New Delhi: Of the 100 community colleges that will be set up by the MHRD this year, 10 of these would be set up in collaboration with Canadian Government. The Union Minister for Human Resource Development, Kapil Sibal said at the Global Skills Summit organized by FICCI here today. Putting things into context, the minister said, "Under the Adult Literacy Programme which aims to cover some 70 mn working age population in the age bracket of 18-64 years in the country by 2020, 60% are women. Since they can't move away from their holds due to family commitments, to make them skilled, we need community colleges which will reach out to them wherever they are residing."
The minister also talked about a recent pilot project on vocational education launched in Haryana schools last week. The next step of the pilot project will be West Bengal which if successful will be launched nationally with an opportunity to pursue higher courses such as BSc in vocational education for those who wish to pursue their education for a higher degree and make better use of their domain skills.
Talking about international collaborations he said there has to be a win-win situation for foreign players if we want them to invest in the country. This would typically happen with nations who have a demographic challenge in front of them. India for instance would have an average age of 29 years in 2020 while China and the US will have an average age of 37 years.
Agreed the German Ambassador to India, Michael Steiner. He said, "With an ageing population, it will be an win-win for us to collaborate with India on skill development. And we are collaborating with the Ministry of Labour by beginning the training of the first batch of master trainers next month onwards." Steiner also added that the sill development to be fruitful and successful the industry has to be deeply involved in it from designing course curriculum, evaluating and assessing the skills of candidates after they get trained to be absorbed in the workforce, the way it is in Germany.
Success in my Habit
Friday, September 7, 2012
Lithuania seeks investments in IT, pharma
Kolkata: Lithuania says it is open to Indian investments in the info-tech and pharmaceuticals sectors. Lithuania is one of the three Baltic countries located in Northern Europe.
Free Economic Zones
“We are developing Free Economic Zones especially to attract investments in sectors like IT, financial and business consulting and pharmaceuticals sectors. India should increase its share of trade with Lithuania,” Mickeviciene, Minister Counsellor, Republic of Lithuania, told reporters here on Thursday.
She was addressing an interactive session on economic relations between the two countries organised by the MCC Chamber of Commerce and Industry.
Bilateral trade potential
The bilateral trade between India and Lithuania stood at nearly $209 million in 2010-11, as against $139 million in 2009-10.
Mickeviciene also emphasised on improving bilateral research opportunities in science and technology including solar energy and biotechnology.
“Currently, negotiations are on with the Indian government for a science and technology agreement,” she said.
According to Mickeviciene, the Euro Zone crisis has been hyped up by the Indian media. “Though there are (still) factors to deal with, we have come forward with reasonable growth in the economy,” she said.
Free Economic Zones
“We are developing Free Economic Zones especially to attract investments in sectors like IT, financial and business consulting and pharmaceuticals sectors. India should increase its share of trade with Lithuania,” Mickeviciene, Minister Counsellor, Republic of Lithuania, told reporters here on Thursday.
She was addressing an interactive session on economic relations between the two countries organised by the MCC Chamber of Commerce and Industry.
Bilateral trade potential
The bilateral trade between India and Lithuania stood at nearly $209 million in 2010-11, as against $139 million in 2009-10.
Mickeviciene also emphasised on improving bilateral research opportunities in science and technology including solar energy and biotechnology.
“Currently, negotiations are on with the Indian government for a science and technology agreement,” she said.
According to Mickeviciene, the Euro Zone crisis has been hyped up by the Indian media. “Though there are (still) factors to deal with, we have come forward with reasonable growth in the economy,” she said.
Jindal Steel & Power buys Canadian firm for Rs 650 crore
The deal was concluded through Jindal BVI Ltd (JBVI), a subsidiary of JSPL. JBVI and CIC will now be merged and delisted from the Canadian stock exchange in a month’s time. In 2010, JSW Energy tried to buy CIC Energy for Rs 2,500 crore. The deal, however, fell through as CIC failed to get the required approvals and renewals for mining from the Botswana government within the stipulated deadline.
Since then, CIC Energy has got all required approvals for the mine and power plant. Yet, JSPL managed to buy the company at nearly one-fourth of what JSW Energy had offered.
Botswana is a landlocked country and JSPL will be spending close to Rs 550 crore in developing the mine. Sushil Maroo, director and group CFO, JSPL, said the company aimed to spend Rs 3,850 crore more to set up a 300 MW power plant in Botswana. Coal for this power plant will come from the mines owned by CIC. The coal production and setting up of the power plant will happen in two-three years.
The deal will provide JSPL the opportunity to tap the highly lucrative and power deficient South African Development Community (SADC) countries. Maroo said the entire SADC region was connected through a common grid which gave the company an opportunity to serve other countries ,which are part of SADC, through power plants in Botswana. He said, “South Africa is power deficient and we are in talks with the government to set up a 1,200 MW power plant in Botswana to serve South Africa.”
Even though JSPL has been present in Africa through various mining deals in SA and Mozambique, this particular deal gives it a strong foothold as it will be producing power in the region and serving the local market.
The company has no plans to bring the coal to India at the moment but it did not rule out a possibility of this in the future if it is cost effective.
The mines have an estimated reserve of six billion tonnes, out of which 2.4 billion tonnes have been proven.
Maroo said the acquisition had been a part of the company’s strategy of acquiring coal mines abroad for self sufficiency.
The company is betting on the huge power demand in Africa and aims to serve the continent from Botswana through the well connected grids. “There is free export and import of power in SADC,” the company said.
Currently, SADC has a membership of 15 member states, namely; Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, United Republic of Tanzania, Zambia and Zimbabwe.
Mercedes-Benz to increase investment in India to Rs 850 crore by 2014
"We are bullish about the Indian market and this is reflected in our long term commitment towards the dynamic Indian market. The investment of Rs 850 crores will help us strengthen our production and operational capabilities with regards to our existing products and our exciting and aggressive product offensive which we are readying for the Indian market, said Peter T Honegg, Managing Director & CEO, Mercedes-Benz India.
MBIL pioneered the luxury car industry in India by starting its India operations in 1994. In 2009, the company moved into its production facility spread over 100 acres in Chakan. The initial investment of Rs 250 crores was scaled upto to Rs 600+ crores with the setting up Mercedes-Benz India's own technologically advanced paint shop capable of water based painting. The new paint shop is targeted to be operational by October, 2012 and has an annual capacity of 20,000 units (which can be extended up to 40,000 units annually).
Mercedes-Benz India locally manufactures its flagship sedans the C-Class, the E-Class and the S-Class sedan in its plant in Chakan near Pune. With Daimler AG recognizing the emergence of high potential growth markets including India, Mercedes-Benz India will be amongst the first markets to start assembling the new M-Class, outside Daimler AG's parent SUV plant in Tuscaloosa/Alabama, USA.
Gujarat's new textile policy focuses on better price for cotton growers
Gandhinagar: Focusing on “Farm-to-foreign” strategy, the Gujarat Government on Wednesday announced a new textile policy that assured cotton growers of best prices for their produce in India and overseas.
The Gujarat Textile Policy (GTP) 2012, Minister of State for Industries Saurabh Patel told presspersons, aims at attracting investments to the tune of Rs 20,000 crore and creating 25 lakh new job opportunities, 50 per cent of them for rural women, over the next five years.
The policy, considering a output increase from 23 lakh bales to 1.23 crore bales over the last 10 years, and the fibre’s high demand in China and Europe, emphasises n an integrated approach to value chain of “farm-to-fibre-to-fabric-to-fashion-to-foreign” and aims at sustainable growth of both farmers and industry. It covers industry verticals such as spinning, ginning, weaving, knitting, carpeting, dyeing and processing, garments and technical textiles.
He said under the new policy, the State Government would provide an interest subsidy of 5-7 per cent without ceiling for five years on new plants, power tariff concession of Re 1 a unit for five years, refund of VAT on purchase of raw materials and on expansion of existing and new units.
Financial assistance will be given towards skill development centres for textile industry, technological acquisition for value-chain, support for energy and water conservation and environmental compliance, and sales tax exemption and partial financial assistance to developers to encourage setting up of spinning and weaving parks around cotton growing areas.
GTP 2012 aims at ensuring a better price realisation for Gujarat’s cotton growers in national and international markets, and value addition in the entire chain.
“The Centre bans export on raw cotton when international prices are the highest. It cost the Gujarat farmers dearly with a loss of Rs.14,000-crore during the outgoing season,” the Minister said, adding the new policy aims at enabling the farmers to withstand price fluctuations in national and global markets.
The Gujarat Textile Policy (GTP) 2012, Minister of State for Industries Saurabh Patel told presspersons, aims at attracting investments to the tune of Rs 20,000 crore and creating 25 lakh new job opportunities, 50 per cent of them for rural women, over the next five years.
The policy, considering a output increase from 23 lakh bales to 1.23 crore bales over the last 10 years, and the fibre’s high demand in China and Europe, emphasises n an integrated approach to value chain of “farm-to-fibre-to-fabric-to-fashion-to-foreign” and aims at sustainable growth of both farmers and industry. It covers industry verticals such as spinning, ginning, weaving, knitting, carpeting, dyeing and processing, garments and technical textiles.
He said under the new policy, the State Government would provide an interest subsidy of 5-7 per cent without ceiling for five years on new plants, power tariff concession of Re 1 a unit for five years, refund of VAT on purchase of raw materials and on expansion of existing and new units.
Financial assistance will be given towards skill development centres for textile industry, technological acquisition for value-chain, support for energy and water conservation and environmental compliance, and sales tax exemption and partial financial assistance to developers to encourage setting up of spinning and weaving parks around cotton growing areas.
GTP 2012 aims at ensuring a better price realisation for Gujarat’s cotton growers in national and international markets, and value addition in the entire chain.
“The Centre bans export on raw cotton when international prices are the highest. It cost the Gujarat farmers dearly with a loss of Rs.14,000-crore during the outgoing season,” the Minister said, adding the new policy aims at enabling the farmers to withstand price fluctuations in national and global markets.
Suzlon Group signs 332 MW offshore contract with RWE Innogy
New Delhi: Suzlon Group-subsidiary, REpower Systems SE, signed a contract with RWE Innogy for the delivery of 54 REpower 6M offshore turbines, each with 6.15 MW of rated power, for the Innogy Nordsee 1 wind farm.
The project, with a total capacity of 332 MW, is based in the German North Sea, around 40 km north of the island of Juist. This is one of the world's biggest open-sea projects with turbines in the multi-megawatt class.
Speaking on the contract, Andreas Nauen, ceo, REpower systems SE, said: "This contract is an important signal for the German offshore wind industry. We are delighted that RWE Innogy, our customer for many years, has yet again selected REpower's established technology for this important project."
Tulsi Tanti, chairman, suzlon group added: "We are very pleased to sign this contract with RWE Innogy. We believe this underscores our capabilities and excellent performance in the offshore space. With a global emphasis on clean, sustainable and cost effective sources of energy, offshore wind has a major role to play, and we as a Group are extremely well positioned to drive growth in this sector."
To-date the REpower 6M is the most powerful wind turbine ever to be installed on the high seas anywhere in the world. The turbine is produced in Bremerhaven, and from there the components can be transported directly to their destination. In 2009, three prototypes of the REpower 6M were installed onshore at the Ellhoft wind farm, near the German-Danish border. In spring 2012, the first turbines installed offshore were erected for the Belgian Thornton Bank wind project.
With 6,150 kW of rated power, an individual turbine installed offshore can supply more than 6,000 households with electricity, which means that the Innogy Nordsee 1 wind farm has the potential to power over 324,000 households.
The project, with a total capacity of 332 MW, is based in the German North Sea, around 40 km north of the island of Juist. This is one of the world's biggest open-sea projects with turbines in the multi-megawatt class.
Speaking on the contract, Andreas Nauen, ceo, REpower systems SE, said: "This contract is an important signal for the German offshore wind industry. We are delighted that RWE Innogy, our customer for many years, has yet again selected REpower's established technology for this important project."
Tulsi Tanti, chairman, suzlon group added: "We are very pleased to sign this contract with RWE Innogy. We believe this underscores our capabilities and excellent performance in the offshore space. With a global emphasis on clean, sustainable and cost effective sources of energy, offshore wind has a major role to play, and we as a Group are extremely well positioned to drive growth in this sector."
To-date the REpower 6M is the most powerful wind turbine ever to be installed on the high seas anywhere in the world. The turbine is produced in Bremerhaven, and from there the components can be transported directly to their destination. In 2009, three prototypes of the REpower 6M were installed onshore at the Ellhoft wind farm, near the German-Danish border. In spring 2012, the first turbines installed offshore were erected for the Belgian Thornton Bank wind project.
With 6,150 kW of rated power, an individual turbine installed offshore can supply more than 6,000 households with electricity, which means that the Innogy Nordsee 1 wind farm has the potential to power over 324,000 households.
Israel to set up 3 centres of excellence on farm tech in Gujarat
New Delhi: In a bid to ‘replicate the success’ of Israel in the farm sector, the Gujarat Government plans to set up a farming educational institute in collaboration with Israel, offering post-graduation and Ph.D programmes with practical training and degree from Israeli universities.
Also, Israel plans to set up three centres of excellence focused on vegetables, mangoes and post-harvest practices for dates and bananas.
This was indicated by Chief Minister Narendra Modi at a national convention on “The Next Frontier of Agri-Business & Technology” and “Agri Asiatech 2012” in Gandhinagar recently.
“Gujarat is in talks with Israel to set up an agricultural educational institute in collaboration with its universities to offer post-graduation and Ph.D programmes.... The negotiation is in the final stage,” Modi said.
Orna Sagi, Counsel General to India, Israel, said, “Bilateral relations with India were at a new height…To share our experience and facilitate transfer of technology, we are going to set three centres of excellence in the state of Gujarat, each dedicated to vegetables, mangoes and post-harvest practices for dates and bananas, respectively.”
The two-day event on September 3-4 was organised by Industrial Extension Bureau and Gujarat Agro Industries Corporation Ltd, with Israel as a partner country. The Confederation of Indian Industry (CII) was the national partner and PriceWaterhouseCoopers, the knowledge partner, a CII release said.
Also, Israel plans to set up three centres of excellence focused on vegetables, mangoes and post-harvest practices for dates and bananas.
This was indicated by Chief Minister Narendra Modi at a national convention on “The Next Frontier of Agri-Business & Technology” and “Agri Asiatech 2012” in Gandhinagar recently.
“Gujarat is in talks with Israel to set up an agricultural educational institute in collaboration with its universities to offer post-graduation and Ph.D programmes.... The negotiation is in the final stage,” Modi said.
Orna Sagi, Counsel General to India, Israel, said, “Bilateral relations with India were at a new height…To share our experience and facilitate transfer of technology, we are going to set three centres of excellence in the state of Gujarat, each dedicated to vegetables, mangoes and post-harvest practices for dates and bananas, respectively.”
The two-day event on September 3-4 was organised by Industrial Extension Bureau and Gujarat Agro Industries Corporation Ltd, with Israel as a partner country. The Confederation of Indian Industry (CII) was the national partner and PriceWaterhouseCoopers, the knowledge partner, a CII release said.
Thursday, September 6, 2012
India fourth biggest market for aircraft deliveries: Airbus
New Delhi: India will be the fourth biggest market in terms of value for all new aircraft deliveries after China, the US and the UAE during the next 20 years, according to aircraft maker Airbus.
The Airbus Global Market Forecast identifies a global demand for some 28,200 passenger and freighter aircraft (of 100 seats or more) worth nearly $4 trillion between 2012 and 2031. Of these over 27,350 will be passenger aircraft valued at $ 3.7 trillion.
India was the worst performer in domestic air traffic in July, recording a fall of 1.1 percent compared with a year ago, according to the International Air Transport Association (IATA).
Many other economies also faced a slowdown in travel growth, driven largely by a recent fall in business confidence, according to the IATA. But the Airbus report says passenger traffic will grow at an average annual rate of 4.7 percent in the next 20 years, during which some 10,350 aircraft will be replaced by new efficient models.
By 2031, the world's passenger fleet will have expanded by 110 percent from slightly over 15,550 today to over 32,550. In the same period, the world's freighter fleet will almost double from 1,600 to 3,000 aircraft.
The report says Asia Pacific will account for 35 percent of all new aircraft deliveries, followed by Europe and North America with 21 percent each. Emerging economic regions will represent more than half of all traffic growth in the next 20 years.
Increasing urbanisation and the doubling of the world's middle classes to five billion people is also driving growth. By 2031 mega cities will more than double to 92 and over 90 percent of the world's traffic will be between or through these points.
"Aside from growth in international traffic, by 2031 four of the world's biggest traffic flows will all be domestic - US, China, Intra Western Europe and India - and these account for a third of world traffic," says John Leahy, Airbus Chief Operating Officer, Customers.
"In 20 years from now, China's domestic passenger traffic will overtake the US domestic traffic to become the number one traffic flow in our forecast. Aviation is not just essential for international commerce, but also for domestic economies too."
The Airbus Global Market Forecast identifies a global demand for some 28,200 passenger and freighter aircraft (of 100 seats or more) worth nearly $4 trillion between 2012 and 2031. Of these over 27,350 will be passenger aircraft valued at $ 3.7 trillion.
India was the worst performer in domestic air traffic in July, recording a fall of 1.1 percent compared with a year ago, according to the International Air Transport Association (IATA).
Many other economies also faced a slowdown in travel growth, driven largely by a recent fall in business confidence, according to the IATA. But the Airbus report says passenger traffic will grow at an average annual rate of 4.7 percent in the next 20 years, during which some 10,350 aircraft will be replaced by new efficient models.
By 2031, the world's passenger fleet will have expanded by 110 percent from slightly over 15,550 today to over 32,550. In the same period, the world's freighter fleet will almost double from 1,600 to 3,000 aircraft.
The report says Asia Pacific will account for 35 percent of all new aircraft deliveries, followed by Europe and North America with 21 percent each. Emerging economic regions will represent more than half of all traffic growth in the next 20 years.
Increasing urbanisation and the doubling of the world's middle classes to five billion people is also driving growth. By 2031 mega cities will more than double to 92 and over 90 percent of the world's traffic will be between or through these points.
"Aside from growth in international traffic, by 2031 four of the world's biggest traffic flows will all be domestic - US, China, Intra Western Europe and India - and these account for a third of world traffic," says John Leahy, Airbus Chief Operating Officer, Customers.
"In 20 years from now, China's domestic passenger traffic will overtake the US domestic traffic to become the number one traffic flow in our forecast. Aviation is not just essential for international commerce, but also for domestic economies too."
Hotel rates up on strong demand from domestic tourists: Study
Mumbai: The overall hotel rates in the country saw a 12 per cent rise during the first six months of the year.
This was due to a surge in demand from domestic travellers as overseas destinations became more expensive, according to the latest Hotels Price Index (HPI) study done by Hotels.com.
However, India remained the destination with the lowest rates in the price index.
The index looks at prices that people paid for their hotel rooms around the world.
The study also revealed that for the first time in five years, travellers paid more on an average for their hotel rooms during the first six months of the year in all parts of the world.
Globally, there was a four per cent rise compared with the same period the year before.
David Roche, President, Hotels.com, said, “The hotel industry bounced back in the first half of this year from a number of natural and political crises in 2011.
“However, the second half of the year, with increasingly mixed economic signals, will be interesting to watch.
“While initially, it may not seem good news for consumers, hotel prices are still only around the level as it was in 2005.”
In India, the overall rate rose 12 per cent following a surge in demand from domestic travellers.
This was due to a surge in demand from domestic travellers as overseas destinations became more expensive, according to the latest Hotels Price Index (HPI) study done by Hotels.com.
However, India remained the destination with the lowest rates in the price index.
The index looks at prices that people paid for their hotel rooms around the world.
The study also revealed that for the first time in five years, travellers paid more on an average for their hotel rooms during the first six months of the year in all parts of the world.
Globally, there was a four per cent rise compared with the same period the year before.
David Roche, President, Hotels.com, said, “The hotel industry bounced back in the first half of this year from a number of natural and political crises in 2011.
“However, the second half of the year, with increasingly mixed economic signals, will be interesting to watch.
“While initially, it may not seem good news for consumers, hotel prices are still only around the level as it was in 2005.”
In India, the overall rate rose 12 per cent following a surge in demand from domestic travellers.
IndianOil to invest Rs 50,000 crore in refining expansion
Mumbai: Indian Oil Corp Ltd (IOC), the country’s largest refiner, plans to invest Rs 50,000 crore in expanding its existing refineries and setting up a new one on the west coast.
With the investment, the company’s refining capacity will rise 60 per cent from the present 65.7 million tonnes per annum (mtpa) to 105 mtpa by 2022.
IOC, which controls 10 of India’s 20 refineries, accounts for a 34.8 per cent share of the national refining capacity. “The capacity augmentation at various refineries and setting up of new refineries will cost us around Rs 50,000 crore and help us reach a refining capacity of around 105 mt in the next decade,” said a senior IOC executive.
IOC plans to meet its fuel demand from its own refineries. "The reason behind our refinery capacity expansion is that diesel demand is growing and we want to build capacity at our refineries to meet that additional demand,” the official, who did not want to be named, said.
At present, diesel demand growth in India is about five per cent year-on-year. When diesel demand peaks, state-run refiners cover the domestic shortfalls by either importing diesel or seeking the fuel from other refiners by floating tenders.
According to the official, IOC’s Mathura refinery will go up from 6 mtpa to 11 mtpa at a cost of Rs 8,000 crore. The company is awaiting environment clearance for the same. For expansion of the Gujarat refinery, IOC has received the first stage approval from the board.
The refinery will go up from the present 13.7 mtpa to 18 mtpa at a cost of Rs 5,000 crore.
The company is also setting up a 15-mtpa refinery at Paradip, Orissa, at an investment of Rs 30,000 crore, which will be commissioned late next year.
IOC is preparing a pre-feasibility report to set up a grass root refinery on the west coast. “We plan to build a new refinery of 15 mt on the west coast, either in Maharashtra, Gujarat or Karnataka. The new refinery will cost IOC around Rs 30,000 crore,” said the official. At Haldia, IOC is awaiting the second stage approval.
The company also plans to expand the Panipat refinery from the present 12 mtpa to 18-21 mtpa by investing around Rs 8,000 crore. At Haldia, IOC plans to add a coker unit for bottom upgradation and increase capacity from 7.5 mt to 8 mt.
In its latest annual report, the state-run firm said: “Besides, capacity augmentation, investments are required to be made for matching the changing demand patterns, compliance to tighter regulations and for optimisation and maximisation of margins.”
With the rising per capita vehicle ownership, transportation fuels and middle distillates are likely to account for the bulk of the demand growth and herein the company sees an opportunity for aligning its product mix with the changing demand pattern, the annual report added.
IOC also plans to expand the capacity of its subsidiary refinery, Chennai Petroleum Corp Ltd, from the present 9.5 mtpa to around 15 mtpa.
With the investment, the company’s refining capacity will rise 60 per cent from the present 65.7 million tonnes per annum (mtpa) to 105 mtpa by 2022.
IOC, which controls 10 of India’s 20 refineries, accounts for a 34.8 per cent share of the national refining capacity. “The capacity augmentation at various refineries and setting up of new refineries will cost us around Rs 50,000 crore and help us reach a refining capacity of around 105 mt in the next decade,” said a senior IOC executive.
IOC plans to meet its fuel demand from its own refineries. "The reason behind our refinery capacity expansion is that diesel demand is growing and we want to build capacity at our refineries to meet that additional demand,” the official, who did not want to be named, said.
At present, diesel demand growth in India is about five per cent year-on-year. When diesel demand peaks, state-run refiners cover the domestic shortfalls by either importing diesel or seeking the fuel from other refiners by floating tenders.
According to the official, IOC’s Mathura refinery will go up from 6 mtpa to 11 mtpa at a cost of Rs 8,000 crore. The company is awaiting environment clearance for the same. For expansion of the Gujarat refinery, IOC has received the first stage approval from the board.
The refinery will go up from the present 13.7 mtpa to 18 mtpa at a cost of Rs 5,000 crore.
The company is also setting up a 15-mtpa refinery at Paradip, Orissa, at an investment of Rs 30,000 crore, which will be commissioned late next year.
IOC is preparing a pre-feasibility report to set up a grass root refinery on the west coast. “We plan to build a new refinery of 15 mt on the west coast, either in Maharashtra, Gujarat or Karnataka. The new refinery will cost IOC around Rs 30,000 crore,” said the official. At Haldia, IOC is awaiting the second stage approval.
The company also plans to expand the Panipat refinery from the present 12 mtpa to 18-21 mtpa by investing around Rs 8,000 crore. At Haldia, IOC plans to add a coker unit for bottom upgradation and increase capacity from 7.5 mt to 8 mt.
In its latest annual report, the state-run firm said: “Besides, capacity augmentation, investments are required to be made for matching the changing demand patterns, compliance to tighter regulations and for optimisation and maximisation of margins.”
With the rising per capita vehicle ownership, transportation fuels and middle distillates are likely to account for the bulk of the demand growth and herein the company sees an opportunity for aligning its product mix with the changing demand pattern, the annual report added.
IOC also plans to expand the capacity of its subsidiary refinery, Chennai Petroleum Corp Ltd, from the present 9.5 mtpa to around 15 mtpa.
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