Raman is new CMD of Canara Bank

NEW DELHI, Sept 2: The new chiefs of four public sector banks took charge on Wednesday, including Canara Bank Chairman and Managing Director S. Raman and UCO Bank chief Arun Kaul.

While the term of the new CMD of Canara Bank comes to an end in September, 2012, the UCO Bank chief will retire after five years.

In addition, Central Bank of India Executive Director Ramnath Pradeep assumed office as the new CMD of Mangalore-based Corporation Bank, the bank informed the Bombay Stock Exchange.

At the same time, Executive Director R. Ramachandran of Syndicate Bank has assumed charge as CMD of Hyderabad-based Andhra Bank. As per the notification issued on Wednesday, the government has promoted eight executive directors as CMDs of public sector banks.

The remaining four will assume charge as and when a vacancy is created.

At the same time, as many as 12 general managers have also been promoted as executive directors. Among them, A. K. Bansal, General Manager of Union Bank of India, has been promoted as Executive Director of Indian Overseas Bank.

In addition, N. Sheshadri, R. K. Dubey, Ravi Chatterjee, Archana Bhargava, Rakesh Sethi and Rajiv Rishi have been appointed as executive directors of various banks.

Iffco’s Soil Rejuvenation Campaign Helps Farmers Increase Crop Productivity

By Deepak Arora

NEW DELHI, Aug 31: India’s giant cooperative, IFFCO, has taken yet another initiative to help farmers rejuvenate soil that has fallen victim to multi-nutrient deficiency and help them increase crop productivity.

Keeping in mind the food security for over 1 billion Indians in the years to come, Dr U S Awasthi, IFFCO’s Managing Director, has taken yet another ‘farmer-people’ centric initiative and launched Bhommi Bachao Abhiyan (Save the Soil Campaign) to avoid any future food crisis in the country.

The visionary, Dr Awasthi, has interacted with all the Zonal, State and Area Officers of IFFCO and a road map has been drawn to quickly educate farmers and opinion leaders to spread the message of Bhommi Bachao Abhiyan through out India.

It may be mentioned that over the years the crop productivity has reached its plateau despite increase in nutrient usage. This is mainly due to the fact that there is an imbalance between nutrients addition versus removal, latter on higher side, resulting in widespread multi-nutrient deficiency. This trend needs to be checked on priority for ensuring food security for 1 billion people on sustainable basis.

IFFCO’s “Save the Soil Campaign” aims to make farmers aware of the various deficiencies of nutrients in their soil and the need to apply adequate nutrients.

The farmers own cooperative, IFFCO’s efforts are directed to supplement Nutrient Based Subsidy Scheme -- the current new Fertiliser Subsidy Policy introduced by the Indian Government, which aims to rejuvenate soil for sustainable crop production and improving soil health.

A study on nutrient mapping has been initiated by IFFCO with thrust on to educate and empower the farmers and also cooperatives towards integrated and balanced use of fertilisers. Demonstrations carried out on Farmers’ fields have proved that integration of various sources of nutrients increases crop productivity and also improves soil health.

IFFCO has initiated a project on Soil health and Rejuvenation in Bighapur Block of Unnao District in Uttar Pradesh during 2009-10. The project is being implemented in 122 villages with thrust on integrated approach viz. soil testing, green manuring, On Farm preparation of organic manure and introduction of crop varieties/hybrids, crop Diversification, inter-cropping and water resource development.

Results of this project are encouraging as crop productivity of the area has gone up by about 20 to 24 per cent and farmers are getting benefits through various interventions.

Speaking to newsmen here on Friday, Dr. Awasthi said that in order to meet the requirements of complex fertilizers, IFFCO last year singed an agreement with Jordan Phosphate Mining Company (JPMC) for setting up a state of the art world class Phosphoric Acid Plant in Jordan with the capacity of 1,500 MT P2O5 per day.

IFFCO holds 52 per cent equity stake in the project. The zero date of the project April 14 and the project activities have already started for its implementation.

Dr. Awasthi further added that IFFCO’s Kisan SEZ at Nellore, Andhra Pradesh is also progressing well. IFFCO is inter-alia setting up a dairy project in Nellore jointly with an overseas partner with facility for Milk production to meet the growing demand of milk and milk products in India.

The bacterial contamination in Indian milk is too high. Therefore, IFFCO’s aim is to produce good quality bacteria free milk as per international standards with extended shelf-life. The project envisages initially about 6,000 high-breed cattle stock with a high capacity of milk on per day basis. The plan is to sell its dairy products in domestic and foreign markets.

Today, IFFCO is world's leading processed fertilizer marketing entity in cooperative sector with a turnover of Rs.16,800 crores in year 2009-10. It’s a cooperative society, which is wholly owned by its member societies with a vast marketing network of 40,000 cooperative societies reaching more than 5.5 crore farmers in India.

IFFCO broke all its previous records in 2009-10 by producing 82 lakh MT of fertilizers from its five production units in India which comprised of 43 lakh MT Urea and 39 lakh MT NP/NPK/DAP respectively. IFFCO sold 118 lakh MT fertilizers in India in 2009-10.

For the ninth successive year IFFCO paid dividend to its member shareholders at 20 per cent of share value.

IFFCO is having 19 Associates and Subsidiaries under its fold with diversified interests in sectors like General Insurance, Power Generation, Rural Telecom, SEZ and Mining apart from its core business of fertilizers with joint ventures outside the country like Legend International, Australia; JIFCO, Jordan; KIT, Dubai; OMIFCO, Oman; ICS Senegal and recently added Growmax Agri Corp, Peru; and Americas Petrogas Inc, Argentina.

In India, IFFCO Power-ICPL, IFFCO Kisan SEZ, IFFCO Sanchar –IKSL, IFFCO Insurance-IFFCO-Tokio, Rural Development-CORDET, Forest Development-IFFDC, Community Service-Kisan Seva Trust, IFFCO Foundation, IPL – Potash.

At global business level, it’s having successful MoU’s with Phoschem-USA, PhosAgro-Russia & Mosaic – USA for fertilizer supply.

IFFCO is also emphasizing on Energy conservation and use of alternate energy resources and has implemented various projects in this area apart from sale of carbon credits to overseas agencies.

IFFCO is committed to the farmers of India and it will keep on surpassing its previous records to emerge as the global leader in both the production as well as marketing of fertilizers.

Increased exemption limits under DTC to benefit 96 pc taxpayers

NEW DELHI, Aug 30: The proposed increase in exemption limits in the Direct Taxes Code (DTC) Bill will benefit an overwhelming 96 per cent of taxpayers, who earn less than Rs 5 lakh a year.

The DTC Bill, which proposes to exempt income up to Rs 2 lakh from payment of income tax, compared to the existing limit of Rs 1.6 lakh, was introduced by Finance Minister Pranab Mukherjee in the Lok Sabha today.

"The objective of increasing the exemption level and providing little more relief at the low end has been targetted to get benefits across to the largest number of taxpayers," said Revenue Secretary Sunil Mitra.

The government plans to roll out the new direct tax regime from April 1, 2012.

Briefing newsmen after the Bill was tabled in Parliament, Mitra said around 96 per cent of India's taxpayers are in the earning bracket of Rs 1 lakh to Rs 5 lakh.

"95.75 per cent, to be precise, of India's 3.25 crore tax payers are in the slab of Rs 1 lakh to Rs 5 lakh of income. They pay around 30 per cent of our total taxes.

"The slab of Rs 8 lakh and above accounts for 2.2 per cent of our taxpayers, but they pay 60 per cent of the taxes, that leaves 10 per cent which is in the Rs 5 lakh to Rs 8 lakh," Mitra said.

According to the Bill, annual income from Rs 2-5 lakh is likely to attract tax at the rate of 10 per cent, while the Rs 5-10 lakh bracket will be taxed at 20 per cent and above Rs 10 lakh at 30 per cent.

At present, income between Rs 1.60 lakh and Rs 5 lakh attracts 10 per cent tax, while the rate is 20 per cent for the Rs 5-8 lakh bracket and 30 per cent for above Rs 8 lakh.

People earning more than Rs 10 lakh a year may save up to Rs 41,040 in income tax, if the slabs proposed by the DTC Bill come into effect, experts said.

Similarly, the tax burden would reduce by Rs 21,540 for those earning an annual income between Rs 5 lakh and Rs 10 lakh, while those making Rs 2 lakh to 5 lakh could be richer by Rs 7,660, Deloitte Haskins & Sells Partner Neeru Ahuja said.

India sops to critical export sectors

NEW DELHI, Aug 23: Responding to the concerns of exporters and the sudden decline in exports last month, the UPA government on Monday announced sops worth Rs 1,052 crore to the labour-intensive textile, handicrafts and leather sectors to help them cruise through the fragile global economic recovery phase.

“We are not yet out of the woods. We are confident of achieving the $200-billion export target for 2010-11,” Union Commerce and Industry Minister Anand Sharma said unveiling the annual supplement to the Foreign Trade Policy here.

He also announced the extension of schemes such as the Duty Entitlement Pass Book (DEPB) scheme, under which taxes were reimbursed to exporters; interest subsidised; and incentives given for import of capital goods.

Mr. Sharma said the incentives would have revenue implication of Rs.1,052 crore. However, he made it clear that the DEPB scheme was being extended till June 30, 2011 for the last time, “recognising the fragile recovery and the prevailing uncertainties in the global markets.”

A number of products from sectors such as engineering, leather, textiles and jute have been added to the two per cent interest subvention scheme. Handloom, handicrafts, carpet and the SMEs (small and medium enterprises) have been getting this facility, which will now be available till March 31, 2011.

Exports had touched $178.6 billion during the last fiscal amid global economic crisis.

“We can now look back with a sense of satisfaction and claim with humility that the immediate objectives of the policy were realised. The decline in exports has been arrested. However, we must take note that the global recovery so far has been fragile and the economies around the world are still emerging out of the shadows of a grim recessionary period,” Mr. Sharma said.

After declining for 13 months in a row since October 2008, exports have shown positive growth from November 2009.

The government made it clear that the popular Duty Entitlement Pass Book (DEPB) scheme, which has been in vogue for over a decade, is being extended for the last time.

"Recognising the fragile recovery and the prevailing uncertainties (in the global markets), I have been able to obtain extension of DEPB one last time for a further period of six months till June 30, 2011", Sharma said.

Experts said drawing the curtains on the DEPB scheme was inevitable as it was considered incompatible with the global trade rules under WTO.

However, Commerce Secretary Rahul Khullar indicated to reporters that the Ministry might formulate an alternative scheme.

A number of additional products from sectors like engineering, leather, textiles and jute have also been added to the existing two percent interest subvention scheme.

Handloom, handicrafts, carpet and the SMEs have been getting this facility, which will now be available till 31st March 2011.

As regards the prospect of the current fiscal, the minister said: "We are on course to achieving export target (USD 200 billion) for 2010-11".

Steps to reduce transaction cost of exports too were announced in the policy. At present, transaction costs are estimated at 7-8 percent of the exports value.

India Inc and exporters body on Monday expressed satisfaction over the steps taken by the government in wake of the global demand slowdown and domestic resource constraints.

"It is a forward looking policy," Federation of Indian Export Organisations (FIEO) President A Sakthivel said.

Most chambers, including Ficci and CII, welcomed the policy supplement, amid promises that the transaction cost for exporters would be brought down by 40 percent.

Sharma said the government was maintaining a close watch on the performance of the exim policy and the ministry has been holding discussions with industry and exporting community.

"We can now look back with a sense of satisfaction and now claim with humility that the immediate objectives of the policy were realised," he said, adding the decline in exports have been arrested.

After declining for 13 months in a row since October 2008, India's exports have shown positive growth from November 2009.

The shipments rose by over 32 per during April-June this fiscal year-on-year but are still below the pre-crisis levels.

"We must, however, take note that the (global) recovery so far has been fragile and the economies around the world are still emerging out of the shadows of a grim recessionary period," Sharma said.

As per the IMF projection, the world economy is recovering at a varying speeds. There has been marginal improvement in some of the developed economies like US, UK, Germany and France.

However, there is still nervousness in the markets about the fiscal situation and sovereign indebtedness in several high-income countries of Europe.

In this setting, it is expected that the developed countries would aim at economic recovery through consolidation of and export led growth, the minister said.

In order to give immediate relief, the annual policy review provided a two percent bonus incentive under Focus Product Scheme (FPS) to 135 items from sectors that are not still doing well.

This would benefit labour intensive sectors such as handicrafts, handlooms, silk, carpets, leather, sports, toys and bicycles.

To compensate for infrastructural bottlenecks, 256 more products from sectors like rubber and oil meals have been added under FPS.

Besides, instant tea and CSNL cardinol would now also get the five percent duty benefit under the Vishesh Krishi and Gram Udyog Yojna (VKGUY).

The two percent duty benefit to garment exporters under the Market Linked Focused Product Scheme for shipments to the 27-nation bloc European Union has been extended from October 2010 to March 2011.

The policy also provided special flexibility for transferability of duty credit credit scrips issued to Status Holders (recognised exporters).

Barmer (handicrafts), Bhiwandi (textiles) and Agra (leather goods) would now be 'Towns of Export Excellence'.

The annual policy review was part of the Foreign Trade Policy (FTP) announced in August 2009.

India invites Singapore investors

SINGAPORE, Aug 23:Singapore-based investors have a strategic role to play in the Mumbai-Delhi Industrial Corridor development, especially the city state's experience in providing urban solutions and skill development education, Indian High Commissioner T C A Raghavan said.

"Singapore investors can focus on providing water treatment technologies, urban development solutions and skill manpower development," he said at the launch of a marketing forum on the 2011 Gujarat Global Investors Summit, called 'Vibrant Gujarat' in Singapore on Monday.

The Delhi-Mumbai Industrial Corridor is a mega infrastructure project of around USD 90 billion, covering an overall length of 1,483 km between the National Capital and the business capital of India, Mumbai.

Raghavan said the key to maintaining Indias double-digit growth over the next decade would be infrastructure development, which would include ports and airports.

Infrastructure development, in various public and private partnership forms, was taking off in India compared with China where most of it has been completed, Raghavan said. "This would mean more investment opportunities in India," he added.

Meanwhile, the Gujarat state started a series marketing meetings in Singapore on Monday to build up its summit delegate and corporation participation for the summit to be held 12th to 13th January 2011.

A 10-member delegation led by Industries Commissioner of Gujarat government, B B Swain is in Singapore for a three-day marketing campaign.

Swain said delegates and companies from Japan and Canada have confirmed their participation in the summit, which, for the first times, will also have participation from 12 other Indian states.

The summit was being opened to participation from other Indian states to reflect the India-wide development programmes and projects, he said.

Regulatory Authority for Multi-State Cooperatives on the card

By Deepak Arora

NEW DELHI, Aug 19: Government is planning to set up a regulatory authority for multi-state cooperatives throurgh the amendment in the law, disclosed Additional Agricultural Secretary G C Pati, while inaugurating a two-day 'National Conference on Livelihood Security of Smallholder Farmers', organised by IFFCO Foundation in New Delhi on Thursday.

Pati hoped that the proposed regulatory authority would be helpful in streamlining the role of multi-state cooperatives in nation building.

IFFCO Foundation is a think tank Trust formed by the world's largest fertiliser cooperative - Indian Farmers Fertiliser Cooperative Limited popularly known as IFFCO.

Pati also called for skilled-based training for farmers with a view to bridge the knowledge deficit. He said that India has recorded higher growth rate in many non-agriculture sectors like IT, industry and similar growth rate needed to be registered in agriculture in order to push the overall GDP growth rate to double digit level.

He said that China had been successful in moving out people from Agriculture but for India such a drastic measure poses a big challenge. There has been lot of oppositiion in the country over land acquisition for development needs.

Pati noted that in the view of increasing the income of the poor people, number of persons engaged in agriculture should be reduced and given alternative sources of livelihood.

Former Union Deputy Minister for HRD and former chairman of IFFCO, D P Yadav called for constructive agitation by the people to press for their genuine demands like the need for a decent livelihood.

Former Member of the National Commission on Farmers and Additional Director General FAO Prof R B Singh urged the policymakers to take steps to increase the income of farmers.

"When there is a move to increase the salary of parliamentarians there should be corresponding measure to increase the income and livelihood of farmers particularly the small and marginal ones" he said.

A small farmer is categorised as one having less than two hectare of land, while a marginal farmer is one who has less than one hectare land.

Prof. Singh added that the bulk of agriculture production is produced by small and marginal farmers. Touching the daily life of over 600 million people comprising nearly 140 million farming families - agriculture continues to be the life thread of the nation. It accounts for about 18 percent of the national GDP, over 50 percent of the employment and over 70 per cent of the Indian rural work force. Thus, if agriculture fails, everything else will fail.

The Managing Trustee of the IFFCO Foundation and Former Agriculture Secretary JNL Srivastava said that IFFCO has been conducting from time to time mobilisation of farmers for generating awareness and this conference was a step forward in this direction.

Former Director General, ICAR and at present, President of National Academy of Agriculture Sciences, Dr. Mangala Rai, suggested measures like water use efficiency, introduction of new varieties of seeds resistant to biotic and abiotic stresses, balanced fertiliser use, use of fortified and liquid fertilisers, micro nutrients and organic matter for removing 17 types of deficiencies in the soil.

He also suggested integrated farming system from production to consumption with storage of market facilities. He called for increasing the cropping intensity, diversification of crop, value addition and processing facilities in the villages.

IFFCO bags National Award for Excellence in Cost Management

NEW DELHI, Aug 16: Maintaining its coveted position and creditable performance, Indian Farmers Fertiliser Cooperative Limited (IFFCO) added another feather to its cap when the prestigious Institute of Cost and Works Accountants of India (ICWAI) bestowed National Award for “Excellence in Cost Management – 2009” (Third Prize) on IFFCO under the category I – Private Manufacturing Organisation - large.

The Award instituted by ICWAI aims at promoting the Cost Management Practices and initiatives in India Inc. by recognizing leadership efforts of Cost Management Techniques and innovative practices.

Minister of State for Corporate Affairs Salman Khurshid presented this Award.

Due to prudent financial management, IFFCO in the year 2009 -10, earned foreign exchange to the tune of Rs.105 Crores and recorded a turnover of Rs.16,809 Crores with pre-tax profit at Rs.567.28 Crores.

IFFCO has spread its wings across the shores through strategic joint ventures overseas for ensuring food security to the Nation.

The Society had also been a recipient of ICAI Award for Excellence in Financial Reporting for IFFCO’s Annual Report for 2007-08

Kribhco body gets UN accreditation

By Deepak Arora

NEW DELHI, Aug 16: After a strict evaluation process, the United Nations Convention to Combat Desertification (UNCCD) under the aegis of United Nations (UN) has enlisted Gramin Vikas Trust (GVT) as an accredited Observer - Civil Society Organization (CSO).

Gramin Vikas Trust has been established by Krishak Bharati Cooperative Ltd. (KRIBHCO) as an independent legal entity, to undertake Rural Development Projects in Eastern and Western India.

GVT has been working for the enhancement of sustainable Livelihood of the Tribal and Rural population of Rainfed Regions for mitigation of poverty through farming systems, participatory research, development and research, institution building and beneficiary participation over the past one decade.

UNCCD accreditation gives recognition to GVT and KRIBHCO for its creditable work in the area of combating desertification at an International Forum.

As an accredited Observer - CSO, Gramin Vikas Trust would play a key role at United Nations Conferences and an indispensable partner for UN efforts at the country level. CSOs are consulted on UN Policy and programme matters on desertification.

National Livelihood Resources Institute (NLRI), Ratlam under GVT (Autonomous Body of KRIBHCO) has acquired ISO 9001:2008 Certification for Quality Management Systems through M/s. Moody International Ltd. in July, 2010. The Certificate is valid for three years subject to annual surveillance.

The National Livelihood Resources Institute of Gramin Vikas Trust is a not-for-profit development Organization promoted by Krishak Bharati Cooperative Limited (KRIBHCO) to implement various rural livelihood enhancement projects in western part of India.

The Institute has developed and implemented the Quality Management System (QMS) to strengthen the organization’s best practices, satisfy the requirements/expectations of stakeholders and improve the overall management of the Institute.

The Quality Management System (QMS) of NLRI is designed to meet the requirement of the International Standard. This system addresses the training, teaching, short courses, consultancy, knowledge centre, lodging and boarding, housekeeping and maintenance. KRIBHCO is extending their solemn contribution in all respects in this endeavour.

The Institute achieved the ISO Certification without any external support. The ISO Certification helps in enhancing the efficiency, turn over, high moral value, international recognition, better approach to decision making, best client orientation and relationship, consistency in quality etc.

The ISO Certification provides USP to NLRI, as it is only the second not – for – profit Development Organization in the country acquiring ISO Certification.

KRIBHCO presents dividend cheque of Rs 37.78 cr to Alagiri

By Deepak Arora

NEW DELHI, Aug 6: KRIBHCO Vice-Chairman Dr. Chandra Pal Singh and KRIBHCO Managing Director B. D. Sinha presented a dividend cheque of Rs 37.78 crore to Union Minister for Chemicals & Fertilizers M.K. Alagiri here on Friday.

Present on the occasion were Union Minister of State for Chemicals & Fertilisers Srikant Jena, Secretary (Fertiliser) S. Krishnan, Joint Secretary (F&P) Deepak Singhal, Joint Secretary (P&P) S. L. Goel, Joint Secretary (A&M) Satish Chandra.

Also present were other functional Director N. Sambasiva Rao and General
Manager (F&A) S.K.Garg of KRIBHCO.

Krishak Bharati Cooperative Limited (KRIBHCO) is a leading fertilizer, seed and bio- fertilizer producer in the Cooperative Sector consisting of 6546 member Cooperative Societies at village, state and national level as on 31.03.2010.

The Society since its inception in 1986-87 has been consistently earning profit and paying dividend to its equity holders viz. member societies and Government of India. The Society declared a dividend at the rate of 20% for the year 2009-10 amounting to Rs.77.67 crore out of which Rs.37.78 crore is being paid to Government of India.

Society produces one of the cheapest urea in the country, takes least subsidy from Government of India and has achieved consistently more than 100% capacity utilization despite being the oldest gas based plant in the country. KRIBHCO has also established many new records in various fields.

5-member panel to pick Tata’s successor

MUMBAI, Aug 5: Ratan Tata appears serious about keeping his date with retirement. Tata Sons, the promoter of the $71 billion Tata Group, has formally set the ball rolling to find a successor to its present chairman, who will retire in December 2012, when he turns 75.

A Tata Sons statement said its nine-member board has formed a selection committee comprising five members, including an external member, "to decide on a suitable successor". The committee would look at candidates both within the organisation and outside. It is expected that the final selection would be made in "adequate time to effect a smooth transition and change of leadership" before Tata hangs up his boots.

The statement added that the panel is in the process of formulating criteria "for identifying the most suitable candidate taking into account the global nature and complexity of the group’s business."

Group sources confirmed that R K Krishna Kumar, non-executive director of Tata Sons and a confidante of Tata, and Noshir Soonawala, group advisor, are on the panel. Significantly, Tata himself is not on the panel. The name of the external member could not be immediately ascertained. Some said that the outsider could be one with an international background — triggering speculation that it could be US-based management guru Ram Charan, corporate strategist and Planning Commission member Arun Maira or Amar Bose of the eponymous Bose Speakers.

Interestingly, the development comes within days of Ratan’s half-brother Noel Tata being given an enhanced role in the group. Noel was elevated to vice-chairman of Trent — the group’s retail company which he has steered for 12 years as MD —- and anointed managing director of engineering-to-leather goods maker Tata International.

His is a name that has stayed in steady circulation through the ebb and tide of speculation around India Inc’s most closely-followed succession. Noel’s candidature is seen to be fortified by the fact that he is also the son-in-law of Pallonji Mistry, the single largest shareholder (18%) in Tata Sons, the holding company for the group.

Over the years, names such as Arun Sarin, formerly of Vodafone, Indra Nooyi of Pepsi, Keki Dadiseth of Unilever and Carlos Ghosn of Renault have figured in the sweepstakes. The one attribute they all have in common is their global experience.

The setting up of a search committee for the chairman’s post — the first such in the group — is in line with Ratan Tata’s vision of transforming the group from a patriarchal concern to an institutional enterprise. Incidentally, it is Tata who was the driving force behind the group’s retirement policies. Till his showdowns with chieftains such as Russi Mody and Ajit Kerkar — who had run their companies like fiefdoms under J R D Tata —- the group had no stated retirement age for its top executives.

"The group would require someone with experience and exposure to direct its growth amidst the challenges of the global economy," the statement said. The brief given to the panel is apt, given that the Tata group has expanded its global footprint dramatically via several overseas acquisitions, such as Corus for $13 bn, of Jaguar Land Rover for $2.3 bn and General Chemicals for $1 bn.

Though Ratan Tata appears to be on course to relinquish his position as group chairman within two years, he could continue as chairman of Sir Dorabji Tata Trust and Sir Ratan Tata Trust -- the two charitable trusts that hold a major stake in Tata Sons -- a position his predecessor JRD Tata held till his death.

If the committee selects a non-Parsi to lead the group, it would be a first in the 140-year history of the salt-to-steel-to-software conglomerate. The only non-Tata person to be chairman of the group was Nowroji Saklatvala in 1932.

When Ratan Tata took over as the group’s fifth chairman in 1991, the group’s revenues were Rs 8,553 crore. This has since grown over 40-fold to Rs 3.46 lakh crore in 2008-09, with about 65% of its earnings coming from overseas. When JRD Tata named his successor in Ratan Tata, it took everyone by surprise. Legend has it that Nani Palkhivala was the frontrunner for the chairmanship, but the renowned jurist lost out as he was a strong critic of the government, which JRD Tata felt could go against the interests of the Tata group.

Ratan Tata had earlier hinted that there were also contenders outside the group to succeed him. "Whoever it might be, I hope I can pick the right person who will surprise everybody," Tata was quoted as saying in an international media report. Apart from Ratan Tata and Krishna Kumar, other members on the board of Tata Sons include Farrokh K Kavarana, Jamshed J Irani, R Gopalakrishnan, Ishaat Hussain, Arunkumar Gandhi and Cyrus Pallonji Mistry, brother-in-law of Noel Tata.

Iffco's world’s largest phosphoric acid Paradeep plant creates history; Crosses 100 per cent capacity

By Deepak Arora

PARADEEP (Orissa), July 15: Indian Farmers Fertiliser Cooperative Limited (IFFCO) has achieved one more mile stone in the fertilizer industry by crossing the 100 per cent capacity utilization mark of its Phosphoric acid plant at Paradeep Unit.

It has produced 2700 MT Phosphoric Acid on Saturday, July 10, as against the installed capacity of 2650 MT/Day. The plant has a total capacity of 8.745 Lakh tonne/annum of Phosphoric acid.

IFFCO Paradeep is now the country’s largest phosphatic fertilizer complex with world’s largest single stream phosphoric acid plant.

It is worth mentioning that the basic ingredients for production of phosphoric acid is rock phosphate & Sulphur which are being imported.

During last fiscal, despite raw material constraints IFFCO produced 4.62 lakh tonne of Phosphoric acid at its Paradeep unit.

Expressing his happiness, Dr.U.S.Awasthi, Managing Director, IFFCO, termed it as the proud & significant moment for Indian Fertiliser Industry along with IFFCO.

Dr Awasthi said "We have achieved significant improvement in capacity utilization, despite certain constraints, including original design deficiencies."

He said that this is the result of systematic and planned logistics management and dedicated efforts of the plant personnel.

Dr Awasthi added that after acquisition of Paradeep unit in 2005 from Oswal Chemicals, IFFCO has maintained its pace for revamping of entire complex to make it yet another one of the efficient running units of IFFCO.

Almost all plants have achieved 100 per cent capacity utilization and efforts are continuing to run the plant on sustained basis.

This will enhance the production of Complex fertilizers in India which in return will be beneficial for Indian farmers.

Paradeep is now not only the country’s largest phosphatgic fertilizer complex, but also world’s largest single stream phosphoric acid plant; and the largest sulphuric acid plant in India.

India Rupee to have a distinct symbol

NEW DELHI, July 15: The jury has given its verdict and the Indian rupee will have its own symbol, a mix of the Devanagri 'Ra' and Roman 'R', to become the fifth currency in the world to have a distinct identity.

It will thereby retain its Indian character with an international flavor.

The five-member panel on Thursday approved the new symbol, designed by IIT post-graduate D Uday Kumar.

The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol.

The symbol will be printed or embossed on currency notes or coins, Information and Broadcasting Minister, Ambika Soni told reporters after the Cabinet meeting.

Kumar's entry was chosen from among 3,000 designs competing for the currency symbol.

He will get an award of Rs 2.5 lakhs.

She said the government will try that the symbol is adopted within six months in the country and globally within 18 to 24 months.

The symbol will feature on computer keyboards and softwares so that it can be printed and displayed in electronic and print, she said.

Soni said it would also help in distinguishing the India currency from rupee or rupiah of countries like Pakistan, Nepal, Sri Lanka and Indonesia.

Iffco turns Paradeep Unit into Pride of India

By Deepak Arora

Pix By Noyanika Arora

PARADEEP (Orissa): “Winners do not do different things. They do things differently.” This famous adage that holds true for Dr U S Awasthi, Managing Director, Indian Farmers Fertilizer Cooperative Ltd for taking IFFCO to newer heights each successive year.

After meeting all the targets of the Iffco Vsion 2000 that included major expansion of existing projects at Aonla, Kalol, Phulpur and Kandla within the given time frame, Dr Awasthi has rolled out Iffco Vision 2015 to make the Society a global leader in fertilizer production and cater to the food security need of the Nation.

Under this vision, Dr Awasthi and his team decided to buy out a sick unit at Paradeep from Oswals Chemicals and Fertilisers on October 1, 2005 for Rs 2,080 crore. Since then, IFFCO has spent Rs 1,500 crore to revamp the unit and resume production. It carried out a number of technical innovations that resulted in improved productivity.

From production of 30,000 tonnes of DAP/NPK at the time of acquisition, the output of the unit was gradually scaled up to 7.5 lakh tonnes in 2006-07 and 15 lakh tonnes in 2009-10.

The purpose of buying Paradeep unit was to strengthen Iffco’s presence in Eastern and Southern India.

When Iffco took over the unit, it was in shutdown condition. The plant was in depleted condition. There were no roads or drainage system. The Iffco team immediately began taking simultaneous actions to improve and modify the Sulphuric Acid plant, Phosphoric acid plant, DAP and Bagging plant, Sulphur Storage shed, Molten Sulphur Storage tank, Air Suction Filter, Evaporator Section, Cooling Tower, Bagging Conveyor and Shed etc. It set up its own jetty for unloading imported raw material without delays.

Iffco also set up its own captive power generation and today it is not only self-reliant but also supplies power to the national grid. It has set up two 55 MW TG sets.

It not only took steps to control pollution, but also took measures to improve the environment and health and safety of the staff and people around the area. The company has so taken initiative to have planted over 50 lakh trees in and around the 1,600 acre complex.

Paradeep is now the country’s largest phosphatgic fertilizer complex; world’s largest single stream phosphoric acid plant; and the largest sulphuric acid plant in India.

As part of its future plans, IFFCO's Paradeep Unit Executive Director M R Patel told visiting new persons that the world’s largest Cooperative proposes to invest Rs 500 crore over the next three years to modernise its diammonium phosphate (DAP) plant that would enhance production of DAP/NP fertilisers to 25 to30 lakh tonnes from the existing installed capacity of 19.2 lakh tonnes.

“We have achieved significant improvement in capacity utilisation. But there are certain constraints, including original design deficiencies that need to be addressed, for which we envisage investments of Rs 500 crore in three years to retrofit the existing DAP plant with pipe reactor technology and increase the output by 30 per cent," added Patel.

At present, the conventionally designed Paradeep unit, has three streams of DAP/NP fertilisers in operation.

“The unit's main problem is that it is a steel structure with asbestos sheets. This structure is not suited for the humid and saline environment here, as the moist air entering the building can come into contact with DAP, which is a hygroscopic (water-absorbing) material. The steel structure also causes high vibration in the rotary equipment,” he added.

Iffco proposes to put up a fourth DAP/NP stream built on more solid reinforced cement concrete structure. It will also employ the latest ‘dual pipe reactor technology,' as opposed to the present ‘pre-neutraliser reactor' process.

“Our Kandla (Gujarat) plant is already using this technology supplied by Hindustan Dorr-Oliver. Once the fourth stream comes up, we can shut down and retrofit the other three one at a time. Through this, we will able to raise the production capacity to 30 lakh tones over the next three years,” he added.

"We are in talks with Hindustan Dorr Oliver for pipe reaction system, which will help meet the challenge of low cost of production, high production volumes and highest possible conversion efficiencies."

The other advantage of the technology is that it lowers energy consumption by 20 to 25 per cent and results in lower emission of pollutants like ammonia, he added.

Patel said IFFCO is also working on removing transportation bottlenecks at the Paradeep unit.

"We are planning to increase the railway siding for lifting DAP/NP fertilisers directly from the bagging unit. We are also checking the feasibility to build a water jetty on the Mahanadi river bank to ship gypsum via sea route," he said.

Patel said “we also plan to fortify the fertilisers with zinc and boron under the new nutrient-based subsidy (NBS) scheme for phosphatic and potassic grades.

As part of its plan to protect the environment, Iffco has taken steps to convert waste to wealth. It has started selling waste product Gypsum which is an environmental nujisance. In 2009-10, it sold 2.6 lakh tones of Gypsum.

Sale of another waste product, Fluosilicic acid also started from July 2009. In 2009-10, it sold 1130.229 tonnes. Iffco, with a joint partner, is installing an Aluminium Fluoride Plant that will consume this waste product.

Iffco’s Paradeep unit has won the FAI award for “Improvement in Overall Performance” for the year 2008-09 and “Best Technical Innovation” implemented in the field of Fertilizer Technology for the Year 2008-09 for “Modification of Scrubbing Section, Flash Cooler and Filtration System in Phosphoric Acid plant.”

It has also bagged the “Best Importer” for the year 2008-09 and Second Best Importer for the year 2009-10 from Paradeep Port Trust.

The company has also set up staff quarters, an Iffco Club and a guest house within the precint of the Paradeep complex.

Soon after taking over the sick unit, Iffco initiated special measures for ensuring strict compliances of environmental standards and norms for creating safe and healthy working conditions for employees and for ensuring safety for all.

The result of this endeavour was that the Paradeep unit received a consent order by Orissa Pollution Control Board for a period of five years which is not given to any other industry in Orissa.

Iffco empowers Orissa women on the path of self-reliance

By Deepak Arora

Pix By Noyanika Arora

PURI (Orissa): Happiness is written large on the faces of women of Siula village near Konark Sun Temple in Orissa. They are proud to show the lovely toys they have made from coir to a team of visiting journalists from Delhi.

We saw women working with their fingures on coir and thread and creating beautiful toys in the shapes of Dragons, Elephants, Turtles, Horses, Birds, Crocodiles, Kangaroos, Camels and Coconut Trees.

We visited the village after a visit to the 800 years old Konark Sun Temple, the emblem of Orissa’s history and Kalinga art. The temple was built in the 13th century as a colossal chariot for the Sun god and represents the pinnacle of ancient Kalinga art. It was given World Heritage Site status by the Unesco in 1984.

Standing on a sprawling 12-acre patch on the shores of the Bay of Bengal, the Sun Temple was built during the reign of King Narasimha I (1238-1264 AD). According to an account by Abul Fazl, the court historian of Akbar, Narasimha 1 had spent on it the entire revenue of his kingdom that had accrued over a period of 12 years.

The structure, resembling a colossal chariot with 12 pairs of wheels, lavishly sculpted with symbolic motifs and pulled by seven horses, was so designed as to let the first rays of the sun fall on the main entrance. The main temple, which some believe rose to a height of 225 feet, was in ruins by the early 17th century, and what is now left of it is the Jagamohan.

Under the Livelihood Development Programme, the women were trained to make coir toys in the year 2006. The 14 women of Maa Jegeswari Self Help Group were also given 2.5 quintal of coir and thread by IFFDC (Indian Farm Forestry Development Cooperative Ltd), promoted by Iffco, to commence their journey towards self-reliance.

Today, these happy women earn profit of Rs 7,500 each. “Early this year, we all hired a mini-bus and went for a picnic for the first time in our lives,” said a proud member.

IFFDC’s initiative has not only raised the socio economic status of the women, but also of the family. “Our children now go to better schools and we will give them a brighter future thanks to Iffco,” said another member.

Since December 2005, IFFDC IFFCO has adopted 86 villages in 11 districts of Orissa and has helped 628 Self Help Groups to enhance the livelihood of the poor rural community. The 11 districts include Puri, Ganjam, Jagatsinghpur, Kendrapada, nayagrah, Rayagada, Boudh, Balangir, Kalahandi, Koraput and Nuapada.

Our visit to Siula and Jagatsinghpur villages, we could see the implementation of the participatory planning process; institutional development such as development of Self Help Groups, support to literacy and construction of fertilizer godown; and Gender Social Development.

The villagers also told us how Iffco helped them in giving good vegetable seeds and giving timely fertilizer and training us in vermi composting.

At Sailo SCS Cooperative society in Jagatsighpur we saw IFFCO’s on-the-spot soil testing van and IFFCO field officers distributed the recommended soil health cards to various farmers.

Thanks to Iffco’s initiatives, as many as 8,000 self-help group members have started about 17 types of income generation activities such as sewing, embroidery, readymade garments, papad, pickle, jam and jelly making, poultry and goat rearing, pisciculture, vegetable cultivation, dairy farming, incense stick making, bags making, mushroom cultivation, decorative material, grocery shops, spice making etc that have earned them an income of over 562 lakhs.

Iffco is also motivating and facilitating farmers to adopt improved technologies of crop production to obtain higher yield.

The community has also been made aware of the scientific methodology of animal husbandry and animal breed improvement to more production from the existing cattle. IFFDC helped in organizing over 300 veterinary camps in which over 71,000 cattle were treated to maintain their health.

During the year, over 2 crore forestry plants mainly acacia, subabool, bamboo, teakwood, eucalyptus etc; over 2 lakh horticulture plants of lemon, sapota, mango, banana, coconut, guava, cashew nut; and over 66,000 jatropha plants have been planted on the available land which benefited community members.

To enhance irrigation facility and water use efficiency, communities have been supported to establish lift bore wells, farmers motivated to install irrigation pipes which saved the loss of irrigation water and also deepening and digging of ponds.

Earlier, our day had begun with wonderful darshans of Lord Jagannath at Puri temple.

The previous evening on our arrival at Puri, students from the village of Guru Kelucharan Mahapatra had presented a beautiful cultural programme.

RIL to supply natural gas to ADAG plants when ready: Mukesh

MUMBAI, June 18: Reliance Industries Chairman Mukesh Ambani on Friday said his firm will supply natural gas to Anil Ambani Group’s power plants as and when they are ready to receive the gas.

Addressing company shareholders, Ambani mentioned the Supreme Court judgment upholding the company’s stand that the government has a major say in pricing and allocation of gas produced from RIL’s eastern offshore KG-D6 fields and that the RIL would supply gas to Anil Ambani group in accordance with the government policy.

“With the legal dispute behind us, we look forward to harmonious and constructive relationship with ADAG,” Ambani said at the meeting, for which Anil did not turn up as speculated in the market and media.

The supplies to Anil Ambani Group’s power plants, including the one proposed at Dadri near Delhi, will be subject to the government approving the allocation of the fuel, Mukesh Ambani said.

The Supreme Court had in May asked the companies headed by the two brothers to rework a gas supply contract keeping the government policy on pricing and allocation in mind.

Ambani, however did not say when the RIL will be entering into a new Gas Sales and Purchase Agreement (GSPA) with Anil’s Reliance Natural Resources Ltd (RNRL) as had been ordered by the apex court.

The court had, on 7th May, turned down gas to Anil-led RNRL from RIL’s KG-D6 basin at prices arrived at in a 2005 private family agreement.

Ameircas Petrogas discovers hydrocarbons in five new wells

By Deepak Arora

NEW DELHI, June 7: Americas Petrogas, a Canadian company, has discovered hydrocarbons on all five wells at Vaca Mahuida block (close proximity to its Medanito Sur block) in Argentina that has been financed with non-interest bearing loan.

Americas Petrogas, in which Indian Farmers Fertilizer Co-operative Ltd (IFFCO) has 9.9 per cent stake after buying approximately $5 million shares, intends to drill 15 wells and complete two seismic programmes on its 1,808,000 acres of oil and gas property in Neuqeun basin of Argentina.

Americas Petrogas, along with its joint venture partners, began the drilling of five exploration wells in February and all five wells have encountered hydrocarbons, according to Barclay Hambrook, President & CEO of Americas Petrogas and GrowMax.

The 100 per cent success, so far, on Vaca Mahuida complements Americas Petrogas’ earlier finds and successes on Medanito Sur where light sweet crude oil was found in similar formations and which acted as the catalyst for the drilling locations on Vaca Mahuida.

Speaking about these recent developments, Güimar Vaca Coca, Americas Petrogas Argentina S.A.’s Managing Director, said “These drilling results represent a significant expansion of Americas Petrogas' success in the northeast platform of the Neuquen Basin. These multiple pay zones indicate attractive commercial potential for both oil and gas accumulations.”

Vaca Coca went on to say, “The experience of our technical team in the Neuquen Basin and in the region contributed to these successes and we congratulate all of our personnel for their efforts along with the efforts of our partners’ qualified technical personnel.”

In Peru, through GrowMax, a subsidiary of Americas Petrogas, the Company is developing a surface potash (and other minerals) brine reservoir and evaporite deposit at Bayovar in the Sechura Desert of Northwest Peru. Management, along with its partner/investor IFFCO, intends to build GrowMax into a potash and specialty fertilizers company, said Barclay Hambrook.

India’s giant cooperative, Iffco, has also aquired 20 per cent stake in GrowMax. Iffco's stakes in Americas Petrogas and GrowMax were announced in Februray last.

Americas Petrogas made its first ever sales of oil from Medanito Sur in the first quarter of 2010, reporting gross revenues of $456,870 and net revenues, after deducting royalties and turnover taxes, of $357,267.

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