Coal India Agrees To Ntpc’s Sample Testing
NTPC has prevailed in its standoff with the monopoly public sector miner Coal India, which has now agreed to the longstanding demand of raising bills and taking payments on the basis of fuel quality sampled by the third-party agents at the loading point. NTPC had been complaining that Coal IndiaBSE 0.30 % was supplying fuel of inferior quality at prices that were not acceptable. “CIL has agreed to allow NTPC to conduct sampling exercise at loading points. The result of this sampling will be used to ascertain the quality of the coal, on the basis of which bills raised will be adjusted at a later stage. NTPC is now in the process of appointing third-party sampling agents for its thermal power stations,” said a senior NTPC official.
Godrej Tyson Plans To Expand In Smaller Towns
Poultry and frozen vegetarian products maker Godrej Tyson Foods plans to expand distribution network in smaller towns and cities, aiming to cover over 100 cities and cornering 10 per cent market share over the next three years. The company is increasing their presence in the tier II and tier III cities and presently 46-48 per cent traction comes from non-metros It was around 25 per cent three years ago, said Arabind Das, COO, Godrej Tyson Foods Ltd. Das said that with food inflation going down, protein consumption is increasing. Also with a changing lifestyle where people love to eat out there is a huge scope for the frozen food market. According to industry estimates, the $22.23 billion processed food market is growing at a rate of 14 percent every year.
Indian Oil Eyes West Coast
Country’s biggest oil company Indian Oil Corporation Ltd (IOC)is looking at setting up a greenfield refinery on the West coast as part of its expansion plans, a top company official has said. “With the growth in the economy, we see there is a need for green field refinery by 2021-22. After setting up of of Paradip Refinery in East coast, we are now looking at setting up a refinery in West coast region, for which we are looking for suitable state and place,” Indian Oil Corporation Chairman B Ashok said in a statement. IOC’s Rs 34,555 crore state-of-the-art 15 million metric tonnes per annum (MMTPA) Paradip Refinery would be commissioned in phases from March 2015 onwards, he added.
Ultratech To Raise $1.2 Bn For Holcim Asset Buy
The Kumar Mangalam Birla-owned UltraTech Cement is in talks with bank to raise $1.2 billion to fund the takeover of Holcim’s Brazilian assets, which the Swiss firm is selling to meet the regulatory requirements for a merger with Lafarge. UltraTech has made a non-binding offer to take over Holcim’s Brazilian assets and the Swiss-based company will soon announce the results of the bids it has received from across the world. Bankers say UltraTech’s talks with banks will gain momentum once Holcim announces the results of the sale by December.
Elite I20 Records 56,000 Bookings In Four Months
Hyundai Motor India Limited (HMIL) has received a bookings of 56,000 units of second generation of i20 -Elite i20 within four months of its launch in India. Launched on August 11, 2014 the premium hatch Elite i20 has seen spike in demand and its sales increased to 10,500 units in November compared to 8895 units in October. The company plans to increase the production of the car to make it easily available for the customers. Currently, the model has over four months waiting period. “The demand of Elite i20 has doubled and in November we sold 10,500 units. We are working towards increasing its production for faster deliveries to offer a delightful experience to customers,” Mr. Rakesh Srivastava, Sr. VP, Sales & Marketing—HMIL.
PTC India Q2 Net Up To Rs 96 Crore
State-run PTC India, a leading provider of power trading solutions, reported 56 per cent surge in net profit at Rs 96 crore for the quarter ended September. The company had reported a net profit of Rs 62 crore in the July-September quarter of last fiscal, PTC India said in a statement. “We continue to consolidate our core business of power trades in various customer and temporal segments. During the period, we strengthened our position in the long-term and cross-border power trades,” PTC India CMD Deepak Amitabh said.
VA Tech Wabag Bags Sewage Treatment Order In Philippines
VA Tech WABAG today informed that it has bagged an order from Maynilad Water Services, Philippines for construction of 20 MLD Sewage Treatment Plant (STP) at Tunasan. The project is funded by World Bank and the order value is approximately Rs 100 crore. “This project is unique since this STP is to be constructed to handle wastewater flowing into the Laguna Lake, which is one of the biggest alternate drinking water sources of Philippines,” the company said in a statement.
Suven Q2 Net Dips 45%
Suven Life Sciences Limited, a biopharmaceutical company, reported a net profit of Rs 24.8 crore for the second quarter ended September 2014, as against Rs 45.5 crore during the same period a year ago, reflecting a decline of 45.49 per cent. Revenues for the quarter dipped 7.29 per cent to Rs 141.2 crore, as compared with Rs 151.5 crore in the corresponding quarter last year. Lower revenue and profit after tax growth during this quarter compared with the same quarter last year was due to the absence of pre-launch supplies of intermediates for three of the NCEs (new chemical entities), which were done last year.
Carlyle To Buy Back Stake In Newgen Knowledge For Rs 200 Crore
In a first for the Indian private equity industry, American PE fund Carlyle will reinvest in a company it had exited in 2010 by buying back the stake from investors it had sold back then. Carlyle will buy 54.95% in Chennai-based Newgen Knowledge Works Pvt Ltd, a content management and technology solutions provider across digital media, from its investors, Franklin Templeton, Aureos and ePlanet for Rs 200 crore, three people with knowledge of the development said. The global fund will then increase its stake in the company to 75% in a few years by investing an additional Rs 200 crore.