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Kingfisher inks $1.9 b deal with Airbus
IOC commissions largest hydrogen unit
Bhilwara Group plans more hydel |
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6 PSUs look for jv partners
Pfizer to buy Incyte drugs
NEFT System goes live
Liberty to import jewellery, watches
MoneyGram’s offer for NRIs
Ratan Tata dreams of hydrogen vehicles
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Kingfisher inks $1.9 b deal with Airbus
Dubai, November 21 The private airlines, which had signed another mega deal for 20 turbo-prop aircraft at a cost of $350 million from French ATR company yesterday on the opening day of the Dubai 2005 Air Show, said it would be receiving the aircraft from Airbus from early 2008. The ATR 72-500 aircraft would begin its delivery on March 2006 and the last of the 20 planes would be handed over to Kingfisher Airlines by 2008, according to an ATR official. The agreement with ATR was signed by Mallya and ATR Chief Executive Officer Begnato. After the signing, Begnato had said that ATR has “the option of giving another 15 of these similar aircraft”. “The deal for 20 aircraft is worth $350 million and taken into account the option of another 15 planes, the deal could go beyond $500 million,” he said. Meanwhile, plane-maker Boeing Co revealed its first leasing company buyers of the hot-selling 787 mid-sized aircraft on Monday, announcing previously unidentified deals worth up to $4.6 billion at list prices. Leasing firm ILFC ordered 20 of the Boeing 787 Dreamliner due in 2008. The deal was worth $2.7 billion and ILFC also took options on four more. New aircraft lessor Low-Cost Aircraft Leasing (LCAL) ordered six Boeing Co. 787 planes and said it was close to finalising a deal for nine more worth a combined $1.9 billion at list prices. At the Dubai Air Show’s opening day on Sunday, Boeing landed its biggest-ever order from the Arab Gulf region from airline Emirates, which placed a $9.7 billion order for wide-bodied 777 planes.
— Agencies
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IOC commissions largest hydrogen unit at Panipat
New Delhi, November 21 The HGU is the first major unit of the refinery expansion project to go on stream. With a capacity of 140,000 tonnes per annum, it is the largest hydrogen unit in the country and also the largest plant in the world licensed by Haldor Topsoe of Denmark. Larsen & Toubro constructed the unit on a lumpsum turn-key basis, with Engineers India Ltd. as the project management consultants. Mr. Jaspal Singh, Director (Refineries), IndianOil, said the expansion of the refinery was likely to play a crucial role in the industrialisation of this region in Haryana. The state government has already announced various incentives to attract investors in the downstream industries. Work on commissioning other major units of the Rs 4,300-crore refinery expansion project are in full swing. Among these, the diesel hydro-treater, he said, was scheduled to go on stream this month-end while the hydro-cracker would be commissioned next month. The crude and vacuum distillation units and the delayed coker unit would also be kick-started progressively to enable the entire capacity-doubling project to go online in the next three to four months. Mr Jaspal Singh added that IndianOil’s mega plans to turn Panipat into a major refining-cum-petrochemicals hub are fast taking concrete shape in the form of two major grassroots projects. The first one would be an integrated world- scale facility for production of PX/PTA (paraxylene/purified terephthalic acid). The building block for the polyester industry, being set up at a cost of Rs 5,100 crore, is scheduled for commissioning early next year. The second would be a world-scale naphtha cracker with downstream polymer units for production of linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), polypropylene (PP) and the specialty chemical mono ethylene glycol (MEG) used in synthetic fibre production along with PTA. The project is expected to be completed by 2007-08. A refinery-cum-petrochemicals complex was also envisaged at Paradip on the east coast as part of Indian Oil’s Rs 25,000-crore master plan.
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Bhilwara Group plans more hydel projects in HP
Manali, (Prini village), November 21 This is the second project of the group in the state after the Rs 335 crore 91-MW Malana Hydoelectric Power Project. “We have already committed Rs 1,300 crore for these two projects,” he said. Setting up a hydropower project by using canal water in Punjab is also on the cards. The foundation stone of the project was laid by Himachal Pradesh Chief Minister Virbhadra Singh. The AD Hydro Power Limited (ADHPL), a subsidiary of Malana Power, a joint venture between LNJ Bhilwara and SN Power Invest of Norway, will infuse Rs 900 crore in this project. While the LNG Bhilwara group will hold 51 per cent equity stake, SN Power will hold 49 per cent in the company, Mr Jhunjhunwala said. International Finance Corporation, Washington, the private sector arm of the World Bank, has committed $40 million as debt as well as equity of $ 7 million for a 10 per cent stake in the project. The loan will have a maturity of 15 years. It is for the first time that IFC, Washington, has taken a leading debt and equity position in a hydroelectric company in India. The rest of the financing is to be done by IDFC, Oriental Bank of Commerce, Punjab and Sind Bank, PNB, UTI and J&K Bank. The power plant will utilise the perennial flows of the Allain and Duhangan rivers. As royalty, ADHPL will provide the state with 15 per cent of the power produced by this power plant amounting to Rs 30 crore per annum. The remaining power will be sold to various North Indian states, mostly Punjab. The cost of the unit, to be fixed later, would be around Rs 2.50 per unit. Mr Aistein Andresen, Chief Executive Officer, SN Power, said: “SN Power, which has major investment plans in India is also monitoring some other states, besides Himachal Pradesh to set up such projects.”
Keen on giving a boost to the power sector in Himachal Pradesh the government plans to clear all applications for setting up hydropower projects of various sizes worth around Rs 7,000 crore in the next four months, according to Mr Virbhadra Singh, Chief Minister of the state. Talking to the mediapersons here today after the bhoomi pujan ceremony of the LNJ Bhilwara group’s power plant, he said that the state has a total capacity of establishing hydro power projects worth Rs 21,000 crore. Out of these, power projects worth Rs 6,707 crore have been completed, while projects worth Rs 7,600 crore were being implemented.
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6 PSUs look for jv partners
New Delhi, November 21 “Around six companies under the department are scouting for joint venture partners,” he told newspersons. Mr Dev, who took the additional charge of the Water Resources Ministry, said the chief executives of these companies were working out details. He said the proposal that these companies enter into joint ventures had been vetted by the Board for Reconstruction of Public Enterprises (BRPSE). In the case of the Tyre Corporation and Tungabhadra Steel, the BRPSE had given clear directions for joint ventures while it was examining other four cases, the minister said without disclosing their names. The BRPSE had directed the managements of these four companies to go in for joint venture partners, preferably from the public sector. It has said in case no partner in the public sector is found, they should seek private players.
— PTI
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Pfizer to buy Incyte drugs
New York, November 21 Under the collaborative research and licence agreement, Pfizer will get exclusive rights to Incyte’s portfolio of CCR2 antagonist compounds, the most advanced of which is in mid-stage studies in rheumatoid arthritis and insulin-resistant obese patients. — Reuters
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NEFT System goes live
Mumbai, November 21 According to banking sources, a meagre amount of Rs 2,500 was put through the NEFT system on the very first day today. For the time being, there will be a single settlement per day at 1200 hrs. While all eight banks participated in the system, subsequently other banks will join the system in a phased manner. Depending upon their full technical and other preparedness, eligible participants will join the system at regular intervals. It is expected that all banks participating in Special Electronic Funds Transfer (SEFT) will be joining NEFT by December 2005, the RBI said here. The objective of the NEFT system is to establish an electronic funds transfer system to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer between banks in the banking sector using Structured Financial Messaging Solution (SFMS) backbone, the press note said. In the initial phase, NEFT will replace the SEFT System.
— UNI
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Liberty to import jewellery, watches
Ludhiana, November 21 “The decision to import jewellery and watches has been taken to help a customer shop for accessories along with footwear. The new introductions would be available under Liberty’s brandname in the next five-six months. During the initial phase, we would invest Rs 5 crore towards this,” said Mr Sunil Bansal, Executive Director, Liberty. The Rs 2,000- crore group would also increase its manufacturing capacity by setting up a plant near Ponta Sahib in Himachal Pradesh. The plant, Mr Bansal added, would start functioning in April next year. Mr Bansal said the company had received orders for one lakh pairs of shoes from Wal Mart, which contributed to the company’s revenue. He said the group planned to set up 25 mega showrooms this financial year in metro cities.
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MoneyGram’s offer for NRIs
Chandigarh, November 21 This makes receiving money safe, quick and cost-effective for millions of Indians. The offer is open for all transactions till December 31. NRIs transferring money can call MoneyGram’s toll free number at 1-800 to find a convenient US Bank location. MoneyGram has also applied to the Government of India to establish an office in Mumbai to support the agents in expanding the money transfer business in India.
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Ratan Tata dreams of hydrogen vehicles
New Delhi, Nov ember 21 As the Chairman of the steering Group on Hydrogen Energy, he today presented the National Hydrogen Energy Roadmap to the nation. “If implemented with sincerity, it will put at least one million hydrogen vehicles on Indian roads by 2020,” he said. “India can provide the roadmap for other countries also in this area,” he said while presenting the report to Minister for Non-Conventional Energy Sources Vilas Muttemwar. The roadmap has proposed that in addition to existing methods of hydrogen production based on steam methane
reformation, the production of hydrogen from coal gasification, nuclear energy, biomass, biological and renewable energy methods needs to be developed urgently. The roadmap has proposed two major initiatives ,namely Green initiative for Future Transport (GIFT) and Green initiative for Power Generation (GIP). The roadmap has projected an estimated investment of about Rs 25,000 crore of which about Rs 1,000 crore would be for research, development and demonstration and about Rs 24,000 crore for creating infrastructure for hydrogen production, its storage, transportation and distribution for meeting requirements of hydrogen under GIFT and the GIP.
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