NTPC to invest Rs 3,000 cr in solar power by 2014
The state-run power major NTPC today said it will invest about Rs 3,000 crore in solar energy to add over 300 Mw of generation capacity by March 2014.
"The board of directors of NTPC has approved a roadmap to enter the solar power generation business for capacity addition of 301 Mw by March," the company informed the Bombay Stock Exchange (BSE).An investment of Rs 10 crore is required to produce one Mw of solar power.
"The board of directors of NTPC has approved a roadmap to enter the solar power generation business for capacity addition of 301 Mw by March," the company informed the Bombay Stock Exchange (BSE).An investment of Rs 10 crore is required to produce one Mw of solar power.
"Out of the 301 Mw, 190 Mw will be added through solar thermal technology and the balance 111Mw through solar PV technology, the announcement said.
The company has already taken up 15 Mw of solar thermal based project at Anta in Rajasthan. The power generated from this station will be fed into the grid.The largest power producer plans to add 50,000 Mw of electricity by 2012 from all energy sources.Meanwhile, the board has also approved to invest Rs 564.53 crore for renovation and modernisation of its Badarpur plant in Delhi.
HCL Info, Motorola get 1 bln rupees radio contract
IT hardware firm HCL Infosystems said on Wednesday it got a 1 bln rupees radio network contract in partnership with Motorola from the Delhi government.The firms will jointly deploy a secure network for inter-departmental communication among government agencies like the police, fire services, hospitals and the Delhi Transport Corp during the Common Wealth Games, HCL said. The network is a digital communication platform that operates on a secure spectrum, it said.
Promoter hikes stake to 47.8 pc in GTL
Network services firm GTL Ltd's one of the promoters--Global
Holding Corporation--has acquired an additional 2.11 per cent stake in
the
company for Rs 75.55 crore, hiking its total stake in the firm to 47.80 percent.
In a disclosure to the Bombay Stock Exchange, GTL today said Global Holding Corporation has acquired 20.18 lakh shares representing 2.1 percent stake in open market transactions for Rs 75.55 crore.
The transaction was executed on December 18, it said. Prior to the transaction, Global Holding Corporation had 45.69 percent stake in the networking company.
GTL Ltd, a Global Group enterprise, offers services and solutions for telecom carriers and technology providers.
Global Holding Corporation Pvt Ltd is the holding company of Global Group.
Shares of GTL Ltd today closed at Rs 385.20, down 1.15 percent from previous close on the BSE.
Holding Corporation--has acquired an additional 2.11 per cent stake in
the
company for Rs 75.55 crore, hiking its total stake in the firm to 47.80 percent.
In a disclosure to the Bombay Stock Exchange, GTL today said Global Holding Corporation has acquired 20.18 lakh shares representing 2.1 percent stake in open market transactions for Rs 75.55 crore.
The transaction was executed on December 18, it said. Prior to the transaction, Global Holding Corporation had 45.69 percent stake in the networking company.
GTL Ltd, a Global Group enterprise, offers services and solutions for telecom carriers and technology providers.
Global Holding Corporation Pvt Ltd is the holding company of Global Group.
Shares of GTL Ltd today closed at Rs 385.20, down 1.15 percent from previous close on the BSE.
NLC plans to take up coal blocks development
Neyveli Lignite Corporation (NLC) on Wednesday said that it proposed to venture into power generation and mining industries business.
NLC planned to participate in development of coal blocks allotted to State governments or coal based power generation under public private partnership with State government undertakings, a company press release said, detailing some of the salient feature s achieved by NLC in 2009.
The company also proposed to participate in competitive bidding of power for taking up Ultra Mega Power projects floated by the power ministry, it said.
Stating that NLC’s performance between April-November 2009 has exceeded the target, despite heavy rainfall in the third quarter of 2009-2010, it said net sales for the first half of the year 2009-2010 was Rs 1,765.85 crore, compared to Rs 1,397.40 crore the previous year.
On new projects, NLC said the pre-commissioning activities of the Rs 5,560.31 crore Rajasthan Lignite Mine-cum-Power Project were on “full swing”.
The 2x125 MW Barsingsar Thermal Power project and the second unit of the plant was also expected to be commissioned in March 2010, it said. - PTI
NLC planned to participate in development of coal blocks allotted to State governments or coal based power generation under public private partnership with State government undertakings, a company press release said, detailing some of the salient feature s achieved by NLC in 2009.
The company also proposed to participate in competitive bidding of power for taking up Ultra Mega Power projects floated by the power ministry, it said.
Stating that NLC’s performance between April-November 2009 has exceeded the target, despite heavy rainfall in the third quarter of 2009-2010, it said net sales for the first half of the year 2009-2010 was Rs 1,765.85 crore, compared to Rs 1,397.40 crore the previous year.
On new projects, NLC said the pre-commissioning activities of the Rs 5,560.31 crore Rajasthan Lignite Mine-cum-Power Project were on “full swing”.
The 2x125 MW Barsingsar Thermal Power project and the second unit of the plant was also expected to be commissioned in March 2010, it said. - PTI
GAIL asked to assure fuel supply to power projects
In a significant development, the Government has asked state-run gas utility GAIL India Ltd to extend ‘comfort letters’ assuring fuel supplies to upcoming gas-based power projects so that the projects get financing.
As per the new dispensation, GAIL would assure gas supplies when the projects become operational but the price would be the prevalent market rates, top sources said.
Some developers had said they could not begin work on projects in the absence of a bankable gas supply contract and the new arrangement would help them get finances from banks and financial institutions.
Upon completion of the power plants, the Government will allocate fuel to them from domestic fields like those of Reliance Industries’ eastern offshore KG-D6. In case domestic gas was not available, GAIL would import liquefied natural gas (LNG) and suppl y it to them at market rates.
“We want to ensure that the power projects are not stranded for want of gas supply contracts. Once they are built, supplies would be ensured either from domestic fields or by way of imports,” a source said.
The developer would not suffer any financial loss in case it gets imported LNG as the entire fuel cost is passed through as per electricity regulations. The term market price was inserted in the comfort letters so as to accommodate both domestic as well as imported-LNG rates. - PTI
As per the new dispensation, GAIL would assure gas supplies when the projects become operational but the price would be the prevalent market rates, top sources said.
Some developers had said they could not begin work on projects in the absence of a bankable gas supply contract and the new arrangement would help them get finances from banks and financial institutions.
Upon completion of the power plants, the Government will allocate fuel to them from domestic fields like those of Reliance Industries’ eastern offshore KG-D6. In case domestic gas was not available, GAIL would import liquefied natural gas (LNG) and suppl y it to them at market rates.
“We want to ensure that the power projects are not stranded for want of gas supply contracts. Once they are built, supplies would be ensured either from domestic fields or by way of imports,” a source said.
The developer would not suffer any financial loss in case it gets imported LNG as the entire fuel cost is passed through as per electricity regulations. The term market price was inserted in the comfort letters so as to accommodate both domestic as well as imported-LNG rates. - PTI
DoT to impose Rs 132 cr penalty on telcos
The Department of Telecom (DoT) is understood to have decided to slap a total penalty of Rs 132 crore on some major telecom operators for not rolling out services on time after the award of licence and spectrum
The penalty, which will be in the form of liquidated damages (LD), are for delays since 2005 for which show-cause notices had been issued earlier.
"As per the calculation, the revised LD amount is Rs 132 crore, Bharti Airtel (Rs 28.20 crore), Reliance Communications (Rs 19.85 crore), Tata Teleservices (Rs 36.5 crore), Tata Teleservices (Maharashtra) (Rs 3.7 crore). The LD on Aircel is Rs 28.995 crore, while Vodafone Essar, MTNL, BSNL have not been slapped any LD, said an internal DoT note.
"Idea Cellular has to pay Rs 1 crore, HFCL Infotel and Sistema Shyam have to pay Rs 7 crore each," it added.
A DoT official said the department would soon send individual notices to the telcos.
He said once the old cases are disposed the LD would be imposed on new cases which could be much more.
As per the latest calculations the penalty has been lowered to Rs 132 crore from the earlier figure of Rs 450 crore.
The reduction comes after the DoT diluted the roll-out norms in line with the demands made by the operators.
The department had diluted the roll-out conditions for mobile companies by allowing them to fulfill their obligation within one year from the date of getting spectrum. Earlier the date of grant of licence was taken to calculate the roll-out targets.
"As per the calculation, the revised LD amount is Rs 132 crore, Bharti Airtel (Rs 28.20 crore), Reliance Communications (Rs 19.85 crore), Tata Teleservices (Rs 36.5 crore), Tata Teleservices (Maharashtra) (Rs 3.7 crore). The LD on Aircel is Rs 28.995 crore, while Vodafone Essar, MTNL, BSNL have not been slapped any LD, said an internal DoT note.
"Idea Cellular has to pay Rs 1 crore, HFCL Infotel and Sistema Shyam have to pay Rs 7 crore each," it added.
A DoT official said the department would soon send individual notices to the telcos.
He said once the old cases are disposed the LD would be imposed on new cases which could be much more.
As per the latest calculations the penalty has been lowered to Rs 132 crore from the earlier figure of Rs 450 crore.
The reduction comes after the DoT diluted the roll-out norms in line with the demands made by the operators.
The department had diluted the roll-out conditions for mobile companies by allowing them to fulfill their obligation within one year from the date of getting spectrum. Earlier the date of grant of licence was taken to calculate the roll-out targets.
Bharti nears deal with Warid in Bangladesh
Telecom giant Bharti Airtel is close to clinching a deal to acquire 70 per cent stake in Warid Telecom, a local mobile company in Bangladesh owned by Abu Dhabi Group, with top officials from both companies meeting here to "brainstorm a consensus", a media report said today.
"A Memorandum of Understanding (MoU) could be signed between the companies during the visit," an official at Warid Telecom was quoted as saying by the Daily Star.
Bharti Airtel has placed a $300-million initial investment plan before the Bangladesh Telecommunication Regulatory Commission (BTRC), which will be implemented after signing the deal, the paper said.
Bharti Airtel has placed a $300-million initial investment plan before the Bangladesh Telecommunication Regulatory Commission (BTRC), which will be implemented after signing the deal, the paper said.
The nod of BTRC has been sought by Bharti Airtel in a letter to buy the stake in Bangladesh operations of Warid Telecom.
The MoU is the primary step before signing the final deal between the companies to share confidential business strategies.
According to the newspaper, the regulatory authority has asked for some documents, including Airtel's investment plan in Bangladesh and board of director's approval from both the companies regarding the deal.
"The BTRC has asked the companies to submit these documents before signing the deal," BTRC Chairman Zia Ahmed said, the paper reported.
Bharti Enterprises Chairman and Group CEO Sunil Bharti Mittal met Bangladesh Telecom Minister Rajiuddin Ahmed Raju yesterday.
Airtel is going to invest in Bangladesh, Sunil Kanti Bosh, secretary of telecommunication ministry, said adding that the company also looks for providing telecom services between India and Bangladesh at affordable cost.
Warid made its Bangladesh debut as the sixth mobile operator in May 2007 and has roped in 2.79 million subscribers until October.
Several companies like SingTel, Vodafone and Etisalat had also approached Warid to form a partnership in Bangladesh, the Daily Star said.
The MoU is the primary step before signing the final deal between the companies to share confidential business strategies.
According to the newspaper, the regulatory authority has asked for some documents, including Airtel's investment plan in Bangladesh and board of director's approval from both the companies regarding the deal.
"The BTRC has asked the companies to submit these documents before signing the deal," BTRC Chairman Zia Ahmed said, the paper reported.
Bharti Enterprises Chairman and Group CEO Sunil Bharti Mittal met Bangladesh Telecom Minister Rajiuddin Ahmed Raju yesterday.
Airtel is going to invest in Bangladesh, Sunil Kanti Bosh, secretary of telecommunication ministry, said adding that the company also looks for providing telecom services between India and Bangladesh at affordable cost.
Warid made its Bangladesh debut as the sixth mobile operator in May 2007 and has roped in 2.79 million subscribers until October.
Several companies like SingTel, Vodafone and Etisalat had also approached Warid to form a partnership in Bangladesh, the Daily Star said.
Cox & Kings acquires Australian travel firm
Travel and tour company Cox & Kings today said one of its overseas arm has acquired Australia-based MyPlanet Australia Pty Ltd and Bentours International Pty Ltd for an undisclosed amount.
In a filing to the Bombay Stock Exchange, the Indian firm said Cox & Kings (Australia) has acquired 100 per cent stake in the unit of European tourism group TUI Travel.
Cox & King (Australia) has purchased the company from TUI Travel's First Choice Holdings Australia Pty Ltd, the filing added.
Although Cox & Kings did not disclose the deal value, it said the acquisition has been done through earn-out mechanism and not from the proceeds of the initial public offer (IPO).
Earn-out is a mechanism wherein a part of the acquisition cost is linked to future performance of the acquired entity and paid over a period by the buyer.
The global travel and tour operator had last month raised over Rs 610 crore through an IPO, which was subscribed over six times.
Cox & King (Australia) has purchased the company from TUI Travel's First Choice Holdings Australia Pty Ltd, the filing added.
Although Cox & Kings did not disclose the deal value, it said the acquisition has been done through earn-out mechanism and not from the proceeds of the initial public offer (IPO).
Earn-out is a mechanism wherein a part of the acquisition cost is linked to future performance of the acquired entity and paid over a period by the buyer.
The global travel and tour operator had last month raised over Rs 610 crore through an IPO, which was subscribed over six times.
Shares of Cox & Kings were trading at Rs 436.90, 1.59 per cent up in the afternoon trade on the BSE.
HCC bags Rs 375 cr project for oil storage cavern at Padur
Hindustan Construction Company (HCC), India’s leading engineering and infrastructure development company has bagged a contract of Rs 374.66 crore from Indian Strategic Petroleum Reserves Limited to construct India’s first strategic crude oil storage cavern at Padur in Karnataka. The engineering major aims to complete the project in 36 months.
Under the project, HCC will build underground rock caverns to store 1.25 million tonnes crude oil.
Under the project, HCC will build underground rock caverns to store 1.25 million tonnes crude oil.
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