerative
minimum support price and pick up a large quantity of cotton from
the farmers. As this has not been done earlier, over 90 per cent
of the arrivals of cotton went into the hands of traders at substantially
lower prices. However, the government later procured cotton at the
minimum support price.
the traders who had purchased the cotton stocks from cotton farmers
at distress prices subsequently went and sold the same cotton to
CCI and Maharashtra Monopoly Cotton Purchase agency.
the traders made a killing last year, both the farmers and the Government
Procurement Agencies incurred heavy losses. It is being suggested
that there was high probability of this being repeated even this
year unless the Government intervenes and saves the situation for
the farmers as this year the cotton production in India is expected
to be 250 to 270 lakhs bales.
IFFCO's JV Indo-Egyptian Fertiliser
Company launched in Egypt
By Deepak Arora
DELHI, Nov 23: World' s premier fertiliser cooperative, IFFCO,
in collaboration with EI Nasar Mining company (ENMC), has launched
Indo Egyptian Fertiliser Company (IEFC ) in Egypt for setting
up a state of the art Phosphoric Acid Project.
IFFCO's Managing Director, Mr US Awasthi, said the project is
being set up at an estimated capital cost is US$ 325 million.
He said it would be financed with the debt equity ratio of 70:30.
IFFCO is the major stakeholder with 76 per cent equity while
the balance 24 per cent will be held by ENMC.
largest rock phosphate mining company will supply rock phosphate,
the basic raw material for the project, while IFFCO will buy
back the entire Phosphoric Acid for its DAP Plant at Kandla.
the first Board Meeting of the Joint Venture Company in Cairo
on Monday, Mr Awasthi said that the necessary land for construction
of the Project at Edfu near the rock phosphate mines has been
allotted by the Aswan Governorate and the Project has been accorded
Free Zone status by the general authority for Investments and
Free Zones, Egypt.
disclosed that discussions with International Financial Institutions
for syndication of about US$ 220 million loan for the Project
are in progress. He further informed that with the commissioning
of the project scheduled for early 2009, IFFCO will have assured
supply of about one million tonne bulk Phosphoric Acid for its
Awasthi said that Mr Surinder Kumar Jakhar, IFFCO Chairman,
has also been elected Chairman of Indo Egyptian Fertiliser Company
says it paid no surcharge for Iraqi crude
Nov 17: Reliance Industries Ltd (RIL) has said the Volcker Committee
report had stated that no payment of any surcharge was paid or
committed to anybody by the company.
respect of allocations by State Oil Marketing Organization (SOMO)
of the Government Iraq under the Oil-for-Food arrangement of United
Nations, no payment of any surcharge was paid or committed by
RIL to anybody, the company said on Wednesday referring to the
has been buying various grades of crude oil for its Jamnagar Refinery
1999 onwards. One of the crude purchased and processed by RIL
between 2000 and 2003 included Basrah Light Crude Oil, an Iraqi
crude that was at the time sold by SOMO. Only UN-registered parties
were able to buy crude from Iraq and Reliance Petroleum Ltd (since
then merged with RIL) had registered itself with UN for buying
Oil Overseers, under Security Council Resolution 986 (1995) of
United Nations, had confirmed registration of Reliance Petroleum
Ltd as national oil purchaser.
April 2000 and May 2002, Reliance bought 30.6 million barrels
of Basrah Light Crude from various trading companies on a negotiated,
market competitive price based on declared `official selling prices'
approved by the UN, the company release said.
authorisation documents with complete audit were submitted in
each case to Customs authorities prior to clearing the cargo as
required by the prevailing regulations. All payments made by Reliance
were through normal banking channels to the account of the relevant
trading parties and no other payments of any kind were involved,
the release said.
each case, a representation was made to Reliance that the allocation
was in accordance with UN's Oil-for-Food Resolution 986 and did
not involve payment of any surcharge," the company said.
also got direct allocation from SOMO in 1992. Under this allocation,
RIL bought 2.8 million barrels of Basrah Light Crude Oil directly
from SOMO, all payments having been made to a designated UN escrow
account through letters of credit and no surcharges were paid,
a fact, clearly reflected in Volcker Committee report itself.
is the entire text of the company's clarification: "Our attention
has been drawn to reports appearing in a section of the media
today (Wednesday) relating to a complaint having been filed with
the Enforcement Directorate, New Delhi, against us relating to
the purchase of Iraqi crude.
the complaint states that it is based on the report of Volcker
Committee, several 'facts' stated in the complaint are distorted
and several other 'facts' are completely false.
the outset, the company wishes to clarify that the Volcker Committee
Report itself, in no uncertain terms, states that in respect of
allocations by State Oil Marketing Organization (SOMO) of Iraq
to us, no payment of any surcharge was paid or committed to anybody.
Industries Ltd has been buying various grades of crude oil for
its Jamnagar refinery since 1999. One of the crude purchased and
processed by RIL between 2000 and 2003 included Basrah light crude
oil. Basrah light crude oil is Iraqi crude which was at the time
sold by State Oil Marketing Organisation (SOMO) of the Government
of Iraq under United Nations Oil-For-Food Arrangement.
UN-registered parties were able to buy Iraqi crude oil from Iraq.
Reliance Petroleum Limited (since then merged with RIL) had registered
itself with UN for buying Iraqi crude oil. The Oil Overseers,
Under Security Council Resolution 986 (1995) of United Nations
had confirmed registration of Reliance Petroleum Limited as national
oil purchaser vides its message to Permanent Mission of India
to the UN on November 18, 1999.
April 2000 and May 2002 RIL bought 30.6 million barrels of Basrah
light crude from various trading companies on a negotiated, market
competitive price based on declared official selling prices approved
these trading companies got their allocation either directly from
SOMO or bought the crude from a party having such direct allocation,
under proper UN authorisation. UN authorisation documents with
complete audit were submitted in each case to custom authorities
prior to clearing the cargo as required by the prevailing regulations.
payments made by Reliance were through normal banking channels
to the account of the relevant trading parties and no other payments
of any kind were involved. In each case a representation was made
to Reliance that the allocation was in accordance with UN Oil
for Food Resolution 986 and did not involve payment of any surcharge.
2002, RIL also got direct allocation from SOMO. Under this allocation
RIL bought 2.8 million barrels of Basrah light crude oil directly
from SOMO, all payments for which were made to a designated UN
escrow account through letters of credit and no surcharges were
paid, a fact, clearly reflected in Volcker Committee report itself.
from the quantities of 33.4 million barrels of crude oil mentioned
above, RIL has not directly or indirectly purchased any crude
of Iraqi origin during the period in question.
reiterates that all purchases of Iraqi crude were for use in Jamnagar
refinery only and RIL has not traded any quantities of Iraqi crude
in international market.
complaint based on conjectures and surmises appears to be an attempt
to drag RIL's name into controversies with which it is not concerned
in any way with an intention to falsely malign the company for
reasons best known to the complainant."
for the first time since the Volcker Committee findings on Iraq
oil pay-offs were made public, Finance Minister P Chidambaram
on Wednesday said the government has asked a few Indian companies
that figured in the report to 'share' records and information.
have asked a few companies to share with us some records and informations.
Beyond that, I don't want to say anything," the finance minister
told the annual Economic Editors Conference in New Delhi.
is premature to disclose anything about the investigation,"
he said, when asked whether the tax department was looking into
the books of 125 Indian companies named by Volcker for evasion.
top in remittances: WB
Nov 17: International migration can generate substantial gains
for migrants and their families, as well as their origin and destination
countries, if policies to better manage transfer of remittances
are pursued, says the World Bank Global Economic Prospects (GEP)
report for 2006.
report which forecasts that South Asia will be receiving some
$32 billion in remittances this year says that with recorded inflows
of $21.7 billion in 2004, India received the most in terms of
remittances. Remittances recorded worldwide in 2005 are estimated
to exceed $232 billion. Of this, developing countries are expected
to receive $167 billion, more than twice the level of development
aid from all sources, the report said.
figures for South Asia are even more striking, with the region
expected to receive an estimated $32 billion in remittances or
a 67 per cent increase from 2001. India is followed by China and
Mexico at $21.3 billion and $18.1 billion respectively, the report
said. "With the number of migrants worldwide now reaching
almost 200 million, their productivity and earnings are a powerful
force for poverty reduction," said Francis Bourguignon, World
Bank Chief economist and Senior Vice- President for Development
in particular, are an important way out of extreme poverty for
a large number of people. The challenge facing policymakers is
to fully achieve the potential economic benefits of migration,
while managing the associated social and political implications,"
forays into power sector
DELHI, Nov 6: The fertiliser giant, Indian Farmers Fertiliser
Co-operative Limited ( IFFCO), has signed a share holders agreement
with the Chhattisgarh State Electricity Board (CSEB) paving way
for the incorporation of a Joint Venture Company named IFFCO Chhattisgarh
Power Ltd. (ICPL).
The IFFCO Managing Director, Mr U S Awasthi, and the Chairman
CSEB, Mr Rajib Ranjan, signed an agreement to this effect on November
3 here. Earlier IFFCO had signed an MoU with Government of Chhattisgarh
and Chhattisgarh State Electricity Board (CSEB) for setting up
a mega power project of 1000 MW in District Sarguja, Chhattisgarh.
details of the project, Mr Awasthi Mr Ranjan said that the estimated
cost of the power project would be Rs. 4,500 crores and the project
financing will be on 70: 30 debt--equity pattern. IFFCO and CSEB
will share the equity in the ratio of 74 per cent and 26 per cent
respectively. The financial closure of the project is targeted
to be achieved by December 2006. The project will start generating
power from year 2010.
will off-take up to 90 per cent of power generated from the project.
It is worth mentioning here that it is a pit head thermal power
project which shall provide livelihood opportunities to the people
of under developed area of district Sarguja.
Awasthi further added that IFFCO, under its expansion programme
Vision 2010, has decided to make a foray in the field of power
so as to provide another important input -- electricity to the
farmers, apart from fertilizer and seeds.