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Joe Root dazzles with 83 as England beat South Africa by two wickets

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Right-hander Joe Root dazzled with a scintillating 83 as England got the better of South Africa by two wickets in a high-scoring Group 1 match in the Super 10 stage of the ICC World Twenty20 tournament at the Wankhede Stadium here tonight.
 
Put in to bat first, South Africa piled up an imposing 229 for four from their 20 overs, only to see England get past at 230 for eight with two balls to spare.
 
South African openers Hashim Amla and Quinton de Kock and J P Duminy hit half-centuries and had a field day after England skipper Eoin Morgan won the toss and asked them to make first use of the pitch.
 
Amla (58) and de Kock (52) put together the highest first-wicket partnership of 96 in this edition of the tournament so far. The pair and J P Duminy, who remained unbeaten on 54, destroyed the slog-over bowling, scoring 54 runs off 48 balls to set England a target of 230.
 
De Kock departed in the eighth over while Amla, who contributed 44 runs to the first wicket partnership, went on to score 58 runs with seven fours and three sixes.
 
A B de Villiers, who made 16 off eight balls with the help of two sixes, was caught behind by Morgan off spinner Adil Rashid in the ninth over. 
 
Skipper Francois Du Plessis struck 17 off an equal number of balls to take the total to 169 for four in 15.3 overs.
 
From then on, Duminy and David Miller made 36 runs for the fourth. Duminy's unbeaten 54 came off 28 balls while Miller made 28 off 12 deliveries. Duminy hit two fours and two sixes in his essay.
 
The English bowling proved highly expensive right from the start, with the openers bringing up the 50 of the innings off just 23 balls.
 
Left-arm medium pacer David Wiley picked up just a single wicket in his two overs in which he gave away 33-runs. The other pace bowler right-arm Chris Jordan did not pick up even a single wicket with his three overs going for 49 runs. Moeen Ali bagged two for 34 while Rashid got one for 35.
 
England started the run chase confidently, with their openers Jason Roy and Alex Hales putting on 48 in just two overs before the latter departed after making 17 off seven balls, inclusive of four fours.
 
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Roy made 43 off 16 deliveries, including five fours and three sixes, before falling in the fifth over with the total at 71. Ben Stokes (15) made his exit in the sixth over to make it 87 for three.
 
That brought Root to the crease and he and Morgan (12) moved the total to 111 before the England skipper was bowled by Duminy in the tenth over.
 
Root and Jos Butler then added 75 runs for the fifth wicket before the latter departed after contributing 21. He was stumped by de Kock in the 16th over sent down by Imran Tahir.
 
Root fell in the 19th ovr, caught by David Miller off Kagiso Rabada with the total at 216.
 
Moeen Ali (8 not out) managed to steer England past the target in the last over.
 
For South Africa, Kyle Abbott picked up three for 41 and Rabada got two for 50, while Duminy and Tahir got one apiece.
 
Scorecard
South Africa 
H Amla lbw Ali 58
Q de Kock c Hales b Morgan 52
AB de Villiers c Morgan b Rashid 12
JP Duminy not out 54
D Millier not out 28
Extras (lb2, w,2) 4
Total (4 wickets;20 over) 229 (11.5 rpo)
Did not bat: C Morris, J Abott, D Steyn, K Rabada, I Tahir.
Fall of wickets: 1-96 (de Kock, 7.1 ov), 2-114 (de Villiers, 8.6 ov), 3-133 (Amla, 11.5 ov), 4-169 (du Plessis, 15.3 ov)
Bowling:
D Wiley 4 0 40 1
W Topley 2 0 33 0
M Ali 4 0 34 2
C Jordan 3 0 49 0 
B Stokes 2 0 23 0 
A Rashid 4 0 35 1
J Root 1 0 13 0
 
England
 
J Roy c de Kock b Abbott 43
A Hales lbw B Abbott 17
B Stokes c Morris b Rabada 15
J Root c Miller b Rabada 83
E Morgan b Duminy 12
J Butler st de Kock b I Tahir 21
M Ali not out 8
C Jordan c Duminy b Abbott 5
D Wiley run out de Villiers 0
A Rashid not out 0
Extras (lb6, w 20) 26
Total (8 wickets;19.4 ov) 230 (11.69 rpo)
Did not bat: A Topely
Fall of wickets: 1-48 (Hales, 2.3 ov), 2-71 (Roy 4.3 ov), 3-87(Stokes, 5.4 ov), 4-111 (Morgan, 9.4 ov), 5-186 (Butler, 15.4 ov), 6-219 (Root, 18.2 ov), 7-229 (Jordan, 19.1 ov), 8-229(Wiley, 19.2 ov)
Bowling:
K Rabada 4 0 50 2
D Steyn 2 0 35 0 
K Abbott 3.4 0 41 3
I Tahir 4 0 28 1
JP Duminy 3 0 31 0 
C Morris 3 0 39 0
 
Player of the Match: J E Root
 
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Amla, De Kock, Duminy post half-centuries as South Africa post 229 for four against England

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Openers Hashim Amla and Quinton de Kock and J P Duminy hit half-centuries as South Africa piled up an imposing 229 for four from their 20 overs against England in a Group I match in the Super 10 stage of the ICC World Twenty20 tournament at the Wankhede Stadium here tonight.
 
Amla (58) and de Kock (52) had a field day as they put together the highest first-wicket partnership of 96 in this edition of the tournament so far.
 
The pair and J P Duminy, who remained unbeaten on 54, destroyed the slog-over bowling, scoring 54 runs off 48 balls to set England a target of 230.
 
De Kock departed in the eighth over while Amla, who contributed 44 runs to the first wicket partnership, went on to score 58 runs with seven fours and three sixes.
 
A B de Villiers, who made 16 off eight balls with the help of two sixes, was caught behind by Eoin Morgan off spinner Adil Rashid in the nith over. 
 
Skipper Francois Du Plessis struck 17 off an equal number of balls to take the total to 169 for four in 15.3 overs.
 
From then on, Duminy and David Miller made 36 runs for the fourth. Duminy's unbeaten 54 came off 28 balls while Miller made 28 off 12 deliveries. Duminy hit two fours and two sixes in his essay.
 
The English bowling proved highly expensive right from the start, with the openers bringing up the 50 of the innings off just 23 balls.
 
Left-arm medium pacer David Wiley picked up just a single wicket in his two overs in which he gave away 33-runs. The other pace bowler right-arm Chris Jordan did not pick up even a single wicket with his three overs going for 49 runs. Moeen Ali bagged two for 34 while Rashid got one for 35.
 
Scorecard
South Africa 
H Amla lbw Ali 58
Q de Kock c Hales b Morgan 52
AB de Villiers c Morgan b Rashid 12
JP Duminy not out 54
D Millier not out 28
Extras (lb2, w,2) 4
Total (4 wickets;20 over) 229 (11.5 rpo)
Did not bat: C Morris, J Abott, D Steyn, K Rabada, I Tahir.
Fall of wickets: 1-96 (de Kock, 7.1 ov), 2-114 (de Villiers, 8.6 ov), 3-133 (Amla, 11.5 ov), 4-169 (du Plessis, 15.3 ov)
Bowling:
D Wiley 4 0 40 1
W Topley 2 0 33 0
M Ali 4 0 34 2
C Jordan 3 0 49 0 
B Stokes 2 0 23 0 
A Rashid 4 0 35 1
J Root 1 0 13 0
 
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India's forex reserves soar by $ 2.544 billion to $ 353.408 billion

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Going up for the second straight week, India's foreign exchange reserves soared by $ 2.544 billion to $ 353.408 billion during the week ended March 11, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had gone up by a whopping $ 4.076 billion to $ 350.864 bilion during the previous week.
 
In its weekly statistical supplement, the central bank said that  foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 2.524 billion to $ 329.999 billion in the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 19.325 billion, while its special drawing rights (SDR) went up by $ 7.2 million to $ 1.486 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) increased by $ 12.7 million to $ 2.597 billion, the bulletin added.
 
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Additional judges appointed at Bombay High Court

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The President has appointed Mr. Prakash Deu Naik and Mr Makarand Subhash Karnik to be Additional Judges of the Bombay High Court.
 
An official press release said the appointments, in that order of seniority, would be for a period of two years with effect from the date they assume charge of their respective offices. 
 
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Nippon pays Rs. 1200 crore for additional 14% stake in Reliance Capital Asset Management

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Reliance Capital, a part of the Anil Ambani-led Reliance Group, today said it had completed the transaction for receipt of approximately Rs 1,200 crore ($ 180 million) from Nippon Life Insurance (NLI) for additional 14 per cent stake sale in Reliance Capital Asset Management (RCAM). 
 
NLI, a Fortune 500 company and one of the largest life insurers in the world, has now become a co-sponsor of Reliance Mutual Fund, along with Reliance Capital, and will own 49 per cent in RCAM.
 
The Board of Directors of RCAM, in a meeting held here today, approved the transfer of an additional 9.57 per cent stake to NLI,  with the balance 4.43 per cent to be transferred in the next couple of weeks. 
 
The transaction pegs the valuation of RCAM at Rs 8,542 crore ($ 1.3 billion), the highest valuation till date for any asset management company in the country. 
 
In line with the new shareholding, the name of Reliance Capital Asset Management would also be changed to Reliance Nippon Life Asset Management, it said.
 
NLI is already a strategic partner in RCAM. The Japanese 
company acquired 26 per cent stake in Reliance Capital Asset Management at an aggregate value of Rs 1,450 crore ($ 240 million) in 2012. The transaction pegged the total valuation of RCAM at approximately Rs 5,600 crore ($ 920 million). 
 
Subsequently, the Japanese company increased its stake by 9 per cent, to 35 per cent, in February 2015 at an aggregate value of Rs 657 crore ($ 108 million) that pegged the valuation of RCAM at Rs 7,300 crore ($ 1.2 billion). 
 
NLI is an over 125 years old insurer and a Global Fortune 500 company that manages over $ 520 billion (Rs 33.8 lakh crore) in assets -- amongst the largest total assets in the world for any life insurer. 
 
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SBI launches Global Ed-Vantage, an overseas education loan

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State Bank of India, the country's largest lender, has launched “SBI Global Ed-Vantage”, an overseas education loan. 
 
A press release from the bank said recent years had seen a steady increase in enquiries for financing studies at foreign universities.
 
SBI Global Ed-Vantage is a new offering that aims to assist those who wish to avail a higher education at the top institutions across the globe, it said.
 
The release said the loans would be given for pursuing full-time regular courses in foreign colleges/universities. These include graduate, post-graduate and doctorate courses in Science, Technology, Engineering, Mathematics, Medicine and Management in institutions and universities in the United States, United Kingdom, Canada, Australia, Europe, Singapore, Japan and Hong Kong.
 
The loan amount will range from Rs. 20 lakh to Rs. 1.50 crore, with 80 percent of the course eligible for financing. It will carry an interest rate of base rate plus 1.70%, which works out to 11% per annum as on 1.3.2016.
 
There will be a 0.50% concession for students availing of SBI Life Rinn Raksha (Life Insurance Scheme). Students already having a life insurance can avail of the concession only if the policy is assigned in favour of the bank. There will be a 0.50% concession for girl students.
 
The release said students would upto 15 years post completion of the course to repay the loan. Fees shall be remitted directly to the institution. Student’s living will be credited into the SBI Foreign Travel Card. 
 
"This is a fully collateralized loan where security equivalent to the quantum of loan financed has to be pledged to the Bank," it said.
 
Students will be provided upto sixmonths post completion of the course to begin re-paying the loan via EMIs. Simple interest will be charged during course period and moratorium period, it added.
 
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Gayle smashes 48-ball 100 as West Indies drub England by six wickets

Opener Chris Gayle hammered an unbeaten 100 off just 47 balls as the West Indies drubbed England by six wickets in a Group I match in the ICC World Twenty20 tournament at the Wankhede Stadium in Mumbai on Wednesday night.

 
Opener Chris Gayle hammered an unbeaten 100 off just 48 balls as the West Indies drubbed England by six wickets in a Group I match in the ICC World Twenty20 tournament at the Wankhede Stadium here tonight.
 
Put in to bat first, England made 182 for six from their 20 overs but Gayle and the other West Indies batsmen made light of the England bowling as they chased down the target of 183 with six wickets in hand and 1.5 overs to spare.
 
The left-handed Gayle's ton comprised five fours and eleven sixes and helped him to beat his own record of 10 sixes against South Africa at Johannesburg in 2007 in his only previous T20I century. The 48-ball century was the fastest at a World T20 match and third fastest in T20Is.
 
England's 182 was made with the help of a spark from Joe Root, backed up by Eoin Morgan and Jos Butler. However, little did the English side know that defending that total would be no mean feat.
 
The West Indies batting line-up made child's play of the the English side right from the start. Apart from the pacey Chris Jordan, all the other bowlers were expensive and just could not keep the run-rate down.
 
Marlon Samuels who started the fightback with Gayle made 37 runs of 22 balls which comprised eight fours. Their second wicket partnership for 55 runs gave the time which the big left-hander needed to settle down at the crease. 
 
After that, it was the Chris Gayle Show. The big man was on song scoring 33 runs in a 46-run partnership with wicket-keeper Dinesh Ramdin and also 44 runs in a massive 70-run partnership which ensured the West Indies victory by 6 wickets. 
 
The English bowlers proved too expensive with David Wiley going for 33 runs in his three overs, Ben Stokes conceding 42 in his three overs, Adil Rashid and Reece Topely going for 20 and 22 runs, respectively, in their two overs each.
 
Earlier, Root ended up two runs short of a half-century as he helped England post 182 for five.
 
With Alex Hales, he added 55 run for the second wicket before the former was dismissed for 28 by Suleman Benn in the 11th over.
 
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Root departed at 48 in the 15th over. His knock was studded with three fours and two sixes on the leg side, both sweetly timed off the middle of his bat. The first six was off a bouncer in the fifth over by Russell which was hooked over fine-leg. The other one came off Taylor who drifted to the leg only to see Root dismissing the ball from his presence over a helpless deep mid-wicket.
 
Butler smashed three sixes out of the park in the 30 runs he made off 20 balls. He smashed the spinner Badree down the ground and followed it up by lifting Benn over mid-wicket in the 16th over. He smashed a slower one by Bravo over mid-wicket an over later. Bravo got even two balls later by getting Root caught at deep square leg by Bratwaite. Morgan scored a quickfire  27 off 14 deliveries. Moeen  Ali hit the penultimate ball of the match out of the park and along with the 12 extras the England total ended up at 182 at the loss of 6 wickets. 
 
Scoreboard:
England 
J. Roy c Badree b Russell 15
A. Hales b Benn 28
J. Root c J.Taylor b Russell 48
J Butler c Brathwaite b Bravo 30
E. Morgan not out 27
B Stokes lbw Bravo15
M. Ali run out sub (Holder) 7
Extras (wd10, b1, lb1) 12
Total (6 wickets;20 overs) 182 (9.10 rpo)
Did not bat: Chris Jordan, Adil Rashid, David Wiley, Reece Topley
Fall of wickets: 1-37(Root, 4.3 ov), 2-93(Hales, 11.1ov), 3-114(Root, 14.2 ov), 4-152(Butler 15.5 ov), 5-175(Stokes, 19.4 ov), 6-182(Ali, 20 ov).
Bowling:
J. Taylor 3 0 30 0
S. Badree 4 0 34 0
A. Russell 4 0 36 2
D. Bravo 4 0 41 2
S Benn 3 0 23 1
C Braithwaite 2 0 16 0 
 
West Indies
J. Charles c M. Ali b Wiley 0
C. Gayle not out 100
M. Samules c Wiley b Rashid 37
D.  Ramdin c Rashid b Ali 12
D Bravo c Hales b Topley 2
A. Russell  not out 16
Extras( NB 2, W 10,  LB 4) 16
Total ( 4 wickets;18.1 overs) 183 (10.07 rpo)
Did not bat: Darren Sammy, Carlos Barthwaite, Samueel Badree, Jerome Taylor, Suleiman Benn.
Fall of wickets: 1-2(Charles, 0.2ov), 2-57(Samuels, 6.4ov), 1-103(Ramdin 11.1ov), 4-113(Bravo, 12.2)
Bowling:
D Wiley 3 0 33 1
R Topley 2.1 0 22 1
C Jordan 4 0 24 0 
B Stokes 3 0 42 0
A Rashid 2 0 20 1
M Ali 4 0 48 1
 
Player of the Match: C. H. Gayle (West Indies)
 
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Tata Motors bags order for 25 hybrid buses from MMRDA

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Automobiles manufacturer Tata Motors today said it had signed a contract with the Mumbai Metropolitan Region Development Authority (MMRDA) for the supply of 25 Tata Starbus diesel series hybrid electric Buses with full low floor configuration.
 
This is the single largest order awarded for hybrid electric vehicle technology, a press release from the company said.
 
With these buses, the MMRDA will connect Bandra Kurla Complex (BKC) to the railways stations of Sion, Bandra and Kurla in the next one year, improving feeder services, to the fastest-growing business hub in Mumbai, it said.
 
Developed indigenously, the Tata Starbus is economically viable, safe and environmentally friendly, the release said.
 
"Series Hybrid technology offers lowest cost of ownership, with improved fuel savings of the order of 25-30%, reduction in emissions in comparison to conventional buses & runs on pure electric mode, for around 30-35% of the total travel distance," it said.
 
Engineered for ease of operations, the bus can run without the requirement of external charging infrastructures, due to integration of on- board charging, via a BSIV compliant engine and energy storage through advanced lithium ion nano-phosphate batteries. 
 
While the batteries are recharged by running of the diesel powertrain, the system also regenerates braking energy through advanced electronic  braking system. The technology thus makes adoption of such advanced buses hassle-free, without investing in high cost of charging stations at bus depots or enroute, thereby giving operators the much needed range and flexibility to shift bus routes as per demand and need, it said.
 
The release said the bus was also fitted with CCTV cameras that can record movement inside the bus. The bus is also designed with a wide passage-way for free movement, wider window panes for better visibility, along with wider and lower entry/exit doors, making this new bus safe and convenient for commuters to enjoy public transportation, it said.
 
The bus also incorporates ITS (Intelligence Transport Systems) for public information, through GPS via electronic destination display boards, indicating expected time of arrival at bus stops and route announcements within the bus, and so on. Further, bucket type seats, softer suspension, tubeless tyres and lower NVH (Noise, Vibration & Harshness) ensures that passengers are comfortable, it said.
 
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Mr. Ravi Pisharody, Executive Director, Commercial Vehicle Business Unit, Tata Motors Ltd. said, “At Tata Motors we continue to play an active role in supporting millions of commuters every day, with a range of product solutions across segments and the Tata Starbus Hybrid Electric Bus is one of them. With this indigenously developed city bus, we are extremely pleased to partner MMRDA for 25 such buses, for a shared vision of sustainable cost-efficient transport solutions. With electric mobility as a solution for the future, we are fully geared to cater to the huge potential arising for these technologies, right here in India.” 
 
Dr. AK Jindal, Head – Engineering Research Centre (Commercial Vehicles), Tata Motors Ltd. said, “The Starbus Diesel Electric Hybrid Bus is one of the most advanced vehicles developed by Tata Motors in line with our philosophy of offering most fuel efficient and environment friendly vehicles, with various features, offering best-in-class comfort and convenient features for urban commuters. The vehicle is based on the company’s understanding the needs of various transport authorities for public transport and is tested  under various conditions, around the globe. A new transport solution, the Starbus Hybrid, is developed, creating a win-win situation for all stakeholders – for clean, safe, affordable and comfortable commuting.”
 
A fleet of 10 Tata Hybrid buses is already in operation in Madrid, Spain and together have covered more than 1 million km.
 
During the 2010 Commonwealth Games, Tata Motors introduced CNG-Electric Hybrid Buses, the first time in the history of the Indian automobile industry, that hybrid buses were used for public transportation.
 
Tata Motors has also developed Full-Electric and Articulated buses to meet the future transport needs for envisaged ‘Smart Cities’, the release said.
 
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SBI partners with Uber for hassle free vehicle financing

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State Bank of India (SBI), the country's largest lender, today said it had partnered with Uber, the world's largest on-demand transport aggregation company, to provide vehicle finance for driver-partners on its platform.
 
A press release from SBI said this was part of its endeavour to fuel growth for micro-entrepreneurs by providing access to quick and low-cost finance. 
 
"The loans will be sanctioned instantly using an inbuilt digital offering. This new product will enable thousands of skilled drivers to overcome liquidity crunch and excess documentation requirements, to become an entrepreneur," it said.
 
The release said all the loans would be collateral free and carry a very competitive interest rate. All loans will also get covered under the Pradhan Mantri Mudra Yojana Scheme of Government of India. 
 
"The on-demand transportation segment growth has created a whole new ecosystem enabling lakhs of Indians to earn livelihood by becoming micro-entrepreneurs on such platforms.  In the process, it has also opened up a new world of opportunities for the banking industry, not just in the on-demand transportation loan space but also in other areas like payment wallet, consumer finance etc. It is now upon us to leverage these opportunities. Doing so requires us to think and go beyond the traditional banking products and delivery services," SBI Chairman Arundhati Bhattacharya said, after launching the product.
 
"With this new facility, drivers can apply for loans at the Uber Partner Centre and get loans sanctioned in one-day. This is supported by our digitally integrated backend system, thereby eliminating the long processing time. The partnership with Uber will also help us simplify the documentation requirements thereby eliminating traditional financial statements like income tax returns. The product is also in line with our focus on building a risk mitigated portfolio, which is aimed at significantly improving the customer experience" Mr. Rajnish Kumar, SBI Managing Director, National Banking Group, said.
 
"Access to quick and easy finance will provide necessary push to the growth of SME segment. The boom of on-demand transportation business will also provide impetus to the MSME sector. A vibrant MSME segment is very important to meet the macro-economic goals of the economy," he added.
 
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Founded in 2009 in the US, Uber has operations in almost 400 cities in 68 countries across the world. Uber launched its India operations in September 2013, and is currently present across 27 cities in the country, more than any other country outside the US. By seamlessly connecting riders to drivers through its app, Uber makes cities more accessible, opening up more possibilities for riders and more business for driver-partners.
 
"India is a global market priority for us; the robust growth we've seen in India in just about two years is phenomenal. In such a short span of time, we've got over 250,000 driver partners on our platform who have become micro-entrepreneurs today. We believe in building deep relationships with India’s leading financial services partners that help us drive growth and reach driver-partners and consumers across the country. And this unique vehicle financing program with SBI is one way of building that relationship. We're excited to create tens of thousands of micro entrepreneurs by enabling them to start their careers on the Uber platform, by owning their cars, through this program with SBI,” said Eric Alexander, President of Business, Asia Pacific at Uber.
 
In January, earlier this year, SBI had launched an innovative digital loan offering for merchants on e-commerce platforms. The offering has been extended to some of the largest players in the space including Snapdeal, Flipkart and Paytm. The partnership with Uber is another step in the bank's vision to build a risk mitigated portfolio by leveraging new ecosystem opportunities. 
 
The bank has hired Boston Consulting Group (BCG) to facilitate new tie-ups under eco-system financing and to design innovative product offerings.
 
SBI has about one million MSME customers with a loan book of around Rs 1,80,000 crore. 
 
"SBI and Uber are exploring further collaboration opportunities on various other areas including a special scheme for the Faujis who intend to drive on the Uber platform. Uber India has partnered with the Army Welfare Placement Organization (AWPO) under the Ministry of Defence to help ex-servicemen transition to civilian life and to provide them with entrepreneurial opportunities once they retire or complete their term of service. The bank is looking to offer special benefits for Uber Fauji program," the release said.
 
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L&T Construction wins orders valued at Rs. 1672 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction division had won orders worth Rs. 1672 crore across its various businesses.
 
A press release from the company said these orders included contracts worth Rs. 967 crore bagged by its Buildings & Factories business.
 
The business had secured an order from Uttar Pradesh Avas Vikas Parisad for the engineering, procurement and construction of a multi-storied residential project in Lucknow. The scope involves civil, structural, mechanical, electrical, plumbing and finishes.
 
The release said the business received another turnkey order from a leading developer in Mumbai for the construction of a multi-storied residential building and retail space. The scope involves civil, structural, mechanical, electrical, plumbing and finishes.
 
The company's Power Transmission & Distribution (PT&D)Business has bagged new orders worth Rs. 580 crores in the international markets. It has secured an engineering, procurement and construction (EPC) order in Ethiopia from the Ethiopian Electric Power for the construction a 400/230/15 kV sub-station and three 230/15 kV sub-stations at various locations. These sub-stations will be critical in improving the energy infrastructure of that country. The project is funded by the French Development Agency.
 
The release said the PT&D Business had also received an order in South East Asia from a reputed customer for the establishment of a high-voltage substation which will be executed on an EPC basis.
 
Additional orders worth Rs. 125 crore had also been received from ongoing jobs of L&T Construction’s Water & Effluent Treatment Business, it added.
 
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India's forex reserves swell by $ 4.076 billion to $ 350.864 billion

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India's foreign exchange reserves rose by a whopping $ 4.076 billion to $ 350.864 bilion during the week ended March 4, reversing a two-week downtrend, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had fallen by $ 3.577 billion to $ 346.788 billion during the previous week.
 
In its weekly statistical supplement, the central bank said that  foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 2.449 billion to $ 327.475 billion in the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves increased by  $ 1.628 billion to $ 19.325 billion, while its special drawing rights decreased by $ 0.5 million to $ 1.4779 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) fell by $ 0.6 million to $ 2.584 billion, the bulletin added.
 
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HCC awarded Rs. 635 crore contract from NTPC

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Infrastructure major Hindustan Construction Company Ltd (HCC) today said it had been awarded a Rs. 635 crore contract by the public sector NTPC to construct Head Race Tunnel (balance works) for Tapovan Vishnugad Hydro-electric Power Project on the river Dhauliganga in Chamoli district of Uttarakhand.
 
The project is to be completed in 34 months, a press release from the company said.
 
The release said the order was an item rate contract involving salvaging of Double Shield Tunnel Boring Machine (TBM) stuck in the earlier operation by another contractor, refurbishing and putting it in operation to construct 2.84 km long Head Race Tunnel (HRT), with installation of segmental lining. The contract also involves construction of a 1.66 km long tunnel using drill and blast method and concrete lining.
 
Mr. Arun Karambelkar, President & CEO- E&C, HCC Ltd. said “We are pleased to secure this contract, which only manifests the expertise of HCC in managing complex work in difficult terrain. We are confident that our efficient and highly skilled team will not only salvage the stuck Tunnel Boring Machine but will complete the construction of Head Race Tunnel in the stipulated time frame”
 
With this, HCC’s order intake In FY 2015-16 has reached Rs. 5,155 crore. Besides, the company is lowest bidder in six projects worth Rs. 4,300 crore. The combined order backlog is likely to cross Rs. 21,000 crore in FY2015-16, the release added.
 
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Projects worth Rs. 1,20,000 crore to be showcased at Maritime India Summit : Gadkari

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Union Minister of Shipping, Road Transport & Highways Nitin Gadkari today said that projects in the ports and shipping sector, worth an  investment of Rs. 1,20,000 crore would be showcased before potential investors at the Maritime India Summit to be held in Mumbai from April 14-16.
 
Talking to journalists here today ahead of the summit, he said the focus of the government was on creating more jobs in the maritime sector.
 
He said one crore jobs -- 40 lakh direct and 60 lakh indirect -- had been identified to be created in 27 port-based industrial clusters, coastal shipping and inland waterways under theSagarmala project.
 
Pointing to the high cost of logistics, which, at 18%, was affecting the manufacturing sector, Mr. Gadkari said transportation costs could be reduced substantially by developing coastal shipping and inland waterways. This wold bring down the cost of logistics and make Indian products more cost-effective, he said.
 
He listed the major initiatives taken by the government in the maritime sector, including new ports at Wadhavan, Enayam (near Colachel) and Sagar with investment of Rs. 20,157 crore. 
 
In addition, 27 projects with investment of Rs. 12,696 crore, adding capacity of 116 MTPA have been awarded in 2015-16 which include JNPT road connectivity (Rs.2,787 crore) , Paradip mechanisation of coal berths (Rs. 1633 crore) , Mumbai 5th oil berth (Rs. 811 crore) , Kandla container terminal (Rs. 263 crore) , Kolkata FSRU (Rs. 3500 crore) , Ennore capital dredging (Rs. 425 crore), Paradip LPG Terminal (Rs. 690 crore) , New Mangalore mechanization (Rs. 470 crore) and Goa dredging (Rs. 194 crore).
 
Mr. Gadkari said 15 projects with investment of Rs. 6879 crore would be awarded before March 31, 2016 which include Goa conversion of iron ore berths to multipurpose berths in Mormugao Port (Rs. 1100 crore), Ennore oil terminal (Rs. 700 crore), Ennore capital dredging (Rs. 600 crore), Haldia floating POL facility (Rs.460 crore) and Mumbai FSRU (Rs. 2740 crore). 
 
He said 32 projects with investment of Rs. 4351 crore and capacity of 70 MTPA had been completed in 2015-16 while 46 projects with investment of Rs. 28,040 crore with capacity of 307 MTPA were under implementation.
 
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South Korea will be the partner country at the Maritime India Summit, which is aimed at providing a platform for participants to explore potential business opportunities in the maritime sector.
 
It will showcase exciting investment opportunities in the sector including Shipbuilding, Ship Repair and Ship Recycling, Port Modernization and New Port Development, Port-based Industrial Development, Port-based Smart Cities and Maritime Cluster Development, Hinterland Connectivity Projects and Multi-Modal Logistics Hubs, Inland Waterways and Coastal Shipping for Cargo and Passenger movement, Dredging, Lighthouse Tourism and Cruise Shipping and Renewable Energy Projects in Ports. 
 
An exhibition along with exclusive demo sessions will showcase the latest technology, products and services as well as help disseminate knowledge about the latest development in the maritime sector. The event will also provide a platform for leading global maritime organisations to explore business opportunities and create awareness amongst stakeholders about the emerging trends and opportunities in the maritime sector.
 
It is expected that a large number of foreign delegates especially from the maritime nations such as South Korea, Norway, Singapore, UAE, UK, France and EU will attend the summit.
 
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Botswana's Okavango Diamond Company to host diamond viewings in India

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Okavango Diamond Company (ODC) has announced plans to host diamond viewings at India Diamond Trading Centre (IDTC) from July 20-25 for members of the Gems and Jewellery Export Promotion Council (GJEPCP) and the Bharat Diamond Bourse (BDB).
 
“We are very happy to know that Okavango Diamond Company is coming to India for displaying its diamonds. The endeavour is to make the rough diamonds available for small scale manufacturers here, and we appreciate the miners who have been showing interest and bringing their diamonds to India for display. I am sure ODC would appreciate the world class facility offered at IDTC and would also schedule its future viewing sessions with ITDC for our members," GJEPC Chairman Praveenshankar Pandya said.
 
A press release from GJEPC said the goods that will be shown at the IDTC would predominantly be a selection of the -2 carats size ranges that will be offered for sale at ODC's July online auction on July 28.
 
The viewings in India will take place in parallel to those in Gaborone, Botswana. ODC viewing appointments at the IDTC will be available to any GJEPC and BDB members who have completed ODC’s registration process.
 
Toby Frears, Managing Director of ODC, said, "We are delighted to be able to showcase ODC and Botswana’s diamonds in India and are grateful to the IDTC for presenting us with this opportunity. We recognise the importance of the Indian industry to ODC and we look forward to exposing new customers to the ODC brand and to promoting Botswana as a leading rough sourcing destination."
 
Representatives from ODC will be in Mumbai on March 14 to meet those interested in becoming an ODC customer and to answer any questions regarding ODC’s sales or registration process. 
 
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GJEPC urges govt. to withdraw excise duty on jewellery

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The Gems and Jewellery Export Promotion Council (GJEPC) today urged the government to withdraw the proposed 1 percent excise duty on jewellery (other than plain silver jewellery) in the Union Budget for 2016-17.
 
In a statement here, the GJEPC said the imposition of the duty was not in the interest of the industry.
 
It said GJEPC had sought meetings with Finance Minister Arun Jaitley and officials of the Ministry of Finance and the Ministry of Commerce and Industry to persuade them to roll back the proposal.
 
“For 30 to 40 years, there was no excise on jewellery due to the small scale nature of manufacturing and sale of goods and the unique way the industry does its business. Also the industry also imports all its gold from outside after paying customs duty. Hence, the Council is of the opinion that it needs to be withdrawn by the government forthwith," GJEPC Chairman Praveenshankar Pandya said.
 
“Though we morally support the stand taken by GJF and other industry associations, we do not want to go on strike as a protest against this announcement as we believe in engaging with the government with constructive dialogue to persuade them to repeal the same,” he said.
 
The statement said the gems and jewellery industry had made several representations to the government to facilitate ease of doing business in the sector. 
 
"In India, jewellery is largely produced by the SMEs and they are not equipped to follow the rigid compliance of excise norms. The imposition of excise would severely impact jewellery production in India, resulting in loss of employment to the uneducated but skilled jewellery workers.
 
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“We are distressed to find in the case of the gems & jewellery sector, no specific attention has been paid to address ease of doing business considering that exports of gems & jewellery account for a major share in the world market. We expected that the government would announce measures to facilitate the export-oriented industries and create an environment of ease of doing business. We find that our existing concerns have not been addressed in this Budget,” Mr. Pandya added.
 
"In the past, successive governments have considered this and not levied excise on jewellery. The Council strongly urges the Finance Minister to reconsider the levy of excise on jewellery products. GJEPC will continue to engage with the government on key issues and challenges faced by the Industry," the statement added.
 
GJEPC is one of the several Export Promotion Councils (EPCs) set up by the government. It represents over 6,000 exporters in the sector. 
 
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Tata Motors ties up with Bharat Forge, General Dynamics Land Systems for FICV programme

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Automobile manufacturers Tata Motors today said it had signed a strategic agreement with Bharat Forge and General Dynamics Land Systems (GDLS) of the United States for the Indian Ministry of Defence (MoD’s) prestigious Future Infantry Combat Vehicle (FICV) programme. 
 
Tata Motors will lead the consortium, with Bharat Forge as a partner, while General Dynamics Land Systems will bring in its much proven expertise in combat vehicle platforms, a press release from the company said.
 
According to it, Tata Motors will play on its strengths related to design, development and integration of mobility platforms, while Bharat Forge will bring on board its competence with fighting platforms and manufacturing strengths. 
 
General Dynamics’ proven expertise, as SOSI (a system of systems integrator) in various integrational programmes, will bring in the required competency enabling Tata Motors, the lead integrator, to offer a truly indigenous solution for this ‘Make’ programme, it said.
 
To be developed under the ‘Make category’, the FICV is a high mobility armoured battle vehicle, for infantry men to keep pace with new advancements in weaponry system. 
 
"The FICV needs to be compact, tracked and amphibious, no heavier than 18-20 tonnes, so that it can be air-portable and transportable by other means, onto combat zones. The vehicle must fire anti-tank guided missiles, to ranges beyond four kilometers, with a capability to carry a crew of three and eight combat-kitted infantrymen. The FICV will replace the Indian army's fleet of 2610 Russian-designed BMP (Sarath BMP-II) series armed vehicles, that are in operation since 1980," the release said.
 
Mr. Ravi Pisharody, executive director, commercial vehicles, Tata Motors, said, “Defence particularly needs partners with long-term commitments to see products and solutions through multiple generations of evolution, and we at Tata Motors are proud to have joined hands with Bharat Forge and General Dynamics Land Systems, for a complete FICV solution for the Indian armed forces. Through this partnership we will be better positioned to help the country realize its ‘Make in India’ vision, for the first completely indigenized combat vehicle, at the same time cater to the opportunities available right here in India.”
 
“Committed to the highest standards, we at Tata Motors have invested time and resources towards the indigenization of our products and solutions, and are proud to have made significant progress with a working example of a wheeled prototype of the ICV, called the ICV Kestrel, developed jointly with DRDO," he said.
 
Mr. Baba N Kalyani, chairman and MD, Bharat Forge, said, “Our proposed partnership will constitute an important milestone, to help meet the Indian Government’s objectives to strengthen indigenous defence capabilities, and particularly in land systems, with the FICV. Working with the country’s largest automotive manufacturer, will help us develop new directions for both companies and to address future requirements of the Indian Armed Forces. We look forward to an exciting future.”
 
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Mr. Donald Kotchman, vice-president, tracked combat vehicles, General Dynamics Land Systems, said, “We are proud to have been selected by Tata Motors as a partner in order to meet the requirements of the Indian Ministry of Defence FICV programme. At General Dynamics Land Systems, we have established a track record of delivering and sustaining international programs, in a timely and cost-effective manner throughout the platform’s life. Led by Tata Motors, we look forward to working with our consortium partners in supporting the ‘Make in India’ initiative, developing the Indian FICV.”
 
The FICV is mobility oriented and is established by the fact that three of the five core technologies and 19 of the 34 critical technologies are mobility related, such as engines, transmission and running gear, which are core to Tata Motors, which as a lead of this consortium, has demonstrated years of experience of integrating key technologies needed in the armoured mobility segment. With around 14 Tata companies engaged in providing cutting edge solutions in the defence and aerospace sector, the group has the capability and ability to deliver on the FICV programme, hte release said.
 
The Tata Motors-led consortium’s response to the Indian Ministry of Defence EoI (expression of interest) commits to indigenisation, through various Tata group companies, that play a vital role in the defence and aerospace sector, also partnering with companies with most advanced competencies in the development of ICVs, for the global market. Some of the group companies involved in the Tata Motors-led FICV program are Tata Advanced Systems, Tata Advanced Materials, Tata Consultancy Services, TAL Manufacturing Solutions and Tata Technologies Limited.
 
"Given Tata Motors technical capabilities, R&D investments, fixed assets and relevant project experience, in the defence mobility space, has resulted in the development of an amphibious platform for a futuristic combat vehicle (the Wheeled ICV – KESTREL). Down selected as the development agency of the DRDO, the ICV Kestrel was jointly developed by Tata Motors with DRDO, in a competitive tender process, in a record period of 18 months. Both Tata Motors and DRDO are extremely pleased with results of the Wheeled ICV Kestrel, in internal trials for mobility, amphibious capability and gunnery. The Wheeled ICV Kestrel platform, will now be offered by the DRDO to the mechanized forces of the Indian army, for UATT (User assisted technical trials)," the release added.
 
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India's forex reserves slide by $ 3.577 billion to $ 346.788 billion

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Falling for the second consecutive week, India's foreign exchange reserves dipped by a whopping $ 3.577 billion to $ 346.788 billion during the week ended February 26, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had fallen by $ 1.466 billion during the previous week, reversing a four-week uptrend.
 
In its weekly statistical supplement, the central bank said that  foreign currency assets, which constitute a major chunk of the forex reserves, had fallen by $3.556 billion to $ 325.026 billion in the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 17.697 billion, while its special drawing rights (SDR) decreased by $ 7.4 million to $ 1.48 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) fell by $ 13 million to $ 2.585 billion, the bulletin added.
 
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Reliance Capital Asset Management gets all approvals for hike in Nippon state to 49%

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Reliance Capital Asset Management (RCAM), a part of Reliance Capital, today said it had completed the regulatory approval process for increasing the stake of Nippon Life Insurance, a Fortune 500 company and one of the largest life insurers in the world, to 49 per cent.
 
In line with the new shareholding structure, the name of the company will also be changed from Reliance Capital Asset Management to Reliance Nippon Life Asset Management. Nippon Life Insurance would also become the co-sponsor in Reliance Mutual Fund, along with Reliance Capital, post the completion of stake sale, a press release from the company said.
 
According to the release, the company today received approval from Securities and Exchange Board of India (SEBI) for increasing Nippon Life Insurance stake in RCAM from existing 35 per cent to 49 per cent. The company had already received approval from Competition Commission of India for this stake sale.
 
“We are thankful to the regulators for granting their approvals to this stake sale and will be completing the transaction in next few days,” said Mr. Sam Ghosh, ED and Group CEO, Reliance Capital.
 
The Boards of Directors of both the companies -- Nippon Life Insurance and Reliance Capital Asset Management -- had already approved the increase in stake by the Japanese partner, subject to regulatory approvals.
 
The release said RCAM is the largest asset manager in India, in terms of assets under management (AUM), managing Rs. 2,61,424 crore (US$ 39.6 billion) as on December 31, 2015, across mutual funds, pension funds, managed accounts and offshore funds.
 
Nippon Life Insurance is already a strategic partner in Reliance Capital Asset Management. The company acquired 26 per cent stake in Reliance Capital Asset Management at an aggregate value of Rs 1,450 crore (US$ 240 million) in 2012. The transaction pegged the total valuation of Reliance Capital Asset Management at approximately Rs 5,600 crore (US$ 920 million).
 
Subsequently, the Japanese company increased its stake by 9 per cent, to 35 per cent, in February this year at an aggregate value of Rs 657 crore (US$ 108 million) that pegged the valuation of Reliance Capital Asset Management at Rs 7,300 crore (US$ 1.2 billion). 
 
The Japanese company will now be investing an aggregate value of Rs 1,196 crore (US$ 184 million) to acquire an additional 14 per cent stake in Reliance Capital Asset Management, in tranches, to reach a 49 per cent stake. The transaction pegs Reliance Capital Asset Management’s valuation at Rs 8,542 crore (US$ 1.3 billion), the highest valuation till date for any asset management company in the country.
 
Nippon Life Insurance is an over 125 years old insurer and a Global Fortune 500 company that manages over US$ 520 billion (Rs 33.8 Lakh crore) in assets -- amongst the largest total assets in the world for any life insurer. 
 
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Sanjiv Kapoor joins Vistara as chief strategy and commercial officer

Sanjiv Kapoor
Sanjiv Kapoor
Former SpiceJet chief operating office Sanjiv Kapoor has joined Vistara, the joint venture full-service airline launched by the Tata Group and Singapore Airlines (SIA), as its new chief strategy and commercial officer.
 
A press release from the airline said here yesterday that Mr. Kapoor would be responsible for managing a wide portfolio of Vistara’s commercial and planning functions, including strategy development, network planning, pricing and revenue management, sales and distribution, product development, branding, marketing and customer experience. 
 
Mr. Kapoor will also be responsible for in-flight services and ground operations. He succeeds Mr. Giam Ming Toh who is returning to Singapore Airlines on completion of his deputation with Vistara, the release said.
 
According to the release, Mr. Kapoor joins Vistara with more than 19 years of experience in the airline industry.
 
“I am very pleased and excited to join an airline that has the Tata group and Singapore Airlines as its parents – you simply cannot beat the pedigree. Vistara has already earned an enviable reputation in terms of customer experience, service, and operational excellence, and is well positioned to deliver on the proud legacy of the ‘father of Indian aviation’, Mr JRD Tata. I look forward to working with Phee Teik and the entire Vistara team with great confidence that together we will fulfill JRD's dream to create an airline that will make India proud," Mr. Kapoor said.
 
Mr. Phee Teik Yeoh, CEO, Vistara said, “We welcome Sanjiv into the Vistara family. We are entering into a new phase of growth and Sanjiv’s industry knowledge, backed by rich Indian and global experience will be valuable in propelling Vistara’s growth. We are keen to leverage his passion for the business and his understanding of India’s market dynamics to grow our presence and build on Vistara’s mission and promise.”
 
Mr. Kapoor, who hails from Kolkata, received his MBA from the Wharton School of the University of Pennsylvania, and his BA in Computer Science from Dartmouth College, USA. On the personal front, he is the co-founder of an NGO ‘A Garbage Free India’ that works with local municipalities and schools in India to change public attitudes and clean up India’s streets.
 
Giam Ming, who has been with the airline since inception and successfully created and established the Vistara brand promise, will work alongside Mr. Kapoor for a smooth transition until end-April 2016, the release added.
 
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Jet Airways to relocate domestic flight operations in Mumbai to Terminal 2 from March 15

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Jet Airways today said it would relocate its domestic operations to the state-of-the-art Terminal 2 (T2) at Mumbai’s Chhatrapati Shivaji International Airport (CSIA) in Sahar on March 15, 2016.
 
Spread across 4.4 million square feet, the integrated Terminal 2 has 60 departure check-in counters and 80 arrival immigration counters capable of handling 40 million passengers annually. Terminal 2 is also well connected to the island city by public transport which includes the Mumbai Suburban Railway, Mumbai Metro Rail, public transport buses, taxis and auto rickshaws.
 
Jet Airways' migration of domestic operations to T2 will lead to the integration of domestic and international flight operations in one terminal, resulting in a significantly enhanced, seamless and hassle free transfer experience for guests, a press release from the airline said.
 
Flight 9W 484 from Mumbai to Kolkata departing at 02:25 hrs will be the first Jet Airways domestic flight to operate from T2 on March 15, 2016. The first arriving flight will be 9W 628 at 00:10 hrs from Kolkata.
 
The relocation of domestic operations to T2 is part of Jet Airways' strategic commitment to develop Indian airports as hubs, providing guests greater connectivity on its domestic and international networks. Jet Airways operates over 135 daily flights out of Mumbai to destinations in India and around the world.
 
"The move to Terminal 2 will significantly improve operational efficiencies, by allowing Jet Airways to transition a greater number of domestic flyers onto its international network and vice-versa," it said.
 
Passengers will now be able to transfer from domestic to international flights within 75 minutes compared to an hour and 45 minutes currently, while international to domestic transfers will take just 90 minutes compared to two hours currently, the release said.
 
Mr. Gaurang Shetty, Senior Vice President - Commercial, Jet Airways, said: "The integration of domestic and international operations at Mumbai’s Terminal 2 will enable Jet Airways to transform Mumbai into a critical international transit hub. As one of the largest carriers operating out of Terminal 2, Jet Airways is best poised to offer its guests a superior travel experience together with seamless connectivity from India to the World."
 
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L&T Construction wins orders valued at Rs. 2213 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders worth Rs 2213 crore across its various businesses.
 
These include new contracts worth Rs. 1078 crore from the National Highway Authority of India (NHAI) for the construction of the Kerala/TamilNadu-Villikuri-Kanyakumari sections of national highway (NH)-47 and NH-47B under NHDP Phase-3 in the state of Tamil Nadu on EPC mode.
 
The projects are scheduled to be completed in 24 months and involve cumulative construction of 69.9 km of four-lane dual carriage way with concrete pavement, a press release from the company said.
 
The scope also involves 64 km bypass and realignment work, 51.7 km of service/slip roads, one major bridge, 33 minor bridges, three railway over bridges and 23 vehicular and cattle underpasses.
 
"The order is in keeping with the momentum witnessed recently in the area of roads and bridges and a reaffirmation of L&T’s credentials in this space through its well-established capabilities in design, engineering, project execution and construction, quality and safety standards and on-time delivery," the release said.
 
The company said its Power Transmission & Distribution Business had bagged new orders worth Rs. 1001 crore across domestic and international markets.
 
In the international market, the business has won a prestigious and strategic EPC order from Sarawak Energy in East Malaysia, of Samalaju-2 275/132/33kV substation establishment. The sub-station will supply power to industrial projects and factories under development in the Samalaju SCORE area. 
 
This is the largest ever GIS sub-station order win in Malaysia to be given by a power utility company along with the largest GIS to be commissioned in South East Asia (43 bays). The project has a demanding and one of the fastest ever commissioning schedules – essential parts commissioning in 15 months including 
construction of the GIS building and essential GIS bays.
 
L&T was shortlisted and awarded this project after a stringent capability evaluation and on the strength of its commendable past record for fast track project execution. L&T has secured the project in an established MNC sub-station market.
 
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Adding to the list of international successes, a major order has been bagged by Larsen & Toubro (Oman) LLC, a subsidiary of L&T, for construction of 400kV underground cable lines and overhead lines from 400kV Sohar IPP-3 GS to 400kV Sohar free zone (SFZ) Grid station on EPC basis from Oman Electricity Transmission Company Limited.
 
On the domestic front, an order from Power Grid Corporation of India Limited has been secured for engineering, procurement and construction of +/- 100MVAR STATCOM Installation at 400/220 kV NP Kunta Substation under Transmission System for Ultra Mega Solar Park ( Part A) in Anantapur district of Andhra Pradesh.
 
Besides this, another order has been bagged under the RAPDRP scheme for engineering, supply, erection and commissioning of new 33/11kV UG cables and lines with augmentation & network up gradation of existing power lines in Bhubaneswar town. 
 
The company's Buildings & Factories Business had secured an engineering, procurement and construction (EPC) order worth Rs. 134 crore from the Andhra Pradesh Capital Region Development Authority for the construction of interim government complex buildings.
 
The scope involves civil, structural, mechanical, electrical, plumbing and finishes, the release added.
 
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India's forex reserves dip by $ 1.466 billion to $ 350.365 billion

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Reversing a four-week uptrend, India's foreign exchange reserves fell by $ 1.466 billion to $ 350.364 billion during the week ended February 19, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had risen by 347.2 millon to $ 351.832 billion during the previous week.
 
In its weekly statistical supplement, the central bank said that  foreign currency assets, which constitute a major chunk of the forex reserves, had fallen by $ 1.436 billion to $ 328.583 billion in the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 17.697 billion, while its special drawing rights (SDR) dipped by $ 2.574 billion to $ 1.487 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) increased by $ 2.544 billion to $ 2.598 billion, the bulletin added.
 
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Reliance Capital Board okays transfer of commercial finance division into separate wholly owned subsidiary

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The Board of Directors of Reliance Capital today approved the transfer of its commercial finance division into a separate wholly owned subsidiary. 
 
The transfer proposal of Reliance Commercial Finance (RCF), approved by the board today, aligns with the existing corporate structure of Reliance Capital wherein all operating business are held as wholly or majority owned subsidiaries, a press release from the company said.
 
RCF is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation. The company has an aggregate asset under management (including securitized portfolio) portfolio of Rs 15,049 crore as on December 31, 2015.
 
"All operating businesses of Reliance Capital Ltd., except the Commercial Finance business, are held in its wholly or majority owned subsidiaries. Accordingly, to align the overall operating structure, it is proposed to transfer the Commercial Finance division of the Company into a Wholly Owned Subsidiary. 
 
"This will also facilitate the treatment of the Company as a Core Investment Company (CIC) in terms of applicable RBI regulations," said Mr Sam Ghosh, ED & Group CEO, Reliance Capital. 
 
The proposal will enhance management focus on Reliance Commercial Finance and also provide flexibility to the company to unlock value through stake sale. 
 
Reliance Life Insurance and Reliance Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner --Nippon Life Insurance -- with 49% stake. 
 
“Reliance Commercial Finance has over 900 employees and the proposal will enhance employee engagement and retention through ability to grant ESOPs in the business,” said Mr Ghosh. 
 
The demerger will be soon filed for requisite approvals and would be effective from April 1, 2016, subject to necessary court and regulatory approvals. 
 
As per the scheme, the commercial finance division of Reliance Capital would be merged into Reliance Gilts Limited, a wholly owned subsidiary of Reliance Capital, and this merged entity would be renamed Reliance Commercial Finance Limited. 
 
Reliance Capital would be applying to the Reserve Bank of India (RBI) for registering itself as a CIC post the transfer and this move would also facilitate the application of banking licence, as and when RBI policy permits. 
 
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L&T Hydrocarbon enters into agreement with McDermott for deepwater market in India

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Infrastructure major Larsen & Toubro (L&T) today said its fully owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) had signed a long-term agreement with McDermott International focused on subsea projects in deepwater segment emerging on the east coast of India.
 
Under the agreement, LTHE and McDermott will develop a cost-effective approach which will utilize LTHE’s state-of-the-art, strategically located Kattupalli facility near Chennai. It will be used for fabrication and setting up of a local spool base in India. 
 
The versatile fleet and combination of reel lay and S lay methods for laying of subsea pipelines will be by McDermott.
 
"This offers a unique and compelling value proposition for future east coast India deepwater developments," a press release from the company said.
 
According to it, the two companies have successfully cooperated on several other projects in India previously and this agreement further strengthens the relationship between them.
 
"The agreement builds on successful collaboration between McDermott and LTHE which resulted in the recent Rs.2450 crore order to the consortium of McDermott and LTHE for Vashishta Deepwater Greenfield development," the release added.
 
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India's forex reserves rise by $ 347.2 million to $ 351.832 billion

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India's foreign exchange reserves have risen for the fourth consecutive week, going up by $ 347.2 million to $ 351.832 billion during the week ended February 12, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had risen by $ 2.332 billion to $ 351.484 billion during the previous week.
 
In its weekly statistical supplement, the central bank said that   foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 1.581 billion to $ 330.019 billion in the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 17.697 billion, while its special drawing rights (SDR) increased by by $ 21.5 million to $ 4.061 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) reduced by $ 1.255 bllion to $ $ 54.2 million, the bulletin added.
 
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