wars: India fills Chinese gap
Aug 26: India's biggest opportunity to worst China and seize control
of Europe's insatiable demand for mass-produced, cheap-and-cheerful
fashion garments has strengthened on Thursday with retailers across
the continent admitting they were frantically searching for alternative
low-cost, high-quality, large-scale Asian manufacturers of men's
trousers, women's smalls, sweaters and T-shirts now that the European
Union (EU) is furiously fighting the so-called 'bra wars' with China.
as nearly 80 million mass-produced Chinese garments meant for European
shoppers remained stranded at continental customs checkpoints because
of EU import quotas, Europe's largest, most-networked consortium
of retailers said "there is a great opportunity for India".
the EU's top officials engaged in emergency talks with their counterparts
in Beijing, leading British retailers said they had been making
urgent calls to factories in Bangalore and elsewhere in India in
an attempt to fill shops with cheap clothing meant for Europe's
customarily cool autumn and bumper-sales Christmas rush.
so-called 'bra wars', have meant around 50 million sweaters, 17
million pairs of men's trousers, three million bras and four million
T-shirts have been detained at customs warehouses across Europe,
while the European retailers who ordered and paid for them months
ago are faced with the prospect of emptying shelves, on a scale
not seen since World War II.
Gray, director of the British Retail Consortium, which boasts it
"represents all UK retailers, including large multiples, department
stores and independents", said from Brussels that Europe's
trade dispute with China has obviously prompted a desperate search
for an alternative low-cost Asian supplier of cheap garments.
he said, could only be India because "we have been told all
along that India is the next China in terms of production and we
do believe that it is only Indian suppliers who could deliver this
sort of scale, high-quality and serve all parts of the (European)
market". The monetary value of the opportunity potentially
opening up for India is thought to be almost the same as that of
China's clothing exports to Europe. China sold clothing worth nearly
£5 bn to Europe in the first half of this year alone, almost
the same amount as in all of 2004.
date, India's clothing exports to Europe total less than one-fifth
of Chinese sales. Indian exporters have already reported that sales
figures for the first four months of this year represented a 14-per
cent increase on the same period last year.
said that China's fall - at the cusp of the EU's protectionist trade
policies on clothing imports - was a "great opportunity for
India because there are only a finite amount of factories, say in
Romania, Cambodia or Vietnam, which could produce, for example a
high-quality over-sized bra."
manufacturers, said the BRC, were thought well able to lug the gap,
which will mean European retailers losing business and money over
the next few months. But the BRC cautioned that the Indian opportunity
might only be as long-term as the service, quality and profit-margins
it provides. Warned Gray, "the Indian opportunity will not
obviously mean that retailers will suddenly ditch China. Retailers
want to invest long-term. We want a stable and predictable trading
environment." The Chinese clothes currently piling up unsold
at EU ports are said to breach limits agreed in June, which wree
designed to protect Europe from a flood of cheap Chinese imports.
Europe's biggest high street names have warned that their shelves
may start to empty if the goods are not released.
retailers said that at least five European countries, including
France, Italy, Spain, Portugal and the Czech Republic were deeply
protectionist and had been arguing for Europe to limit cheap Asian
clothing imports . Pro-business governments from Scandinavia and
northern Europe have denounced the import curbs as economic suicide,
even as EU trade commissioner Peter Mandelson acknowledged they
had more to do with assuaging European public opinion than economic
EU officials have already arguedthat they want to limit the flood
of cheap Chinese clothing in a nod to other developing countries,
such as Sri Lanka and Bangladesh. Just days ago, Mandelson said
he had has noted that Chinese exports were displacing goods from
other developing countries. But retailers say the only real replacement
for China, in terms of scale, quality and price, can be India.
European importers admit they are looking to be less dependent on
China for the 10 products currently subject to quotas. These include
sweaters, trousers, T-shirts and women's blouses, as well as cotton
fabrics, bed linen and table and kitchen linen.
including Britain's biggest, Marks and Spencer (M & S), have
already warned that shoppers will face rising prices if the EU's
"bra wars" with China are not quickly resolved.
a sign European retailers were heading for other, cheap Asian producers,
Stuart Rose, chief executive of M & S, said: "People want
cheap goods and Italy does not make them. Protectionism does not
work." Late on Wednesday, Mandelson said there had been a "serious
glitch" in the way the import curbs had been drawn up and implemented.
European retailers and importers accused the European Commission
of wreaking havoc on business.
Top Gear launched in India
DELHI, Aug 19: Top Gear - the world's leading automotive magazine
published by the British Broadcasting Corporation (BBC) - has
launched its Indian edition.
magazine launched Wednesday evening has over 1.5 million readers
worldwide and is brought out by Worldwide Media Ltd.(WWM) - a
50:50 joint venture between BBC and the Times Group.
are very excited about the launch of our flagship brand, BBC Top
Gear magazine in India. Given the huge potential of the Indian market
combined with the strength of India's largest media house, we are
confident that the Indian edition will be a resounding success,"
Ian Watson, director of WWM said at launch here.
in over 35 countries in 10 different editions, Top Gear's Indian
avatar will be the 11th edition of the magazine. "Top Gear
promises to bring a fresh and unique look into the world of motoring,"
said WWM director Vineet Jain.
makes case for hiking fuel prices
DELHI, Aug 16: The Government has made a strong case for hike in
domestic petroleum prices with the Indian crude oil basket crossing
$ 60 a barrel but promised all steps to ensure that the burden on
the common man was minimal by considering reduction in duties.
are going through one of the worst crises in international oil prices.
We have a panapoly of measures to greatly restrict the impact of
spiralling prices", Petroleum Minister Mani Shankar Aiyar told
the Lok Sabha, intervening in a discussion on rise in prices of
essential commodities, including oil.
believe in equitable burden sharing. A little bit by the consumer,
a substantial chunk by the Government and the larger share on shoulders
of the oil companies," he said apparently indicating the possibility
of a moderate hike in domestic oil prices.
demolished Opposition arguments that the Centre has done very little
to protect the interest of common man.
out statistics, Aiyar said the oil prices shot up by 18 USD in the
last 14 months which was equivalent to the increase over eight year
period from 1996 to 2004.
the UPA Government increased petrol prices by mere Rs seven as against
NDA Government's Rs 16, PDS Kerosene by only four paise vis-a-vis
NDA regime's Rs 6.05, diesel by Rs six as against NDA's Rs 15 and
LPG by Rs 53 a cylinder as against Rs 145 a cylinder by the BJP-led
said the UPA Government had resorted to only modest increase and
oil companies absorbed a sizeable amount despite a whopping 164
per cent rise in crude oil prices, petrol 177 per cent, Diesel 203
per cent, kerosene 218 per cent and LPG 108 per cent in three years.
a letter from the Oil Marketing Companies have urged the Petroleum
Ministry to allow them hike of Rs 5.29 per litre in petrol and Rs
4.54 per litre increase in diesel prices in line with the spurt
in global crude oil prices.
letter from IndianOil reminded that all oil marketing companies
have posted significant losses during the first quarter of 2005-06.
"Unless immediate corrective actions are taken by way of increase
in prices and/or suitable downward revisions in the excise duties,
the adverse financial position of OMCs are likely to deteriorate
further in the second quarter," said the letter.
may be mentioned that if the domestic fuel prices are not hiked
keeping in view the unprecedented surge in global prices, all state-run
oil marketing companies including Indian Oil Corp, BPCL, HPCL and
IBP will turn sick.
to the ministry's estimates, IOC's subsidiary IBP will be the first
to turn financially sick by as early as next month as losses arising
from freeze on fuel prices will erode its networth.
Petroleum Corp will turn sick in just over a year from now and Hindustan
Petroleum Corp will take just 20 months to be referred to the Board
of Industrial and Financial Restructuring.
the country's biggest oil company, will turn sick in 35 months from
now if petrol, diesel, LPG and kerosene prices are not changed in
line with the spurt in global oil prices.
which reported its first ever net loss of Rs 54.2 crore in April-June
quarter, suffered an estimated loss (including depreciation) of
Rs 744 crore in July alone. BPCL netted a loss of Rs 400 crore over
Rs 431.3 crore loss in Q1, while HPCL saw Rs 475 crore loss in July
on top of Rs 507.89 crore net loss of April-June quarter.
makes kerosene disappear into thin air
DELHI, Aug 16: This is no magic. Kerosene mafia is diverting half
of poor man's fuel into thin air and bleeding the PSUs like IndianOil,
BPCL and HPCL. In other words, the mafia is diverting kerosene meant
for public distribution system (PDS) to more profitable use like
adulteration of petrol, diesel and other industrial solvents.
recent studies commissioned by the Oil Ministry reveal that half
of the kerosene meant for people below poverty line is siphoned
off by "organized gangs of mafia proportions" which make
huge profits by selling the fuel in the black market or using it
to adulterate motor fuels et al.
studies by National Council of Applied Economic Research (NCAER)
and National Institute of Public Finance and Planning (NIPFP) conclude
that subsidy gives kerosene an undue price advantage against other
fuels and forces its diversion at the cost of the poor families
for whom it is meant.
may be mentioned here that while kerosene at PDS outlets is sold
at Rs 9, in the open market it's available for Rs 20. On the other
hand, diesel is priced at Rs 30 and petrol at Rs 42. Any adulteration
of subsidized kerosene with petrol or diesel results in huge profits.
the 10 million tones of kerosene, if half ie 5 million tones are
diverted every year, it results into a loss of Rs 10,000 crore to
the exchequer. The kerosene mafia is thus bleeding dry the PSUs
like IndianOil, Bharat Petroleum Corporation (BPCL), Hindustan Petroleum
Corporation (HPCL) and IBP who are on the verge of turning sick
due to rising losses arising from the freeze on fuel prices.
has reported its first-ever net loss of Rs 54.02 crore in the April-June
quarter. BPCL netted a loss of Rs 400 crore in addition to Rs 4,313
crore loss in Q1. HPCL clocked a loss of Rs 475 crore in July on
top of the Rs 507 crore net losses in Q1. IBP has reported a loss
of Rs 189 crore in July.
is also learnt that the Government is planning to send a missive
to all oil refiners, Reliance Industries and Mangalore Refinery
and Petrochemicals Ltd. (MRPL) in particular, to produce more kerosene
to meet public distribution system (PDS) demand. The basis of this
order is that the supply to the PDS system is falling short of the
demand for PDS kerosene.
what the studies reveal is that the Government needs to strengthen
the PDS system so that the mafia does not divert kerosene to the
is also pointed out that Reliance and MRPL are producing 12 per
cent average production of LPG and SKO as percentage of crude as
is being done by other public-sector undertakings. The LPG and SKO
as percentage of crude for IOC and its associates is 12.2 per cent.
Its 12.3 per cent for BPCl; 10.9 per cent for HPCL; 12.5 per cent
for MRPL and 11.6 per cent for RIL.
studies also point out that a majority of the kerosene users in
the country do not depend on the fuel for cooking meals. This is
true even for those who do not have access to cooking gas. The NCAER
study says that 73 per cent of rural households and 30 per cent
of urban households use kerosene only for lighting purposes.
the given scenario where the fault lies in the distribution system
and not in the supply, the Government moves to try and force refineries
to produce more products will end up benefiting the wrong people
while the solution will not be found. Need of the hour is to focus
on refining the PDS system to ensure that the BPL families get the
benefit and not put pressure on refineries.
raises stake to 45.55 per cent in REL
DELHI, Aug 16: As part of ongoing de-merger of Reliance group companies
following settlement of ownership between two Ambani brothers, Mukesh
Ambani-owned Reliance Industries Ltd has acquired 37.95 per cent
stake in Reliance Energy, owned by the younger brother. The total
deal, which has increased RIL's stake in REL to 45.55 per cent,
was proposed for a consideration of over Rs 2,662 crore.
acquisition was proposed to be at the rate of Rs 351.69 a share
of Rs 10 each. RIL has purchased over 7.57 crore equity shares in
REL from its wholly-owned subsidiary Reliance Power Ventures Ltd
(RPVL), the Mukesh Ambani-owned company told National Stock Exchange.
units of Nathpa Jhakri start generation
Aug 15: After facing closure for a day, three units of Nathpa-Jhakri
hydro power project today started power generation as silt level
in river Sutlej decreased to 5500 particle per million (ppm) against
permissible limit of 5000 ppm.
units of the project with 250 mw capacity each resumed power generation
today while the another unit was expected to start generation tomorrow,
an SJVN spokesman said. The 1500 mw project was shut down yesterday
following sharp rise in silt level in river Sutlej which touched
20,000 ppm at one time and later came down to 11,000 ppm.
Nathpa-Jhakri project had suffered power loss of about 1250 million
units due to excessive silting during the year. The excessive silting,
which was experienced after the Pareechu river outburst on June
26, had forced the project's shutdown for more than 19 days,"
Chairman-cum-Managing Director of the Sutlej Jal Vidyut Nigam H
K Sharma said today.
hydro electric power projects in Himalayan region have to run efficiently,
he said adding certain modifications proposed to be carried out
in the Nathpa-Jhakri would enhance its operational efficiency. He
said an office has opened in Dehradun to cater to the needs of three
projects awarded to the company in Uttaranchal.
project had lost revenue to the tune of Rs 120 crore due to shut
down and non-utilisation of full capacity due to silting and floods
and the Sutlej Jal Vidyut Nigam (SJVN), running the project had
planned construction of big dams upstream Sutlej to check the problem
surges to record $65 a barrel
YORK, Aug 11: Oil prices surged nearly two dollars on Wednesday
after a U.S. government report rekindled fears that resilient
demand from summer drivers and a spate of refinery outages could
trigger a gasoline supply crunch.
gains came against the backdrop of rising tensions in the Middle
East after the United States temporarily closed its diplomatic
missions in Saudi Arabia this week due to the threat of attacks
light sweet crude futures soared $1.93 to hit $65.00 a barrel,
the highest on record, before settling at $64.90. London Brent
jumped $2.08 to new peak of $64.06 a barrel, before settling at
fuel supply pacts to cut govt's subsidy liability by Rs 1130 cr
NEW DELHI, Aug 8:
Indian Farmers Fertiliser Cooperative Ltd's move to swtichover to
low-cost liquefied natural gas (LNG) in place of naphtha and fuel
oil would reduce the Government's subsidy outgo by a whopping Rs
1130 crore, according to Mr Ghansham Dass, IFFCO spokesman.
achieve this goal, IFFCO has signed collaboration agreements with
GAIL and Gujarat State Petroleum Corporation Ltd (GSPCL) to switchover
to low cost liquefied natural gas (LNG) in the place of Naphtha
and Fuel Oil. These long term fuel supply contracts would not only
reduce the Government's subsidy outgo, but would also lead to cut
in input costs for manufacture of urea, said Mr Ghansham Dass.
spokesman informed that IFFCO had entered into a agreement with
Gujarat State Petroleum Corporation Ltd (GSPCL) early this year
to supply re-gasified LNG for the Kalol unit. The agreement has
already become operational. Putting Kalol unit on LNG has led to
a fertilizer subsidy saving of Rs 84 crore annually, he said.
he said IFFCO has tied up with GAIL for supply of re-gasified LNG
to its Phulpur unit through a dedicated pipeline stretching to 140
kms from Thulendi near Jagadishpur to Phulpur. The re-gasified LNG
will be available through this pipeline beginning next financial
year (April 2006).
IFFCO is in the midst of recasting its unit in Phulpur with an investment
of Rs 33 crore for using regasified LNG as the feedstock. The fuel
switchover will entail a subsidy saving of Rs 658 crore for the
the re-gasified LNG would be devoid of higher hydrocarbons, entire
ammonia cannot be converted into urea. To ensure complete ammonia
utilization for urea production, IFFCO has decided to set up two
carbon-di-oxide recovery plants at Phulpur and Aonla. Both the CO2
recovery units will have installed capacity of 450 metric tonnes
per day each.
setting up of these carbon-di-oxide recovery plants with an investment
of Rs 120 crore would lead to a subsidy saving of an additional
Rs 388 crore as the high-cost naphtha would not be used even as
supplementary inputs, said the spokesman.
switchover in all the three production units -- Aonla, Phulpur and
Kalol -- on cost-effective and environment friendly LNG would also
result in substantive reduction in emission of Green House Gases
acquires Reebok for $3.8 bn
July 3: Adidas-Salomon AG said on Wednesday that it will buy shoemaker
Reebok International Ltd in a $3.8 billion deal, giving the company
about 20 per cent of the US market and putting it in a position
to better challenge leader Nike Inc.
the terms of the all-stock deal, Adidas will pay $59 for all of
Reebok's outstanding shares, a premium of 34.2 per cent. The
deal is subject to regulatory approval in the United States and
Europe as well as by shareholders. Both companies said the transaction
could close during the first half of 2006. The deal will bring together
two impressive stables of athletes and entertainment endorsers.
English soccer star David Beckham and rap artist Missy Elliott are
under contract to Adidas.
in February launched the "I am what I am" marketing campaign,
which features pitches from celebrity entertainers and athletes
in an effort to draw younger buyers who regard sneakers as high
of the ads featuring the rapper 50 Cent was pulled in March amid
complaints that it glorified gun violence.
said its second-quarter profit soared 71 per cent on strong sales
driven by its high-performance model shoes and the new marketing
announcement came as the Herzogenaurach-based company posted a 30-per
cent gain in second-quarter net profit and improved sales. The company
earned $80.6 million or $2.47 a share, in the quarter ended June
goes into red; Rs 54.23 cr Q1 net loss
DELHI, July 29: Indian Oil Corporation (IOC) went into red as the
state-run company reported a loss of Rs 54.23 crore for the
first quarter of the current fiscal as against a profit of Rs 1,472
crore in the year-ago period.
was mainly due to under-realisation of Rs 3194 crore on sale of
MS, HSD and SKO and LPG during the current quarter of 2005-06 as
against Rs 1786 crore during the corresponding quarter of the previous
year, consequent to non-revision of retail selling prices in line
with international prices, according to IOC Chairman Sarthak Behuria.
sold 11.85 million tonnes of petroleum products in the domestic
market besides exporting 0.55 million tonnes in the first quarter
of 2005-06. Its seven refineries together achieved a throughput
of 9.18 million tonnes and the pipeline network transported 11.13
million tonnes of crude oil and products. The sales turnover for
the first quarter, however, jumped 19 per cent to Rs 42,340 crore
from Rs 35,577 crore in the year-ago period.
Industries Q1 net up 60.7 pc at Rs 2,310 cr
July 28: In the first financial result announced after division
of the Reliance group, Mukesh Ambani- controlled Reliance Industries
Ltd said its net profit rose 60.7 percent at Rs 2,310 crore in the
quarter ended 30th June, 2005, up from Rs 1,437 crore in the year-ago
a statement, the company said that its turnover increased by 26
percent to Rs 19,884 crore as against Rs 15,746 crore for April-June
2004. It said sales swelled due to impact of increase in product
selling prices of 21 per cent and increase in sales volume of five
per cent as compared to the corresponding previous quarter.
net operating margins improved during the reporting quarter at 20
per cent despite the volatile raw material prices. The impact of
volatile prices was offset by higher selling prices and efficeint
cost control measures, it said.
company's production of oil and gas and petrochemicals, including
toll conversion was 3.18 million tonnes during the Q1 with its refinery
operating at 96 per cent capacity and processing 7.92 million tonnes
of crude. Exports, including deemed exports, were up by 40 percent
at Rs 7,144 crore as agaist Rs 5,102 crore Q1 of 2004-05.
exports of refining products of reporting quarter were 2.46 million
tons, compared to 2.55 million tones in the same period last fiscal.
The production volumes of PFY, PSF and PET increased by 19 percent
to 2,79,000 tonnes primarily on account of increased PET production,
Reliance Industries Ltd (RIL) has decided to close the buy-back
of equity shares in the open market through stock exchanges. According
to a RIL release, the Board of Directors of the company have decided
that the buy-back of equity shares in the open market through stock
exchanges, made pursuant to public announcement on 28th December,
2004, be closed from the end of business hours on August 2, 2005.
dead as fire engulfs Bombay High site
July 28: At least eight persons were killed and 45 people went missing
as a major fire on Wednesday destroyed a big oil drilling platform
of ONGC off Mumbai coast, disrupting crude production from the country's
Minister Mani Shankar Aiyar said in New Delhi that three persons
were confirmed dead and 45 people have gone missing when the ONGC
platform, located about 160 kms from the coast, caught fire at around
1630 hours. He said there were 385 people on the platform when the
incident took place.
officials said 331 people have been rescued by Coast Guard and Navy
ships. ONGC officials said the "casualties are very minimal".
Several ONGC personnel abandoned the platform and jumped into the
Arabian sea, Coast Guard sources said in Mumbai. The fire was apparently
caused due to collision of a vessel docked nearby in high tide,
The blaze died because the platform collapsed. Search and rescue
operations will continue through the night. ONGC Chairman and Managing
Director Subir Raha said the platform, which gathered oil from up
to 20 wells and supplied 80,000 barrels per day, would take several
months to return to normal production.
Minister Manmohan Singh, who is scheduled to make an aerial survey
of the flood affected areas of Mumbai and other parts of Maharashtra,
is taking Aiyar along with him for a first hand assessment of the
damage tomorrow. Singh condoled the deaths in the oil platform fire.
This is the second major fire in four years at the Mumbai High fields.
Q1 profit up on strong Swift sales
DELHI, July 25: Top Indian car maker Maruti Udyog Ltd. reported
a forecast-beating 32 per cent rise in profit as cost cuts and strong
demand for its new Swift hatchback offset falling sales of other
vehicles and higher raw materials prices.
New Delhi-based auto maker, owned 54.2 per cent by Japan's Suzuki
Motor Corp. makes top-selling models such as the mini Maruti 800
and the Alto hatchback. Its cheap, fuel-efficient vehicles are often
the first car Indian families buy.
launched the Swift in May, and then boosted its share of the fast-growing
Indian compact sector, competing with Hyundai's Getz and Fiat's
Palio. Net profit for the fiscal first-quarter to June 30 was 2.26
billion rupees ($52 million) against 1.71 billion rupees a year
earlier. Analysts had expected net profit to rise 13 per cent to
1.93 billion rupees, according to a Reuters poll of 11 brokers.
company wants to move next year into diesel cars, where rival Tata
Motors Ltd. has a head start. With about half the auto market already,
Maruti is well placed for growth in India, where only 8 in 1,000
people own cars, compared with 35 in Thailand and 450 in developed
the likes of General Motors, Ford Motor and Honda Motor are building
capacity and increasing local production of their cars and parts
in a bid to compete on price.
entrants are also lining up: India's Mahindra & Mahindra will
begin making the Logan sedan from 2007 in a joint venture with France's
Also, Toyota Motor Corp. is reported to be planning an $89-million
plant to make 100,000 small cars from 2007.
upgrades IndianOils rating
DELHI, July 18: Moody Investor Services Ltd. has upgraded IndianOils
rating to Baa3, equivalent to the sovereign rating of India. This
is an improvement over the earlier rating of Ba1 in the senior implied
category and Ba2 in the issuer rating category assigned to IndianOil
is a great success achieved by IndianOil as Moodys very seldom
does a two notch upgrade. With this upgradation, IndianOil has now
moved into the Investment Grade Rating category of Moodys.
the new rating methodology for Government-related issuers (GRI)
applied by Moodys, this rating reflects IndianOils dominant
position in the Indian downstream sector.
to Moodys this review was prompted by IndianOils dominant
position in the refining and transmission pipeline network as well
as its scale of operations in the domestic market, sound credit
metrics, Government ownership and support.
the present scenario where the oil industry is facing a trend of
falling marketing margins due to continuous pressure of surging
international crude oil prices as well as non-revision in the prices
of petrol & petroleum products to that tune, IndianOils
rating upgradation by an international rating agency reiterates
the Companys commitment towards society, the Government of
India, creditors, stakeholders, employees and the public at large.
Gujarat refinery resumes operation
July 3: IndianOil's Gujarat Refinery has begun operation after the
first impact of floods in Gujarat receded. The primary processing
units, which were shut down due to incessant rains and water logging
early this week, have been re-commissioned by the Refinery since
the crude distillation units have been put on stream and the secondary
processing units viz. Fluidised Catalytic Cracking Unit (FCCU),
and Hydrocracker are under start-up. India's largest LAB (Linear
Alkyl Benzene) plant at Gujarat Refinery has also been put back
on stream today morning. Koyali-Ahmedabad Product Pipeline has also
been commissioned today for pumping petroleum products to Ahmedabad.
view of the unprecedented scale of devastation unleashed by this
natural calamity, IndianOil's Gujarat Refinery has scaled up support
neighbouring communities. In addition to 10,000 food packets provided
by the Refinery to the District authorities to reach the affected
people, food packets were also distributed by the IndianOil officials
today among the villagers residing in the Refinery's vicinity.
its role as a responsible corporate citizen further, IndianOil's
Gujarat Refinery will also contribute in preventing the outbreak
of epidemics in the adjoining areas, besides its own township, according
to Dr Ajit Pathak, Sr. Manager (Corporate Communications), Refineries
V Narasimhan takes over as Director (Finance) at IndianOil
DELHI, July 1: Mr. S.V. Narasimhan has joined the Board of Indian
Oil Corporation Ltd. as Director (Finance) today. He takes over
from Mr. P Sugavanam who superannuated from service yesterday. Prior
to joining the IndianOil Board, Mr. Narasimhan was Managing Director
of Chennai Petroleum Corporation Ltd. (CPCL), an IndianOil Group
Chartered Accountant by profession and an MBA from the Faculty of
Management Studies, Delhi, Mr. Narasimhan has over three decades
of rich and varied experience in the oil sector. Beginning his career
at IndianOil, he served the Fortune Global 500 company
for over 25 years before joining CPCL as its Director (Finance)
in November 2000 and thereafter rose to head CPCL as its MD from
November 2002 onwards.
Narasimhan served as a member of several specialist committees of
the Government of India that drafted oil sector policies. He is
also credited with assisting the Oil Cost Review Committee (OCRC),
set up by the Union Government in 1983 to formulate the basis for
pricing of petroleum products. He was also a member of the sub-committee
of the working group set up by the Ministry of Petroleum & Natural
Gas to evolve a comprehensive long term plan for the Hydrocarbon
Sector, which was the basis for the Restructuring Group Report and
the subsequent road map for the deregulation of the Indian petroleum
sector. Widely travelled, Mr. Narasimhan has also presented several
papers in international forums.
announces major natural gas find worth $ 50 billion
June 28: In the biggest ever discovery of its kind in the country,
estimated reserves of 20 Trillion Cubic Feet (TCF) worth USD 50
billion was found from a drilling block in Krishna Godavari basin
by Gujarat State Petroleum Corporation (GSPC), Chief Minister Narendra
Modi announced here on Sunday.
the project, now named 'Deen Dayal' (God and saviour of the poor)
to the nation, Modi told reporters here that this natural gas find
made 10 days ago was worth Rs two lakh crores after an investment
of Rs 250 crores was made. He said the money generated from this
project would be put into education of children living Below the
Poverty Line (BPL).
discovery will almost double the current gas production of the nation
and the state government's priority would be to begin its commercial
production and sell at the earliest," Modi said. The GSPC discovered
the gas in the KG#8 block, located six kms away from the shore of
the Yanam-Kakinada coast of Andhra Pradesh after drilling upto 5061
mts at a temperature of 400 degrees farenheit, a feat that Modi
said was the first ever in the country.
net at Rs. 939 cr
DELHI, June 21: State-owned telecom major MTNL posted 18.4
per cent decline in its net profit for the year 2004-05 at
Rs. 938.97 crore. The company's net income from services also
declined by 12. 2 per cent to Rs. 5,592.38 crore. The directors
of the company have recommended a dividend of 45 per cent
including an interim dividend of 20 per cent, MTNL said in
brothers reach "amicable" settlement
June 18:The warring Ambani brothers today reached an "amicable"
settlement of the ownership dispute in the Rs 90,000 crore
mega Reliance group under which elder brother Mukesh will
retain flagship Company RIL and its Petrochemcial venture
IPCL while Anil gets Reliance Infocomm, Reliance Energy and
settlement of the seven-month bitter wrangle was announced
by their mother Kokilaben who said in a statement "I
have today amicably resolved the issues between my two sons,
Mukesh and Anil, keeping in mind the proud legacy of my husband
merger gets Cabinet nod
NEW DELHI, June 16: The Government on Thursday cleared the
merger of two steel PSUs -- Indian Iron and Steel Company
(IISCO) and Steel Authority of India (SAIL).
of 11 million tonne SAIL with IISCO (3 MT) was today cleared
at the meeting of the CCEA chaired by Prime Minister Prime
Minister Manmohan Singh.
ties with Chattisgarh for 1,000-MW coal-based power plant
JUNE 6: Indian Farmers Fertiliser Cooperative Ltd (IFFCO)
has signed a memorandum of understanding with Chhattisgarh
State Electricity Board (CSEB) for setting up a 1,000 MW coal-based
power project in the tribal Sarguja district. Estimated at
a cost of Rs 4,500 crore, the project is scheduled for commissioning
by 2009-2010 and will achieve its full capacity in phases
by 2011-2012, IFFCO Chairman Surinder Kumar Jakhar said during
the signing of the MoU.
Jakhar said IFFCO will have 74 per cent stake, while CSEB
will hold the rest in the project. The project will benefit
the state by making energy available at low tariff.
Chief Minister Raman Singh said IFFCO, a fertilser cooperative
major, had selected the state for its first power project
after it decided to diversify into power sector. He said setting
up of the power project in the Sarguja district will increase
the pace of development in tribal areas as IFFCO had agreed
to contribute to the socio -economic development of the region.
Managing Director US Awasthi, CSEB chairman Rajib Ranjan and
Energy Secrertary Ajay Singh signed the MoU in the presence
of the Chief Minister and Mr Jakhar.
to newsmen, Mr Awasthi said that the power plant will have
its captive coal mine at Tara block from where coal would
be brought to the plant through a conveyor. The power plant
would employ modern technology to ensure least water consumption
and zero pollution. He said IFFCO would also take care of
local area development, including general health and education.
whether IFFCO would be able to complete the project within
the prescribed time frame in view of naxalite activities in
the region, Mr Awasthi said the state government had to deal
with issues pertaining to the law and order. "Ours is
an orgnaisation of the farmers and all our projects ensured
an involvement of the local population," he added.
plans $1b expansion; To set up phosphoric plants in Egypt
DELHI, May 31: Indian Farmers Fertiliser Cooperative Ltd.
(IFFCO), one of world's largest fertilizer cooperatives, on
Monday announced $1 billion expansion plan envisaging setting-up
of three greenfield plants, foray into rock phosphate mining
in Egypt and carbon trading with Japan's Mitsui. The proposed
investment would be funded by way of debt and equity in a
ratio of 2:1.
this to newsmen here, the IFFCO Managing Director, Mr U S
Awasthi, said "we are talking to several international
and domestic banks such as Standard Chartered, BNP Paribas,
ANZ Grindlays, IDBI Bank and SBI for debt component."
the investments would ensure backward integration for assured
supply of phosphoric acid, these would also help the cooperative
to enhance fertilizer production to 86 lakh tonnes annually
from 61 lakh tonnes. The organisation has set a target of
100 lakh tonnes per annum in the medium term. The programme
includes setting up of a phosphoric acid plant in Egypt with
an installed capacity of five lakh tonnes annually in a 75:25
joint venture with El Nasr Mining Co.
the details, the IFFCO Chairman, Mr Surinder Kumar Jhakhar,
said the cooperative was also negotiating with a government
entity in Egypt to undertake rock phosphate mining. Another
plant of five lakh tonnes capacity for phosphoric acid would
be set up in Gujarat, for which negotiations were on with
Kandla and Mundra while a DAP and NPK plant of 18 lakh tonnes
annually would be established at Kandla.
IFFCO had also finalised a ten-year agreement with Mitsui
for carbon trading, he said adding that this was on account
of its switching over to LNG from naphtha. On the subsidy
situation in the post-expansion period, he said there would
be savings of about Rs. 1,000 crore for the government.
2004-05, IFFCO posted a marginal dip in net profit at Rs.
320 crore against Rs. 330 crore in the previous fiscal.
to firm up petro links with Pak
DELHI, June 1: During his forthcoming visit to Pakistan, the
Petroleum Minister, Mr Mani Shankar Aiyar, will discuss with
Pakistani leaders ways and means to strengthen petroleum links
between the two countries as envisaged by Dr Manmohan Singh
and Gen Pervez Musharraf. Among the issues, Mr Aiyar is expected
to discuss the trilateral gas pipeline from Iran to India
via Pakistan and IndianOil's proposal to export diesel to
the neighbouring country.
Corporation (IOC) wants to export 300,000 metric tones of
diesel and 100,000 tonnes of petrochemicals to Pakistan with
which the Manmohan Singh Government has taken several confidence-building
measures to improve the ties. "We have made an offer
to export diesel to Pakistan," confirmed IOC chairman
there is a catch. Though there is shortage of diesel in Pakistan,
it has put diesel under the banned list of importable items
from India. Unless this ban is lifted, IOC would not be able
to export diesel to Pakistan.
his visit to Pakistan from June 4 to 7, Mr Aiyar is expected
to impress upon his Pakistani counterpart to remove diesel
from the negative list of importable items from India. Islamabad
imports 4.5-5 million tonnes of diesel every year at Karachi
from Kuwait and other Middle East countries.
However, if Islamabad imports diesel from India, it would
be cheaper due to low transportation cost. Diesel to Pakistan
can be exported across the border by land route - from Panipat
refinery to Jalandhar and than to Lahore via rail/road or
through a pipeline.
from lower cost of diesel, India's surplus capacity and its
proximity to the consumption points of Pakistan, shall provide
adequate energy security and a lot of flexibility to Pakistan,"
an IOC official said.
there could be dampener on plans of IndianOil and Mr Aiyar,
who is seen by many as a champion of the export oriented petroleum
strategy, if the Finance Ministry decides to lift duty drawback
on petroleum product exports.
withdrawal of duty drawback would make the diesel exports
to Pakistan more expensive and India would lose the cutting
edge, admitted a source. The withdrawal of duty drawback would
further bring down the profits of IndianOil whose profits
have already have gone down 30.17 per cent as compared to
Rs. 7,005 crore for the previous year, mainly on account of
under-recoveries in PDS Kerosene/LPG Domestic and short realisation
in sale of Petrol and Diesel. It is yet to be seen what final
view the Government takes on this.
is also pitching for petrochemicals export to Pakistan. It
has offered to sell linear alkyl benzene from Gujarat and
PTA and Polymers through Wagah border from Panipat by road
into Pakistan."All these products have considerable demand
in Pakistan and are currently being imported by them from
various sources. Imports from India would mean freight advantage
to the consuming industries in Pakistan by way of road movement
through Wagah Border from Panipat," he said. At present,
import of LAB in Pakistan from India is on the negative list.
Aiyar is also expected to discuss the oil pipeline linking
Iran to India through Pakistan. Of the 2,600 km pipeline,
about 700 km will pass through the Pakistan territory. Though
this gas pipeline, India want to import 60 million metric
standard cubic meters a day to meet its energy requirements.
Pakistan will import 30 million metric standard cubic meters
all goes well, the pipeline will be operational by 2010. Pakistan
is estimated to receive a transit fee of about US $ 200 million
per year. However, there is no consensus on this figure.
becomes the first Indian Corporate to cross Rs 150,000 crore
DELHI, May 30: Indian Oil Corporation Ltd, India's largest
corporate organistation, has become the first Indian corporate
to breach the Rs.150,000 crore (US$ 35b) mark in annual
turnover. This was announced by Chairman Mr. Sarthak Behuria,
who presented the company's Annual Results 2004-05 in the
capital on Monday.
Sales Turnover (inclusive of excise duty) for the year 2004-05
reached a new high at Rs. 150,677 crore, up by 15.72 per
cent as compared to Rs. 130,203 crore in the previous year.
However, the Profit After Tax at Rs. 4,891 crore has gone
down 30.17 per cent as compared to Rs. 7,005 crore for the
previous year, mainly on account of under-recoveries in
PDS Kerosene/LPG Domestic and short realisation in sale
of Petrol and Diesel," Mr Behuria said with a PowerPoint
presentation in the background.
to questions, Mr. Behuria said that IndianOil will continue
to grow rapidly to meets its vision of becoming a US $ 60
billion company (Rs. 270,000 crore) by 2011-12 from the present
US$ 35 billion. A clear 'blue print' was ready to achieve
the same, he said.
under recoveries and high international crude Oil prices Mr.
Behuria said: 'It has become a major challenge due to prevailing
price disparity and the solution lies in sharing of burden.'
He said that the Government should take a decision on this
has already had under-recoveries of Rs. 3,600 crore in the
months of April- May alone.
Mr Behuria also emphasised company's aggressive plans to expand
into foreign shores. This includes neighboring countries like
Pakistan where Mr. Behuria said IndianOil is already looking
for long-term contract for supply of diesel, a proposal for
which has already been submitted. On
approval, IndianOil's Panipat Refinery would 'lead a natural
exporter to the neighboring country'. Petrochemicals are likely
to be next on the list of items that can be easily exported
from this Refinery.
IndianOil officials were also present during the conference
including Director Marketing N. G. Kannan, Director (Finance)
P Sugavanam, Director (Pipelines) A M Uplenchwar, Director
(Human Resources) P K Agarwal, Director (Planning & Business
Development) N K Nayyar, Director (Refineries) Jaspal Singh,
Director (Research & Development) B M Bansal and General
Manager, Corporate Communication Manager N. Srikumar.
launches 'Swift' at Rs 3.87 lakh
DELHI, May 25: Maruti Udyog Ltd, India's largest carmaker, on
Wednesday launched its new model 'Swift' in India, pricing the
base model at Rs 3.87 lakh. The company, which is 54.2 per cent,
owned by Japan's Suzuki Motors, has priced VXi variant of the
model at Rs 4.05 lakh while the ZXi variant is at Rs 4.85 lakh.
car, whose designing involved 25 Indian engineers, comes with
a 1.3-litre petrol engine. Through this premium European style
hatchback car, Maruti hopes to claw back lost market share in
the hugely competitive foreign and domestic industry. In recent
years, the carmaker has yielded ground to South Korea's Hyundai
Motor and India's Tata Motors Ltd.
Swift will help Maruti take on the premium hatchback Getz from
Hyundai Motor and the Indica hatchback and the Indigo sedan
from Tata Motors.
Analysts say the Swift is Maruti's most significant launch since
the mini 800 more than 20 years ago revolutionised a market
long dominated by stodgy Ambassadors from Hindustan Motors Ltd
and boxy Premiers from Premier Automobiles.
is a new opportunity for us. It will reposition the way people
see the Maruti Suzuki brand," according to Mr K Saito,
Maruti's sales and marketing director.
company did not give a forecast for Swift sales for this year
but said it had already received more than 8,000 bookings for
the car. The carmaker plans to sell 600,000 vehicles in 2005/06
(April-March), including exports.
rollout of the Swift also makes the shortest gap so far between
the launch of a new vehicle in Japan and in emerging markets.
The car hit the roads in Hungary earlier this year, shortly
after it was unveiled in Japan in November. Starting with the
Swift, on whose design Indian engineers also worked, Suzuki
is aiming to build key models at its global units including
in Hungary, China, India and Indonesia. It has recently invested
$748.3 million in a joint venture for a new car plant and engine
transmission unit in India, Asia's fourth-largest economy.
to dedicate Nathpa-Jhakri project to nation
May 24: The Prime Minister, Dr Manmohan Singh, will dedicate
to the nation the 1500 MW Nathpa-Jhakri hydro-power project
at Jhakri, 145-km from here, on May 28.
Singh, who will arrive at Jhakri by helicopter on Saturday morning,
would also address a public meeting after dedicating the project,
official sources said adding he will later go around the powerhouse
and have a look at a photo exhibition. He would then leave for
Kalpa, nestled in the lap of the majestic Kinnar Kailash in tribal
Kinnaur district to retire for the night. The
Prime Minister would leave for Delhi the next day, the sources
Chandra Pal re-elected Kribhco Chairman
DELHI, May 23: Dr Chandra Pal Singh, MP, Lok Sabha, a well-known
Cooperator and a dynamic Kisan leader, has been unanimously re-elected
Chairman of KRIBHCO at a meeting of the reconstituted Board of
Directors of the Society held here on Monday. Dr Singh has been
on KRIBHCO Board as Director since May, 1995 and later became
Vice-Chairman and subsequently took over as Chairman.
R.K. Dhami, a legal luminary and a well known cooperative banker,
has also unanimously elected as Vice-Chairman of the society.
KRIBHCO's 15-member Board of Directors has reconstituted. It is
the first time in the history of all national level multistate
cooperatives that eight directors were elected unopposed.
from a village near Jhansi, 47-year-old Dr Singh is the son of
a freedom fighter. He shot into limelight as a student leader
in 1981 when he rose to become president of Bundelkhand College,
Jhansi. Subsequently, Dr Singh emerged as a popular Kisan leader.
In 1996 he was elected as MLA in the UP Assembly. In the 13th
Lok Sabha election held in 2004, Dr Singh won from Jhansi and
objects to Anil Ambani using RS letterhead
DELHI, May 23: The on-going Reliance saga concerning Mr Mukesh
and Mr Anil Ambani saw an addition with a former member of Lok
Sabha, Mr Pius Tirkey, taking objection to Mr Anil Ambani, writing
to the Secretary Ministry of Company Affairs in his capacity as
Vice-Chairman and Managing Director of Reliance Industries Ltd
but using his Rajya Sabha member letterhead.
Trikey in his letter to the Rajya Sabha Chairman has said that
Mr Anil Ambani had used his Member of Parliament letterhead for
his personal financial gains, which amounted to "violating
the good governance of nation and misusage of power of an MP."
Mr Trikey, a former MP belonging to the Revolutionary Socialist
Party (RSP), has also enclosed a copy of the legal opinion he
obtained from Mr Justice O. P. Verma, former Chief Justice of
Kerala High Court and former Punjab Governor on this issue.
Anil Ambani's letter to Ms Komal Anand, Secretary Ministry of
Company Affairs, dated February 1 this year pertains to his complaint
about files missing or not updated in respect of certain companies
mentioned by him. Justice Verma has opined that law "forbids
ordinary commercial misuse of the national emblem by individuals
and more so by members of the Rajya Sabha in their personal interest
as opposed to national interest." He has also said that such
misuse entails "punitive action".
to Justice Verma, misuse of a letterhead bearing the national
emblem is prohibited under the provisions of the Emblems and Names
(Prevention of Improper Use) Act, 1950. "Contravention of
Section 3 of the Act is highly improper, objectionable and actionable
under the law on the part of a member of the Rajya Sabha,"
says Justice Verma.
does not appear any provision permitting a member of the Rajya
Sabha to use the Rajya Sabha letterhead bearing the national emblem
while corresponding with a government authority in respect of
his personal financial interests," he adds.
Verma quotes Section 3 of the Act: "... No person shall,
except in such cases and under such conditions as may be prescribed
by the Central government, use, or continue to use, for the purpose
of any trade, business, calling or profession, or in the title
of any patent, or in any trade-mark or design, any name or emblem
specified in the Schedule or any colourable imitation thereof
without the permission of the Central government or of such officer
of government as may be authorised in this behalf by the Central
Verma goes on to observe that "even if a member of the Rajya
Sabha is permitted to use such facilities by some other enactment,
Section 3 of the Act especially bars such user."
of the Rajya Sabha, as per the Code of Conduct for Rajya Sabha
members, must utilise their position as members of Parliament
to advance general well being of the people, the ex-judge has
net up 16.9 per cent at Rs. 4,304.52 cr
May 20: State Bank of India has posted consolidated net profit
at Rs 5,463.93 crores for the year ended March 31, 2005 against
Rs 5,531.10 crores for 2003-04 while the net profit, on stand
alone basis, for FY-05 rose by 16.93.per cent to Rs 4,304.52 crores.
The board has declared a dividend of Rs 12.50 per share for the
year ended March 31, 2005, SBI informed the Bombay Stock Exchange
(BSE) here today.
total consolidated income has increased to Rs 54,535.70 crores
during the reporting year against Rs 52,484.16 crores in FY-04,
it said. On a stand alone basis, the bank has posted a net profit
of Rs 4,304.52 crores for the year ended March 31, 2005 against
Rs 3,681 crores for the year ended March 31, 2004.
total income grew to Rs 39,547.91 crores during the reporting
year against Rs 38,072.93 crores in FY-04, it said. The bank has
posted a net profit at Rs 1,064.88 crores for the quarter ended
March 31, 2005 against Rs 872.46 crores for the quarter ended
March 31, 2004, it said. Total income has increased to Rs 10,338.16
crores during the reporting quarter against Rs 9,721.37 crores
in Q4-04, it added.
Life Insurance premium up by 166 per cent
DELHI, May 20: SBI Life Insurance Company Limited, has announced
a large triple digit growth of 166 per cent in total premium income
for the year ended March 31, 2005. The total premium income of
the company stood at Rs 601 crore for FY 2004-05, as against Rs.
225 crore recorded in the corresponding period last year. Bancassurance
contributed 67 per cent to the total premium income.
Life Insurance registered a growth of 138 per cent in new business
premium with a collection of Rs. 482 crores as compared to Rs
202 crores received last year. The company added 14.96 lakh new
lives for the year 2004-2005, an increase of 60% as against 2003-2004.
The company manages a portfolio of 29 lakh lives, which is the
largest amongst all the private insurance companies. The total
new business Sum Assured for fiscal 2004-05 is Rs. 17,285.1 crores,
which is 1.5 times of last year.
on the financial results, Mr. S. Krishnamurthy, MD & CEO,
SBI Life Insurance said, "we have substantially increased
our penetration and have ensured the availability of Life Insurance
in most of State Bank of India bank branches in the country. The
premium income from the bancassurance channel has grown about
three times compared to the previous year and we intend to grow
at the same pace in the current year too. We intend to further
expand our presence in all regions and improve our sales delivery
process through extensive product training programmes."
the growth plan for financial year 2005-06 of SBI Life Insurance,
he further added, "the branch network has been growing in
a very measured manner. The recent capital infusion by our shareholders
will be utilized for further expansion of our business. We are
also in the process of upgrading our information technology within
our branches and banking partners."
company showed an impressive growth of 50% in the number of policies
issued compared to last year. SBI Life Insurance is the leader
in Credit Life Insurance contributing about 75 per cent of the
company's Group premium income. Traditional endowments and pensions
have also contributed handsomely to the premium income.
Life Insurance Company is a joint venture between State Bank of
India and Cardif SA of France. The company is has an authorized
capital of Rs 500 crores and with a paid up capital of Rs 350
crores. SBI owns 74% of the total capital and Cardif the remaining
Life Insurance has pioneered Bancassurance in India. The company
plans to extensively utilize the SBI Group as a platform for cross-selling
Life Insurance products along with its numerous banking product
packages such as housing loans, personal loans and credit cards.
SBI's access to over 100 million accounts provides a vibrant base
to build insurance selling across every region and economic strata
in the country.
new Sonata coming
South Korea's largest selling car just went in for a makeover.
The Hyundai Sonata is likely to re-enter the Indian market in
July with a brand new Theta-engine, jointly developed by Hyundai,
Mitsubishi and DaimlerChrysler, according to BVR Subbu, President
of Hyundai Motor India. He was talking to visiting newspersons
from India at the Hyundai's Asan plant near Seoul in South Korea
new 2400cc Theta engine is said to deliver more power and consume
less fuel than its predecessors. The Chennai plant, equipped to
produce the new-look Sonata, is expected to swing into production
mode once the quality audit is completed. The company hopes to
sell about 2,000 cars a year.
The new Sonata, which will take on the Honda Accord with its newly
styled exterior and looks that would remind one of the BMW, is
being positioned as the "exemplary sedan beyond boundaries."
as a company have been focussing on quality because we believe
that quality will bring in the numbers," a company spokesperson
says. "The Sonata has been the largest selling car in Korea
for ten consecutive years."
car will be launched in manual and automatic variants, with a
price ranging from Rs. 12 lakhs to Rs. 18 lakhs. Exchange offers
for owners of the Sonata's manual variant will be announced prior
to the launch, company officials say.
registers highest ever production, profit up 57%
DELHI, May 16: IndianOils refinery, BRPL (Bongaigaon Refinery
and Petrochemical Limited) has come out with impressive results
registering highest-ever crude production of 2.31 million tones
and a profit (after tax) of Rs 478 crores, up from Rs 304 crores
Annual Results of BRPL were announced on Monday at a press meet
by Mr Sarthak Behuria, Chairman of IndianOil. Mr A K Sarmah, Managing
Director of BRPL was also present on the occasion.
Turnover increased 56% from Rs 3204 crores in 2003-04 to Rs 4992
crores in 2004-05 while its crude thruput increased from 2.13
MMT in the previous year to 2.31 MMT in 2004-05, an increase of
Profit After Tax (PAT) has jumped from Rs 304 crores in 2003-04
to Rs 478 crores in 2004-05, an increase of 57% and the Earning
Per Share (EPS) has also risen from Rs 15.20 to Rs 23.94, an increase
of 57%. The Gross Refinery Margin (Rs/MT) has increased from 1685
to 2745, an increase of 63%.
Board of Directors has declared a Final Dividend of Rs 6 per share,
which is 60% of the paid-up share capital. Together with the interim
dividend declared earlier, the total dividend for 2004-05 has
worked out to a neat 120%, which is an increase of 56% over the
past years dividend of 77%. This dividend will be payable
after the approval of the shareholders in the next Annual General
Meeting of the company.
physical performance has also been outstanding in the year 2004-05
in many areas, and many new heights have been scaled.
the remarkable performance of BRPL Mr Behuria emphasized on the
capabilities of the Refinery saying that BRPL is processing Ravva
as well as Assam crude. The diesel produced from Ravva crude has
met BS-II specification, which has come into effect from April
1, 2005. The diesel produced from Assam crude does not meet the
specifications of BS-II, and therefore it is further processed
in the DHDT units of Guwahati and Barauni refineries to meet the
BS-II standards. BRPL is not facing any difficulty in meeting
BS-II quality specification.
meet BS-III quality specification for diesel and MS, which is
to become applicable in 2010, BRPL has already initiated steps
for setting up a diesel hydro-treatment plant as well as MS maximization
and quality upgradation project, which would take care of elimination
of Naphtha production too. These two projects will cost an estimated
amount of Rs 800 crore. The major portion of investment for these
two projects will be from internal resources generation. The Board
of Directors has set the project in motion by clearing the methodology
of implementation of the project.
Refinery & Petrochemicals Limited was the first PSU to start
producing polyster staple fibre and achieved the landmark of being
the only company to have crude to fibre under one roof. PSF from
BRPL was produced and sold continuously up to 2001. in October
2001, the plant had to shut down due to economic difficulties.
In December 2003, the company restarted the production of PSF
after entering into an alliance with Reliance (RIL) which is helping
BRPL with technical know-how as well as resources in the form
of raw materials, and help in selling its entire production with
a view to achieve positive contribution and to provide indirect
employment to a large number of inhabitants surrounding the Plant
area apart from contribution to the exchequer in the form of excise
duty and sales tax. But future operation of the PSF plants depend
upon market conditions.
has successfully implemented the project, Synergy
Enterprise Resource Planning (ERP) system on March 31, 2005.
From the current financial year, the business processes of the
company shall be performed using ERP system provided by M/s SAP
AG, Germany. OHSAS-18001 certificate was also obtained on January
22, 2005. It is also implementing some small projects for modernization
and revamping some of its units.
earns profit of Rs 186 crores in 2004-05
DELHI, May 12: Krishak Bharati Cooperative Limited (KRIBHCO) has
recorded pre-tax profit of Rs.186 crores and its Board has.approved
a dividend of 20 per cent for the year 2004-2005. During the year
2004-2005 the Society also established 56 new records in various
production of Urea during the year was all time record of 18.055
lakh MT against the best of 17.73 lakh MT of previous year. The
production of seed was also the highest at 1.54 lakh Qtls against
the preceeding best of 1.22 lakh Qtls. KRIBHCO has also recorded
highest sales of seeds at 1.49 lakh qtl and bio-fertilisers 613.1
MT during this year. The energy consumption has been the lowest
during this year. Achievment in marketing too was outstanding
in the current year, according to Mr C S Jain, Manager (PR) of
is a Multi-State Cooperative Society engaged in manufacturing
of urea and bio-fertiliser and seeds processing business. KRIBHCO
finalised its Accounts for the year 2004-05 in record time of
less than a fortnight from the closing of the financial year.
The Statutory Auditors initialled the final accounts of the Society
on April 13. Interestingly, KRIBHCO also emerged as the first
Multi-State Cooperative Society to make electronic on-line payment
of tax when it paid the final instalment of advance tax on March
still continues to act as catalyst for the upliftment of farmers
by transferring latest technology to them. In order to achieve
the above goal KRIBHCO is providing various useful programmes
like single window services to small farmers through KBSKs ( Krishak
Bharati Sewa Kendras) and cooperative & rural development
The Society has won several awards since its inception in various
fields like environment protection, eco-friendly bio-fertiliser
production, marketing and energy saving.
to invest $700 m in India
May 11: Hyundai Motors India Ltd, a subsidiary of the Korean auto
giant, will achieve the critical one million mark in car sales
in India by March 2006 and is likely to pump in about $700 million
over the next three years to expand production capacity at its
plant near Chennai.
this, B V R Subbu, President, Hyundai Motors (India), said here,
"that achieving the one million mark will be very critical
for the company. We should achieve it in March 2006. Till now,
the company has sold 850,000 cars in India in various segments."
company has also planned to pump in over $700 million in the expansion
programme at its Chennai plant to take the manufacturing capacity
to four lakh units annually from the current 2.5 lakh. "We
are working on a plan. The feasibility report is being prepared
to look at various options including investment and setting up
of R&D centre," Subbu said.
on the developments and increasing competition from other car
makers, especially Maruti in the mid-size segment, Jae-IL Kim,
Senior Executive Vice President (International Business Division)
of Hyundai Worldwide, said"we are ready to compete"
in every segment. "Our focus is certainly going to be on
quality and not quantity," he said adding, "all future
plans are being prepared and would be known once the feasibility
study is completed."
'Elephant Train' commercial wins RAPA award
DELHI, May 6: IndianOil's 'Elephant Train' TV commercial, which
was run on various TV channels last year, has bagged this year's
RAPA (Radio & TV Advertising Practitioners Association of India)
to the news of the award, Mr. N Srikumar, General Manager (Corporate
Communications), Corporate Office, said, " This recognition
is a new high in our brand building efforts. The story line of the
commercial, though tweaked, fully captures the essence of what IndianOil
stands for.........We"ll Deliver... Whereever........ Whenever........This
corporate philosophy, translated into delivery of a competitive
product like diesel to customers even in inaccesible areas, is a
clever use, benefitting both the corporate (IndianOil) and the product
Srikumar said "the attempt was to capture the true spirit of
'IndianOil - India Inspired'in just 35 seconds so as to sustain
its interest levels with viewers (customers). Kudos to the entire
team which worked on the film."
coveted award will be presented during the 30th All India RAPA Awards
function to be held later, he added.
extends Khattar's term as MD
DELHI, May 6: The Board of India's largest carmaker Maruti has extended
the term of bureaucrat-turned-corporate honcho Jagdish Khattar as
Managing Director, reposing faith in him amid a highly impressive
performance from the company during 2004-05.
taking charge in 1999, Khattar is credited with turning around the
company despite stiff competition from global MNCs like Honda and
Hyundai. Khattar, who is also President of the Society of Indian
Automobile Manufacturers, will have a fresh term of three years
or till the age of 65, whichever is earlier. The former IAS officer
was also instrumental in Maruti's highly successful public issue
two years ago.
Khattar has overseen the revamp of the company' service network
and led Maruti to set up high-tech driving schools to promote road
safety in the country.
The decision to extend Khattar's term signals Suzuki Motor Corporation's
continuing belief in him at a time when the Japanese giant has announced
further investments in the country.
Meanwhile Maruti reported an impressive 65 per cent jump in net
profit in fourth quarter of 2004-05 to Rs 259.45 crore as compared
to Rs 157.15 crore during the year ago period. The Board of Directors
also recommended a final dividend aggregating Rs 57.78 crore ie
Rs two per share (Nominal Value Rs 5 per share) for 2004-05.
income (net of excise) increased by 9.3 per cent to Rs 3142.10 crore
for the quarter ended March 31, 2005, as against Rs 2874.70 crore
in the corresponding quarter in previous fiscal, the company informed
Bombay Stock Exchange. Net profit for 2004-05 grew 57.44 per cent
to Rs 853.63 crore compared to Rs 542.18 crore in 2003-04. Total
income grew 19.68 per cent to Rs 11,353.87 crore for 2004-05 from
Rs 9,486.62 crore in FY-04.
consolidated net profit of the company rose 56.9 per cent to Rs
880.14 crore during 2004-05 compared to Rs 560.94 crore in 2003-04.
Total income increased from Rs 9,597.66 crore in Financial Year
2004 to Rs 11,498 crore in 2004-05.
launch Barsih Bima Yojana
IFFCO-Tokio General Insurance Co. Ltd. has launched a weather insurance
policy called `Barish Bima Yojana' for the rural masses that will
provide insurance cover to farmers against damage to crop due to
deficiency in rainfall.
Bima Yojana is an index-based re-insurance driven product that will
cater to the needs of the farmers as well as the state co-operatives.
The policy provides cover for anticipated deficiency in crop yield
due to deficient rainfall during monsoon.
the end of the policy period, the weighted actual rainfall is compared
to the weighted normal rainfall and the graded claim payout is made
as per Claim Payout Table.
commissions Diesel Hydrotreater
DELHI, May 4: Indian Oil Corporation (IOC) commissioned the Rs.1046
crore Diesel Hydro-treating Unit (DHDT) at Mathura Refinery on Monday
to facilitate supply of Euro-III equivalent quality Diesel.
this, Mathura Refinery has emerged as the first Refinery in India
to attain the capability of producing entire quantity of Diesel
conforming to Euro-III equivalent quality. The refinery earlier
had commenced Euro-III diesel in January this year.
of Euro-III equivalent quality Diesel to National Capital Region
(NCR) and other supply zones is expected to lower vehicular emissions
significantly, thus contributing to the objective of improving ambient
air quality, in line with the Auto Fuel policy of the Government.
1.8 Million Tonnes Per Annum (MMTPA) capacity Diesel Hydrotreating
Unit has been built with technology licensed from M/s
AXENS, France. M/s Jacobs Humphrey & Glasgow (JH&G) were
the Project Management Consultant, while M/s Daelim Industrial Co.
Ltd. of South Korea executed the project under Lump Sum Turn Key
commissioning of the Diesel Hydrotreating unit at Indian Oil's Mathura
Refinery thus marks a new chapter in harnessing technological advancements
to improve the quality of life of our people.
new gizmo for honey laundering
May 3: A Spanish researcher has come up with a washing machine that
does not allow the same person to use it twice in a row, aimed at
providing the perfect solution to those women who feel frustrated
at having to do all the household chores. According to the BBC ,
the washing machine called "Your Turn" uses fingerprint
technology to differentiate between users so that one person does
not operate or load the machine twice in a row.
Torres, who was approached by a Spanish white goods manufacturer
to come up with an innovative Father's Day gift said, that his invention
would ensure gender equality and ensure that women don't have to
load the machine twice in a row.
an invention that has a philosophy behind it and I hope both women
and men will think it's time for the men to do more around the house,"
the report quoted Torres as saying.
thought it would be good to finish with macho man from the ice age
who doesn't do anything around the house except drink beers. Spain
is changing a lot, and I wanted to come up with an invention to
enable men to do more around the home."
Turn requires both partners to register their fingerprints on the
sensor while it is hooked up to the home computer. After the sensor
is plugged into the washing machine, the software will only allow
the wash programme to start if a different finger is placed on it
each time. Also
Your Turn is childproof and young fingers cannot operate the machine.
DELHI, May 2: Maruti Udyog Limited on Monday announced a nominal
increase in prices of certain models as a result of hike in input
costs. The increase came into effect from May 1. However, the carmaker
did not touch the prices of Maruti 800 and Gypsy.
the hike, the Alto LXmodel will now cost Rs. 1,906 more at Rs. 2.78
lakhs while the mid-size Baleno LXi saw the maximum price increase
of Rs. 4,138 at Rs. 5.79 lakhs. The Omni 5 van will cost Rs. 338
more at Rs. 2.30 lakhs. The increase in LXi models of WagonR and
Zen is Rs. 563, while the new prices of Versa DX 2 will be Rs. 4.58
rolls out five millionth car
DELHI, April 27: Maruti Udyog Ltd may hike the prices of its vehicles
from next month due to increase in input costs. Rolling out the
five millionth Maruti car from its factory at Gurgaon, a day before
the Japanese Prime Minister, Jonichiro Koizumi's visit to India,
the company's Managing Director, Jagdish Khattar, told newsmen on
Wednesday that the hike was likely to be on all models.
Khattar termed the occasion as a milestone not just for Maruti but
also for India and the manufacturing industry. "The original
Maruti vision of providing a people's car, articulated over two
decades ago, has helped transform the Indian manufacturing landscape
and touched the lives of millions of Indians," he said.
first Maruti vehicle, a Maruti 800, was rolled out on December 14,
1983. The first million was reached in March 1994 while the second
million was completed in October 1997. The three millionth vehicle
was rolled out in June 2000 while the four millionth vehicle was
manufactured in April 2003, the last million being the fastest,
coming in just two years.
Motor Corp holds 54.2 per cent stake in Maruti Udyog. Recently,
Maruti-Suzuki outlined an investment plan of Rs. 3,272 crores for
setting up a manufacturing plant in India besides an engine and
transmission facility at Manesar in Haryana.
ranked 279th in Forbes Global 2000 list
DELHI, April 27: IndianOil has been ranked 279th in the prestigious
Forbes 'Global 2000' list of the world's biggest public companies.
The companies are listed on the basis of a composite ranking for
sales, profits, assets and market value.
is the second Indian company in the oil & gas sector to figure
in the list this year. Out of the 30 Indian companies featuring
in the 'Global 2000', IndianOil ranks third with ONGC and SBI occupying
the first and second positions respectively.
has recently been adjudged First in oil trading amongst National
Oil Companies in the Asia Pacific Region, as per the annual survey
conducted by M/s Applied Trading Systems (ATS), Singapore, for the
year 2004, a distinction it has maintained for the second consecutive
year in succession. In India, IndianOil remains the country's topmost
Corporate in the Fortune 'Global 500' rankings.
is zero debt company
DELHI, April 13: The Steel Authority of India Limited (SAIL) has
turned itself into a virtually zero debt company. According to an
official statement released on Wednesday. The new status is attributable
to the company's strategic business plan that enabled it to reduce
borrowings to the level of its deposits with banks.
SAIL Chairman, Mr V. S. Jain, said, "We have come this far
on the strength of our sustained efforts to improve internal efficiencies
supported by buoyancy in the market. Strengthening of the company's
financial foundation will instil greater confidence to accelerate
view of SAIL's goal to be within a debt-equity ratio of 1:1, the
zero-debt status will have a special significance as the company
goes ahead with investments in the range of Rs. 25,000 crores under
its Corporate Plan 2012. Simultaneously, riding on the crest of
sustained improved performance, it is set to achieve record profits
Board clears Rs 3,271 cr investment for two ventures
DELHI, April 6: Maruti Udyog Ltd today said it would invest a total
of Rs 3,271.9 crores for a new car manufacturing plant and a new
engine & transmission unit, which apart from diesel engines
will also make petrol engines and gears. This was decided at a Board
meeting of the company at Hamamatsu, Japan.
which is 54.2 per cent owned by Japan's Suzuki Motor Corp., said
the new car plant would be through a joint venture 'Maruti Suzuki
Automobiles India Ltd', in which MUL will hold 70 per cent equity
while Suzuki Motor Corporation the remaining 30 per cent. The JV
would invest Rs 1,524.2 crores for the new car plant which will
have an initial capacity of 1,00,000 cars per annum, with scope
to go up to 2,50,000 cars per annum.
new car manufacturing plant will begin commercial production by
the end of 2006," the company said. On the engine and transmission
facility, the company said in addition to manufacturing diesel engines
for cars, as was decided earlier, it would also manufacture petrol
engines and transmission assemblies.
total plant capacity would be 3,00,000 diesel engines per annum,
to be developed in phases, it said, adding the investment would
be Rs 1,747.7 crores. "The initial annual capacity of this
facility will be 100,000 diesel engines, 20,000 petrol engines and
140,000 transmission assemblies. It would be gradually expanded
in line with the market demand," the company said.
said the engine and transmission plant will be under a joint venture
company, renamed Suzuki Powertrain India Limited (earlier called
Suzuki Metal India Limited or SMIL). "Suzuki Motor Corporation
holds 51 per cent stake in Suzuki Powertrain India Limited while
Maruti Udyog Limited holds the remaining 49 per cent," a company
statement said. This facility will begin commercial production by
the end of 2006. Both the new plants would be located at Manesar