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Rajasthan has oil reserves of 2.5 bn barrels: Cairn
Original contractors to complete LNG terminal
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PM’s visit to boost Indo-US trade: PHDCCI
RBI ex-Governor I.G. Patel dead
Industrial estate for footwear units in Haryana
SpiceJet tops in load factor
Liberty Shoes mulls 1:1 bonus issue
Daimler Chrysler to launch CBU Actros
Exports up by 19 pc in June
Sabena Airlines to start academy in Nagpur
NCDC to fund Maharashtra cotton growers
Hero Honda Q1 net up by 7.56 pc
Airports lack basic amenities
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Rajasthan has oil reserves of 2.5 bn barrels: Cairn
New Delhi, July 18 In its latest update released today, the company said, “Cairn currently estimates the total oil in place in all 12 existing discoveries to date in the Rajasthan basin, excluding gas, to be in excess of 2.5 billion barrels”. The company is scheduled to announce its interim results for January-June 2005 tomorrow. It is expected to submit final draft of the field development plans for the Mangala, Aishwariya, Saraswati and Raageshwari fields to the government in the next two months. The company said it would submit the plans to joint venture partners ONGC for a final review by August this year, after which they will be submitted to the Government of India for approval. Under the terms of the Rajasthan Production Sharing Contract (PSC), the government will soon appoint its nominee to take delivery of the oil produced from these discoveries. Giving detailed appraisal in a statement, the company said the combined production target for the three northern fields — Mangala, Bhagyam and Aiswariya — is planned to be between 120,000 and 150,000 barrels of oil a day (bopd). First oil production from Mangala is scheduled by the end of 2007. The Fatehgarh reservoir in these three fields has been independently certified to be having reserves of 1.64 billion barrels. “As we continue exploration and appraisal, it is very clear that this basin will not only provide substantial oil production and cash flow from the large northern fields but will also provide future growth and re-investment potential for Cairn from other reservoirs and smaller fields, both discovered and yet to be discovered,” said Cairn CEO Bill Gammell. Cairn has previously announced further nine discoveries in the basin adding that subject to successful appraisal, it would develop these discoveries. Since the last operational update in June, the company has drilled a number of exploration and appraisal wells across the basin. In May, the government granted the company 18-month extension of the exploration licence for the northern area. Significantly, while moving rapidly from discovery to production in Rajasthan, Cairn is also planning a three-well drilling programme in the deep-water block of the Krishna-Godavari basin off the east coast of India. Partially farmed out to ONGC, Cairn has retained a 10 per cent interest in this block.
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Original contractors to complete LNG terminal
New Delhi, July 18 State-owned gas utility GAIL (India) Ltd, which has been mandated by government to source liquefied natural gas and manage the LNG import and regassification
terminal, has managed to reconstitute the original engineering, procurement and construction (EPC) consortia for completing the 75 per cent complete LNG terminal. National Thermal Power Corporation, which is to run the power plant, is roping in General Electrics for completion of the 1,444 MW phase-II of the project, a GAIL press note said. The construction of the LNG terminal and 90 per cent complete 1,444 MW phase-II were abandoned in June 2001, when the Dabhol project ran into contractual problems. Originally, Enron-affiliate Lingtec was awarded the main EPC contract for the construction of the 2.5 million tonnes LNG terminal along with the marine facilities. Lingtec inturn awarded two EPC sub-contracts — regasification plant, tankage and utilities construction contract to UK's Kvaerner and Whessoe and Punj Lloyd; and marine facilities comprising of the jetty, approach channel and breakwater to Besix of Bengim and Kier of UK. "The consortia would undertake completion of the balance work under the active supervision of two Project Management Consultants being engaged in this regard," GAIL said. Punj Lloyd has been maintaining the project since April 2002.
— PTI
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PM’s visit to boost Indo-US trade: PHDCCI
New Delhi, July 18 A high-level 10- member industry delegation accompanying the Prime Minister is scheduled to meet stalwarts of the US industry in IT, agriculture, power and other sectors. The delegation is aiming to have new ventures with US companies, besides looking for investment opportunities in other countries. According to the PHDCCI, Indian Government’s recent efforts to engage the world’s biggest economy in newer areas like joint defence production and marketing of such products, hitherto unexplored area for joint cooperation, are bound to provide renewed impetus for enhancing trade between India and the USA. Significantly, India-US bilateral trade has increased from $ 5.6 billion in 1990 to $ 21.65 billion in 2004, representing a 285 per cent in growth over 14 years. The US exports of commodities, merchandise to India showed an increase of 21 per cent from $ 4.1 billion in 2002 to $ 4.98 billion in 2003. During 2004, India’s exports to the USA rose by 19.23 per cent to reach $ 15.56 billion. A section of the industry is pressing that it is time for both countries to move towards a free trade agreement (FTA), starting with services only, and ultimately covering other aspects of economic activity, including investment and joint ventures. It will benefit both countries, especially the Indian IT sector.
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RBI ex-Governor I.G. Patel dead
Vadodara, July 18 Mr Patel, who was born here, was a well-known
economist, and had occupied some of the highest positions in the economic policy-making, both in India and abroad. Mr Patel became the Economic Adviser in the Union Ministry of Finance in 1954 and served in various positions in the government for 18 years. He was appointed the RBI Governor on December 1, 1977, and his five-year tenure witnessed demonetisation of high-denomination notes as well as ‘gold auctions’, conducted by the bank on behalf of the government. In 1982, he was appointed Principal of IIM at Ahmedabad, and was later selected as Director of School of Economics, London, where he had served for six years. Mr Patel occupied numerious positions as Chairman of public bodies and financial institutions. Inspired by the ideology of Mahatma Gandhi and Pandit Jawaharlal Nehru, Mr Patel sought to promote economic progress with social justice. He had played an important role during the nationalisation of banks under late Prime Minister Indira Gandhi, in July, 1969. Mr Patel is survived by his wife and a daughter. He had been to New York on a vacation with his daughter and was scheduled to return here on July 29.
— PTI
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Industrial estate for footwear units in Haryana
Chandigarh, July 18 A decision to this effect was taken at a meeting of the Board of Directors of the HSIDC here today. Principal Secretary to the Haryana Chief Minister, M.L. Tayal, who is also Chairman of the board, said the footwear park would be set up adjacent to the existing industrial estate in response to the demand from the Footwear Manufacturers Associations of Delhi and Bahadurgarh. The corporation had already received about 200 applications for various sizes of industrial plots ranging between 300 sq mtrs and 20,000 sq mtrs. The cluster of manufacturing units of agricultural implements would be set up within the existing HSIDC industrial estate at Karnal for which additional land had been acquired.
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SpiceJet tops in load factor
New Delhi, July 18 Statistics filed with the Directorate- General of Civil Aviation here point out that Spicejet has had a load factor of almost 93 per
cent, followed by Air Deccan with 81 per cent and Jet Airways 75 per cent. Kingfisher Air, Air Sahara and Indian Airlines follow with 72 per cent, 71 per cent and 64 per cent, respectively. Director of Spiecjet Ajay Singh said that it was their stress on “safe travel, on-time travel and reasonable cost” which had attracted the passengers to the
airline. In just about two months of operations, the airline had emerged as a serious player in the market, which was also reflected in listing of its equity. When the company bought over the equity of the erstwhile Modiluft to start its operations, the share was trading at Rs 2.80 which touched around Rs 80 within two months of the airline’s
operation. Another reason for a strong expenditure towards promotional activities. The airline has been offering a substancial number of seats at load factor was that Spicejet had shifted its advertisement promotional fares rather than a token number, which had made it popular. At the start of its operations, the airline had offered almost 9000 seats at Rs 99, calling them the read hot fares. And over the first few months of its operations ,it has offered 30,000 seats at under Rs 1,000. Mr Ajay Singh feels that the success of the airline would depend on how fast it can attract train passengers. With barely any difference in its fares in comparison to the AC-II tier fares in trains, saving time becomes the important factor for the traveller. Besides, the airline is looking at flying on some secondary routes. One such route was the Delhi-Ahmedabad sector where with tickets on offer at Rs 799 it was having a load factor of more than 90 per cent with most of the train passengers shifting to the airline. The airline currently operates 20 flights a
day. With the addition of new aircraft ,it would be looking at operating more than 200 flights a day by 2007.
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Liberty Shoes mulls 1:1 bonus issue
New Delhi, July 18 The company, which has also forayed into organised retailing through a subsidiary, said the turnover for the April-June, 2005, period stood at Rs 52.64, a growth of 10.54 per cent, over Rs 47.62 in the same period last year. Liberty Shoes said the issue of bonus shares will increase the company’s share capital from Rs 5.07 crore to Rs 10.14 crore. “The issuance of bonus shares is not only a well-deserved reward to the existing shareholders for their continuous support and faith in the
company but also a proof of our company’s commitment to creating sound shareholder values in the Indian capital market,” Liberty Shoes Executive Director Adarsh Gupta said. The company’s share opened at Rs 237 at the Bombay Stock Exchange and was trading at Rs 245.90 in late afternoon trade.
— PTI
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Daimler Chrysler to launch CBU Actros
Pune, July 18 Mr Suhas Kadlaskar, Director, Corporate Affairs and Finance, said the company would not be launching any other products for the year in the country, except for CBU Actros, in the last quarter. However, the company would come out with two models, the 33-tonner and the 40-tonner. Work on the second model in the 40-tonner, the 4840, had already begun.
— UNI
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Exports up by 19 pc in June
New Delhi, July 18 Exports during April-June, 2005-2006 are valued at $ 20,900 million which is 19.54 per cent higher than the level of $ 17,483.26 million during April-June, 2004-2005. In rupee terms, the exports were Rs 91,126.20 crore, during April-June, 2005-2006 which is 16.05 per cent higher than the value of exports during April-June, 2004-2005. India’s imports during April-June, 2005-2006 are valued at $ 32,360.13 million representing an increase of 38.02 per cent over the level of imports valued at $ 23,445.70 million in April-June, 2004-2005.
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Sabena Airlines to start academy in Nagpur
Nagpur, July 18 Talking to newspersons here yesterday, Mr Muttamwar, the Congress MP from Nagpur, said he had recently submitted a memorandum to Union Defence Minister Pranab Mukherjee and Maharashtra Chief Minister Vilasrao Deshmukh urging them to expedite the work of the project. He said that the Sabena and US-based Boeing Inc are keen to set up aircraft maintenance base in Nagpur. Sabena is also ready to begin a flight crew training academy within two months if land is provided to
them.— UNI
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NCDC to fund Maharashtra cotton growers
New Delhi, July 18 The corporation sanctioned Rs 200 crore as working capital loan to Maharashtra State Cooperative Cotton Growers Marketing Federation Ltd, besides a financial assistance of Rs 76.14 crore for installing powerlooms by 141 Powerloom Cooperative Societies in
Sangli, Solapur and Kholapur districts of Maharashtra. The NCDC also approved a working capital loan of Rs 300 crore to
NAFED.
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by K.R. Wadhwaney
Airports lack basic amenities
A study shows that more than 150 aircraft will be flying in the Indian skies soon. One ambitious Indian operator has opted for 100 aircraft. He says that money is pouring in to buy aircraft in phases. Whatever so-called aviation experts may say all this is set to cause ripples in the world of aviation.
There is indeed a mushroom growth of airlines, particularly frill carriers. There is mixed feeling about their success. The experienced airline borons say that their take-off will be difficult mainly because airports lack necessities, facilities and amenities in terms of transportation in the tarmac area, service vehicles and baggage conveyor belts. Unlike ambitious plans of airlines, established and new ones, the main controlling and supervising unit, the Airports Authority of Indian (AAI) has been functioning at a snail’s pace. It has been caught napping because infrastructure at several airports has been in disarray. The AAI’s lethargy and procrastination is likely to lead to utter chaos at a majority of the airports that lack basic facilities. The Indira Gandhi International Airport (IGIA), for example, is heavily cramped. The over-crowding causes irritation to users. The main cause for concern is that there is an acute shortage of parking bays. The airport needs at least 12-15 new parking and taxi ways. The domestic airport itself needs eight to ten bays as new, no-frill airlines are ready to start operations. Similarly, there is utter paucity of aerobridges to handle wide-bodied airport. A few months ago, senior AAI bosses had assured that the Delhi airport would be equipped to handle the biggest aircraft, Airbus A-380. Now, the ill-informed officials have realised that the runway is not fit enough for this huge aircraft. Several other aviation problems make it difficult for pilots to operate flights ex-IGIA. Whatever may be AAI’s lofty promises, the situation is hazy. The AAI’s woes are likely to increase because the much-delayed aviation policy is expected to be announced. It will make the skies more open. Many new recommendations have been incorporated in the policy. This is understandable. But what is causing worry to many aviators and all officials of the Directorate-General of Civil Aviation is that several recommendations and suggestions made by the Naresh Chandra. Committee have been ignored. This is nothing unusual in this country where committee reports are dumped.
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Exit offer not beyond July 31 RIL Board meet Mittal Steel Biotech park SJVNL CMD Tata Steel Whirlpool offer Syndicate Bank Raffles Holdings sells hotels Hutch subscriber wins trip to Thailand |
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