Gail Chairman Gets Five-Year Extension
Chairman and Managing Director of state-owned Gas Authority of India Ltd (GAIL) BC Tripathy has been given a five-year extension by the government for the post. His current term was to expire on July 31, 2014, and after the extension, Tripathi, 53, will continue on the post till July 31, 2019. Tripathy is credited with turning GAIL into an aggressive gas marketing and transmission company. He was considered the youngest chairman of a Navaratna PSU when he took over GAIL at the age of 49 on August 1, 2009. A mechanical engineering graduate from NIT, he started his career with ONGC and afterward joined GAIL India during its inception in 1984 and was one of the initial team members involved in the construction and commissioning of HVJ pipeline system.
ONGC Wins Two Oil Blocks In Myanmar
Oil and Natural Gas Corporation’s (ONGC) overseas arm ONGC Videsh Ltd has won two onland oil blocks in Myanmar, strengthening its presence in the south-west Asian nation. The firm got blocks B-2 (Zebyutaung-Nandaw) and EP-3 (Thegon-Shwegu), according to the list of winners released by Myanmar’s Energy Ministry. Other pre-qualified Indian companies Carin India, Oil India Ltd (OIL), and Jubilant Offshore Drilling drew a blank. Mynammar had in January offered 18 onshore areas–15 Production Sharing Contracts (PSC) and 3 Improved Petroleum Recovery Contracts (IPR). It awarded 13 PSCs, while the IPR blocks went to MRPL of British Virgin islands and Pertonas.
Co-Founders Mull Bid For Blackberry
Canadian handset-maker BlackBerry’s co-founders, Mike Lazaridis and Douglas Fregin are considering a bid to buy the struggling smartphone maker. Both of them have entered into a preliminary arrangement for bidding to acquire the firm. “Lazaridis and Freign are interested in pursuing a joint bid for the possible acquisition of the company by means of a transaction with the goal of stabilising and ultimately reinventing the company based on a plan developed by them,” the company said in a filing to the US Securities and Exchange Commission. The development follows with BlackBerry announcement of signing a letter of intent with a consortium headed by Prem Wasta led Fairfax Financial Holdings to acquire it for 4.7 million dollars. However, the filing does not indicate whether the co-founders are planning to present an alternative to the $9 per share bid by Fairfax. Lazaridis and Freign together control some 8 per cent of Blackberry that compares with roughly 10 per cent controlled by Fairfax.
Apollo Hospitals Goes On Expansion Binge
Apollo Hospitals Enterprise will invest Rs 2,000 crore to add 2,800 beds across the country in three years as part of its expansion plans. The company that currently has over 8,500 beds in 51 hospitals across the country plans to set up a mix of reach hospitals for smaller cities and big super speciality hospitals for larger cities. “We will be adding 2,800 beds across the country in three years. For this, we will be investing around Rs 2,000 crore.” said Preetha Reddy, Manaing Director, Apollo Hospitals Enterprise. According to her, an average bed costs around 70 lakh rupee. For metros it is up wards of Rs 1 crore while for smaller locations it comes to around Rs 40 lakh to 50 lakh.
Idea Cellular Gets Unified Licence For Seven Circles
Idea Cellular has been awarded unified licence for seven circles by the Department of Telecom. The company has been awarded licences for Assam, West Bengal, Kolkata, Northeast, Tamil Nadu, Jammu and Kashmir and Odisha. The company applied for licences in seven circles after it emerged as the second biggest winner in the November 2012 spectrum auction. The company won spectrum for all the seven circles where its licences were cancelled.
Pacemaker Giant Medtronics Plans To Enter Indian Market
Medtronic Inc, the $ 16.6-billion US-based medical devices giant, plans to start manufacturing some of its components in India as it mulls innovations to replicate the success of its EMI-based payments model for its cardiac implants including pacemakers and stents in other product categories. Apollo Hospitals and Medtronic have announced a collaboration to offer portable haemodialysis for filtering blood for kidney patients. “We are opening a research and development team with Apollo Hospitals. It would be early to say when manufacturing will start,” said Omar Ishrak, Chairman and Chief Executive Officer of Medtronic Inc. The company has high expectation of India and is expecting India to be a long-term growth driver.
Woodland To Hit Adventure Sports Equipment Market
Footwear and apparel firm Woodland will invest up to Rs 500 crore in the next three years to set up eight super stores that will retail outdoor and adventure sports equipment. The company is planning to sell premium adventures and outdoor sports products and specialised equipment for activities such as hiking, biking, trekking, climbing, fishing, camping and paragliding. “These are heavy ticket items and we expect turnover of Rs 700-800 crore in three to five years. There is a huge requirement and demand for outdoor and adventure sports equipment in India, ” Amol Dhillon, Vice President (Strategy and Planning), Woodland, said in a statement.
NTPC Inks Mou With Iisc Bangalore
National Thermal Power Corporation (NTPC) Limited has signed Memorandum of Understanding with Indian Institute of Science (IISc), Bangalore, on October 9, 2013, at New Delhi for collaborative research and mutual cooperation between NTPC Energy Technology Research Alliance (NETRA), the R&D wing of NTPC and IISc. The research cooperation agreement between the largest public utility company and the premium research institute of India aims to bring synergy to their efforts, expertise and knowledge to offer effective technological solutions to power industry. CFD modeling of power plant processes, robotics, sensors, combustion, gasification, environment, water chemistry, bulk ash utilisation, waste heat recovery, renewable, flow batteries etc are jointly identified areas that will be taken up for further technology development. The MoU was signed by Shri Thomas Joseph, Executive Director, NTPC-NETRA, Dr N Mohan Das, Registrar IISc Bangalore and Dr Jayant M Modak, Chief Executive Society for Innovation and Development (SID), IISc Bangalore.
Tata Motors’ Global Sales Plummet
Auto major Tata Motors said its global sales, including Jaguar Land Rover, declined by 15.76 per cent to 87,316 units in September 2013, compared with the year-ago period. “We had sold 1,03,656 units in the corresponding period of 2012,” the company said in a statement. However, Global sales of all passenger vehicles in September 2013 stood at 49,267 units, up marginally from 48,895 units sold in September 2012. Sales of the company’s luxury brand Jaguar Land Rover rose by 35.57 per cent to 35,874 units during September.
Induslnd Bank’s Q2 Net Rise
IndusInd bank beat market forecast by reporting a 32 per cent year-on-year jump in net profit to Rs 330 crore for the quarter to September. Net profit, however, fell marginally by about Rs 5 crore sequentially after six-eight quarters. The bank said net interest income or the difference between interest earned and paid out rose 37 per cent over the year-ago quarter to about Rs700 crore. “A combination of factors including interest and fee income, as well as lower costs drove our net growth,” Romesh Sobti, CEO and MD at IndusInd Bank, said. “In our bond portfolio, we have incurred mark-to-market loss of around Rs 50 crore. We don’t have significant exposure to corporate bonds. Our net interest margin for the full year will be higher than the previous financial year.”