14 politicalbusinessdaily the
www.pbd.in Cuttack, Thursday, June 14, 2012
ONGC to spend `440 cr on drilling at K-G basin PBD BUREAU/PTI NEW DELHI, JUNE 13 ONGC is set to invest Rs 440 crore in drilling of 40 oil and gas wells in the Krishna-Godavari basin next fiscal, a senior official of the company said today. The drilling will be taken up in the next financial year as this year the oil and gas major has already taken up around 14 wells for drilling, the official said. "The proposal for development drilling of 40 wells is with the Ministry of Environment and Forests for clearances.
"The proposal for development drilling of 40 wells is with the Ministry of Environment and Forests for clearances. This year we have already taken up enough work (drilling of 14 wells). If the Environment Ministry asks us to go for public hearing we will go," the official said This year we have already taken up enough work (drilling of 14 wells). If the Environment Ministry asks us to go for public hearing we will go," the official said. The onshore wells are located at East Godavari, West Godavari and Krishna Districts of Andhra Pradesh. According to ONGC,
there are two blocks with estimated reserves of 1,000 million metric tons of oil or oil equivalent gas in these three districts. However, the quantity may up as the drilling is intensified. Last year, ONGC held public hearing for exploring 24 new wells in the same Districts. ONGC, which has 24
Welspun Energy to invest `5,675 cr in wind power projects
PXIL signs MoU with Korea Power
PBD BUREAU/PTI MUMBAI, JUNE 13 WELSPUN Energy Ltd today said it will invest Rs 5,675 crore in developing two wind power projects in Karnataka over the next five years. Welspun Energy, a part of $3.5 billion Welspun Group, signed initial agreements with the Karnataka Government for setting up 100 mw and 750 mw capacity wind power projects in the state, the company said in a press statement here. The projects are part of firm's target to have 1,750 mw of wind and solar energy projects; 60per cent of this would be wind energy projects and the rest solar power units. Welspun Energy aims to develop 1,000 mw of wind power projects by 2014. It is targeting states like Karnataka, Gujarat, and Andhra Pradesh for the projects, according to the company website. It signed MoU and Expression of Interest with the Karnataka Government for the projects at Bijapur, Chitradurga and Belgam on June 7. Earlier this year, the company had inked an MoU with the Government of Andhra Pradesh for installing 500 mw of wind power projects. "We want to help create a greener empowered India and through our
renewable energy projects Welspun Energy is effecting a change on ground. With the signing of these two projects we have moved exponentially forward in this direction," the firm's co-founder and Managing Director Vineet Mittal said. Karnataka is a natural choice for wind energy based power projects. With a potential of 11,500 mw wind energy c a p a c i t y, Karnataka holds the third m o s t favourable location in the country for wind based power projects. India is ranked fifth in the world in terms of wind energy installed capacity. It has a gross potential of wind power of 48,561 mw and a total of close to 15,000 mw has been developed till date through various projects. Welspun, which is country's largest solar power developer with 500 mw of projects under execution, last month won a 125 mw solar photovoltaic project in Madhya Pradesh. It currently operates 30 MW of solar power plants in Gujarat, AP and Rajasthan and recently bagged a 50 MW solar power project in Jawaharlal Nehru National Solar Mission (JNNSM) bidding. The company plans to set up solar photovoltaic farms with a total capacity of 100 mw in Andhra Pradesh.
JWT to acquire major stake in Hungama Digital PBD BUREAU/PTI MUMBAI, JUNE 13 (PTI)
blocks in KG basin, produces approximately 840 tons of oil per day and 3.8 million metric standard cubic meters per day (mmscd) of gas from its onshore blocks. "These wells are from the nominated block prior to New Exploration Licensing Policy come into being. Most of the Petroleum Exploratory Licence (PEL) in the nomination blocks will expire in 2013 and therefore we need to hasten the process," the official explained. ONGC had already applied for converting some of the PEL areas to mining leases, he added.
LEADING advertising agency JWT today said it will acquire a majority stake in digital services agency Hungama Digital Services for an undisclosed amount. The exact shareholding pattern of the company was not revealed. According to terms of the agreement, Hungama's activations arm, Hungama Promo Marketing, will become a part of Hungama Digital Services and will provide an engagement platform linked to online and offline deliveries, the companies said in a joint statement issued here. "India is at the cusp of a digital revolution with the
CIL allows power utilities to lift coal directly from mines
MUMBAI, JUNE 13 PBD BUREAU/PTI POWER Exchange India Ltd (PXIL) today said it has signed a memorandum of understanding (MoU) with Korea Power Exchange (KPX) to explore business collaboration for strategic initiatives in overseas power markets. Through this MoU, both the organisations can synergise their efforts in taking forward their expertise and knowledge for offering effective solutions to power markets at national and international level, PXIL said in a statement. "We are hopeful that this association will help our objective of transforming the Indian electricity market. This MoU will bring in a global perspective which will help us to create a benchmark in the areas of operations and product offerings," PXIL MD and CEO Rupa Devi Singh said. The association will help sharing of information regarding power markets, cooperation on improvements of competitive electricity markets, training employees to enhance their understanding of the electricity markets along with expertise, including the new business initiatives like renewable energy certificates (REC) trading. "As a neutral entity, KPX has played an important role in developing the electricity market in South Korea. With this MoU in place, it will broaden the area of mutual cooperation between KPX and PXIL.â€”PTI
NEW DELHI, JUNE 13 COAL India has introduced a one-time offer that allows power utilities to lift the fuel directly from mines. The scheme is available for independent power producers drawing coal under fuel supply agreements (FSAs) as well. "A one-time offer is being made to all power utilities drawing coal under FSA during 2012-13 to lift the coal which is held in the stocks on 'as is where is' basis with the stipulation that the power stations will make their own evacuation arrangement," CIL has said in a
notice. This is the first time the state-run Coal India Ltd (CIL) has initiated such a move. CIL said it has "substantial quantity of coal stocks at the various colliery pitheads of the different subsidiary coal companies." It has eight subsidiaries, out of which seven are coal producing -- Eastern Coalfields, Bharat Coking Coal, Central Coalfields, Norhtern Coalfields, Western Coalfields, South Eastern Coalfields and Mahanadi Coalfields. The new scheme by CIL will not only make more coal to power utilities but will also liquidate stocks at mine heads. "This will serve the objective of honouring the
FSA up to trigger point with normal dispatches and to even exceed it by allowing liquidation from the stocks wherever the power utilities come forward to lift by either roadcum-rail arrangements, now the railways have agreed to move such coal through good sheds," the CIL notice dated June 12 said. As per information, CIL has over 60 million tonnes (million tonne) of stocks piled up at pitheads due to problems like inadequate
rakes for removing the same. The government in April had issued a directive to Coal India to commit itself to a minimum of 80 pc of fuel supply to power producers, failing which it would attract penalty. The directive was issued following a meeting between the power sector honchos and the PMO. The coal major accounts for 80 pc of the total domestic output. It has set a target of 464 million tonne output for the current fiscal, of which about 347 million tonne would be despatched to power stations. Last year, it has recorded a production of about 435 million tonne.
advent of 500-plus million consumers getting online in the next 3-4 years. From augmented reality to developing applications for connected devices, Hungama Digital Services has been at the forefront of digital technology," Hungama Digital Media Entertainment MD and Chief Executive Officer Neeraj Roy said. "With the James Walter Thompson (JWT) partnership, we hope to offer integrated digital services to our clients and prepare brands to connect, interact and now transact with their customers," Roy said. On the acquisition, JWT Asia Pacific president Michael Maedel said, "We have greatly expanded our digital capability across the region, and we are not standing still.
Avis to invest `950 cr to add Walmart tightens 8,000 vehicles in three years anti-corruption practices in India
NEW DELHI, JUNE 13
CAR rental service provider Avis India today said it will invest Rs 950 crore to add 8,000 vehicles into its fleet over the next 3-4 years. The company today launched car leasing service, targeting corporate clients that will have 7,000 vehicles over the next 3-4 years for an investment of Rs 700 crore. "The market for operating lease is growing gradually. We plan to invest Rs 700 crore over the next 3-4 years to have 7,000 vehicle on operating lease business," Avis India Chief Executive Officer Sunil Gupta told reporters here. The company will offer an overall service package in the model -- Red Carpet Lease -- that will include insurance, maintenance and other requirements of the vehicles, he added. "From the leasing business, we expect a revenue of Rs 200 crore in the next three years," Gupta said,
The market for operating lease is growing gradually. We plan to invest `700 cr over the next 3-4 years to have 7,000 vehicle on operating lease business," Avis India Chief Executive Officer Sunil Gupta told
the company will launch the service in 7-8 prominent business cities. The company will also hire 100 people for this new business. Currently it employs 350 people, he added.
According to Avis India, the operating leasing market in the country currently stands at around $ 300 million with about 45,000 vehicles. "The market growing very strongly. In the next five years, it is likely to expand to $800 million to $1 billion and about 1 lakh vehicles may ply in this business," Gupta said. Talking about its other models, he said the company is expanding its existing fleet size in the next 3-4 years. "Currently we are operating 1,500 cars and we will add 1,000 more vehicles at an investment of Rs 250 crore. We also want to expand our presence from 19 cities to more places ," Gupta said. When asked about mode of funding its investment, he said it will be done through equity and debt. Gupta said Avis India is aiming for a turnover of Rs 300 crore by 2014-15 from about Rs 150 crore, which is expected in this fiscal.
PBD BUREAU/PTI NEW DELHI, JUNE 13 US-BASED Walmart Stores Inc today said it is tightening anti-corruption practices in India, amidst reports of US lawmakers asking the retail giant to review its operations in the country along with those in four other nations. "This (anticorruption measures) is part of the prev i o u s l y announced worldwide review of our anti-corruption programme that we initiated in March of 2011 including the global review that the company is conducting of its policies, practices, and controls for FCPA compliance," a Bharti Walmart spokesperson said in a statement. Bharti Walmart is a 50:50 joint venture between Walmart Stores Inc and Bharti Enterprises that
operates wholesale stores in India. The spokesperson further said the inititive includes developing and implementing recommendations for Foreign Corrupt Practices Act (FCPA) training, anti-corruption safeguards, and internal controls. According to the Wall Street Journal, lawyers hired by Walmart Stores Inc. to evaluate its anti-corruption policies have recommended adding India and South Africa to a review that includes Mexico, Brazil and China, citing a letter to the company from congressional Democrats. According to the letter quoted by WSJ, from Representatives Elijah Cummings and Henry Waxman, both Democrats, Wal-Mart asked its lawyers to expand the review to a worldwide assessment of the company's anti-corruption policies.
Hiring a private jumbo aircraft to be a reality PBD BUREAU/PTI NEW DELHI, JUNE 13
MD, DSK Motowheels, Shirish Kulkarni along with his father and the chairman & MD of DSK Group, Deepak S Kulkarni during the launch of Hysoung GT250R bikeâ€”PTI photo
HIRING the world's biggest planes like Airbus 380 or Boeing 747 Jumbo will soon become a reality in India. UK-based air charter broker company Air Partner has joined hands with InterGlobe Established Private Limited (THE ESTD) - a subsidiary of InterGlobe
Enterprises - to launch a range of private aviation products from small aircraft to super Jumbos. Announcing the strategic partnership today, Mark Briffa, CEO Air Partner said "THE ESTD is an ideal partner, with strong brand, reliability, knowledge and understanding of India's corporate and luxury travel sector. This partnership gives Air Partner a great platform from which we
can launch services and products into a growing and lucrative market". "We would be providing commercial jet services, which charters airliners with 20 to 500 seats to move group of any size", he said claiming, "the company could
even provide the world's biggest aircraft -- Airbus 380 or Boeing 747 Jumbo -- if the customer is ready to pay and the plane is available". Terming the country's Rs 135 million air charter market as 'fragmented' Briffa said, "as the number of players in this sector are numbered. Air Partner is ready to provide its services with highest level of professionalism and to customer's satis-
faction". Headquartered in London, Air Partner is a leading air charter company providing its services to industry, commerce, governments and individuals worldwide. It has 20 offices in 17 countries. In India, the company would be providing its on-demand charter and unique pre-paid JetCard scheme giving customers a flexible pricing and travel options.