COMPANIES

RIL's net profit jumps to Rs11,943 crore
Mumbai: Reliance Industries Ltd, the country's largest private sector enterprise, has posted a net profit of Rs11,943 crore for the year ended March 31, 2007, as against Rs9,069 crore in the previous fiscal.

The results include that of Indian Petrochemicals Corporation and hence are not comparable to pre-amalgamation results of RIL, the Mukesh Ambani-led company said in a filing with the Bombay Stock Exchange.

Total income jumped to Rs1,12,171 crore in 2006-07 from Rs81,894 crore during the previous year.

The group earned a net profit of Rs12,075 crore in 2006-07 from Rs9,398 crore for the year ended March 31, 2006.

Total income rose to Rs1,14,421 crore in 2006-07 from Rs84,130 crore in the previous year.

The company has already paid an interim dividend of Rs11 per equity share of Rs10 each.
Back to News Review index page   Currency converter

Essar to procure $5 billion capital goods from China
Mumbai: The Essar group is planning to procure capital goods from China worth $5 billion in the next three years to execute various projects in steel, power, telecom, shipping and construction.

Essar proposes to source the goods through Global Supplies (UAE) FZE, a subsidiary of Essar Global Ltd (EGL), which is setting up a new office in Beijing.

"We will use our office in Beijing to be a global sourcing base to procure capital goods required for our steel, energy, power, communications, shipping, telecommunications and construction businesses," Essar Global chairman Shashi Ruia said.

The Essar group has finalised an investment plan of over $16 billion over the next four years in capacity enhancement and technological upgrades in various businesses. These projects involve over $11 billion spending on capital goods.

Essar Power Holdings Ltd is expanding its capacity from the present 1,200 MW to 4,800 MW, for which $2 billion worth of capital equipment is required. Essar Energy Holdings Ltd plans to expand its capacity from 10.50 million tonnes per annum (mtpa) to 32 mtpa, which will require another $2 billion worth of capital machinery. The rest $1 billion worth of capital equipment from China is required for Essar Steel Holdings Ltd, which is expanding its capacity from 8.6 mtpa to 23.5 mtpa.
Back to News Review index page   Currency converter

Govt rejects BSNL`s proposal to enter MTNL territory
Mumbai: The government has rejected a proposal by state-run BSNL, the country's largest telecom company, to offer services in Mumbai and Delhi metros, saying guidelines do not permit it.

As per the existing guidelines for issue of unified access services licence, BSNL can't be granted the licence for Mumbai and Delhi, minister of state for telecom and IT Shakeel Ahmad said in a written reply in Lok Sabha.

MTNL operates in these two metros. BSNL had applied for grant UASL licence for operating fixed and mobile service in Delhi and Mumbai.

BSNL leads with a 28.06 per cent market share in the overall telecom services market, followed by Bharti Airtel at 20.06 per cent and Reliance at 14.43 per cent. Vodafone Essar, which has only cellular mobile services, has 13.94 per cent marketshare as on July, 2007. Tatas have 8.03 per cent marketshare and Idea Cellular, an AV Birla group company, has 7.31 per cent, he said.
Back to News Review index page   Currency converter

Airtel gets licence for global carrier services in Singapore
Mumbai: In a move that provides a big boost to its global voice and data connectivity business, Bharti Airtel has received a licence to operate global carrier business in Singapore. with the company getting.

Bharti Airtel (Singapore) Pte Ltd, a subsidiary of Bharti Airtel, has been awarded the facility-based operator (FBO) licence in Singapore, which will enable it to operate international carrier facilities from there.

Multiple cable systems such as network I2I, SEMEWE4, Asia America gateway, APCN2, EAC and C2C will aggregate at Singapore, making the island nation the interconnection hub for Airtel traffic between India and over 90 countries around the world.

This licence will support Airtel's robust portfolio of international voice and data services, including private lines, internet, MPLs, long distance, toll-free services, and mobile roaming, Bharti Airtel said in a statement.
With the facility-based operator licence in Singapore, the company will be able to provide highly reliable services to its customers on its own infrastructure.
Back to News Review index page   Currency converter

GENERAL

CLRI develops two collagen-based products, drug delivery system
Mumbai: The Central Leather Research Institute (CLRI), Chennai has developed two collagen-based products along with drug delivery system for wound dressing, minister for science & technology and earth sciences Kapil Sibal informed the Rajya Sabha .

The collagen-based dressing for controlled delivery of Silver Sulphadiazine has been developed to address infection during healing process. The preparation of collagen scaffold impregnated with silver sulphadiazine (SSD) loaded alginate micropheres is capable of delivering the drug in a controlled manner, thus, reducing frequency of dressing change and making wound assessment and management easier.

Another product is collagen-based wound dressing material to deliver ciprofloxacin, an antibiotic.
Back to News Review index page   Currency converter

New FDI policy likely by month-end
Mumbai: The government will announce changes in foreign direct investment (FDI) policy by the end of this month. The focus will be on sectors that generate maximum jobs, union commerce and industry minister Kamal Nath said.

"We are in the process of consultation among ministries, and I think in the course of this month the policy will be announced," he said.

The government is looking at how FDI can be used in generating employment. This would be the driving force of all policies, he said.

He said the issue of retail entry of big companies need to be considered by the ministry of consumer affairs. Sources, meanwhile, said the commerce ministry is awaiting a report from the ICRIER on the implications of FDI on small and retail traders.

The country received $11.4 billion in FDI in January-June 2007, a whopping 218 per cent jump over the same period last year. For the first quarter of the financial year 2007-08, the inflows were up 185 per cent at $4.9 billion against $1.7 billion for the same period last year.
Back to News Review index page   Currency converter