Honda Siel Cars scout for site to set up new plant
Chennai: Honda Siel Cars India, in which Honda Motor of Japan holds above 90 per cent stake has started looking for sites to set up another manufacturing plant. The decision of the company is expected in a year, according to senior company officials.

The company is said to be looking for a location in Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra and Gujarat and has held discussions with government officials in some of these States.

The new is expected to be ready in time for the launch of a hatchback from the company said company officials.

The company recently launched its D-segment Civic in India and has received 1,700 bookings in the six days since the car was launched.
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Tata Motors may source small car components from GE
Mumbai: Tata Motors is looking at sourcing the plastic components of its much awaited Rs1 lakh car from General Electric. Ratan Tata chairman Tata Motors said, "We are keen that the small car be made out of reengineered plastic. This will make the car lighter, fuel efficient, and reduce the time to market," Tata said.

Tata Motors reiterated plans to invest Rs10,000 crore in its operations over the next 2-3 years. Tata said that the company would invest Rs2,000 crore for expansion plans while the remaining Rs8,000 crore would be allotted for sustenance and new product development. New investment plans will be met through internal accruals and new borrowings.
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Ponni Sugars to modernise Erode unit
Chennai: Ponni Sugars (Erode), plans to modernise its existing sugar mill at Erode. The company is awaiting formal clearance to set up a new composite sugar mill. The modernisation will increase the capacity of the unit to crush about 10 lakh tonnes sugarcane a year from the current 8.5 lakh tones and is expected to cost the company about Rs10 crore, which would be funded through internal accruals.

At the annual general meeting later this month the company will seek its shareholders' approval to hike its borrowing limit to Rs250 crore from Rs100 crore. The move is aimed at paving way for a new composite sugar mill with distillery and cogeneration facility. The company has sought the State Government's clearance and allocation of sugarcane area. The company is committed to this expansion at the earliest, he said. The project would include a 2,500 tonne a day sugarcane mill, 20 MW cogeneration unit and a 60 kilolitre a day distillery.
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RNRL may pay more for gas from RIL
New Delhi: Reliance Natural Resources Ltd (RNRL) may pay more for buying gas from Reliance Industries Ltd (RIL) as the Petroleum Ministry views the gas sale price proposed by RIL as leading to financial loss to the Government in the form of lower royalty and lower profit petroleum.

Under the production-sharing contract (PSC) with the Government, RIL has sought approval for the price formula for gas from D6 Block of K G Basin. RIL has proposed the gas price for RNRL's Dadri power project in Uttar Pradesh at $2.34 per million British thermal unit (mmBtu).

The Ministry is of the view that RIL's sale price was significantly lower than $4.75 per mmBtu price charged by the joint venture partners, including RIL, for Panna, Mukta and Tapti (PMT) field gas.

The Directorate-General of Hydrocarbons (DGH) is of the view that the gas sale price proposed by RIL for its entitlement gas cannot be considered for the purpose of calculation of Government share of profit petroleum, as the reference gas price quoted by RIL to NTPC has not yet been finalised between the two entities and is before the courts. It also held that the proposed sale price between RIL and RNRL was not based on competitive bidding and does not reflect the trends in the current market.
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Tata may sell Ferrari, Maserati, Alfa Romeo cars
Mumbai: Tata Motors is in discussions with Italian company Fiat for entering into joint manufacturing at the latter's Ranjangaon facility near Pune in Maharashtra, said Tata Motors chairman Ratan Rata during the company's 61st annual general meeting Tuesday.

Last year in September, Tata Motors and Fiat SpA had signed a memorandum of understanding to "analyse the feasibility of cooperation, across markets, in the area of passenger cars that would encompass development, manufacturing, sourcing and distribution of products, aggregates and components."

Tata said that the deal with Fiat envisages introducing more advanced products in the country and the current marketing alliance may stretch beyond the Fiat brand and include other Fiat's brands like Alfa Romeo, Maserati, and Ferrari. The deal envisages joint product development, car badging (i.e. Fiat may produce Tata branded cars and vice versa), and technological exchange.

Fiat has two manufacturing units in India. One is in Kurla in Mumbai and another one is in Ranjangaon. The company is unable to utilize the units to their full capacity due to low volumes. Thus it makes a lot of sense for Fiat to undertake contract manufacturing for Tata Motors.
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India's Tata Power signs deal with Siemens unit
Mumbai: Tata Power Co. has entered into a deal with Siemens Project Ventures GmbH, of Germany, to jointly bid for the Sasan and Mundra power projects in the states of Madhya Pradesh and Gujarat, respectively.

The two companies will jointly develop and implement the projects, Tata Power said in a notice to the Bombay Stock Exchange.

SPV is a wholly-owned subsidiary of Siemens AG's financial services group, Siemens Financial Services, the notice said.
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