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GE
looking to invest in India's energy sector
Mumbai:
General
Electric's CEO, Jeff Immelt, has clarified that his company
wants to play a role in restarting the Dabhol project
even if contentious financial issues are not resolved.
GE, along with Bechtel, hold 85 per cent stake in the
Dabhol project and are demanding payment of at least $400
million for their stake from the government and a guarantee
that further liabilities will not be imposed on them.
In the meantime GE has stated that its intention is to
bid on every new project in India.
"With
the evolution of the energy sector, we want to promote
our technology. We will review financing as it pertains
to future projects. We will almost certainly be a financial
participant," said Immelt.
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POSCO
President Kang arrive for crucial talks
Bhubaneshwar: Chang Oh Kang, President of the Pohang
Steel Company (POSCO), has arrived in Bhubaneshwar to
hold a final round of talks on the company's proposed
12 million tonnes steel plant in the state, to be set
up at an estimated cost of Rs52,000 crore ($12 billion).
The
MoU for the project, involving the biggest FDI in India,
has been delayed due to a number of unresolved issues
relating to export of iron ore from Orissa as also the
guarantee on the proposed infrastructure investment.
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ONGC:
Gas production from K-G 'digital' fields by April 2006
Kolkata: ONGC has said that it will start producing gas from G1 and GS
15 `digital' fields in the Krishna Godavari basin by April 2006. The total
production from the two fields is pegged at two million standard cubic metre
per day (mmscmd). The wells are scheduled to produce oil at a later stage.
A 'digital' oil field incorporates remotely-monitored and controlled 'smart'
wells.
The ONGC Chairman, Subir Raha, said that the company was developing five production
wells in the deep-sea G-1 structure, which is located 28 km offshore, in depths
ranging from 135 to 500 meters. Development of GS-15, a shallow-water field
lying 5 km offshore, has been integrated into the project.
The peak oil gain from the two fields is expected to be around 9400 barrels
per day (bpd) and a gas production of 2.7 mmscmd.
Described as the country's first digital oil fields, the total investment
in the project is estimated to be Rs1,300 crore.
On ONGC's interests in Iran, Raha said that ONGC Videsh (OVL) was interested
in picking up 20 per cent stake in the Pars LNG Production Company. The stake
was abandoned by Petronas of Malaysia. Being commissioned at an estimated
investment of $ 2 billion, Pars LNG will convert gas produced from phase 2
of the giant South Pars offshore gas field into LNG.
The company was promoted jointly by the National Iranian Oil Co (NICO), Total
of France and Petronas of Malaysia. NICO holds 50 per cent stake in the project
followed by 30 per cent of Total. OVL has already entered into an MoU with
NICO for participation in the Yadavaran and Jufeyr fields in Iran through
service contracts.
It is learnt that the company has expressed an interest in picking up a 20
per cent stake in both the fields, which is equivalent to 60,000 barrels a
day in Yadavaran and around 30,000 barrels in Jufeyr.
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Krishna
Knitwear plans Rs.600 crore expansion
Mumbai: Krishna Knitwear Technology Ltd has announced that it will implement
a Rs600 crore expansion plan for its spinning, knitting and processing capacities
and the manufacture of high-end fabrics by March 2007 in order to cater to
growing demand from its buyers.
The expansion will include raising its spindlage to 3 lakh from 1.5 lakh currently.
Its knitting capacity will rise to 50,000 tonnes per annum from 17,835 tpa
and, processing capacity to 50,000 tpa from 25,000 tpa, while the production
of high-end garments will go up to ten million pieces from the current two
million pieces.
The expansion will take place at existing production units at Silvassa, Dadra
and Nagar Haveli, Navi Mumbai and Tirupur.
According to company officials there was a possibility of the company seeking
funds from the market in the next three to six months. However, the company
would decide on its funding in about 4-6 weeks.
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SAB
Miller buys out Shaw Wallace stake in JV for Rs.158 crore
New Delhi:
SAB Miller Plc has bought out Shaw Wallace group's 50 per cent stake in India's
second biggest brewer, Shaw Wallace Breweries, reportedly for Rs158 crore
($36 million).
The purchase has increased SAB Miller's holding in Shaw Wallace Breweries
to 99 per cent, with the balance of shares held by third-party minority investors,
SAB Miller said in a statement.
The joint venture, created in May 2003 by SAB Miller's Indian subsidiary MBL
Investments (Mysore) and the Shaw Wallace group, was operating until now as
Shaw Wallace Breweries and will be re-branded. The move provides the UK-based
SAB Miller full control over its operations in India, which the company has
said is one of the emerging beer markets.
Shaw Wallace Breweries comprised ten breweries with key brands such as Hayward's
5000, Royal Challenge Premium Lager, and Knock Out.
According to SAB Miller officials beer consumption in India remains at around
one litre per person per year, which compares to levels of around 20 litres
in comparable developing markets. With a population in excess of one billion,
and GDP growth of over 6 per cent, India has the economic potential to be
a leading global beer market.
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Reliance
Info to make India into a virtual hotspot
Hyderabad: Reliance Infocomm Ltd has charted out an ambitious plan to
convert the country into a virtual hotspot, offering Internet access anywhere,
anytime.
Reliance Infocomm officials said that backed by a 80,000-route kilometres
of optic fibre cable network and over 3,000 base stations and innovative ways
to access Internet, with download speeds of up to 144 kpbs, the entire country
actually becomes a hotspot, seamlessly allowing people to access the Web anywhere,
anytime.
Officials said that with business tie-ups with laptop and desktop manufacturers
including Intel, IBM, LG and HCL, the company is marketing Internet ready
machines that come with either a Reliance mobile phone or a wireless data
card.
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RIL
to start gas output in KG Basin from 2008
Mumbai: Reliance Industries Limited has decided to
start gas output at KG Basin in 2008.
The company, which is aiming to produce 40 mcm gas/day by 2008, will spend
$2.4 billion on gas production off east coast.
It
also plans to drill 30 more wells in the next 3-4 years in the KG basin. The
project will boost India's gas production by 50 per cent. RIL holds 90 per
cent in the KG venture while the rest is with Niko.
Officials
say the company is currently focussing more on east coast but its exploration
program on west coast has not yet got exhausted. RIL plans to drill four wells
on west coast by 2007.
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Maruti:
Exclusive sales team for Swift
Ahmedabad: Maruti Udyog Ltd has recruited nearly 1,000 sales executives
who would exclusively push its latest B+ segment offering, the Swift.
Maruti has 326 outlets across the country. Each of these dealerships will
have two or three sales executives who would deal only with the new car. Maruti
had earlier deputed 25 engineers who worked for two years to suit the car
to Indian road conditions that require more rugged suspension and powerful
air-conditioning.
The Swift, Maruti's latest premium hatch-back car that was unveiled on Wednesday,
has already notched up over 9,000 bookings and delivery will start from June
6, company officials said.
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Corporate
Results: ITC, L&T
ITC Q4 net up 99.2 per cent
Mumbai: ITC Ltd. has come out with impressive numbers,
reporting a net profit after taxation of Rs771.75 crore
for the quarter ended March 31, 2005. During the quarter
ended March 31, 2004, the net profit stood at Rs387.06
crore.
Total
income is Rs2236.43 crore for the reporting quarter as
compared to Rs1938.16 crore in Q4-04. For the year-on-year
period, the company has logged a profit of Rs2191 crore
after taxation at the end of March 31, 2005 as compared
to Rs1592 crore during March 31, 2004.
Total
income stood at Rs7875 crore for the year ended March
31, 2005 where as the same was at Rs6695 crore in FY-04.
The
company's board will meet on June 17 to consider stock
split and bonus issue.
L&T fiscal net up at Rs.983.85 crore
Mumbai: Larsen & Toubro Ltd (L&T) has reported a 84.67 per cent
increase in net profit at Rs983.85 crore for the year ended March 31, 2005.
During the year ended March 31, 2004, the net profit stood at Rs532.75 crore.
The company's
board has also recommended a final dividend of Rs17.50 per equity share of
Rs2 each. This is in addition to the dividend of Rs10 per equity share declared
in October 2004. The company's total income has grown to Rs13,807.42 crore
for the year ended March 31, 2005 as compared to Rs10,006.59 crore in FY-04.
The company
has posted a net profit of Rs333.68 crore for the fourth quarter against Rs286.16
crore for the quarter ended March 31, 2004.
Total
income rose to Rs4,388.02 crore during the period under review as against
Rs3,695.69 crore in Q4 in FY04.
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