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Automobiles
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Daimler chooses Chennai for truck making plant
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Daimler AG, the world's biggest truckmaker, and Hero Group chose a Chennai, India, site for a truck plant. The factory, part of the companies' Daimler Hero Commercial Vehicle joint venture, will begin producing as many as 70,000 trucks a year by 2010.
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Volvo, MAN AG and Navistar International Corp. already have truckmaking partnerships in India to gain wider access to an expanding market for freight - transport and construction vehicles. |
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Coal
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Coal Ministry allocates 23 captive blocks |
The Screening Committee of the Coal Ministry has recommended allocation of 23 captive coal blocks to steel, cement and sponge iron companies in a bid to provide them raw material security for their coal - fired power plants to enable them carry on their production unhindered taking the total number of captive blocks hitherto allocated to 195.
A total of 172 blocks with reserves of 38 billion tonnes have been allotted to private and public-sector firms. Thirty - one private firms were allocated 15 coal blocks, with reserves of 3.6 billion tonnes to support additional generation of 16,000 MW. So far the ministry has identified 81 blocks with about 20 billion tonnes reserves. Of these, 41 blocks with reserves of about 15.7 billion tonnes were earmarked for the power sector.
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Financial Services |
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HCL buys UK based BPO unit |
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HCL Technologies has acquired all of the financial services division of UK - based BPO major Liberata (LFS) for $2 million. LFS has annual revenues of $60 million and an order book of $540 million spread over five years. It provides policy management, actuarial and analytics services for six clients in the life insurance space in the UK.
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HCL Technologies will get four delivery centres in the UK at Romford, Preston, Croydon, and Welwyn Garden City as part of the acquisition. The 800-odd LFS employees would be absorbed into the company.
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Infrastructure |
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Ascendas scouts for more investment opportunities |
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Singapore Government - promoted infrastructure development firm Ascendas is scouting for more opportunities for infrastructure while looking at possibilities to invest through its fund. Ascendas is present in six cities across India. Ascendas manages close to 1.8 million sq ft of premium IT space in the city, with total assets of about Rs.6 billion.
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Mr. Pang Yee Ean, Senior Vice - President, Ascendas India, said the company, which is in the process of implementing four special economic zones in the country, is exploring potential to invest in some India companies, while also looking at working in some new areas including logistics.
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Power
GMR Infra buys 50% in InterGen for $1.1 billion |
In the largest ever acquisition of a global energy utility by an Indian company, GMR, an infrastructure company with a presence in energy, airports, highways and urban infrastructure, has announced the signing of a definitive documentation for the acquisition of 50 percent stake in the U.S.- based InterGen N.V.
India plans to build eight 700-MW nuclear plants
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India plans to build eight 700-MW nuclear plants to boost its nuclear power generation capacity to about 10,000 MW and is stepping up exploration to uncover new uranium mines. At present the country has a nuclear power generation capacity of 4,000 MW but its nuclear reactors are facing a crunch in uranium, which is used as fuels for power generation. Existing plants are now operating of only around 50 per cent of its capacity due to the lack of fuels.
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Port
Krishnapatnam Port goes on stream |
Mrs. Sonia Gandhi, Chairperson of United Progressive Alliance, inaugurated the Rs 12-billion phase-I of the Krishnapatnam port project with four terminals. The port, located on the Kandaleru Creek system, has the advantage of having a 12.5-metre protected waterfront, enabling the company to go for 42 deep - water berths of 15-19 metres depth. It can house different zones to take care of bulk, container, liquid and general cargo. The first phase has been completed in just 18 months.
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Petroleum
GSPC discovers gas at KG-22 well in Deendayal Upadhyay block |
The state run Gujarat State Petroleum Corporation (GSPC) has discovered approximately three trillion cubic feet (tcf) gas from the KG-22 well in the Deendayal Upadhyay block off the coast of Andhra Pradesh. This discovery substantiates the huge reserve potential of the Deendayal block. Based on the drilling reports test results analysed by GSPC and feedback received from various independent consultants abroad, the reserves in the Krishna Godavari basin are expected to be more than 20 Tcf.
India, Pak, Iran to meet in Tehran to push IPI project
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Iran, Pakistan and India are expected to hold a meeting in Tehran to push the USD 7.4 billion IPI gas pipeline project that had been delayed after being caught in wrangling over transit fee.
India will be attending tripartite talks on the Iran-Pakistan-India pipeline project, that has been opposed by the US due to Tehran's involvement, after a long time as it had stayed away from discussions while a caretaker government was in power in Pakistan late last year. Ahead of the meeting in Tehran, Pakistan's steering committee on the pipeline project will meet to review the status of the gas transit fee to be paid by India for transporting Iranian gas across Pakistani territory.
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Retail |
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Foreign retailers investment plans cleared |
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Global retail major Marks & Spencer's proposal for 51 percent foreign direct investment in single brand retail business has been cleared by the Government.
A proposal of Giordano Fashions (India) to establish a chain of single brand retail stores, and another by Pearle Europe BV involving induction of 50 percent FDI for single brand retail trading also received the Government's green signal.
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Shipping |
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Ennore box terminal: Five consortiums, APM shortlisted |
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Ennore Port Ltd. has shortlisted five consortia and an international container terminal operator in the RFQ (request for qualification) stage for developing a container terminal at Ennore at an estimated cost of Rs.13 billion. APM Terminals B V, an international container terminal operator, has bid on its own, while the rest in the fray are bidding as consortia. Group Maritime JCBSL has partnered with Obrascon Huarte Lain SA, GE.
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Mauritius International Holdings and Eredene Holding Capital Plc. A consortium of three shipping lines - NYK Line, Evergreen Marine, Hyundai Marine - partnering with ZIM Port. Gammon Infrastructure Projects has tied up with Dragados Servicious, Portuarilou Logisticos and Leighton Contract India Ltd. Larsen & Toubro has joined hands with John Keels Holdings. Sterlite Industries has bid along with Eurogate and KG Mota - Engle, said sources.
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Telecom |
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Indian cellular market to surpass $37 billion : Gartner |
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Total cellular services revenue in India is projected to grow at a CAGR of 18% from 2008-2012 to exceed US $37 billion, according to Gartner. The India mobile subscriber base is set to exceed 737 million connections by 2012, growing at a CAGR of 21% in the same period. This growth is poised to continue through the forecast period, with India expected to remain the world's second largest wireless market after China in terms of mobile connections. The Indian mobile connection market continues to be dominated by prepaid subscribers. Prepaid connections accounted for more than 89% of all mobile connections in 2007 and are expected to grow to more than 92% of the connection base by 2012. The total services revenue for prepaid connections is expected to grow at 18.9% CAGR for the period 2008 - 2012 and the total services revenue for postpaid connections is expected to grow at 15% CAGR during the same forecast period. By 2012, the prepaid subscriber base will cross 683 million and postpaid subscriber base will exceed 53 million subscribers |
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Vodafone Essar seeks FIPB nod for investment in tower co. |
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Vodafone Essar Ltd has sought Foreign Investment Promotion Board (FIPB's) approval for investment in Vodafone Essar Infrastructure Pvt Ltd.(VEIPL), its proposed wholly owned subsidiary to provide tower infrastructure services in telecom sector. VEL plans to establish VEIPL, a wholly owned subsidiary, as an infrastructure provider (category I) in the telecommunication sector. VEIPL had applied to Department of Telecom for registration required to operate as an infrastructure provider. |
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