India likely to become self-reliant fertilizer hub: Fert Secy
India is not likely to import fertilizers in the next five years as the country aims to be self-reliant with the revival of eight closed plants with more sops, requiring a total investment outlay of Rs 32,000 crore, according to fertilizer secretary Atul Chaturvedi.
On the revival of plants, the broader gap of 6-7 million tonnes between fertiliser supply and demand after five years can be bridged. To curb dependency on imports, the Cabinet had in October last year cleared setting up of an empowered panel of secretaries to decide financial models for the revival of five units of Fertilizer Corporation of India (FCIL) and three plants of Hindustan Fertilizer Corporation (HFCL).
KEC International Bags PGCIL Orders worth Rs 227 Crores
KEC International Ltd (KEC), a global leader in the power transmission EPC business, has bagged two orders worth Rs 124 crore and Rs 103 crore from Power Grid Corporation of India Ltd.
The first order is for the supply & construction of 765 kV S/c Nandanwadi – Wardha Transmission Line associated with Western Region Strengthening scheme – II. The line is to be constructed in the states of MP and Maharashtra. The total length of lines is 135 Kms and the project is scheduled to be completed by February 2011.
The second order is for the supply & construction of 765kv S/c Jattikalan ? Moga Transmission Line (Part-II) associated with 765kv System (or Central Part of Northern Region Part-I. The line is to be constructed in the state of Punjab & Haryana. The total length of lines is 160 Kms and the project is scheduled to be completed by May 2011.
We are delighted that our order pipeline is flowing continuously. Power Grid Corporation is very important customer for us”, said Mr. Ramesh Chandak, Managing Director & CEO, KEC International Ltd.
Fortis Healthcare dental centre at Malar Hospital
Fortis Healthcare has inaugurated its dental centre at the acquired Malar Hospital in Chennai, with the aim of promoting dental tourism in the city.
The Fortis Dental Centre has been floated on partnership basis with dental chain Axiss Dental.
Senior specialistd from Delhi would frequently visit the first-of-its-kind dental center in the city equipped with cutting-edge technology. It offers specialties like endodontics, orthodontics, prosthodontics, periodontics, oral and maxillofacial surgery, pedodontics, implantology.
The centre has a dedicated team of doctors, trained assistants and efficient laboratory staff to ensure that the patients get the best of treatment.
Singapore Airlines extends IT service agreement with TCS
Tata Consultancy Services (TCS) has been chosen by Singapore Airlines to provide IT services for three years for a set of applications used by the Singapore Airlines Group of Companies. This is an extension of the existing agreement for TCS.
As per the agreement, TCS will continue to manage a significant portion of Singapore Airlines’ IT systems including 24×7 business critical applications ranging from passenger reservations to flight operations.
TCS was selected due to the firm’s strong capabilities in offering integrated IT services to support a range of processes and applications across the airline.
The IT major has been the trusted partner for Singapore Airlines for the past 12 years.
Jaiprakash Associates to refund bid amount for sale of Malvika Steels
Jaiprakash Associates has received Letter of Intent (LoI) dated February 20, 2009 from Sangam Power Generation Company, a subsidiary of UP Power Corporation for setting up of 2 x 660 MW Super Critical Technology – Karchhana Thermal Power Project at Allahabad, with approved coal linkage.
In a further development, subsequent to the sale of assets of Malvika Steels in favour of the company and the litigation thereafter, upon the joint application of the parties for inter-se bidding, the Delhi High Court has accepted the bid of Steel Authority of India, which was higher than the company’s bid in the latest round of bidding.
Accordingly, the High Court has directed immediate refund of bid price of Rs 207 crore and the poundage charges deposited by the company.
FII net sellers of Rs 384 cr in cash segment on Wednesday
Foreign institutional investors (FIIs) were net sellers of Rs 384.37 crore (provisional) in the cash segment on Wednesday, as per information available on the BSE website. While FIIs made gross purchases of Rs 831.33 crore, their gross sales stood at Rs 1,215.70 crore.
Domestic institutional investors (DIIs) were net buyers of Rs 367.84 crore (provisional) on the same day. While DIIs made gross purchases of Rs 752.76 crore, their gross sales aggregated Rs 384.92 crore.
Reliance + SBI Life Grow at cost of ICICI + Bajaj Allianz
According to the latest data released by the Insurance Regulatory and Development Authority (IRDA), the annualized premium equivalent (APE) for the life insurance industry fell (for the third consecutive month) by 19.6% year on year (yoy) in January 2009. The decline in the APE was more pronounced in case of the private players at 22.5% yoy.
Birla Sunlife and Reliance Life posted an increase of 33.2% yoy and 18.2% yoy respectively in their APE. ICICI Prudential lost significant market share YoY from 27.3% to 21.6% [Don't you think this was expected with the brand ICICI taking a reputation knock] Bajaj Allianz has also lost market share YoY from 20.5% to 13.2%.
Reliance Life and SBI Life have emerged as the new leaders with market share of 9.9% and 14.8% at the end of Jan 2009. The following Pie-Chart shows market share of all the private Life Insurance Companies operating in India.
Govt nods restructuring NHAI
The government has given its nod for restructuring of National Highways Authority of India (NHAI) and also to constitute a search committee for the appointment of chairman for the highways regulatory body.
Under the restructuring plan, the search committee will involve in selection of chairman for NHAI for at least three years, which may be extended up to five years with relaxation in age up to 62 years.
GM India to build – Used car business in India
General Motors India is planning to go for a nation wide launch of its pre-owned vehicles business within three to four months in a move to boost its revenue earnings from sales amidst the ongoing economic slowdown.
The company plans to roll out 10 outlets for used cars in select cities across the country. It would offer a guarantee of six months on all its used car models and the pre-owned cars would be subjected to a series of inspections at the company’s used car outlets to ensure a fair deal to the consumers.
At the moment there is only one single outlet of GM India in New Delhi catering to the pre-owned car business
MRF launches new series of tyres – Wanderer
Tyre manufacturing major MRF has launched a new series of tyres under the brand ‘Wanderer’. The premium range of SUV tyres can be fitted on all versions of Mahindra Scorpio, Boleo, Xylo, Tata Safari and Sumo.
The all-terrain tyre has been engineered for long-life and high-speed operation.
A company release said that the reinforced steel-belt package under the tread, the multi-layered carcass and the sidewall is slated to make the ride more comfortable.