signs pact with TATA Chemicals for LNG supply
DELHI, March 17: Indian Oil Corporation (IOC) recently signed
a Gas Sales Agreement (GSA) with Tata Chemicals Limited
for supply of regassified LNG. The
agreement was signed by Mr. N.K. Nayyar, Director (Planning
& Business Development), IndianOil, and Mr. Prasad R.
Menon, Managing Director, Tata Chemicals Limited (TCL),
for supply of 0.55 MMSCMD (million standard cubic metres
per day) of gas for TCL's fertilizer unit at Babrala in
UP. The agreement is expected to cover gas supplies from
April '05 till December '08. The estimated value of the
business on an annualised basis is about Rs. 130 crore.
Chemicals Limited (TCL) is already an existing customer
of IndianOil for naphtha and is one of the leading companies
of the Tata group in the chemicals sector. Signing of the
GSA not only signifies strengthening of IndianOil's ties
with the Tata group of companies, but also marks TCL's transition
from utilisation of liquid fuel to gas. Established in 1939,
TCL operates the largest and the most integrated chemicals
complex in the country at Mithapur in Gujarat. TCL is also
amongst the largest producers of soda ash, both in India
has already drawn up a comprehensive blueprint for gas marketing
for supplies emanating from Petronet LNG's Dahej terminal,
covering customers across the states of Gujarat, UP, Rajasthan
and the National Capital Region (NCR). Over the last year,
the customer base for LNG use is steadily growing and IndianOil
is already meeting the gas requirements of companies covering
the core sectors of economy like power, fertilizer and steel.
to set up 10 more retail outlets in Mauritius
DELHI, March 14: IndianOil has set its eyes on Mauritius
for its retail expansion. The company has chalked out plans
to set up an additional 10 retail outlets in Mauritius by
the end of this current year. The company at present operates
two retail outlets and three are under construction. IndianOil
Director (marketing) NG Kannan said that the company wanted
to capture a 20 per cent market share in the next three
years. Currently, IndianOil has a 7 per cent market share
in the retail business.
Kannan said that the company was confident of increasing
its market share to 12 per cent by the end of 2005-06 and
16 per cent by 2006-07. The company commissioned its second
outlet in December 2004. The company plans to set up 25
retail outlets in the next two to three years. IndianOil
is the fifth private player in the retail business in Mauritius.
The other four are Royal Dutch Shell, Total of France, Esso
and Caltex. Shell is the leader with a 40 per cent market
share. All these players have a total of 121 retail outlets.
has set up an 18,000 tonne products storage terminal. The
company plans to invest $18 million in Mauritius through
its subsidiary Indian Oil Mauritius Ltd. Dr Kannan said
the company had achieved a 25 per cent share of the nine
lakh tonne market of aviation turbine fuel in Mauritius.
The company was setting up a state-of-the-art laboratory
in Mauritius at a cost of Rs 4.5 crore which would obviate
the need for sending samples to other countries for testing.
He added that since the number of retail outlets are limited
in Mauritius, the throughput (petrol and diesel sold through
each pump) is quite high at 600 kl per month. This is against
India's average of 160 kl per pump.
NTPC to acquire Dabhol assets
March 12: State-owned Gas Authority of India (GAIL) and
National Thermal Power Corporation (NTPC) have decided to
acquire the assets of the defunct Dabhol Power Project (DPP)
in Maharashtra, according to Mr Prashantho Banerjee, GAIL
chairman. The two firms would invest Rs 500 crore each in
a special purpose vehicle, which would then acquire the
assets of the power plant.
plant was shut down in May 2001 after the erstwhile Enron
power corporation refused to operate the 740 mega watt plant
due to non-payment of dues by the Maharashtra State Electricity
Board. The total capacity of the plant is slated to raise
to 2,184 MW after the completion of the second phase.
to the proposal, NTPC will complete the power project and
GAIL will make the 2 million tonnes liquefied gas terminal
functional to supply fuel to the plant. About 90 per cent
of the work is complete and only the regassification terminal
needs final touches, Banerjee said. "Our plan is to
make the power plant fully operational by September 2006
and run it for the next two years after which international
tenders will be called for the asset sale."
Banerjee, who is spearheading GAIL's forward integration
into utility services, said, "We will also participate
in the international bidding as we have signed an agreement
with the Tata Power and British Petroleum. Our interest
is restricted to the LNG terminal and supply of gas to other
industrial units in the western parts of the country. GAIL
has received expressions of interests from countries including
Australia, Indonesia, Malaysia, Oman, Qatar and Abudubai
for the supply of gas to the LNG terminal. We are negotiating
the gas supply agreement to ramp up the capacity of the
terminal to 5 million tonnes from the present 2 million
India, the demand-supply of LNG gas is skewed as there is
a deficit of 50 million standard cubic metres (mscm) per
day. While the demand is 120-130 mscm per day, the supply
is just 70 mscm.
the operational part of the power plant will be handled
by GAIL and NTPC, the issues relating to outstanding debt
payments to foreign lenders would be negotiated by the domestic
financial institutions. The domestic institutions, after
several meetings, is close to reaching an agreement with
the foreign lenders to takeover the latter's loan at a discount
offer price to be fixed at Rs 390 per share
DELHI, March 12: The offer price for Punjab National Bank's
public issue will be fixed at Rs 390 per share. The public
issue, which was offered through book build route, got oversubscribed
by around 14 times. At this price, the government will get
Rs 1,170 crore from divestment of its 3 crore shares. The
issue got closed on Friday.
to the Bombay Stock Exchange, the issue so far received
demand for 108.77 crore shares as against 8 crore shares
on offer. Almost all (108.19 crore shares) demand came at
Rs 390 per share. The price band for the offer was fixed
at Rs 350-390 per share. The bank's share closed at Rs 486.55
fact, the issue was earlier slated to go public in September-October
2004. At that time the share price of the bank was at around
Rs 270. A merchant banker associated with the issue said
that they had expected the offer price to be fixed around
Rs 230 at that time. Had the issue been completed at that
time, the government would have got only Rs 690 crore. But
because of the delay, the government is enriched by around
Rs 500 crore. The bank also got Rs 800 crore more compared
to what they had expected at that time.
of the major reasons for the rise in the share price is
the bull run in the banking stocks. The BSE index for the
banking companies has gone up by around 64 per cent from
2550 in September 2004 to over 4,150 at present. But, rise
in the share price of PNB was even steeper, it went up by
80 per cent during this period.
vice president of I-Sec Ravi Sardana said that one of the
main reasons for this was the immense interest shown by
the foreign investors in the stock during the roadshow.
At the same time, the large issue size also increased the
interest of the FIIs (foreign institutional investors) in
PNB's profitability has increased to over Rs 1,000 crore
in the first nine months of the current financial year
board approves two projects
DELHI, March 10: The board of Steel Authority of India Limited
(SAIL) today gave its `in-principle' approval for two projects
- revamp of the second sinter plant at Bhilai and installation
of turbo compressors in the oxygen plant at Bokaro - at
a total estimated cost of over Rs. 180 crores.
this approval, the total planned investment in various projects
so far approved by the board, both in-principle and final,
during the current fiscal stands at over Rs. 2,500 crores.
SAIL's corporate plan aimed at enhancing its hot metal production
from the existing 13 million tonnes to 20 million tonnes
annually by 2011-12 at a total estimated investment of Rs.
revamping of the sinter unit (Plant No. 2) will not only
enable the Bhilai steel plant to increase its annual production
of sinter from the current 2.5 million tonnes to 3.1 million
tonnes but also help improve the sinter quality as well.
according to SAIL, will result in an additional production
of about 77,000 tonnes of pig iron from the three sinter-making
units at the Bhilai steel complex. The increased sinter
burden is also expected to enhance the productivity of blast
furnaces, effecting a substantial reduction in the cost
of sinter production and coke rate.
plans to invest $180 mn in India
DELHI, March 10: HSBC Holdings has said it will invest $180
million (93 million pounds) to support the expansion of
its fast-growing retail and commercial banking operations
in India. The world's second-largest bank by market value
also said on Thursday it would raise the capital adequacy
ratio for its Indian operations to 13.5 percent from 10
per cent, effective December 31, 2004.
investment includes $150 million in new capital and $30
million in retained profit generated by the Indian operations
in the year to March 2004, the British bank said in a statement.
HSBC Bank's home loan portfolio in India this fiscal year
has grown by 85 per cent and its credit card business has
grown by 28 per cent in the same period, the bank said.
proposed investment is the second tranche of funds infused
in HSBC's Indian operations in the past 24 months. The last
investment, worth $150 million, was made in March 2003.
races ahead with highways plan
DELHI, March 10: The UPA government may be on a clean-up
drive elsewhere but when it comes to building roads, it
wants to race ahead of what the predecessor NDA government
achieved with its plan to put the country on the fast lane.
In its latest drive to speed up the third phase of the National
Highways Development Plan, the government has given National
Highways Authority of India powers to take investment decisions
for award of individual sub-projects.
a man in a hurry, transport minister T R Baalu also got
the Cabinet to approve powers for NHAI to raise more staff
to see that the project does not slow down for lack of manpower.
As part of the third phase, the government has given the
green signal to 4/6 laning of 4,000 km of National Highways.
In-principle approval has also been granted for 4/6 laning
of additional 6,000 km under NHDP Phase III-B. The total
cost would be a whopping Rs 55,000 crore.
total of 71 stretches aggregating 10,417 km have already
been identified, based on traffic density, connectivity
of state capitals with Phase I and II and links to places
with commercial and tourist importance. The Centre will
contribute 40 per cent of the cost of the project by way
of grants, while it will pick up the entire tab for consultancy
and land acquisition.
IndianOil bags SCOPE Award for
DELHI, March 7: IndianOil bagged the SCOPE Award (Gold Trophy)
for Institutional Excellence for the year 2003-04. The
SCOPE Awards for Excellence and Outstanding Contribution
to the Public Sector Management, conceptualized as the most
prestigious and outstanding recognition to the public sector,
have been instituted by the Standing Conference of Public
Enterprises (SCOPE) to recognise the outstanding PSE's and
to encourage outstanding persons for their hard work and
SCOPE Awards for Excellence were unanimously decided by
the Jury headed by Justice P N Bhagwati. The members of
the Jury are Dr Arjun Sengupta, Dr Abid Hussain, Mr Hiten
Bhaya and Mr Moosa Raza.
all, 46 nominations for Institutional category and 23 for
Individual category were received for the year 2003-04.
Nominations were evaluated by International Management Institute
(IMI) which also assisted the jury in deciding Excellence
S Rawat takes over as ASSOCHAM Secy General
DELHI, March 5: Mr D.S. Rawat has taken over the position
of the Secretary General of The Associated Chambers of Commerce
and Industry of India (ASSOCHAM) with effect from Saturday.
The announcement to this effect was made by the Chamber
President, Mr. Mahendra K. Sanghi in front of the Finance
Minister, Mr. P Chidambaram at an Interactive Session on
Post-Budget Proposals 2005-06 here.
Rawat has been Acting Secretary General, ASSOCHAM for the
last 14 months and is instrumental in the turnaround that
the Chamber has witnessed under the leadership of its President,
Mr. Sanghi. A Post-graduate in Economics and a Degree holder
in Journalism, Mr. Rawat joined ASSOCHAM about 8 years ago
as one of its Secretaries.
to joining ASSOCHAM, Mr. Rawat worked for PHDCCI which is
one of the Promoter Chambers of ASSOCHAM for over 20 years.
Known for his hard work and amenability, Mr. Rawat rose
to this position by negotiating tough path ever since he
joined ASSOCHAM in April 1997.
Sarthak Behuria takes over as Chairman
DELHI, March 1: Mr Sarthak Behuria (53) has assumed office
as Chairman, Indian Oil Corporation Ltd. (IOC). He takes
over from Mr. M.S. Ramachandran, who superannuated yesterday,
to head India's No.1 company from today. Prior to taking
over as Chairman, IndianOil, Mr. Behuria was Chairman &
Managing Director of Bharat Petroleum Corporation Ltd (BPCL).
Mr. Behuria will also be part-time Chairman of IndianOil
Group Companies, namely, Chennai Petroleum Corporation Ltd
(CPCL), IBP, Bongaigaon Refinery and Petrochemicals Ltd
(BRPL) besides Indian Oiltanking Ltd., a joint venture company.
Mr. Behuria will also continue to be the Chairman of Petroleum
Federation of India, a position which he is holding currently.
Behuria assumes office at a crucial juncture when IndianOil
has set its goal to fulfil its Corporate Vision of emerging
as a fully integrated, transnational, energy major.
alumnus of St. Stephen's College, Delhi, and the Indian
Institute of Management (IIM), Ahmedabad, Mr. Behuria joined
Burmah Shell in 1973 before he was absorbed in BPCL, where
he served across the country, handling key portfolios in
Supply and Distribution, Sales, Industrial Relations and
BPCL, Mr. Behuria was actively involved in the change management
and restructuring process of the organisation, including
spearheading its marketing transformation. Mr. Behuria also
served the erstwhile Oil Coordination Committee (OCC) before
he took over as Director(Marketing) of BPCL in 1998 and
as CMD, BPCL in July 2002.
to be a strong "people's man", Mr. Behuria practices
a management style that is both open and transparent. Widely
travelled, Mr. Behuria has presented several papers in national
and international fora. He is also a keen Golf and Bridge
M Bansal takes over as Director (R&D) at IndianOil
DELHI, March 1: Mr. B.M Bansal has joined the IndianOil
Board as Director (Research & Development) in charge
of its R&D Centre at Faridabad. He took over from Mr.
N.R.Raje who superannuated from service on February 28,
B.Tech in Chemical Engineering with a post-graduate diploma
in Process Plant Engineering from IIT, Delhi, Mr. Bansal
was Executive Director of IndianOil's Mathura Refinery before
his elevation to the Board. His rich experience of over
three decades has the right blend of varied assignments
covering key portfolios of refinery management, planning
& coordination, technical services and business development.
his career in IndianOil at Gujarat Refinery, Mr.Bansal worked
in diverse capacities at Haldia and Guwahati refineries
also besides handling Planning & Coordination involving
six operating refineries at the Refineries Headquarters.
all-round exposure and a successful career profile in petroleum
refining, Mr. Bansal was made Dy. General Manager (Business
Development) for integrating and globalising the Corporation's
activities in the areas of training, consultancy services,
joint ventures in refining and petrochemicals, etc. He was
promoted as General Manager in March 1998 and continued
to look after business development activities till April
2002, before taking over charge of Mathura Refinery. Mr.
Bansal is credited with making pioneering efforts in putting
IndianOil on the petrochemicals map.
travelled, Mr. Bansal has presented several papers on refining,
petrochemicals & LNG in international seminars in India
targets $ 60 billion revenue by 2011
Indian Oil Corporation Ltd has set an ambitious target of
raising its total revenues to $60 billion by 2011-12 from
the current $35 billion. NG Kannan, director (marketing)
said that petro-chemicals, gas, exploration and production
(E&P) as well as global operations will be the new areas
for future growth.
major chunk of around $42 billion is targeted to come from
the existing business in 2011-12. Revenues from petrochemicals
are pro-jected at $5.5 billion, gas would contribute $4.5
billion, E&P another $3.5 billion and $4.5 billion would
come from global operations. IOC's vision is to become an
integrated transnational energy giant, with vertical integration
along the entire hydrocarbon value chain.
said that IOC is scouting for global forays in the retail
area in African and South East Asian countries. It has already
estab-lished a strong presence in Sri Lanka and Mauritius.
"The Nigerian government has invited IOC for setting
up a refinery project there. We have dropped Singapore and
Thailand from our potential list as setting up operations
there would be a very costly proposition," he added.
contribution is expected from the petrochemicals foray in
the medium term. The paraxylene (PX) and the purified tere-phthalic
acid (PTA) plants being set up at a cost of Rs 4,600 crore
at Panipat are likely to be commissioned in October 2005.
These cracker projects are going to add value to the surplus
naphtha emanating from IOC's landlocked refinery at Panipat.
board has given an in-principle approval for another cracker
project at Panipat to be set up at an investment of Rs 6,300
crore and it may go on stream around end of 2007.
said that IOC will invest Rs 150 crore in Haldia Petro-chemicals
Ltd and it could infuse more funds in future if required.
A huge refinery and petrochem project is also being planned
at Pa-radeep. Currently, IOC's only operational petrochem
project is the linear alkyl benzene (LAB) plant at its Koyali
refinery near Vado-dara.
the E&P segment, IOC had recently bagged a block in
Iran alongwith ONGC Videsh Ltd (OVL) and Oil India. The
IOC-OVL alliance has also formed a consortium with British
Petroleum and Occi-dental Petroleum to jointly bid for the
development of oilfields in northern Kuwait. In the gas
business IOC is planning to make substantial invest-ments
so as to acquire 10 million tons of gas over the next 5
launches rural marketing programme
March 1: The Indian Oil Corporation has launched its `Rural
Marketing Programme', a unique direct marketing sales promotion
exercise titled `IndianOil Jolly Day' in Tiruchi, on Sunday.
The exercise will cover more than 120 villages of Dindigul,
Rasipuram, Rajapalayam, and Mayiladuthurai.
the sales promotion drive, N. G. Kannan, Director (Marketing),
IOC informed that the corporation had invested Rs. 1,550
crores during the current financial year for its retail
marketing programme, which, he said, saw the launch of a
number of new facilities and products. Its nation-wide rural
marketing programme was aimed at reaching the consumers
at their doorsteps and influencing their purchase decisions.
10,000th Petrol/ Diesel station
Feb 27: IndianOil's 10,000th Petrol / Diesel station was
inaugurated in the holy town of Tirupathi in Andhra Pradesh
by IndianOil Chairman, Mr. M. S. Ramachandran, today.
A.P.V.S Sharma, Executive Officer, Tirumala Tirupathi Devasthanam,
was the Guest of Honour on the occasion. Other's present
were Dr. N. G. Kannan, IndianOil's Director (Marketing),
Mr. I. Koti Padmakar, IndianOil's General Manager, A.P.
State Office, and Mr. V. Ramaswamy, IndianOil's General
Manager, Regional Services, Southern Region.
Ramachandran also inaugurated IndianOil's 10,001st Petrol
/ Diesel station, also at Tirupathi, today.
India appoints Neelam Dhawan as MD
DELHI, Feb 24: Microsoft Corporation India Private Limited
today announced the appointment of Neelam Dhawan as Managing
Director of Microsoft India with responsibility for leading
Microsoft's Sales & Marketing operations in India. As
the Managing Director of Microsoft India, Neelam will be
responsible for growing Microsoft's products and services
businesses. She will also play a key role in driving the
company's partnerships and strategic alliances.
Announcing the appointment, Mr. Ravi Venkatesan, Chairman,
Microsoft India said, "Neelam is very highly respected
in the industry and has an excellent track record of managing
customer and partner relationships. She brings an exceptional
understanding of the changing needs of customers and partners
and a wealth of experience in delivering solutions. I am
confident that Neelam will provide the required direction
and leadership in delivering significant value to our customers
"Commenting on her appointment Neelam said, "I
am excited by the opportunity to lead Microsoft India at
a very interesting time and look forward to combining my
experience with the unique depth of technology and resources
of Microsoft to drive customer success. Over the coming
weeks, I will be meeting employees, customers and partners
to better understand the opportunities available to make
Prior to joining Microsoft, Neelam was Vice President, Customer
Solutions Group, Hewlett Packard India (HP) with a focus
on enterprise, public sector and SMB sectors for all computing
products and services. She was also responsible for strategic
alliances and partner relationships. Neelam has over 22
years of IT industry experience having worked for HCL and
IBM before joining HP in Dec 1999.
Founded in 1975, Microsoft is the worldwide leader in software
for personal and business computing. The company offers
a wide range of products and services designed to empower
people through great software-any time, any place and on
any device. Microsoft Corporation India Private Ltd is a
subsidiary of Microsoft Corporation USA. It has had a presence
in India since 1990 and currently has offices in Bangalore,
Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, and Pune.
merger to be completed by June'
Feb 14: The merger of IBP with IOC is set to be completed
by June, with IBP becoming IOC's division, according to
IBP Managing Director, N. G. Kannan, who is IOC's director-marketing.
Speaking on the occasion of IBP's 97th foundation day here,
he said that IBP was expected to maintain its brand equity
along with IOC post-merger.
two entities "combined will certainly become a force
that cannot be challenged by any competition from private
entities," he remarked. He noted that IOC was targeting
a turnover of $50 billion by 2011-12, with the $35 billion
mark likely to be touched by this year-end.
are hoping to have $20 million by way of business expansion
of Indian Oil. IBP will also get benefit out of that,"
the Managing Director said. The expansions are in the areas
of gas, petrochemicals, putting up and maintaining refineries
overseas and also in areas of downstream marketing and exploration
for which IOC has tied up with Oil India.
to IBP, Mr. Kannan said that the company was doing well
and was likely to cross the five million tonne sales mark
this fiscal. The turnover was expected to be around $3 billion,
he said. However, being a standalone company, it has to
absorb losses on account of under-realisation of some of
its products, since it does not have refinery margins to
compensate for losses in the petroleum products retailing
sector. He disclosed that two business groups - cryogenics
and explosives - were IBP's areas of concern but cryogenics
will be achieving breakeven this year.
need public sector for new initiatives and social justice:
DELHI, Feb 11: Delivering the First IndianOil Lecture at
the new Corporate Office, the Union Minister of Petroleum
& Natural Gas and Panchayati Raj, Mr. Mani Shankar Aiyar,
said that the public sector has a very vital role to play
in the economic as well as social upliftment of the country.
The Minister was speaking on "The Public Sector in
our Oil Economy: Prospects and Issues".
Aiyar said "we need the private sector for competitiveness
but we need the public sector for new initiatives and social
justice and it has to be deeply rooted in democratic polity"
he said. IndianOil lecture Series is an annual event, which
has been initiated from this year onwards. Mr. Aiyar congratulated
IndiaOil for emerging one of the top companies of India.
"It has validated the importance of public sector more
effiecently than any other company", he felt.
his keynote speech, Mr. Aiyar formally inaugurated the new
corporate office of IndianOil and couldn't help terming
it as "splendiferous".
the speech, Mr. Aiyar touched upon the various challenges
that faced the country in terms of oil security, equitable
distribution of wealth, and the role of the government and
public sector. In his concluding remarks, Mr. Aiyar added
that public sector can very well stand up to the challenges
posed by the private sector and the past two years have
already shown the way.
his welcome note Mr. MS Ramachandran , Chairman, IndianOil
said, "We have instituted the IndianOil Lecture Series
as an annual event, where we shall be inviting eminent personalities
to speak on national issues of contemporary relevance before
a distinguished audience. This, we believe, will be a unique
platform for policy and opinion makers to share their thoughts
and views on chosen topics" he said.
recalled IndianOil's journey from the times when its "people
had to sell kerosene in Rickshaw" while multinationals
w hizzed past in their Chevrolets and Pontiacs . He highlighted
that IndianOil is now the biggest company of India with
presence from Kutch to Kohima, Kashmir to Kanyakumari and
the last four decades, brick by brick, stone by stone, IndianOil
has grown from a meagre turnover of Rs. 78 crore in 1964-65
to emerge as the largest commercial enterprise in the country
with a turnover of Rs. 1,30,203 crore and profits of Rs.
7,005 crore in the last fiscal" he added.
profit falls in third quarter
DELHI, Jan 31: Losses on sales of LPG, kerosene and diesel
have contributed to the 47 per cent drop in net profit of
Indian Oil Corporation (IOC) in the third quarter of the
current fiscal (2004-05). Disclosing this here today, the
IOC Chairman, M. S. Ramachandran, said the company had lost
Rs. 2,131 crores on sales of LPG, kerosene and diesel in
the October-December 2004 period.
subsidy sharing scheme by which the upstream companies of
ONGC and GAIL also share the subsidy on LPG and kerosene
has been implemented only for the first quarter of the current
fiscal - April to June 2004. The IOC is expecting, however,
that the scheme will be implemented for the rest of the
year and payments will be made in the final three months
of the year.
registered a net profit of Rs. 1,287 crore for the third
quarter of the current fiscal as compared to Rs. 2,404 crore
during the same quarter in the previous year. Sale of petroleum
products during the quarter was 12.56 million tonnes, registering
1 per cent increase over 12.41 million tonnes sold in the
same quarter last year.
the nine months ended December 2004, IndianOil has registered
a net profit of Rs. 3,999 crore as against Rs. 5,155 crore
for the same period of the previous year. The Corporation's
Gross Turnover for the nine months moved up by 17 per cent
to Rs. 1,10,169 crore from Rs. 94,017 crore for the corresponding
period of the previous year. The
unaudited financial results of the Corporation were taken
on record at the meeting of the Board of Directors here
the first nine months of 2004-05, IndianOil increased its
product sales, including exports, by over 4 per cent to
37.12 million tonnes as compared to 35.57 million tonnes
during the same period the previous year. Its refinery throughput
was also higher by 1.28 per cent at 27.61 million tonnes
as compared to 27.26 million tonnes during the corresponding
period of the previous year.
'n Frolic -- a new way of HR intervention
DELHI, Jan 26: In today's new business scenario, organizations
have innovated novel HR practices to keep their employees
motivated and engaged in activities that create a feeling
of teamwork and participation among them. New Delhi-based
RT Outsourcing services Ltd, an upcoming IT enabled service
provider, organized such an event for employees motivation
annual event, aptly named as "RT Aagman", was
held here recently. It included an evening of music, dance
and activity galore, where various groups of RT performed
their talents in the form of group dances, humorous skits,
solo songs, instrumentals and so on! The success of the
event could be gauged from the fact that various groups
of RTians were seen with beaming faces and were excited
to reveal their talents.
the CEO of RT, Mr. Shammi Moza puts it "Our employees
are the key resource and what could be a better way of providing
motivation in the starting of the New Year, than the RT
Family coming together". Needless to mention that the
HR plays an active role in encouraging its young engineers
to let loose their creative energies and go wild.
wonderful evening started with a two-minute silence in memory
of the tsunami victims. This was followed by the RT Theme
song and then by mind-blowing choreography and a hilarious
'quawwalli' by the Rtians.
Outsourcing Services Ltd, founded in 1995 with strength
of only five people, has today grown to be a 1,000 people
strong, ISO-9002 accredited company. The company, with a
state-of-the-art Web based Call Center and Technical Support
Center in New Delhi (India), provides 24X7 web based customer
service solutions for technical support and e-Commerce services.
Outsourcing Services Ltd strives to provide exceptional
customer services by highly skilled Customer Service Representatives
(CSRs) who are dedicated to the customer's business model,
knowledgeable about the customer's products and responsive
to their customer's needs.
company offers end-to-end customer support services to some
of the leading multinational and Fortune 500 companies.
It provides client specific customized helpdesk solutions,
which not just replaces any existing customer interaction
services, but also dramatically reduces support cost and
enhances customer loyalty. Direct competitive advantage,
scalability and convenience to the customer are the added
advantage of the solutions from RT Outsourcing Services
company's client list includes some of the best names in
business. "We have been appreciated by some of the
most renowned names in the industry, our process and experiences
have been derived from a long and fruitful association with
these clients. Some of them who made RT a force to reckon
with in the industry are: HP, Compaq, IBM, Xerox, Samsung,
Dell, NCR, Sony Ericsson, Verifone, Western Digital, Flextronics,
Acer and AOC," said Mr Shammi Moza.
Outsourcing Services Ltd. is housed in a facility designed
as per International Standards and equipped with state of
the art technology. The setup includes advanced eCRM software,
powerful hardware platforms and high-speed networks and
Internet connectivity with large bandwidth.
complete RT system is designed for high degree of flexibility,
scalability and upgrade ability. The entire system is powered
by leading edge customer care technologies like Live Chat,
Email Management Solution, Voice Communication and Interactive
considers its people as its most valuable and important
asset. Customer Service Representatives at RT Outsourcing
Services Ltd are amongst the best in the industry.
Corporate Office moves to new building
DELHI, Jan 18: In keeping with its brand image as India's
largest commercial organisation and India's No.1 Fortune
'Global-500' Company, IndianOil now also boasts of a brand
new corporate address. The corporate headquarters in the
capital has been shifted to Plot No. 3079/3, Joseph Broz
Tito Marg, Sadiq Nagar, New Delhi 110 049 (Reception No.
011-26260000) from the earlier office at SCOPE Complex,
Lodhi Road, New Delhi-110 003.
new IndianOil headquarters has been designed by Stup Consultants,
the people behind the architecture of the European Parliament.
The building has two towers; the first tower contains the
auditorium with a cafetaria on the first floor. The second
tower is divided into two wings, the first wing consists
of the various departments and the second one comprises
the offices of the Chairman and the Directors. Both the
towers are connected by two glass-and-steel skywalks.
four-storey building that also has two floors below the
ground is a perfect fusion of futuristic and minimalist
design. The main design element used in exteriors and interiors
is glass, which silhouettes the building, making good use
of sunlight. Besides glass, imported Italian marble, steel
and wood give the building an international look The use
of hidden lighting makes the environment inside the building
civil work has been done by L & T while Siemens has
carried out the electrical work and Tata Honeywell has developed
the IBMS (Integrated Building Management System) for the
building. Jay Art, Jayant K furniture and SALASAR have done
the elegant interiors. The surrounding greenery makes for
a very energised working environment. Water-walls and water
fountains enhance the overall beauty of the building.
calls for Asian oil market
By Deepak Arora
DELHI, Jan 6: The first round table conference of the Asian
Oil Ministers has decided to carry forward the regional
cooperation in the hyderocarbon sector with a call for intra-region
investment to achieve oil security. In his concluding remarks,
the Chairman of the conference and Petroleum Minister, Mr
Mani Shankar Aiyar, said a careful consideration is required
to create an Asian marker.
Aiyar said "the marker has to be globally accepted
and efforts should be made to improve the marketing function
in the Asian region." He
said that fundamental of cooperation must include moderation,
dialogue security of international supplies and strategic
first round table of Asian Ministers on Regional Cooperation
in the Oil and Gas Economy was attended by Ministers from
major Asian oil buying and selling countries including representatives
of International Energy Forum (IEF), International Energy
Agency (IEA) and OPEC. Most participants in the conference
strongly advocated the need of investing in the refining
and storage sectors to ensure the supply of petro-products
on a sustainable basis in the region.
conference, which had delegations from 11 countries, decided
to hold the second conference in Saudi Arabia with Japan
as the co-host. The third round table would be held in Japan
with Qatar as co-host. The fourth would be hosted by Kuwait
with Republic of Korea as the co-host. India initiated the
move of convening the first roundtable in the wake of sharp
rise in the prices last year, which had affected the economy
of Asian countries in particular.
his address, Mr Aiyar stated with Asian destinations emerging
as the principal consumers for Asian production, and the
share of Asia in global production and consumption likely
to progressively increase, cooperation between Asian producers
and Asian consumers is crucial to ensuring Stability, Security
and Sustainability through mutual interdependence in the
Asian oil and gas economy.
fundamentals of such cooperation must include moderation,
dialogue, mutual understanding and respect, security of
international supplies, demand -supply equilibrium, and
strategic partnerships based on reciprocity of interests."
To this end, Mr Aiyar said an Asian dialogue is both welcome
and indispensable aimed at evolving and elaborating an Asian
Aiyar called for developing an Asian oil market and putting
in place longer supply contracts to provide stability and
security of supplies to major consuming countries. "For
us in Asia to convert underlying stability in production
into stability in oil market, it is essential that we develop
a sophisticated Asian market for petroleum and petroleum
products," he said.
Minister said greater stability in Asian trade could exist
when "long term contracts become longer, price discovery
through the market is more transparent and spot purchases
occupy a progressively larger share of market transactions."
his address, Mr Zhang Xiaoqiang, Vice Chairman of China
National Development and Reforms Commission, flayed the
concept of "Asian premium" as charged by the oil
producing countries from Asian nations saying that this
was against the market principle of "fairness and impedes
regional economic development.
a presentation at the conference, international consulting
firm McKinsey said Asian oil producers and consumers need
to create a deep, liquid and transparent Asian energy market
for ensuring stable price for buyers and revenue growth
for sellers. "Increasing energy stability in the region
will require building a deep, liquid and transparent market
in Asia for crude, oil products and gas," said McKinsey.
strong Asian market will require putting in place a "marker
crude" that is relevant for the region and available
in sufficient volume; it will also require support from
key buyers and sellers to ensure adequate trading volumes
and flexibility framework and robust financial markets to
support hedging and trading.
building energy security, McKinsey said, information on
demand, supply and inventory positions among Asian nations
and Middle Eastern countries need to be shared transparently
and buyers and sellers need to co-invest in building emergency
response mechanisms by increasing physical supply security
in Asia through strategic reserves and cross-border inventories.
more intense form of cooperation to build security will
be for buyers and sellers to increase the scale and pace
of joint investments in oil and gas in the region. This
would entail consumers making upstream investment in oil
producing countries and suppliers making downstream investments
in refining and gas. This might also require some longer
term price and volume agreements to underpin the investments,"
prescribed longer term multilateral projects to strengthen
cooperation, such as joint research on energy technologies
relevant to Asia, jointly addressing environmental priorities
like standardising specifications for petrol and diesel
across Asia, and broader sharing of mutual capabilities,
including human resource development.
lauds IndianOil's R&D centre
DELHI, Jan 6: The Petroleum Minister, Mr Mani Shankar Aiyar,
on Thursday said that sustainability in Asia calls for sustained
dialogue between the Asian countries and offered the help
of Indian oil institutes to the world.
stand ready and willing to place our petroleum conservation
research association, the Indian Institute of Petroleum,
the University of Petroleum studies, The Energy and Research
Institute of India, our centre for high technology, our
oil industry safety directorate, IndianOil's R&D centre,
and all our other scientific and technological research
and development institutions at the service of Asia,'' he
at the first roundtable conference of Asian oil ministers
on ''Regional Cooperation in The Oil Economy,'' Mr Aiyar
said that Asian countries should join hands in terms of
technology and conservation of oil to achieve sustainable
oil supplies. ''The time has come for us to pool together
our experiences, forge them into a shared, common experience
and build on that experience in concert,'' he said.
may be recalled that IndianOil's institutes has been in
the forefront of research ever since it's R&D center
was established in 1972 for the development of lube as well
as refining process technologies It is one of its kind in
Asia and has grown into a major technological development
center of international repute in the down stream areas
of lubricants, pipelines and refining processes.
the years, it has successfully perfected the state-of-the-art
lube formulation technology meeting latest national and
international specifications with approvals from major original
equipment manufacturers. IndianOil markets around 450 grades
of lubricants under the brand name "SERVO" based
on its own R&D technology.
institute has extensive laboratory and pilot plant facilities
to successfully pursue projects in lube, refining and pipeline
areas making it a unique technology centre. Its rich reservoir
of highly qualified/ specialised scientific and technical
manpower has elevated this centre to global status. Creativity
and innovative research has led to technological innovations,
some of which have received prestigious national and international
the conference Mr Aiyar told the visiting dignitaries that
through a sustained dialogue among ourselves ''we might
be able to find an Asian solution of the imperatives of
Asian stability.'' The minister said that the Asian countries
require a massive 1,580 billion dollar investment over the
next 25 years for the development of upstream, midstream
and downstream oil and gas sector.
on this humungous scale, to the extent possible mutual reciprocal
intra-Asia investment, would hugely enhance the security
of production and consumption for everyone,'' he said.
ensure a secure supply of crude to the Asian countries in
case of disruptions, Mr Aiyar advocated for jointly building
storage to protect the interests of both the consumers and
producers. He said this would ''enable consumers to enjoy
an uninterrupted flow of supplies and producers to enjoy
an uninterrupted flow of oil revenue till normalcy is restored''.
said, till now Asia was looking towards west for much of
the investment in Asian petroleum exploration, production,
refining and marketing. ''Now we should go in for mutual
investment by producer and consumer nations of the Asian
oil community,'' he added.
rolls out Euro-III version cars
DELHI, Jan 7: Maruti Udyog on Thursday launched Euro III-compliant
versions of compact cars 'Zen' and 'WagonR' and 'Baleno'
sedan, sporting higher price tags, and plans to increase
steel procurement from the domestic market. The new 'Zen'
and 'WagonR' variants would cost Rs 10,000 more, while the
price of the new 'Baleno' would go up by Rs 15,000, Maruti
Udyog Ltd., Managing Director, Jagdish Khattar, told newsmen
on the sidelines of a function.
steel offers us competitive edge as prices are low compared
to price of steel produced by overseas companies. Next fiscal,
a number of contracts for steel procurement will be renewed
and there will be preference for Indian players," he
said. At present, Maruti uses 30-35 per cent of steel produced
in India and plans to increase it to 50 per cent next fiscal.
which is 54.2 per cent owned by Suzuki Motor Corp. of Japan,
will launch more Euro III-compliant variants of 11 cars
in a phased manner over the next few months. He said the
company would shortly announce price increase on Euro II
and yet-to-be launched Euro III versions of entry-level
car 'Maruti 800'.
whether the price increase, which is partly on account of
new emission norms, would affect customer demand, Khattar
said carmakers were in no position to control prices. The
launch of new models by Maruti is in line with the stipulated
deadline of making Euro-III norms mandatory in 11 big cities
from April 1, 2005.
Wednesday, Maruti raised prices on all models except 'Maruti
800', citing rise in input costs. The price increase was
on all the existing Euro II models.
donates Rs 10 cr to PM's Relief Fund
AK Purwar, Chairman, State Bank of India, presenting a cheque
for Rs 10 crore to the Prime Minister Dr Manmohan Singh
toward the PM's National Relief Fund in New Delhi
to divest stake in BHEL, Maruti by March
DELHI, Jan 5: The Heavy Industries Ministry has virtually
consented to the Finance Ministry's suggestion for part
divestment of government equity in Bharat Heavy Electricals
and Maruti Udyog in the current financial year. It,
however, asked the Finance Ministry to consider weightage
for Indian public and institutions during the public offer
fearing that foreign financial institutions would strive
to get most of the shares of these profit-making companies,
Ministry sources said.
Finance Ministry would now moot a formal proposal for disinvestment
of 5 per cent equity in BHEL and sale of residual 18.24
per cent equity in Maruti Udyog in a phased manner, they
added. The move is part of efforts to garner resources for
social sector schemes to which the Government is according
the highest priority.
to the present share prices, 5 per cent equity sale in BHEL
may fetch about Rs 950 crores to the Government. Likewise,
the value of government equity in Maruti at current prices
is more than Rs. 2,445 crores. "The public offers for
both companies are likely to be completed this fiscal,''
the sources said.
the Heavy Industry Ministry, under whose administrative
control the two companies fall, favourably inclined towards
divestment, the Finance Ministry may float a proposal for
consideration of the Union Cabinet either later this month
or early February, the sources said. After selling 5 per
stake in BHEL, the Government stake in the company would
come down to 62.72 per cent from 67.77 per cent at present.