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Central Railway to run six more special trains between Pune and Gorakhpur

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The Central Railway has decided to extend the run of weekly special trains between Pune and Gorakhpur to clear the extra rush of passengers during the summer holidays.
 
A press release from the railway said 05024 special train will leave Pune at 1045 hrs on May 17, May 24 and May 31 and arrive at Gorakhpur at 1945 hrs.
 
In the reverse direction, 05023 special train will leave Gorakhpur at 1500 hrs on May 15, May 22 and May 29 and reach Pune at 0245 hours on the third day.
 
The train will stop at Daund, Ahmednagar, Kopargaon, Manmad, Jalgaon, Bhusaval, Khandwa, Itarsi, Habibganj, Bhopal, Bina, Lalitpur, Jhansi, Orai, Pokhrayan, Kanpur Central, Lucknow (NR), Barabanki, Gonda, Mankapur,  Basti and Khalilabad. 
 
The train will be composed of one AC-2 Tier, one AC-3 Tier, 8 Sleeper class, 6 General second class and 2 General second class cum guard’s brake vans.
 
Bookings for 05024 will open from May 15, the release added.
 
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L&T Construction wins orders valued at Rs 1137 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction division had won new orders worth Rs 1137 crore in April-May 2014, including from Saudi Arabia and Oman in the Gulf.
 
A press release from the company said that the new orders included contracts worth Rs 754 crore received by its Power Transmission & Distribution Business.
 
The orders received in Saudi Arabia include one from National Grid, a subsidiary of Saudi Electricity Company, for construction of two 115/13.8 kV Substations at Dammam Industrial Estate and Al-Majeedia, Qatif. 
 
The scope involves detailed design, engineering, procurement, installation, testing and commissioning of a 115 kV Gas Insulated Switchgear, 115/13.8 kV power transformers, MV switchgears, control and protection system, substation automation system, HVAC, firefighting system with associated civil works.
 
The other order is for the construction of a new 106 km, 132 kV Double Circuit Transmission Line in Wadi Dawasir Area. The scope involves detailed engineering, tower foundations, supply and erection of 132 kV family of towers with associated transmission line components along with testing and commissioning of the entire circuit.
 
In Oman, L&T has received an order from the Oman Electricity Transmission Company S.A.O.C for the design and construction of a new 400kV Izki Grid station near Nizwa.
 
This is the first 400kV Grid Station bagged by the company in the Gulf States. The contract encompasses supply and erection of 400kV Gas Insulated Switchgear, 500MVA transformer and control relay panels, substation control system and related civil works.
 
On the domestic front, the business received an order from Vizag Transmission Limited, a subsidiary of Power Grid Corporation of India, for building a 765 kV D/C Transmission line with associated system strengthening in Andhra Pradesh.         
 
In the Buildings & Factories Business, new orders worth Rs 315 crore have been received. An order has been bagged from one of the world’s leading two-wheeler manufacturers for the design and construction of test tracks and buildings for the company’s upcoming innovation research development centre near Jaipur in Rajasthan.
 
The Water & Renewable Energy Business has received an additional turnkey order from a reputed client for the construction of a 11 MW Solar photo voltaic power plant in Andhra Pradesh. The scope involves design, engineering, supply, erection, testing and commissioning, the release added.
 
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Reliance, BP, NIKO issue notice of arbitration to Govt. on gas price

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Energy majors Reliance Industries Limited (RIL), BP and Niko today said they had issued a notice of arbitration yesterday to the Government seeking the implementation of the “Domestic Natural Gas Pricing Guideline 2014” notified by it on January 10, 2014.
 
"The continuing delay on part of the Government of India in notifying the price in accordance with the approved formula for the gas to be sold has left the Parties with no other option but to pursue this course of action," a press release from RIL said.
 
"Without this clarity, the Parties are unable to sanction planned investments of close to $4 billion this year. In addition, this will also delay the ability of the Parties to appraise and develop other significant discoveries made last year," it said.
 
The companies said that, overall, they were planning to invest $ 8-10 billion in the next few years to significantly increase production from the Krishna Godavari (KG) D6 block.
 
They said this domestic production was essential for meeting India's energy needs and would also help conserve foreign exchange which is required for imports of natural gas into India at the present time. "All of this requires clarity on pricing," it said.
 
"The three Parties shall endeavour to work with the Government to achieve a prompt and efficient resolution of this dispute," it added.
 
The Government had, on January 10 this year, notified the guidelines, which will be applicable to all natural gas produced domestically, irrespective of the source, whether conventional, shale, coal bed methane (CBM) and so on.
 
The Government had said then that these guidelines shall apply from April 1, 2014.
 
Reliance sources said the company had been working diligently to arrest the decline from currently producing fields. In addition, it has about 5 trillion cubic feet of discovered gas resources in the KG D6 block that await investment and development to be able to bring them to market.
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The sources said these resources need clarity on long term gas prices to be developed economically. According to them, exploration and development activity is based on a pricing structure that enables investments.
 
"The PSCs promise an ‘arm’s-length, market determined’ price for domestic gas. Having made a major discovery in 2013, we were getting ready to start investing in the development of discovered resources. We were upbeat over the opportunity to invest over $8-10 billion in development of discovered resources over the next 3-4 years. These investments could have significantly increased our production by 2019. This would also help the country avoid LNG imports of more than $75 billion," they said.
 
The sources said the company had, in early 2012, requested the Government to provide clarity on prices after the first quarter of 2014, when the current price formula approved by the Government and the contracts to sell gas expired, to be able to progress development of discovered resources and increase exploration activities to find more gas in India.
 
They said the Rangarajan Committee (RRC) proposed a formula for pricing of gas based on market prices of gas across the world for a period of five years before transitioning to gas-on-gas competition. This was to facilitate a transition to arms-length market prices.
 
The sources said RIL's KG D6 block was the only New Exploration Licensing Policy (NELP) block that is selling gas today. 
 
"Our contracts to sell gas at $4.2/mmbtu expired on 31 March 2014.  Following expiry of the contracts, the new gas price was supposed to be calculated using the CCEA-approved RRC formula," they said.
 
They said the Ministry of Petroleum & Natural Gas (MoPNG) was mandated to compute and notify the new gas price for the quarter April to June 2014 by early March 2014. The Election Commission on March 24 advised deferment of announcement of the new gas price for the quarter starting April 1 till the Model Code of Conduct is lifted, due to the Lok Sabha elections, as well as the matter being sub-judice in the Supreme Court The Supreme Court, however, did not defer or delay notification of gas prices.
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"Hence, there is no gas price from April 1 2014 for our current production. This resulted in an arbitrary decision by MoPNG to force us to keep selling gas at $4.2/mmbtu after 1 April 2014. This is in contravention of the PSC and detrimental to the economic interests of the contractor group and the government. Under protest but in good faith we have kept supplying gas at $4.2/mmbtu to the customers," they said.
 
"We requested the government to announce the gas prices as soon as the Model Code of Conduct was over, with effect from 1 April 2014 as per the Cabinet decision and given that fact that our contracts had expired in March 2014. MoPNG indicated gas prices would only be announced for the 2nd quarter 2014, completely ignoring the Cabinet decision to change prices from 1 April 2014.
 
"This contradictory move has resulted in a loss to the contractor group and the government of Rs 300 crores per month.
 
"Most capriciously, there is no clarity on what the gas price would be in the future, failing which all our current and future investment plans are in jeopardy. The contractor group which was getting ready to sanction the first major project with an investment of $4 billion in June/July 2014 is now forced to halt activities.  This major investment decision would have resulted in first gas from the project coming to Indian markets in 2017.  One quarter’s delay this year will delay this project by 1 year due to the construction weather window in the Bay of Bengal being lost.  This will result in an increasing dependence on expensive LNG imports. A complete lack of clarity on gas prices going ahead has hence thrown all our plans in disarray.
 
"All such arbitrary, contradictory and contravening moves to deny contractually promised prices will deter future investments in the Indian E&P sector," they explained.
 
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Oberoi Realty announces Ritz-Carlton as hospitality partner for Worli development

Real estate major Oberoi Realty has announced that The Ritz-Carlton will be the hospitality partner for its mixed use development in Worli, Mumbai, to be developed by Oasis Realty, a joint venture between it and Sahana.
 
The development will consist of two high-rise towers; The Ritz-Carlton, Mumbai and Residences- managed by The Ritz-Carlton, a press release from the company said.
 
The Ritz-Carlton Hotel Company operates 85 luxury hotels and resorts in major destinations in 26 countries worldwide.  
 
The Worli development will mark the entry of The Ritz-Carlton into India’s financial capital. 
 
Located in Worli, less than a kilometer from the Bandra-Worli sea link, the development has been designed to be a luxury landmark on the Arabian Sea, the release said.
 
Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited, said, “We are extremely pleased to have The Ritz-Carlton as the hospitality partner for our mixed use development in Worli. Globally, The Ritz-Carlton is known for its legendary services and they have splendid properties at the most sought after locations worldwide. I am confident that this partnership will enable us to craft an iconic development known for its unmatched quality and finest service standards for guests and residents alike. We are positive that we will add a luxury landmark to the skyline of Mumbai."
 
The Ritz-Carlton Hotel will have 238 rooms, two specialty and fine dining restaurants, an ocean view bar, a spa and banquet spaces amongst other facilities. 
 
“We have been searching for the perfect location for a premier hotel in Mumbai for several years with the right partners. This site offers everything hotel guests could want—a prime business location, stylish and contemporary design in this historically rich and vibrant city," Mr. Paul Foskey, Executive Vice President, Hotel Development, Asia-Pacific - Marriott International, said.
 
The development is designed by Kohn Pedersen Fox Associates (KPF), USA, one of the world’s leading architectural firms globally recognized for design excellence and innovation in their buildings. The interiors for the hotel tower will be crafted by leading interior designer, Tony Chi, who will take inspiration from Indian culture to create sleek interiors that offer a contemporary sense of place. 
 
The project is being constructed by Samsung C&T Corporation which has a track record of constructing some of the world’s tallest buildings like the Burj Khalifa in UAE and the Petronas Tower in Malaysia. 
 
Leslie E. Robertson Associates (LERA), USA, is the structural consultant and several other leading world-renowned consultants for services like wind engineering, façade engineering, MEP services, vertical transportation and landscaping are already on board for this project, the release added.
 
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RBI says banks should not levy foreclosure charges on floating rate term loans

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The Reserve Bank of India (RBI) today told scheduled commercial banks (SCBs) in the country that they would not be permitted to charge foreclosure charges or pre-payment penalties on all floating rate term loans sanctioned to individual borrows with immediate effect.
 
This follows a circular issued by the central bank yesterday advising all banks that they were not permitted to levy penal charges for maintenance of minimum balances in any inoperative account.
 
Both the measures are in keeping with the Developmental and Regulatory Policies outlined by RBI Governor in Part B of his first bi-monthly Monetary Policy Statement, 2014-15 on April 1, 2014.
 
He had, in that statement, proposed some measures for better consumer protection.
 
"Consumer protection is an integral aspect of financial inclusion. The Reserve Bank proposes to frame comprehensive consumer protection regulations based on domestic experience and global best practices. In the interest of their consumers, banks should consider allowing their borrowers the possibility of prepaying floating rate term loans without any penalty. 
 
"Banks should also not take undue advantage of customer difficulty or inattention. Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to Basic Savings Bank Deposit Accounts and restore the services when the balances improve to the minimum required level. 
 
"Banks should not levy penal charges for non-maintenance of minimum balances in any inoperative account. Banks should also limit the liability of customers in electronic banking transactions in cases where banks are not able to prove customer negligence," the statement had said.
 
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ING Vysya Life Insurance is now Exide Life Insurance

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ING Vysya Life Insurance Company Limited announced today that the company has been renamed Exide Life Insurance Company Limited with immediate effect following approvals from the Insurance Regulatory and Development Authority (IRDA) and the Ministry of Corporate Affairs. 
 
Exide Life Insurance is an established and profitable life insurance company that serves over 10 lakh customers in over 200 cities across India and manages over Rs 7000 crores in assets, a press release from the company said.
 
“Exide Industries Limited has been our major shareholder for eight years and acquired 100% ownership of the company over a year back," Mr Kshitij Jain, Managing Director and CEO of Exide Life Insurance Company Limited, said.
 
"We are proud to be a part of Exide’s rich heritage in India. Exide is a very well-known name across India and has the positive brand associations of trust and long lasting that are extremely relevant to the life insurance category. We are a top 5 player in our traditional home markets in the South and are confident that our new brand identity ‘Exide Life Insurance’ will help us replicate this success nationally," he said.
 
In 2013-14, Exide Life Insurance doubled its profits to Rs 53 crore driven by growth in renewal premiums and improvements in efficiency and product mix. 
 
“Advancements in the economy and health care have ensured that Indians are living longer than before. Life expectancy has gone up from 32 years to 68.4 years since independence.  Exide Life Insurance’s focus on the long term defines our mission - We help our customers prepare financially for a long and happy life," Mr Jain said.
 
The company will continue to honor its commitments and obligations under the insurance policies issued to customers in the name of ING Vysya Life Insurance Company Limited, the release said.
 
Exide is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over Rs 10,000 crores.
 
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Kharge visits scene of train derailment at Roha, meets injured in hospitals

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Minister of Railways Mallikarjun Kharge today visited the scene of the derailment of the Diva-Sawantwadi Road Passenger train near Roha in Raigad district of Maharashtra.
 
The engine and four coaches of the train had derailed between Roha and Nagothane stations yesterday morning, which left 21 people dead and 89 others injured.
 
Mr Kharge later visited the hospitals at Roha where the injured are undergoing treatment. He said the Railways would bear the hospital expenditure of all the injured passengers.
 
Meanwhile, the affected track was restored for rail traffic at 4.02 am today and the first train passed the spot at 5.02 am with speed restriction, Central Railway sources added.
 
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Death toll in derailment of Diva-Sawantwadi Road train rises to 21

The death toll in the derailment of the engine and four coaches of the 50105 Diva-Sawantwadi Road Passenger train in Raigad district of Maharashtra on Sunday has risen to 21, Central Railway sources said in Mumbai on Monday.


 
Death toll reaches 21 in Raigad train derailment
The death toll in the derailment of the engine and four coaches of the 50105 Diva-Sawantwadi Road Passenger train in Raigad district of Maharashtra yesterday has risen to 21, Central Railway sources said here today.
 
As many as 58 other passengers of the train are undergoing treatment of injuries in various hospitals near the scene of the mishap, sources said.
 
The derailment occurred at arund 9.40 am yesterday between Nagothane and Roha stations, about 136 km from here, affecting rail traffic on the Konkan Railway route for several hours.
 
Those killed in the mishap include four female passengers. One person is yet to be identified.
 
The Railway Ministry has said that the Commissioner of Railway Safety will conduct an inquiryinto the accident.
 
Maharashtra Chief Minister Prithviraj Chavan was due to visit the scene of the mishap and visit the injured in hospitals later today, the sources added.
 
Union Minister of Railways Mallikarjun Kharge has announced an ex-gratia payment of Rs 2 lakh to the next-of-kin of those killed, Rs 50,000 to each of those grievously injured and Rs 10,000 each to those who suffered minor injuries.
 
The Central Railway has set up the following helpline numbers to provide information to the public:
 
CHHATRAPATI SHIVAJI TERMINUS, MUMBAI: 022-22755990 / 22694090
DADAR 022-24114836
THANE 02225334840
PANVEL 27468833
RATNAGIRI: 02352-228176 / 228951 / 228954
BELAPUR CBD: 022-27561721 / 23 / 24
 
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Central Railway releases list of dead, injured in train derailment

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The Central Railway today released the list of 16 passengers who died and 89 others who suffered injuries when the engine and four coaches of the 50105 Diva-Sawantwadi Road Passenger train derailed between Nagothane and Roha stations, about 136 km from Mumbai, this morning.
 
List of deceased passengers:
 
1.  Shrutika Santosh Okte, F 30;Roha Civil Hospital 
2.  Shraddha Santosh Okte, F 6;Nagothane Gramin Hospital 
3.  Krishna Tukaram Shinde, M 70, 402, Sadgurukripa Chowk, Nileshwari 
Palkace Society, Dombivili West; Nagothane Gramin Hospital 
4.  Bharat Baliram Surve, M 49, Chawtalkhurd, Bhandarwada, Guhaghar, 
Ratnagiri; Nagothane Gramin Hospital 
5.  Surekha Jayram Nafti, F 35, Kalsure, Taluka Musal; Nagothane Gramin 
Hospital
6.  Vikrant Balkrishna Surve, M 22, Bhandup, Room No. 10, Waghobawadi, TP Road, Vishnu Niwas Chawl, Bhandup West; Nagothane Gramin Hospital 
7.  Raghunath Ramjee Bhoir, M 43, Shirki, Taluka Pen, Dist. Raighad; 
Nagothane Gramin Hospital 
8.  Anant Bhaghuram Sawant, M,Chiplun; Nagothane Gramin Hospital 
9.  Ganesh Ramchandra Chavan, M 32 Karanjadi; Roha Civil Hospital 
10. Ajay Kumar Kishan Madhesiya, M 20; Roha Civil Hospital 
11. Raghunath Warandev Rajghar, M 37; Roha Civil Hospital 
12. Rittiam Dattatray Kajawkar, M 42; Roha Civil Hospital 
13. Atul Ashok Kharawale, M 25; Roha Civil Hospital 
14 Mukesh S Harwade,M 35;Roha Civil Hospital 
15 Unidentified; Roha Civil Hospital 
16 Hemant Pandye; Mobile 9850836219, Sion 
 
List of injured passengers:
 
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1 Sanjay P Patil, M 28 
2 Anil Parab, M 49 
3 Rahul Mahadik, M 30 
4 Pradip Sawant, M 45, Simple 
5 Vaibhav V Jagiyad, M 30, Mobile 9619889629; Sangmeshwar Primary 
Health Centre, Nagothane, Sion 
6 Ankita Ashok Mahadik, F 20, 8805275227, Vadghar Mangao 
Primary Health Centre, Nagothane, Sion 
7 Prakash M Parange, M 55, 8082510186, Gansh Nagar, Wadala Primary 
Health Centre, Nagothane, Sion 
8 Riya Dilip Rane, F 32, 9167323078, Rajapur Primary Health Centre, Nagothane, Sion 
9 Ulhas Shankar Kadwekar, M 38, 8355968602, Sangmeshwar Primary 
Health Centre, Nagothane, Sion 
10 Uttarsha U Kadwekar, F, 8355968602, Sangmeshwar Primary Health Centre, Nagothane, Sion 
11 Ravindra Sitaram Sobat, M 50, 9821844785, Rawardar Primary Health Centre,Nagothane, Sion 
12 Deepak Vishwas Jagiyar, M 35, 9619889629, Sangmeshwar Primary 
Health Centre, Nagothane, Sion 
13 Jayram Balaji Dakate, M 40,
14 Anant Bhagwan Sawant, M 60, 9967033004, Chiplun 
15 Sahil Hasan Surve, M 30, 9892654517, Somwarkade 
16 Ketan Bhargav Kumbhar, M 35,  9623152153, Mangaon, Sangmeshwar 
 17 Abhay Namdev Vengurlekar, M 30, Kopar Dombivili 
18  Nikhil Ulhas Kadawekar, M 15, Sangmeshwar
19  Saili Ulhas Kadwekar, F 10, Sangmeshwar
20  Pradip Sahankar Sangre, M 17, 9652427296, Sangmeshwar 
21 Ratnakar Gopal Dalvi, M 13, 9961049940 Kankavali 
22 Prerana Pradip Sangre, F 28 Sangmeshwar 
23 Bhagyashri Bhalchandra Tale, F, 9623015229, Pali 
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24 Bhalchandra N Tale, M, 9623015229, Pali 
25 Anant Yashwant Talekar, M 52, 9702086490, Nadwe 
26 Kavita Bhalchandra Hule, F, Civil Hospital Roha, 
27 Mahesh R Morye M 46, Civil Hospital Roha 
28 Priyanka M Gurav, F 23, Civil Hospital Roha 
29 Prachi P Dalvi, F 31, Civil Hospital Roha 
30 Priyanka P Anbhavne, F 21, Civil Hospital Roha 
31 Mnandkumar Masonkar, M 38, Civil Hospital Roha 
32 Deepak Bhikaji Mohite, M 43, Civil Hospital Roha 
33 Sunanda S Gurav, F 60, Civil Hospital Roha 
34 Sunita Sunil Jadhav, F 31, Civil Hospital Roha 
35 Vasudev Ramoji Pawar, M 79, Civil Hospital Roha 
36 Sumati Kashinath Anbhawne, F 65, Civil Hospital Roha 
37 Prabhakar Kashinath Ambhawne, M 47, Civil Hospital Roha 
38 Rajashri Rajara Pawar, F 31, Civil Hospital Roha 
39 Pramod Sakharam Gurav, M 27, Civil Hospital Roha 
40 Sakharam Tukaram Gurav, M 60, Civil Hospital Roha 
41 Nathuram Chandu More, M 30, Civil Hospital Roha 
42 Shivaji Shantam Shinde, M 38, Civil Hospital Roha 
43 Rahul Vithal Mahadik, M 29, 9987075614, Civil Hospital Roha 
44 ShripadAnant Kadolkar, M 70, Civil Hospital Roha 
45 Pradip Hari Sawant, M 45, Civil Hospital Roha 
46 Swapnil Yeshwant Pasat, M 21, Civil Hospital Roha 
47 Nikhil Damodar Jadhav, M 12, Civil Hospital Roha 
48 Geeta Girish Anarmarte, F 37, Civil Hospital Roha 
49 Kamlesh Chavan, M 20, Civil Hospital Roha 
50 Ganesh Shankar Telange, M 36, Civil Hospital Roha 
51 Dilipkumar U Singh, M 31, Civil Hospital Roha 
52 Kailash Laxman Pachkale, M 23, Civil Hospital Roha 
53 Janv J Nafti, F 51, Civil Hospital Roha 
54 Sunil Suresh Bhostekar, M 21, Civil Hospital Roha 
55 Yashwant Narayan Mohite, M 63, Civil Hospital Roha 
56 Sushila Ashok Chavan, F 21, Civil Hospital Roha 
57 Sushil Ashok Chavan, M 19, Civil Hospital Roha 
58 Sangita Santosh Kadam, F 27, Civil Hospital Roha 
59 Arkesh Vasant Dholkar, M 1.5, Civil Hospital Roha 
60 Prashant J Salvi, M 24, Civil Hospital Roha 
61 Waman Chimbhaji Shinde, M 25, Civil Hospital Roha 
62  Shailesh Laxman Shirke, M 22, Civil Hospital Roha 
63 Ashish Suresh Tulve, M 23, Civil Hospital Roha 
64 Prachi Padmakar Dalvi, F 31, Civil Hospital Roha 
65 Nandkumar Maisulkar, M 38, Civil Hospital, Roha 
66 Shubham Sandesh Gaikwad, M 21, Civil Hospital Roha 
67 Divya Mali, F 7, Civil Hospital, Roha 
68 Dipali V Mali, F 15, Civil Hospital Roha 
69 Dhanashri Verma Mali, F 45, Civil Hospital Roha 
70 Padmakar Gopal Dalvi, M 37, Civil Hospital Roha 
71 Disha Ravindra Sankape, F 14, Civil Hospital Roha 
72 Ashwini Narendra Nakashe, F 29, Civil Hospital Roha 
73 Riya Ravindra Divkar, F 27, Civil Hospital Roha 
74 Sachin Dasharath Napkar, M 21, Civil Hospital Roha 
75 Prakash Shridhar Rane, M 60, Civil Hospital Roha 
76 Prathila Prakash Rane, F 59, Civil Hospital Roha 
77 Vanchita Vasant Dholkar, F 32, Civil Hospital Roha 
78 Ankush Tukaram Yadav, M 47, Civil Hospital Roha 
79 Prabhkar J Gabhade, M 23, Civil Hospital Roha 
80 Ashfaq Ismail Shaikh, M 30, Civil Hospital Roha 
81 Ninjappa Hasnappa, M 54, Civil Hospital Roha 
82 Kallav Siddhava Gaikwad, F 50, Civil Hospital Roha 
83 Ganesh Dharma Mali, M 11, Civil Hospital Roha 
84 Arun Ghadi, M 16, Civil Hospital Roha 
85 Anant J Pansari, M 22, Civil Hospital Roha 
86 Baliram Dhondu Gawde, M 40, Civil Hospital Roha 
87 Shiva Shantaram Shinde, M 1, Civil Hospital Roha 
88 Sneha Vilas Patil, F, Civil Hospital Roha 
89 Harikrishna Rajbhor, M 42, 9890270564, Civil Hospital Roha 
 
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16 dead, 89 injured as passenger train derails on Konkan railway route

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As many as 16 people were killed and 89 others suffered injuries when the engine and four coaches of the 50105 Diva-Sawantwadi Road Passenger train derailed between Nagothane and Roha stations in Raigad district of Maharashtra this morning.
 
The mishap occurred at around 9.40 am at a spot about 136 km from here, on the Konkan Railway route, Central Railway sources said.
 
Senior railway officials have rushed to the scene, along with an accident relief train from Kurla and a medical van from Kalyan, and efforts were being made to restore traffic on the affected section at the earliest.
 
The injured were rushed to various hospitals nearby, the sources added.
 
Those killed in the accident included 12 males and three females. The injured included 60 males and 29 females.
 
Union Minister of Railways Mallikarjun Kharge has announced an ex-gratia payment of Rs 2 lakh to the next-of-kin of those killed, Rs 50,000 to each of those grievously injured and Rs 10,000 each to those who suffered minor injuries.
 
The Central Railway has set up the following helpline numbers to provide information to the public:
 
CHHATRAPATI SHIVAJI TERMINUS, MUMBAI: 022-22755990 / 22694090
DADAR 022-24114836
THANE 02225334840
PANVEL 27468833
RATNAGIRI: 02352-228176 / 228951 / 228954
BELAPUR CBD: 022-27561721 / 23 / 24
 
Following the mishap, the Central Railway has diverted several trains, as follows:
 
DIVERTED VIA PANVEL-LONAVALA-PUNE-MIRAJ-LONDA-MADGAON
 
1. 10103 Madgaon Mandovi Express which left Mumbai on 4.5.2014
2. 12618 Ernakulam Mangala Express which left Hazrat Nizamuddin on 3.5.2014
3. 16345 Thiruvananthapuram Netravati Express which left Lokmanya Tilak Terminus on 4.5.2014
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4. 19578 Hapa-Tirunelveli Express which left Hapa on 3.5.2014
5. 12619 Mangalore Matsyagandha Express leaving Lokmanya Tilak Terminus on 4.5.2014
6. 12284 Hazrat Nizamuddin-Ernakulam Express which left Hazrat Nizamuddin on 3.5.2014
7. 01003 Dadar-Sawantwadi Holiday Special which left Dadar on 4.5.2014
8. 12742 Vasco Express left Patna on 3.5.2014
9. 19260 Kochuveli Express leaving Bhavnagar Terminus on 4.5.014
10: 12133 Mangalore Express leaving Mumbai on 4.5.2014
 
DIVERTED VIA PUNE-MIRAJ-LONDA-MADGAON
 
1. 22150 Ernakulam Express leaving Pune on 04/05/2014
 
DIVERTED VIA MADGAON-LONDA-MIRAJ-PUNE-LONAVALA-KARJAT-PANVEL
 
1. 12617 Hazrat Nizamuddin Mangala Express left Ernakulam on 03/05/2014
2. 16346 Netravati Express left Thiruvananthapuram on 03/05/2014
3. 16312 Bikaner Express left Kochuveli on 03/05/2014
4. 22476 Bikaner Express left Coimbatore on 03/05/2014
 
TRAINS CANCELLED
 
1. 10111 Mumbai-Madgaon Konkankanya Exp leaving on 04/05/2014
2. 11003 Dadar-Sawantwadi Rajyarani Exp leaving on 04/05/2014
 
TRAINS SHORT TERMINATED
 
1. 10104 Mumbai Mandovi Express leaving on 04/05/2014 at Thivim
2. 50103 Dadar-Ratnagiri Passenger partially cancelled between Dadar and Roha and will leave from Roha.
3. 50104 Ratnagiri-Dadar partially cancelled between Roha and Dadar
 
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9 dead, 30 injured as passenger train derails in Raigad district of Maharashtra

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At least nine passengers died and 30 suffered injuries when the engine and four coaches of the Diva-Sawantwadi Road Passenger train derailed between Nagothane and Roha stations in Raigad district of Maharashtra this morning.
 
The mishap occurred at around 9.40 am at a spot about 136 km from here, on the Konkan Railway route, Central Railway sources said.
 
Senior railway officials have rushed to the scene, along with an accident relief train from Kurla and a medical van from Kalyan, they said.
 
The injured were rushed to a nearby hospital, the sources added.
 
Union Minister of Railways Mallikarjun Kharge has announced an ex-gratia payment of Rs 2 lakh to the next-of-kin of those killed, Rs 50,000 to each of those grievously injured and Rs 10,000 each to those who suffered minor injuries.
 
The Central Railway has set up the following helpline numbers to provide information to the public:
 
CHHATRAPATI SHIVAJI TERMINUS, MUMBAI: 022-22755990 / 22694090
DADAR 022-24114836
THANE 02225334840
PANVEL 27468833
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Following the mishap, the Central Railway has diverted several trains, as follows:
 
DIVERTED VIA PANVEL-LONAVALA-PUNE-MIRAJ-LONDA-MADGAON
 
1. 10103 Madgaon Mandovi Express which left Mumbai on 4.5.2014
2. 12618 Ernakulam Mangala Express which left Hazrat Nizamuddin on 3.5.2014
3. 16345 Thiruvananthapuram Netravati Express which left Lokmanya Tilak Terminus on 4.5.2014
4. 19578 Hapa-Tirunelveli Express which left Hapa on 3.5.2014
5. 12619 Mangalore Matsyagandha Express leaving Lokmanya Tilak Terminus on 4.5.2014
6. 12284 Hazrat Nizamuddin-Ernakulam Express which left Hazrat Nizamuddin on 3.5.2014
7. 01003 Dadar-Sawantwadi Holiday Special which left Dadar on 4.5.2014
8. 12742 Vasco Express left Patna on 3.5.2014
9. 19260 Kochuveli Express leaving Bhavnagar Terminus on 4.5.014
10: 12133 Mangalore Express leaving Mumbai on 4.5.2014
 
DIVERTED VIA PUNE-MIRAJ-LONDA-MADGAON
 
1. 22150 Ernakulam Express leaving Pune on 04/05/2014
 
DIVERTED VIA MADGAON-LONDA-MIRAJ-PUNE-LONAVALA-KARJAT-PANVEL
 
1. 12617 Hazrat Nizamuddin Mangala Express left Ernakulam on 03/05/2014
2. 16346 Netravati Express left Thiruvananthapuram on 03/05/2014
3. 16312 Bikaner Express left Kochuveli on 03/05/2014
4. 22476 Bikaner Express left Coimbatore on 03/05/2014
 
TRAINS CANCELLED
 
1. 10111 Mumbai-Madgaon Konkankanya Exp leaving on 04/05/2014
2. 11003 Dadar-Sawantwadi Rajyarani Exp leaving on 04/05/2014
 
TRAINS SHORT TERMINATED
 
1. 10104 Mumbai Mandovi Express leaving on 04/05/2014 at Thivim
2. 50103 Dadar-Ratnagiri Passenger partially cancelled between Dadar and Roha and will leave from Roha.
3. 50104 Ratnagiri-Dadar partially cancelled between Roha and Dadar
 
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Several passengers feared injured as train derails in Raigad district of Maharashtra

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Several passengers are feared to have suffered injuries when the engine and four coaches of the Diva-Sawantwadi Road Passenger train derailed between Nagothane and Roha stations in the Raigad district of Maharashtra this morning.
 
The mishap occurred at around 9.40 am at a spot about 136 km from here, Central Railway sources said.
 
Senior railway officials have rushed to the scene, along with an accident relief train from Kurla and a medical van from Kalyan, they added.
 
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Working Group on resolution regime submits report to RBI Governor

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A high-level Working Group set up to suggest extensive strengthening of the resolution regime, taking into consideration the structure of Indian financial institutions, has submitted its report to the Governor of the Reserve Bank of India.
 
The Working Group had been constituted by the Sub-Committee of the Financial Stability and Development Council (FSDC), with Mr Anand Sinha, then Deputy Governor of RBI, and Dr Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance as Co-Chairperson.
 
The Working Group had also been asked to take into consideration the structure of Indian financial institutions and the Financial Stability Board`s Key Attributes of Effective Resolution Regime for Financial Institutions. 
 
The RBI Governor is the Chairman of the Sub-Committee of FSDC.
 
An official press release said there were some provisions contained in various Acts governing the respective financial institutions, which empower the respective regulator/ supervisor and/or the central government to resolve different types of financial institutions in India once they run into viability problems. 
 
In order to bridge the gaps and develop an effective resolution regime for all financial institutions in line with the key attributes, the Group has made wide-ranging recommendations taking into consideration the international best practices and work in major advanced jurisdictions as also the recommendations given by the Financial Sector Legislative Reforms Commission (FSLRC). 
 
The release said the group emphasized the need for a separate comprehensive legal framework providing the necessary powers and tools to resolve all financial institutions irrespective of ownership; and setting up of a single Financial Resolution Authority (FRA) that is institutionally independent of regulators/Government. 
 
The group also recommends putting in place an early intervention mechanism in the form of a Prompt Corrective Action (PCA) framework with clear trigger levels for regulatory intervention in the early stages and for handing over to the resolution authority for initiating appropriate actions in the last stage. 
 
The release said the report had been placed on the websites of the Ministry of Finance, the RBI, SEBI, IRDA, PFRDA and FMC for inviting public comments.
 
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Air India to bring Bhuj on its network from May 15

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National carrier Air India today said it would Bhuj in the Kutch region of Gujarat with Mumbai with a direct flight from May 15 with a CRJ aircraft.
 
The flight will be operated by Alliance Air, the wholly owned subsidiary of Air India, five days a week on Tuesdays, Wednesdays, Thursdays, Fridays and Saturdays. 
 
Flight AI9625 will take off from Mumbai at 0605 hrs and arrive in Bhuj at 0715 hrs. The return flight will leave Bhuj at 0740 hrs and land in Mumbai at 0845 hrs. 
 
The erstwhile Indian Airlines, which has now merged with Air India, used to operate flights to Bhuj. 
 
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Tewari apologises to Gadkari for Adarsh scam allegations

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Union Minister for Information & Broadcasting Manish Tewari has tendered an "unconditional apology" to former Bharatiya Janata Party (BJP) president Nitin Gadkari for allegations he had made against him in relation to the Adarsh housing society scam.
 
Following this, Mr Gadkari today moved the Additional Metropolitan Court in Mumbai with a plea to withdraw a criminal defamation suit he had filed against Mr Tewari.
 
“I state that in future, I will never put you in disrepute by making any comments with regard to the Adarsh Society," Mr Tewari said in a written submission made in court of Additional Chief Metropolitan Magistrate, Mumbai.
 
Mr Tewari had, in his capacity as spokesperson of the Congress party, made a statement at a press conference on November 10, 2010 alleging that Mr Gadkari owned a "benami" flat in the Adarsh society building.
 
Mr Gadkari had filed a criminal defamation suit against Mr Tewari after he had refused to apologize for the allegations.
 
In his submission before the court, Mr Tewari said, “I state that, after perusal of the newspaper reports regarding the judicial commission appointed to investigate the Adarsh Society scam, it reveals that you have not played any role or you have any concern of whatsoever nature with the scam."
 
"Therefore, now I understand that whatever statements I had addressed in the press conference on November 10, 2010, which were aired in electronic media and printed on November 11, 2010 in print media, were not related to the true facts," he said.
 
“I understand that by such statements you have to suffer huge disrepute and have to face uncomfortable situation within your party and the society. Therefore, by this communication, I tender my unconditional apology for the allegations made against you," he added.
 
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Dia Mirza announces engagement with Sahil Sangha

Sahil Sangha and Dia Mirza
Sahil Sangha and Dia Mirza
Bollywood actress and model Dia Mirza today announced that she was officially engaged to long-time friend Sahil Sangha, with whom she co-owns a production house, Born Free Entertainment.
 
"Officially engaged :)," she posted on micro-blogging site Twitter, along with a picture of them at IIFA.
 
Dia is a former Miss Asia Pacific International. 
 
Born Free Entertainment's first film was Love Breakups Zindagi. Their next film is Bobby Jasoos, starring Vidya Balan.
 
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Ricky Ponting joins Mumbai Indians in ‘advisory role’

File photo of Ricky Ponting
File photo of Ricky Ponting
Former Australian skipper Ricky Ponting has joined defending Indian Premier League (IPL) champions Mumbai Indians in an "advisory role".
 
One of the best batsmen of the modern era, Ponting was part of the victorious Mumbai Indians side last season and had led the team in its first few outings in the IPL before handing over the reins to current captain Rohit Sharma.
 
Ponting will be with the team for the last two matches of the UAE leg.
 
“I am looking forward to working with Mumbai Indians once again,” he said after interacting with the team upon arrival in Dubai.
 
“I had a fantastic season last summer and understand how passionate our players are towards the franchise. I believe we have the fire in us and we will strive hard to put our best.”
 
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India’s forex reserves fall by $ 31.6 million to $ 309.413 billion

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India’s foreign exchange reserves fell by $ 31.6 million to  $ 309.413 billion in the week ended April 18, 2014 after rising for seven consecutive weeks,  the Reserve Bank of India (RBI) said here yesterday.
 
The country’s forex reserves had gone up by $ 2.797 billion to $ 309.445 billion in 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, decreased by $ 16.2 million to $ 281.536 billion during 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 $ 21.567 billion, while its special drawing rights (SR) went down by $ 10.9 million to $ 4.472 billion during this period.
 
India's reserve position in the Indian Monetary Fund (IMF) went down by $ 4.5 million to $ 1.837 billion in the week, the bulletin added.
 
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NTT Docomo to sell its 26.5% stake in Tata Teleservices Limited by June

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Japanese telecom services major NTT Docomo today said it had decided to exercise its option for the sale of its entire stake of 26.5 per cent in Tata Teleservices Limited (TTSL) as soon as the conditions for such exercise are met.
 
Tata Sons, NTT Docomo and TTSL had entered into a shareholders agreement (SHA) on March 25, 2009.
 
"Following its board meeting held on April 25, 2014, NTT Docomo has announced that it plans to exercise its sale option under the SHA as soon as the conditions for such exercise are met," a statement from Tata Sons said here.
 
"As also stated by NTT Docomo, it is not possible to predict how events will unfold; however, Tata Sons is cognisant of its responsibilities, and will act keeping in mind the interests of all stakeholders and in accordance with law.
 
"TTSL continues to be an integral part of the Tata group," the statement added.
 
Under the shareholders agreement, NTT Docomo holds the right to require that its TTSL shares be acquired for 50% of the acquisition price, which amounts to 72.5 billion Indian rupees (or 125.4 billion yennotice1) or a fair market price, whichever is higher, in the event that TTSL fails to achieve certain specified performance targets.
 
"In the event that TTSL fails to achieve these performance targets by the end of the fiscal year ended March 31, 2014, Docomo plans to exercise the above-mentioned right in or before June 2014. Docomo expects to sell its TTSL shares in accordance with the agreement. It is uncertain how the option will be performed, however, and Docomo is not able to predict how events will unfold," a statement by NTT Docomo said in Tokyo.
 
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Cadbury India changes its name to Mondelez India Foods Limited

Food and snacking major Cadbury India Limited, a subsidiary of Mondelez International Inc., has changed its name to Mondelez India Foods Limited. 
 
"The company is focused on creating delicious moments of joy that is encapsulated in its name – 'monde' for world and 'delez' for delicious. The change in name of Cadbury is in line with the gradual changeover of the name of all subsidiaries of Mondelez International globally," a press release from the company said.
 
The release said the change in name of the company would have no impact on the names or packaging of its popular products like Cadbury Dairy Milk, 5 Star, Gems, Bournville, Perk, Celebrations, Choclairs, Halls, Bournvita, Tang and Oreo, which will continue to be sold under the same brand names as before. 
 
"The only change consumers will experience is that the new name of the company will appear on the back of pack of the products," it said.
 
Mr Manu Anand, Managing Director, Mondelez India Foods Limited said, “With the change in name of the company to Mondelez India Foods Limited, we conclude the process of transition that began over two years ago. We are today the pre-eminent and most loved food company in India with leadership in fast growing categories, strong route to market, robust innovation pipeline and world class talent and facilities. We view this change as yet another milestone in this exciting journey of success and leadership.”
 
Mondel?z International, Inc. is a global snacking powerhouse, with 2013 revenue of $35 billion. It is a world leader in biscuits, chocolate, gum, candy, coffee and powdered beverages, with billion-dollar brands such as Oreo, LU and Nabisco biscuits; Cadbury, Cadbury Dairy Milk and Milka chocolate; Trident gum; Jacobs coffee and Tang powdered beverages. 
 
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St Xavier's College principal sparks row by issuing advisory on voting to students

Dr Frazer Mascarenhas
Dr Frazer Mascarenhas
Dr. Frazer Mascarenhas, principal of St Xavier's College, Mumbai has set off a major political row by sending an email to students advising them to support people who pledge to work to take the country's human development indicators (HDI) higher and who commit themselves to a pluralistic culture in diverse India.
 
"This is the hope for the future," he said in his message, in which he has questioned the Gujarat model of development that the Bharatiya Janata Party (BJP) Prime Ministerial candidate and Gujarat Chief Minister Narendra Modi is showcasing in his campaign for the top job in the ongoing Lok Sabha elections.
 
"No magic wand or divine miracles will come to the aid of the Indian people. Their reasoned choice of individuals and political parties who promise to work for a real quality of life for all, will see India prosper or flounder on the precipice. Choose well!" Dr Mascarenhas said in his advisory, which has evoked strong reactions from both sides of the political divide.
 
In the message, titled "In the Background of Elections - The Development Debate", which has also been posted on the college's website, Dr Mascarenhas said the approaching elections had brought an interesting discussion to the public forum on what constitutes human development and how it is to be achieved. 
 
"The Gujarat model has been highlighted for our consideration. That is very apt because it puts in stark contrast two current views. Is the growth of big business, the making of huge profits, the achievement of high production – what we seek? Or is it the quality of life for the majority in terms of affordable basic goods and services and the freedom to take forward the cultural aspirations of our plural social groups that make up India?" he asked.
 
He said Gujarat may be doing well in the first sense, although not as good as some other States in the country. 
 
"But all the Human Development Index indicators and the cultural polarization of the population show that Gujarat has had a terrible experience in the last 10 years. Take the example of education: schools for the ordinary populace show abject neglect with a very high dropout rate in the last 10 years. Higher Education has not been allowed to move forward. To take just an example, St. Xavier’s College Ahmedabad, thrice NAAC accredited with an equivalent of the A grade, has not been able to gain permission from the Gujarat Government for Academic Autonomy, for the last 10 years and has finally won a battle in the High Court to approach the UGC directly for this status. 
 
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"Gujarat has also been the worst performer in settling claims and distributing title deeds to tribal people and other forest dwellers, as shown by the latest data put out by the Union Tribal Affairs Ministry. Till 2013, the State, with 15% tribal population, settled only 32 per cent of the claims, the lowest rate in the country," he said.
 
Dr Mascarenhas praised, on the other hand, programmes launched by the Congress-led United Progressive Alliance (UPA) government such as the Mahatma Gandhi National Rural Employment Act (MGNREGA) and the Food Security Act which, he noted, had been criticised as "election sops".
 
"However some of our best social scientists like Amartya Sen and Jean Dreze have supported these as necessary in the emergency economic situation the country and the world is facing. The country is grateful that committed activists like Aruna Roy and Shailesh Gandhi have worked with the Government to initiate and sustain the Right to Information Act which makes accountability possible. Corruption still needs to be addressed effectively but since it is so prevalent at every level of society, it will take civil society long agonizing efforts to root it out," he said.
 
The principal said a massive investment in health and education was sorely needed in the country of widening disparities and those who support big business and its unethical profits would never agree to such public expenditure for the masses.
 
"In fact, the worsening situation of environmental degradation and depletion, in the lunge for growth and profit, shows up the real intentions of the greedy. None can withstand this, as seen by the many clearances given in a week’s time after the recent change of guard at the Central Environment Ministry, which had earlier tried to hold the line under a different Minister.
 
"So what lessons does a reflection on the approaching elections teach us? The prospect of an alliance of corporate capital and communal forces coming to power constitutes a real threat to the future of our secular democracy," he said.
 
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Reliance ties up $500m ECA facility co-financed by JBIC, Japanese banks

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Energy and petrochemicals major Reliance Industries Limited (RIL) today said that it had tied up an Export Credit Agency (ECA) facility of upto $ 550 million co-financed by Japan Bank for International Cooperation (JBIC) and a group of other banks backed by Nippon Export and Investment Insurance (NEXI).
 
The loan is in continuation of the fund raising programme initiated by the company in financial year 2012-13 and will be used to part finance the proposed expansion of its petrochemical plants and setting up new gasification plant and refinery off-gas cracker over the next two to three years, a press release from RIL said here.
 
This is RIL’s eighth ECA facility for the largest capital expenditure program it has undertaken, it said.
 
This is the first time that JBIC is extending credit to RIL. JBIC will provide direct financing of up to $ 330 million and Japanese banks, supported by a 95% NEXI insurance cover, will finance up to $ 220 million. The participating banks include The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd. and three regional Japanese banks -- The Gunma Bank Ltd., The Hachijuni Bank, Ltd. and The Chiba Bank, Ltd.
 
This facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods and services signed with more than 20 Japanese suppliers, including some SMEs and MMEs, the release said.
 
With this facility, NEXI has established a new insurance program that extends support to Japanese regional banks for financing such overseas projects. In addition to the six Japanese banks, some more Japanese regional banks are expected to participate through a partial assignment of the contractual rights and obligations of NEXI covered portion, it said.
 
According to the release, the deal is significant since JBIC is financing a buyers’ credit facility with more than 20 Japanese suppliers including SMEs and MMEs and NEXI cover is not only provided for regional Japanese banks participating as the primary lenders but also for the regional Japanese banks joining the deal through syndication process, it added.
 
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Reliance Life Insurance launches online term plan

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Reliance Life Insurance Company (RLIC), a part of Reliance Capital Limited, today announced the launch of ‘Reliance Online Term’, an online life cover plan.
 
"This is one of the most competitive online life insurance plans currently available in the industry, which offers Rs. 1 crore of life cover for as low as Rs 15 per day (for a 25 year-old healthy male)," a press release from the company, which is part of the Reliance Anil Dhirubhai Ambani Group (ADAG) said.
 
The release said that the plan offers higher life protection up to the age of 75 years through an online process and provides the convenience of medical tests/check-ups, if any, at the customer’s residence.
 
“Reliance Online Term is a simple life protection product that is based on two strong beliefs: one, adequate insurance cover should be within every Indian’s reach and two, people should be able to buy it with ease. Our new offering empowers customers to make an informed choice vis-à-vis their liabilities and family responsibilities and protect their family’s financial future at a minimal cost. With this, we aim to provide the most affordable online term life insurance plan to our customers,” said Mr. Anup Rau, CEO, Reliance Life Insurance.
 
Reliance Online Term offers Rs. 1 crore of life cover at Rs. 450 per month for a 25-year-old male (non-smoker) for the term of 15 years. The online life protection plan comes with a minimum annual premium as low as Rs. 3,500.
 
The entry age for a customer is a minimum of 18 years and a maximum of 55 years with a minimum policy term of 10 years and a maximum of 35 years. The maximum maturity age is 75 years.
 
Reliance Online Term begins with a minimum cover of Rs 25 lakh and provides relatively lower premium rates for women and special rates for non-tobacco users.
 
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The company offers home visits to do medical tests/examinations, if required, at the customer’s residence, providing him/her convenience and choice.
 
“With this online term plan, we are rewarding a healthy lifestyle through lower premium rates for non-smokers and offering home medicals to enrich customer experience and convenience,” he added.
 
The plan grants a free-look period of 15 days, as mandated by the Insurance Regulatory and Development Authority (IRDA), to enable policyholder to go through terms and conditions of the policy and reverse the purchase decision if he/she finds it unsuitable.
 
It offers annual premium payment mode only with a grace period of 30 days from the due date for payment of regular premiums. The insured will also be entitled for tax benefits on premium payment, as applicable.
 
Reliance Life Insurance has launched a new user-friendly website (www.reliancelife.com) that allows customers to calculate their insurance requirements and make an online purchase.
 
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TCS, Mitsubishi to create Japanese IT services company

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IT services major Tata Consultancy Services today said it had signed definitive agreements with Japan's Mitsubishi Corporation (MC) to merge TCS Japan, MC's subsidiary IT Frontier Corporation (ITF) and Nippon TCS Solution Center (NTSC) into a single new entity.
 
The merger will create a strong IT services unit with a base of over 2,400 associates in Japan and revenues of over $ 600 million per annum, a press release from TCS said.
 
TCS will have 51 percent equity in the new entity while MC will have the remaining 49 percent.
 
The transaction, which will enable TCS to serve a number of leading Japanese corporations as its strategic customer, is expected to close by June 2014 and the merged entity is likely to be operational from July 2014.
 
“This strategic transaction signifies our serious commitment to the Japan market. TCS will now have the scale, strong local presence and our full range of global capabilities to serve the Japanese corporations effectively and accelerate our growth in Japan market," Mr N Chandrasekaran, CEO and Managing Director, TCS, said.
 
“We deeply value the partnership with Mitsubishi Corporation and look forward to leveraging our mutual strengths in the Japan market," he said.
 
According to the release, the transaction will create a new IT services company of significant scale in the Japanese market.
 
"ITF brings its long standing relationships with Japanese corporations, talented workforce and competencies in industries like retail, distribution and trading. This will complement TCS’ deep domain knowledge, technology expertise and strong execution track record. TCS’ Global Network Delivery Model (GNDMTM) capabilities will also enable the Japanese corporations’ globalization ambitions. The company will provide tremendous additional value to clients in Japan; while employees will secure the advantages of building their careers in a global organization," the release added.
 
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Reliance Jio, ATC India sign tower infra sharing pact

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Reliance Jio Infocomm Limited (RJIL), a part of Reliance Industries Limited, and ATC India, a leading independent tower company, today signed a tower infrastructure sharing agreement.
 
Under the agreement, RJIL will utilize the telecom tower infrastructure of ATC India to launch its 4G services across the country.
 
ATC has a portfolio of 11,000 towers in India, a press release from RJIL said.
 
 "We at Reliance Jio, want to provide innovative and empowering products, services and content to every Indian. To this end, we are committed to creating a cutting edge network for high speed 4G. Our relationship with ATC will accelerate the rollout of these services across India," Mr Sanjay Mashruwala, Managing Director, Reliance Jio said.
 
“There is considerable pent up demand for data and 4G has tremendous growth potential. We, at ATC India, are delighted to offer our countrywide network infrastructure to help Reliance Jio in its aggressive nationwide roll-out. This master contract recognizes ATC’s high level of customer service and operational efficiency. We believe this will strengthen our foothold as the leading independent tower company in India,” said ATC’s Chief Operating Officer, B. Ramanand.
 
RJIL, a subsidiary of the Mukesh Ambani-led RIL, India’s largest private sector company, is the first telecom operator to hold pan-India unified license. This license authorizes RJIL to provide all telecommunication services except Global Mobile Personal Communication by Satellite Service. RJIL holds spectrum in1800 MHz (across 14 circles) and 2300 MHz (across 22 circles) capable of offering fourth generation (4G) wireless services.
 
RJIL is setting up a pan India telecom network to provide to the highly underserviced India market, reliable (4th generation) high speed internet connectivity, rich communication services and various digital services on pan India basis in key domains such as education, healthcare, security, financial services, government citizen interfaces and entertainment.
 
The company already has:
·               agreements with Reliance Communications Limited for sharing of RCOM’s extensive  inter-city and intra-city optic fiber infrastructure of nearly 1,20,000 fiber-pair kilometers of optic fiber and 500,000 fiber pair kilometers respectively and 45,000 towers.
·               an agreement with Bharti Airtel for a comprehensive telecom infrastructure sharing agreement to share infrastructure created by both parties to avoid duplication of infrastructure wherever possible.
·               A key agreement for international data connectivity with Bharti to utilise dedicated fiber pair of Bharti’s i2i submarine cable that connects India and Singapore.
·               An agreement with Viom Networks for their 42,000 telecom towers
 
ATC India Tower Corporation is a wholly owned subsidiary of American Tower Corporation. Since launching operations in India in 2007, ATC’s portfolio now includes over 11,000 towers nationwide. 
 
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