NTPC-NPCIL may get nod for nuke plant in 2-3 mths
State-owned NTPC's proposed joint venture with Nuclear Power Corporation of India (NPCIL) for setting up a 2,000-Mw atomic power plant is likely to be formalised in the next 2-3 months, sources said.
NTPC and NPCIL signed a Memorandum of Understanding (MoU) to form a joint venture for setting up nuke power projects in the country last month.
Both the companies are awaiting approval from the Department of Atomic Energy (DAE) for formalising the agreement.
"NPCIL has forwarded the agreement to DAE for their approval, the formal joint venture agreement can be expected in 2-3 months," sources close to the development said.
NTPC plans to add 2,000 Mw of nuclear power by 2017. To achieve this objective the company is in the process of setting up a joint venture company with NPCIL, where the latter would hold a majority stake of 51 per cent, while the rest would be with the power PSU.
On formation of the company, the JV would decide the sites to be pursued and technologies to be adopted.
NTPC has formed a Nuclear Power Cell headed by officers trained at Bhabha Atomic Research Centre (BARC) for building capacity in this field.
NTPC, which has a current installed capacity of over 30,000 Mw from all sources of energy, plans to raise this capacity to 75,000 Mw by 2017 through a mix of thermal, hydel and nuclear power.
NTPC is also gearing up for its follow-on public offer, which opens on February 3 next month. The government plans to divest five per cent of its stake in the power utility.
After disinvestment, the government's holding in NTPC would come down to 84.5 per cent from 89.5 per cent at present. It plans to mop up about Rs 11,000 crore at current market rates.
The nuclear power generation contributes a meagre 2.9 per cent (4,120 Mw) to the total installed capacity of 1,55,000 Mw.
After the Nuclear Suppliers Group's (NSG) waiver in September, 2008, India has signed civil nuclear pacts with seven countries -- US, France, Russia, Kazakhstan, Namibia, Argentina and Mongolia.
The government plans to take atomic power generation in the country to 20,000 Mw by 2020.
Both the companies are awaiting approval from the Department of Atomic Energy (DAE) for formalising the agreement.
"NPCIL has forwarded the agreement to DAE for their approval, the formal joint venture agreement can be expected in 2-3 months," sources close to the development said.
NTPC plans to add 2,000 Mw of nuclear power by 2017. To achieve this objective the company is in the process of setting up a joint venture company with NPCIL, where the latter would hold a majority stake of 51 per cent, while the rest would be with the power PSU.
On formation of the company, the JV would decide the sites to be pursued and technologies to be adopted.
NTPC has formed a Nuclear Power Cell headed by officers trained at Bhabha Atomic Research Centre (BARC) for building capacity in this field.
NTPC, which has a current installed capacity of over 30,000 Mw from all sources of energy, plans to raise this capacity to 75,000 Mw by 2017 through a mix of thermal, hydel and nuclear power.
NTPC is also gearing up for its follow-on public offer, which opens on February 3 next month. The government plans to divest five per cent of its stake in the power utility.
After disinvestment, the government's holding in NTPC would come down to 84.5 per cent from 89.5 per cent at present. It plans to mop up about Rs 11,000 crore at current market rates.
The nuclear power generation contributes a meagre 2.9 per cent (4,120 Mw) to the total installed capacity of 1,55,000 Mw.
After the Nuclear Suppliers Group's (NSG) waiver in September, 2008, India has signed civil nuclear pacts with seven countries -- US, France, Russia, Kazakhstan, Namibia, Argentina and Mongolia.
The government plans to take atomic power generation in the country to 20,000 Mw by 2020.
Maruti Suzuki hikes prices of most models
The country's largest car maker Maruti Suzuki India today hiked prices of most of its models by an estimated up to Rs 10,000 to offset the increase in input costs, including that of steel.
While the average increase in prices is of around 0.6%, it varies from 0.12% for the Ritz VDi at the lower end to 1.9% for the Dzire LXi models, Maruti Suzuki India (MSI) said in a statement, but did not share the hike in rupee terms.
However, the hike would range between a few hundred rupees to as high as Rs 10,000 per car, as per the current on-road prices of various models.
However, the company's recently launched multipurpose vehicle Eeco, and the petrol variant of the small car Swift and its Gypsy models will not be affected by the price hike.
"The price increase is to partly recover the increase in the input costs arising out of raw material costs over the past one year. For some models the increase in the costs are being absorbed by the company," the company said.
It also said that the introductory price for its refreshed Estilo, which was introduced in August last year, has been withdrawn. Estilo will now be expensive by Rs 1,243- Rs 2,486 depending on the variants.
MSI's decision to hike prices comes after similar measures by other auto makers, including Honda Siel Cars India and luxury carmaker BMW, in the past one month.
However, the hike would range between a few hundred rupees to as high as Rs 10,000 per car, as per the current on-road prices of various models.
However, the company's recently launched multipurpose vehicle Eeco, and the petrol variant of the small car Swift and its Gypsy models will not be affected by the price hike.
"The price increase is to partly recover the increase in the input costs arising out of raw material costs over the past one year. For some models the increase in the costs are being absorbed by the company," the company said.
It also said that the introductory price for its refreshed Estilo, which was introduced in August last year, has been withdrawn. Estilo will now be expensive by Rs 1,243- Rs 2,486 depending on the variants.
MSI's decision to hike prices comes after similar measures by other auto makers, including Honda Siel Cars India and luxury carmaker BMW, in the past one month.
Anil Ambani plans a takeover of MGM Hollywood studio: Report
Leading Indian entrepreneur Anil Ambani plans a takeover of the Metro-Goldwyn-Meyer Hollywood studio in an attempt to become one of the world's most powerful film bosses, the 'Daily Telegraph' reported today.
When contacted, a Anil Ambani Group spokesperson declined to comment.
Anil Ambani already owns a controlling stake in Steven Spielberg's DreamWorks studio and has struck a series of deals with stars including Hollywood stars Brad Pitt, Jim Carrey, Julia Roberts and George Clooney to develop their films.
Anil Ambani-led Reliance Big Pictures produced two most successful films last year while its current blockbuster 'The Three Idiots' has broken Indian box office records.
According to the report, he hopes to expand his influence with an ambitious bid for MGM, the Hollywood studio which owns the James Bond franchise.
Sources close to Ambani confirmed his interest in acquiring MGM and it would help him to achieve his ambition to become the world's most powerful film mogul, the report said.
Ambani is a respected tycoon whose empire spans power generation, distribution, insurance, financial services and communication. His company is India's second largest mobile phone operator, it said.
Anil Ambani already owns a controlling stake in Steven Spielberg's DreamWorks studio and has struck a series of deals with stars including Hollywood stars Brad Pitt, Jim Carrey, Julia Roberts and George Clooney to develop their films.
Anil Ambani-led Reliance Big Pictures produced two most successful films last year while its current blockbuster 'The Three Idiots' has broken Indian box office records.
According to the report, he hopes to expand his influence with an ambitious bid for MGM, the Hollywood studio which owns the James Bond franchise.
Sources close to Ambani confirmed his interest in acquiring MGM and it would help him to achieve his ambition to become the world's most powerful film mogul, the report said.
Ambani is a respected tycoon whose empire spans power generation, distribution, insurance, financial services and communication. His company is India's second largest mobile phone operator, it said.
JSL to come out with rights or GDR issue soon
Stainless steel major Jindal Stainless Limited is expected to come out with rights or GDR issue soon with a size range of Rs 300 to 500 crore, JSL's Vice Chairman & Managing Director Ratan Jindal said here today.
"We are going ahead with our plans and with the corporate debt restructuring (CDR) getting through, we are likely to hit markets with a rights or global depository receipt (GDR) issue within a month or two," Jindal said.
Speaking about the terms of CDR, Jindal said, "It's basically door-to-door for nine years. The CDR cell have given us moratorium of 2 to 3 years, and then in next six years, we shall repay all the loans," Jindal said.
"The instrument for raising money to a tune of Rs 300 to 500 crore is still not decided," he said, adding, the issue will not be through initial public offering.
Majority of the loans shall be repaid back locally, while few shall be paid back in foreign currency, he added.
JSL had approached the Corporate Debt Restructuring (CDR) cell after it posted losses in the year ended March 2009, due to inventory and foreign exchange losses.
The firm has also taken debt for its Phase-II Orissa integrated stainless steel project.
Speaking about the terms of CDR, Jindal said, "It's basically door-to-door for nine years. The CDR cell have given us moratorium of 2 to 3 years, and then in next six years, we shall repay all the loans," Jindal said.
"The instrument for raising money to a tune of Rs 300 to 500 crore is still not decided," he said, adding, the issue will not be through initial public offering.
Majority of the loans shall be repaid back locally, while few shall be paid back in foreign currency, he added.
JSL had approached the Corporate Debt Restructuring (CDR) cell after it posted losses in the year ended March 2009, due to inventory and foreign exchange losses.
The firm has also taken debt for its Phase-II Orissa integrated stainless steel project.
