Lucknow: Reliance Power has successfully commissioned its fourth unit of 300 MW at Rosa Thermal Power plant making the 1,200 MW project fully operational. The fourth and last phase of 300 MW was scheduled to be completed by July 2012 but the company was able to speedily execute the work and commission it four months ahead of schedule.
Reliance Power announced on Monday that the last phase of 300 MW was synchronized and achieved full load on March 28.
Chairman and Managing Director, UP Power Corporation Ltd, Avnish Awasthi said that after successful completion of 72 hours full load test the fourth unit of the Rosa project was declared commercially operational on March 31. He said that the additional power they would get from this unit would come as a major boost to the state as the summer months start.
CEO, Reliance Power, JP Chalasani said that the 1,200 MW Rosa plant is consistently operating above 95% Plant Load Factor and ranks among the best.
The Rosa power plant set up with an investment of over Rs 6,000 crores in Shahjahanpur district, comprises of four units of 300 MW each and is the first new thermal power project to be set up and become operational in Uttar Pradesh during the last two decades.
JP Chalasani, said "The Rosa project is special to us as its is Reliance Power's first operating power plant. Our team has once again demonstrated its ability in construction and commissioning of big projects".
He said that the 1,200 MW Rosa plant would supply its full capacity to the state. It would contribute about 15% of UP's total energy requirement and provide 5,000 direct and indirect jobs.
Success in my Habit
Tuesday, April 3, 2012
Railways to sign a JV for setting up wagon component manufacturing facility in April 2012
Kolkata: The Railways is poised to sign a joint venture agreement in April 2012 for setting up a wagon component manufacturing facility at Jellingham, East Midnapore with work on the over Rs 200-crore project likely to commence from September 2012.
The production of bogies and couplers from the new facility is expected to take place from March 2014. Keshav Chandra, Member Mechanical, Railway Board and A K Verma, General Manager, South Eastern Railway visited the site at Jellingham on Sunday. Other senior officials of Burn Standard Ltd SAIL and WBIDC were also present.
The project was sanctioned to set up a steel foundry for manufacturing of wagon bogies and wagon couplers at Jellingham where Burn Standard Ltd has 128 acres on lease from Kolkata Port Trust. The steel foundry will be set up on 35 acre.
The feasibility study for the project has already been conducted by RITES and report was submitted in September 2011. The feasibility report was approved by Burn Standard Ltd in September 2011 and by SAIL in March 2012. The project cost is estimated at Rs.201.66 crore.
The project will be financed on a 70:30 debt and equity ratio by a joint venture company between Burn Standard Ltd. and SAIL which will have equal participation from the two partners.
While the joint venture agreement will be registered in April 2012, the jv will subsequently float tenders for construction of foundry. The plant will be set up for manufacturing 10000 wagon couplers and 10000 bogies per year and the Railways has agreed to an assured off-take of 5000 couplers and 5000 bogies per annum.
The production of bogies and couplers from the new facility is expected to take place from March 2014. Keshav Chandra, Member Mechanical, Railway Board and A K Verma, General Manager, South Eastern Railway visited the site at Jellingham on Sunday. Other senior officials of Burn Standard Ltd SAIL and WBIDC were also present.
The project was sanctioned to set up a steel foundry for manufacturing of wagon bogies and wagon couplers at Jellingham where Burn Standard Ltd has 128 acres on lease from Kolkata Port Trust. The steel foundry will be set up on 35 acre.
The feasibility study for the project has already been conducted by RITES and report was submitted in September 2011. The feasibility report was approved by Burn Standard Ltd in September 2011 and by SAIL in March 2012. The project cost is estimated at Rs.201.66 crore.
The project will be financed on a 70:30 debt and equity ratio by a joint venture company between Burn Standard Ltd. and SAIL which will have equal participation from the two partners.
While the joint venture agreement will be registered in April 2012, the jv will subsequently float tenders for construction of foundry. The plant will be set up for manufacturing 10000 wagon couplers and 10000 bogies per year and the Railways has agreed to an assured off-take of 5000 couplers and 5000 bogies per annum.
Bilfinger Berger to invest 100 mn euros in India
Ahmedabad: Leading German engineering and services company Bilfinger Berger on Monday said it plans to invest more than 100 million euros in India in the next couple of years.
The recent acquisition of the Surat-based Neo Structo Construction Ltd and Spetech Plant Equipments Private Ltd represents an initial milestone in the German company’s objective of strengthening its commitment in Asia. Bilfinger Berger has a financial scope of more than €1 billion for investment in the next two years globally in the expansion of the services business.
Growth markets in the Asia-Pacific and the Gulf region are a key focus in this strategy, Mr Robert Koch, Chairman of the Executive Board of Bilfinger Berger SE, said in a statement on Monday.
Earlier this year, Bilfinger Berger had acquired engineering firm Tebodin, operating in Chennai since 2007.
The recent acquisition of the Surat-based Neo Structo Construction Ltd and Spetech Plant Equipments Private Ltd represents an initial milestone in the German company’s objective of strengthening its commitment in Asia. Bilfinger Berger has a financial scope of more than €1 billion for investment in the next two years globally in the expansion of the services business.
Growth markets in the Asia-Pacific and the Gulf region are a key focus in this strategy, Mr Robert Koch, Chairman of the Executive Board of Bilfinger Berger SE, said in a statement on Monday.
Earlier this year, Bilfinger Berger had acquired engineering firm Tebodin, operating in Chennai since 2007.
SEBI allows stock exchanges to list, but with riders
Mumbai: Stock exchanges and depositories will be allowed to list, the Securities and Exchange Board of India decided on Monday. The Board's decision has more or less overturned the recommendations of the Bimal Jalan Committee on listing of exchanges.
Listing will be restricted to those stock exchanges that address the conflict of interest between business expansion and their role as a frontline regulator.
The Jalan Committee had recommended that exchanges, depositories and clearing corporations should not be allowed to list because of their frontline regulatory role.
SEBI has implemented the Jalan committee's recommendation only for clearing corporations, barring them from listing.
“The decisions taken by the SEBI board are likely to ensure greater transparency and accountability. SEBI, while not accepting some of the recommendations (such as cap on profits earned by the stock exchange) of the Dr Jalan Committee Report, is likely to promote competition in the exchange space,” said Mr Tejesh Chitlangi, Senior Associate, Finsec Law Advisors.
However, SEBI has not allowed exchanges to list on themselves. Also, they have to operational for at least three years to list. This is because clearing corporations (CCs) bear the risk of guaranteeing that securities and funds change hands between the buyer and the seller without any glitches on the exchanges.
Net worth and ownership
The minimum net worth for exchanges and depositories should be Rs 100 crore, said SEBI. For clearing corporations, the requirement is Rs 300 crore.
SEBI has said that no single investor can hold more than five per cent in exchanges. However, the exchange, depositories, insurance companies, banks and public financial institutions themselves are allowed to hold up to 15 per cent stake.
The public shall hold 51 per cent in exchanges.
SEBI has allowed stock exchanges to hold at least 51 per cent in CCs. An exchange holding 51per cent in a CC cannot hold more than 15 per cent in any other CC.
For depositories, sponsors should have a minimum stake of 51 per cent. The prescribed shareholding limits includes all on and off-balance-sheet instruments (such as options).
Governance
SEBI also directed stock exchange boards to have 50 per cent public interest directors. Two-thirds of CC boards must consist of such directors.
It also prescribed compensation practices (for key management personnel) curbing incentives that encourage excessive risk taking.
Exchanges have to transfer one-fourth of their profits to the clearing house's settlement guarantee fund.
Depositories have to transfer one-fourth of their profits to their investor protection fund. SEBI also prescribed voluntarily exit for non-operational stock exchanges and introduced Alternative Investment Funds (AIF) regulations.
AIF has been classified into three categories — the minimum corpus of an AIF is Rs 20 crore and it can have a maximum of 1,000 investors.
However, the AIF sponsor should have an investment equal to the lower of 2.5 per cent of initial corpus or Rs 5 crore.
Listing will be restricted to those stock exchanges that address the conflict of interest between business expansion and their role as a frontline regulator.
The Jalan Committee had recommended that exchanges, depositories and clearing corporations should not be allowed to list because of their frontline regulatory role.
SEBI has implemented the Jalan committee's recommendation only for clearing corporations, barring them from listing.
“The decisions taken by the SEBI board are likely to ensure greater transparency and accountability. SEBI, while not accepting some of the recommendations (such as cap on profits earned by the stock exchange) of the Dr Jalan Committee Report, is likely to promote competition in the exchange space,” said Mr Tejesh Chitlangi, Senior Associate, Finsec Law Advisors.
However, SEBI has not allowed exchanges to list on themselves. Also, they have to operational for at least three years to list. This is because clearing corporations (CCs) bear the risk of guaranteeing that securities and funds change hands between the buyer and the seller without any glitches on the exchanges.
Net worth and ownership
The minimum net worth for exchanges and depositories should be Rs 100 crore, said SEBI. For clearing corporations, the requirement is Rs 300 crore.
SEBI has said that no single investor can hold more than five per cent in exchanges. However, the exchange, depositories, insurance companies, banks and public financial institutions themselves are allowed to hold up to 15 per cent stake.
The public shall hold 51 per cent in exchanges.
SEBI has allowed stock exchanges to hold at least 51 per cent in CCs. An exchange holding 51per cent in a CC cannot hold more than 15 per cent in any other CC.
For depositories, sponsors should have a minimum stake of 51 per cent. The prescribed shareholding limits includes all on and off-balance-sheet instruments (such as options).
Governance
SEBI also directed stock exchange boards to have 50 per cent public interest directors. Two-thirds of CC boards must consist of such directors.
It also prescribed compensation practices (for key management personnel) curbing incentives that encourage excessive risk taking.
Exchanges have to transfer one-fourth of their profits to the clearing house's settlement guarantee fund.
Depositories have to transfer one-fourth of their profits to their investor protection fund. SEBI also prescribed voluntarily exit for non-operational stock exchanges and introduced Alternative Investment Funds (AIF) regulations.
AIF has been classified into three categories — the minimum corpus of an AIF is Rs 20 crore and it can have a maximum of 1,000 investors.
However, the AIF sponsor should have an investment equal to the lower of 2.5 per cent of initial corpus or Rs 5 crore.
RBI relaxes rules for foreign currency accounts
Mumbai: To provide operational flexibility to Indian entities making overseas direct investments, the Reserve Bank of India has liberalised regulations pertaining to foreign currency accounts (FCA).
Indian entities can open, hold and maintain FCAs abroad to smoothen the process of making overseas direct investments, subject to certain conditions, the RBI said in a notification.
Eligibility conditions
A company incorporated in India or a body created under an Act of Parliament or a partnership firm or RBI-notified entities are defined as Indian entities.
The conditions stipulated by the RBI for opening a foreign currency account include: Indian entities should be eligible for making overseas direct investments under the Foreign Exchange Management Act (FEMA); host country regulations should stipulate that the investments into the country are required to be routed through a designated account.
Remittances sent to the FCA by the Indian entity should be utilised only for making overseas direct investment into the joint venture or the wholly-owned subsidiary abroad.
Any amount received into the foreign currency account by way of dividends and / or other entitlements from the subsidiary shall be repatriated to India within 30 days from the date of credit.
Auditor's certificate
The Indian entity is required to submit the details of debits and credits in the foreign currency account on a yearly basis to the designated bank. Further, it should furnish a certificate from the statutory auditors, certifying that the FCA was maintained as per the host country laws and the extant FEMA regulations.
The RBI has said that the FCA should be closed immediately or within 30 days from the date of disinvestment from the joint venture or the wholly-owned subsidiary, or cessation thereof.
Indian entities can open, hold and maintain FCAs abroad to smoothen the process of making overseas direct investments, subject to certain conditions, the RBI said in a notification.
Eligibility conditions
A company incorporated in India or a body created under an Act of Parliament or a partnership firm or RBI-notified entities are defined as Indian entities.
The conditions stipulated by the RBI for opening a foreign currency account include: Indian entities should be eligible for making overseas direct investments under the Foreign Exchange Management Act (FEMA); host country regulations should stipulate that the investments into the country are required to be routed through a designated account.
Remittances sent to the FCA by the Indian entity should be utilised only for making overseas direct investment into the joint venture or the wholly-owned subsidiary abroad.
Any amount received into the foreign currency account by way of dividends and / or other entitlements from the subsidiary shall be repatriated to India within 30 days from the date of credit.
Auditor's certificate
The Indian entity is required to submit the details of debits and credits in the foreign currency account on a yearly basis to the designated bank. Further, it should furnish a certificate from the statutory auditors, certifying that the FCA was maintained as per the host country laws and the extant FEMA regulations.
The RBI has said that the FCA should be closed immediately or within 30 days from the date of disinvestment from the joint venture or the wholly-owned subsidiary, or cessation thereof.
AP Govt sanctions Rs 60 cr for NIMS campus at Rangapur
Hyderabad: The Andhra Pradesh Government has sanctioned Rs 60 crore to set up a 150-bed hospital at the Nizam's Institute of Medical Sciences (NIMS), Rangapur campus near Bibinagar in neighbouring Nalgonda district.
The Chief Minister, Mr N. Kiran Kumar Reddy while issuing orders has said the NIMS hospital will have all basic specialties, general medicine, surgery, orthopedics, gynaecology and obstetrics, dental, ENT, ophthalmology and trauma.
The Chief Minister also reviewed the progress of work of NIMS campus at Rangapur with Minister and officials at the Secretariat. Meanwhile, the Union Government has approved the establishment of the Institute for Pregnant Women in SVRR Govt. General Hospital, Tirupati, in two years and sanctioned Rs 20.10 crore. This institute will be established in the premises of the existing Medical College Hospital and Institute of Obstetrics.
On the functioning of the 108 and 104 services in the State, officials informed the Chief Minister that there was substantial improvement. He asked the officials to publish a monthly bulletin about how many vehicles were running and how many calls the centre was getting.
Mr Reddy was informed that 719 Ambulances were running under 108 services of the total fleet of 722. Officials explained that 70 new ambulances will be inducted from June and 78 special vehicles from July.
The Chief Minister, Mr N. Kiran Kumar Reddy while issuing orders has said the NIMS hospital will have all basic specialties, general medicine, surgery, orthopedics, gynaecology and obstetrics, dental, ENT, ophthalmology and trauma.
The Chief Minister also reviewed the progress of work of NIMS campus at Rangapur with Minister and officials at the Secretariat. Meanwhile, the Union Government has approved the establishment of the Institute for Pregnant Women in SVRR Govt. General Hospital, Tirupati, in two years and sanctioned Rs 20.10 crore. This institute will be established in the premises of the existing Medical College Hospital and Institute of Obstetrics.
On the functioning of the 108 and 104 services in the State, officials informed the Chief Minister that there was substantial improvement. He asked the officials to publish a monthly bulletin about how many vehicles were running and how many calls the centre was getting.
Mr Reddy was informed that 719 Ambulances were running under 108 services of the total fleet of 722. Officials explained that 70 new ambulances will be inducted from June and 78 special vehicles from July.
Reliance Power solar project starts in Rajasthan
Jaisalmer: Reliance Power has commissioned India's largest solar photovoltaic project in Rajasthan with a capacity of 40 MW, and will supply electricity to Reliance Infrastructure, top company executives said.
The Rs 700-crore plant in Jaisalmer was commissioned in four months and is part of the company's plan to invest total of Rs 6,000 crore in solar power plants in the state of Rajasthan, they said.
"We plan to add 300 MW of solar-generated power from this state to the national installed capacity by 2015," said Anil Ambani, chairman, Reliance Power.
It will help meet obligations of Reliance Infrastructure to buy renewable energy.
The Rs 700-crore plant in Jaisalmer was commissioned in four months and is part of the company's plan to invest total of Rs 6,000 crore in solar power plants in the state of Rajasthan, they said.
"We plan to add 300 MW of solar-generated power from this state to the national installed capacity by 2015," said Anil Ambani, chairman, Reliance Power.
It will help meet obligations of Reliance Infrastructure to buy renewable energy.
Rise in private sector investments in Bengal: Pranab
Kolkata: The Finance Minister, Mr Pranab Mukherjee, on Sunday said that there has been a rise in the share of private investments in West Bengal.
As of December 2011, West Bengal has about 900 live investment projects worth Rs 6.11 lakh crore. It has a share of 4.4 per cent of the total investment announced by the Government and private sector in India.
The State's share works out to be 3.7 per cent in the total investments undertaken by different government projects.
“Close to 65 per cent of the total investment in West Bengal comes from the private sector and this is a clear indication that industrialists and investors are looking at the state with hope and expectations,” Mr Mukherjee said at a conference organised by the Associated Chambers of Commerce and Industry here today.
The State has, under Ms Mamata Banerjee led government, attracted investments worth nearly Rs 58,000 crore. Manufacturing sector has got the major share of it at 36.5 per cent, followed by electricity (29 per cent), services sector (18.9 per cent), mining (6.8 per cent) and real estate (6.1 per cent).
As of December 2011, West Bengal has about 900 live investment projects worth Rs 6.11 lakh crore. It has a share of 4.4 per cent of the total investment announced by the Government and private sector in India.
The State's share works out to be 3.7 per cent in the total investments undertaken by different government projects.
“Close to 65 per cent of the total investment in West Bengal comes from the private sector and this is a clear indication that industrialists and investors are looking at the state with hope and expectations,” Mr Mukherjee said at a conference organised by the Associated Chambers of Commerce and Industry here today.
The State has, under Ms Mamata Banerjee led government, attracted investments worth nearly Rs 58,000 crore. Manufacturing sector has got the major share of it at 36.5 per cent, followed by electricity (29 per cent), services sector (18.9 per cent), mining (6.8 per cent) and real estate (6.1 per cent).
Indian travellers heading to Spain this summer
Mumbai/ Bangalore: It's Senorita for Indians this summer.
Bollywood-crazy Indians are now going where the stars have been.
Six months after the release of Zindagi Na Milegi Dobara, Spain continues to dominate the travel charts of Indian tourists.
Travel agents and tour operators say there has been an over 20 per cent increase in bookings to Spain this summer, thanks to the popularity of the movie.
“Also many tourists coming to Spain have already visited other parts of Europe; they want to experience a new culture,” said Mr Manmeet Ahluwalia, Marketing Head, Expedia India.
Spain's Ministry of Tourism recorded over 53,000 Indian arrivals showing a growth of 35 per cent in the first half of 2011. This year, Spain expects to receive more than 56 million global tourists.
“Spain is the big mover this year, thanks to its Tourism Board's big investment in the Indian market and also because of the film, which has been extensively shot in that country,” said Mr Shravan Gupta, Managing Director, Travel Tours. “Thanks to the movie, our clients are even enquiring about the Tomatina festival and bull run.”
The movie's popularity has also spurred interest in specific destinations such as Costa Brava, Seville, Pamplona, Barcelona and Valencia featured in the movie, said Mr Frederick Divecha, Head Tour Operating B2C, Kuoni India.
Mr Gupta of Travel Tours pointed out that his business to Spain has doubled this season.
“By end of July, our company should have sent 300-400 people to Spain,” he said, adding that already over 100, including a golfers' group, had confirmed bookings for Spain.
The success of ZNMD has also encouraged Spain Tourism to initiate incentives for film production in the country besides other benefits to showcase its tourism potential.
Bollywood-crazy Indians are now going where the stars have been.
Six months after the release of Zindagi Na Milegi Dobara, Spain continues to dominate the travel charts of Indian tourists.
Travel agents and tour operators say there has been an over 20 per cent increase in bookings to Spain this summer, thanks to the popularity of the movie.
“Also many tourists coming to Spain have already visited other parts of Europe; they want to experience a new culture,” said Mr Manmeet Ahluwalia, Marketing Head, Expedia India.
Spain's Ministry of Tourism recorded over 53,000 Indian arrivals showing a growth of 35 per cent in the first half of 2011. This year, Spain expects to receive more than 56 million global tourists.
“Spain is the big mover this year, thanks to its Tourism Board's big investment in the Indian market and also because of the film, which has been extensively shot in that country,” said Mr Shravan Gupta, Managing Director, Travel Tours. “Thanks to the movie, our clients are even enquiring about the Tomatina festival and bull run.”
The movie's popularity has also spurred interest in specific destinations such as Costa Brava, Seville, Pamplona, Barcelona and Valencia featured in the movie, said Mr Frederick Divecha, Head Tour Operating B2C, Kuoni India.
Mr Gupta of Travel Tours pointed out that his business to Spain has doubled this season.
“By end of July, our company should have sent 300-400 people to Spain,” he said, adding that already over 100, including a golfers' group, had confirmed bookings for Spain.
The success of ZNMD has also encouraged Spain Tourism to initiate incentives for film production in the country besides other benefits to showcase its tourism potential.
India, UK bilateral talks to focus on financial sector ties
New Delhi: The fifth ministerial level India-UK Economic and Financial Dialogue will be held in the Capital on Monday.
The Finance Minister, Mr Pranab Muherjee, will co-chair the talks with the UK’s Chancellor of the Exchequer, Mr George Osborne.
Mr Mukherjee and Mr Osborne will also hold a bilateral meeting to share views on macro-economic policies and issues of mutual commercial concern, among others.
This year’s Dialogue is likely to focus on strengthening the UK-India financial sector partnership, boosting infrastructure ties besides issues of structural reforms, education and skill building.
The British Government has been urging India to allow enhanced presence for foreign banks.
Many Indian banks have also in the recent years established presence in the UK. A case may be made for further strengthening the ties on this front.
Indications are also that the issue of retrospective amendments in tax laws would figure in the Dialogue. Both India and the UK have in recent years resorted to retrospective amendments in their tax laws. This has irked industry from both the sides.
The issue of rallying round the American nominee for the post of the World Bank President may also figure in the bilateral talks.
The previous ministerial level meeting of the EFD was held in London in July last year.
The Finance Minister, Mr Pranab Muherjee, will co-chair the talks with the UK’s Chancellor of the Exchequer, Mr George Osborne.
Mr Mukherjee and Mr Osborne will also hold a bilateral meeting to share views on macro-economic policies and issues of mutual commercial concern, among others.
This year’s Dialogue is likely to focus on strengthening the UK-India financial sector partnership, boosting infrastructure ties besides issues of structural reforms, education and skill building.
The British Government has been urging India to allow enhanced presence for foreign banks.
Many Indian banks have also in the recent years established presence in the UK. A case may be made for further strengthening the ties on this front.
Indications are also that the issue of retrospective amendments in tax laws would figure in the Dialogue. Both India and the UK have in recent years resorted to retrospective amendments in their tax laws. This has irked industry from both the sides.
The issue of rallying round the American nominee for the post of the World Bank President may also figure in the bilateral talks.
The previous ministerial level meeting of the EFD was held in London in July last year.
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