IOC Plans Rs 7,650-Cr Petrochemical Complex At Paradip
State-owned Indian Oil Corp (IOC) plans to invest Rs 7,650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odisha. “The Board (of IOC) will this month consider setting up a 700,000 tonnes per annum polypropylene (PP) plant at an estimated cost of Rs 3,150 crore. The plant is to be built by 2017-18,” the official said. The 15 million tonnes Paradip refinery, being built at a cost of Rs 29,777 crore, is likely to be mechanically completed in next quarter, following which stage was commissioning of various units will begin. The refinery will produce 5.75 million tonnes of diesel, 3.4 million tonnes of petrol, 1.2 million tonnes of kerosene/ ATF, 870,000 tonnes of LPG, 1.25 million tonnes of pet coke and 200,000 tonnes of sulphur, all of which will be for sale in domestic market.
Rakesh Sethi Appointed As CMD Of Allahabad Bank
Rakesh Sethi has been appointed as the new chairman and managing director of Allahabad Bank. “Allahabad Bank has informed BSE that the Government of India…has appointed Rakesh Sethi as Chairman and Managing Director of the Bank with effect from the date of his taking over the charge,” the company said in a regulatory filing. Sethi will hold the position up to April 30, 2017, the date of his superannuation or until further order, whichever is earlier. Sethi’s taking over as the CMD of the bank comes to effect from the day of the announcement, it added.
SBI To Set Up Country’s First Payment Gateway
State Bank of India (SBI) is going to set up its first payemeny gateway— SBIePay—with the objective of enrolling government entities and municipal corporations as well as small traders in the online marketplace. SBI is the first bank in India to start its own online aggregator services. Besides the payment gateway, which will enable merchants accept payment by net banking, credit card, debit card and mobile banking, SBIePay is also in the process rolling out an electronic bill presentment and payment platform (EBPP) and IVRS phone payment. “We will be brining in new merchant categories with a special focus on government merchants such as, central, state departments and municipal corporations,” said a senior official with the bank’s payment services vertical. He added that the payment gateway service will come with a dashboard site which will provide analytics for banks and merchants to help them boost their business.
Hindustan Unilever Names Pb Balaji As New CFO
Hindustan Unilever Ltd (HUL) promoted PB Balaji, presently, vice president, finance, as executive director finance & IT and CFO of HUL. Balaji will join the board of directors of HUL and will be part of the management committee of HUL. Balaji’s appointment was approved by the board of directors of HUL on March 11, 2014 after the Nomination & Remune-ration Committee recommended his name to the Board. Balaji joined HUL in May 1993 and has worked in different roles in HUL.
Airtel Raises Over Rs 2,400 Cr From Overseas Bond Sale
Country’s largest telecom operator Bharti Airtel has raised CHF 350 million (Rs 2,453.2 crore) through issue of bonds in the Swiss market. The company said in a statement that “its wholly owned subsidiary Bharti Airtel International (Netherlands) BV has successfully priced CHF 350 million 3 per cent guaranteed senior notes due March 31, 2020.” The company said BNP, Deutsche Bank and UBS acted as joint lead managers on the offering. “The notes received considerable investor interest, witnessing a strong and balanced demand across high quality institutional investors and Swiss private banks, highlighting the broad support base that the Bharti credit has attracted,” the company said in a statement.
BHEL enters solar wafer business
State-run Bharat Heavy Electricals Limited (BHEL) is planning to enter in the renewable energy sector by getting into the manufacture of solar wafers. “We have taken board approval to manufacture solar wafers and are looking at viability gap funding support from the clean energy fund,” BHEL chairman and managing director B Prasada Rao said in a statement. A plant in Maharashtra’s Sakoli will start manufacturing the solar wafers, apart from photovoltaic cells, modules and solar panels. The company is investing R3,000 crore in the venture. “The new product is the result of work put in by the company’s research and development. BHEL invested R1,258 crore last year, which was 2.5% of sales,” Rao added.
NMDC’S April-February Sales Up 17%
State-owned iron ore miner NMDC’s sales rose 17 per cent to 27.43 million tonnes in the first 11 months of the current financial year. BHEL had sold 23.43 million tonnes of iron ore in the same period of the previous financial year, NMDC said in a statement today. Production increased to 26.42 million tonnes from 23.52 million tonnes. NMDC, which fixes iron ore prices on a monthly basis, left them unchanged in March at February’s levels of Rs 4,500 a tonne for lumps and Rs 2,910 a tonne for fines as global rates fell to an eight-month low. NMDC is enhancing its iron ore capacity to 48 million tonnes from 32 million tonnes.
Future Generali Posts Rs 28-Cr Profit
Future Generali has posted a profit of Rs 28.4 crore during April-December period of the current financial year and hopes to end this fiscal with a gross written premium of Rs 1,300 crore. The company has collected a premium of Rs 944 crore, up 10.4% during the first nine months of this fiscal against Rs 855 crore reported in the same period a year ago. “Though this year has been a challenging year due to the general slowdown in the economy, we expect to close the financial year with a Gross Written Premium of nearly Rs. 1300 crores,” Chief Executive Officer of Future Generali India Insurance, K G Krishnamoorthy Rao said.