Coal India To Hire 25,000 Workers Over The Next 5 Years

Coal India has decided to add 25,000 workmen over the next five years, a move that is expected to double its productivity per employee and reduce cost of production by about 10 per cent. The average age of employees will decline from 50 to 45 over the next five years following the net reduction of 50,000 workmen. At present, Coal India has a staff of 3.45 lakh, of which about 40,000 are officers and the rest workmen. The company will recruit 5,000 workmen every year for the next five years while 15,000 will retire. “These are legacy workmen which CIL inherited when coal production was nationalised way back in 1975. The lowest age of workmen inducted into the company during that period was 18 years. By 2017, all these employees will have attained at least 42 years of service and will retire,” said CIL’s R Mohan Das, director-personnel and industrial relations.

TCS Bags Multi-Million Deal From GDF SUEZ

Tata Consultancy Services (TCS), announced that it has won a multi-million, multi-year deal from GDF Suez, a global leader in the energy sector. The financial details of the deal were not disclosed. Kumar Narayanan, Director & Country Head, TCS France said, “This is a first landmark deal, which reinforces the tremendous synergies between TCS’ global capabilities and the local talent base as well as knowledge we have secured through our acquisition of Alti S.A. The integrated capabilities allow us to provide a more comprehensive set of services and solutions to help our clients in Europe make their businesses more competitive.”

Supreme Infrastructure Gets Rs 618-Cr Order

Supreme Infrastructure has secured three orders cumulatively worth Rs 617.7 crore for various construction works. The highest is from National Highway Authority of India (NHAI)— a Rs 337 crore project for two-laning of Chhapra-Rewaghar-Muzaffarpur section of NH-102 in Bihar. The company has also received a Rs 237 crore order from Brihanmumbai Municipal Corporation for improvement of various roads in flexible pavements in the city and its eastern suburbs.

ONGC To Invest Rs 2,000 Cr In Vasai East Field Development

State-run Oil and Natural Gas Corporation Limited (ONGC) will take up additional development of its Vasai East Field in Arabian Sea at a total estimated capital cost of Rs 2476.82 crore. “This project will improve the recovery factor of Vasai East field with infill wells towards north & south side of the field,” the company said in a statement. The project, scheduled to be completed by December 2018, will result in incremental Oil production of 1.83 Million Metric Tonnes (MMT) and incremental Gas production of 1.971 Billion Cubic Metres (BCM) by 2030, the company said in a statement.

Engineers India Wins $40 Million Overseas Contract

State-owned Engineers India Ltd (EIL) today said it has won a $40 million contract for the Liwa Plastics project of Oman Refineries and Petroleum Industries Co (Orpic). “EIL has been awarded a project management consultancy (PMC) contract by Orpic for their Liwa Plastics Project in Sohar, Oman against international competitive bidding competition from international consultants,” the company said in a statement. The project, once commissioned, will enhance both fuel and plastics production in Oman. Plastics production will increase to 1.4 million tonnes per annum by 2018 from 200,000 tonnes now, while fuel production will touch 11.3 million tonnes from 7.3 million tonnes.

Exim Bank Raises $ 500 Million

Exim Bank has raised USD 500 million by selling bonds to offshore investors. “The transaction was supported by an extremely strong order book oversubscribed by over six times, with very high quality global investors participating in size,” said Neville Fernandes, Head of Debt Capital Markets, Citi India. A majority of subscription came from Asian countries to the tune of 62% of the issue size while European investors contributed 33 per cent.

HDFC Plans To Raise Up Rs 1,000 Crore

Housing Development Finance Corp (HDFC)India’s biggest mortgage lender, is planning to raise up to Rs 1,000 crore through 15-month bonds at 9.60 per cent annual coupon. Base size of the issue is Rs 500 crore, the source said, adding HSBC is the sole arranger for the bond sale.