Yamaha India’s Sales Up By 32.5 Per Cent
Two-wheeler maker Yamaha Motor India Sales Pvt Ltd has reported a 32.5 per cent increase in sales at 42,548 units in February 2014. The company had sold 32,097 units in the same month last year, Yamaha Motor India said in a release here. “This month has been very good for us with a lot of positive developments happening in the industry as well as at the company’s front,” Roy Kurian, Vice-President for Sales and Marketing, Yamaha India, said. The Auto Expo 2014, new product launch along with innovative ongoing customer-centric activities boosted the volumes to an all new level, the company said.
JLR To Invest 100 Million Pounds In Saudi Arabia
Tata Motors-owned Jaguar Land Rover (JLR) is planning to invest 100 million pounds into a new factory in Saudi Arabia to make 100,000 cars a year to meet the booming demand in the Middle East region. The UK-based luxury car maker is close to signing a deal with the Saudi government to build an assembly factory in the east of the country, according to a news report. The plant will initially make a new version of its popular Land Rover Discovery and is eventually expected to employ 4,000-5,000 people. The Saudi government is also expected to invest in the plant as it seeks to develop its automotive industry.
AXIS Bank Launches Aadhaar-Based Facility For Rural Banking
Axis Bank has started a new facility, eKYC (Know Your Customer), for account openings by business correspondents in rural areas. The company aims to open 1 lakh such accounts over the next three months to drive its financial inclusion programme. “We will be opening 1 lakh such accounts in the next three months,” Retail Banking President, Rajiv Anand said in a statement. The facility, which uses the Aadhar database, will enable a bank account to be opened within 24 hours as against the 7-15 days taken in villages at present, said a senior bank official. The bank will initially be targeting beneficiaries of DBT and pensioners for the account openings, he said. The bank said 52 per cent of its 2,300 branches are in semi-urban, rural and unbanked areas at present.
Power Grid Board Approves Plans To Invest Rs 575 Crore
Central transmission utility Power Grid Corporation has announced investments of over Rs 575 crore for two projects. “Board of directors of the company have approved the investment approval for Eastern Region Strengthening Scheme at an estimated cost of Rs 196.58 crore, with commissioning schedule of 24 months from the date of investment approval,” Power Grid Corp said in a stock exchange filing. The company approved an investment of Rs 378.71 crore for setting up a transmission system associated with the Kakrapar Atomic Power Project, with a commissioning schedule of 32 months. The state-owned firm plans to invest more than Rs 61,000 crore in the next three financial years, with a significant chunk of funds to be raised by way of bonds and debentures.
Dinesh K Sarraf Takes Charge As MD Of ONGC
Dinesh K Sarraf has taken charge as the chairman and managing director of ONGC, replacing Sudhir Vasudeva who has retired. The Appointments Committee of the Cabinet (ACC) approved appointment of Sarraf, who at present is Managing Director of ONGC’s overseas arm, ONGC Videsh (OVL). Sarraf will lead the national oil company at a time when ONGC is facing a rising subsidy burden but is trying to invest and grab opportunities in India and abroad.
BHEL BAGS RS 7,900-CRORE ORDER
State-owned power equipment maker Bharat Heavy Electricals Limited (BHEL) has bagged a contract worth Rs 7,900 crore related to 1,980 MW thermal power project in Jharkhand. The contract, won through international competitive bidding, is for NTPC’s 1,980 MW North Karanpura super thermal power project. According to the company, the work involves design, engineering, manufacture, supply, construction, erection, testing and commissioning for the EPC package. The company said: “The order reinforces Bhel’s leadership status in the execution of supercritical thermal power projects involving supply of state-of-art equipment, suited to Indian coal and Indian conditions.
L&T Bags Oman Road Order
Larsen & Toubro Limited (L&T) has bagged an international order worth Rs 1,550 crore from the Ministry of Transport and Communications, Oman, for the construction of a road between Bidbid-Sur sections. S N Subrahmanyan, Senior Executive Vice-President (Infrastructure and Construction) at L&T, said, “The order augers well for L&T’s business expansion plans in the infrastructure space in the GCC (Gulf Cooperation Council) markets. L&T has been making significant strides in the transportation and infrastructure sector both in the International and domestic markets through our well-established capabilities in design, engineering and project execution with top class quality and safety standards.”
TAQA TO BUY JP POWER’S 2 HYDEL PLANTS
Abu Dhabi National Energy Company (TAQA) led consortium will acquire Jaiprakash Power Ventures’ two hydroelectric power plants for about Rs 10,000 crore. “The total enterprise value of the two assets is approx USD 1.6 billion (approx Rs 10,000 crore). The amount of equity being invested by the consortium is approx USD 616 million (Rs 3,820 crore)… The remainder is primarily non-recourse project debt,” a TAQA spokesperson said in a statement. Jaiprakash Power Ventures Ltd is a subsidiary of Indian infrastructure conglomerate Jaypee Group. In recent times, the Jaypee group has been on a debt-pruning spree.