Chennai:Switzerland-based PE fund, Capvent AG has picked up a majority stake of 51% in Morf India, a Chennai based water engineering company which has operations throughout South India. The capital will be deployed to develop new and innovative products, brand campaigns and expansion plans.
"Given the rapidly growing size of our industry, it's time for us to reinvent ourselves and scale up faster," MV Praveen, managing director, Morf India said. The company has also embarked on a multi-tier business network, comprising distributors , channel partners and lead generators to reach out to its customers.
Last year, Morf entered in to a brand licensing agreement with Electrolux Home Products to manufacture and market their Kelvinator range of home water purifiers and air purifiers in India and Sri Lanka. Their first RO (reverse osmosis) water purifier model Kelvinator Ayoni has already been launched in Tamil Nadu, Karnataka and Andhra Pradesh.
Success in my Habit
Friday, June 7, 2013
CapVent AG buys 51% stake in Morf India
Chennai:Switzerland-based PE fund, Capvent AG has picked up a majority stake of 51% in Morf India, a Chennai based water engineering company which has operations throughout South India. The capital will be deployed to develop new and innovative products, brand campaigns and expansion plans.
"Given the rapidly growing size of our industry, it's time for us to reinvent ourselves and scale up faster," MV Praveen, managing director, Morf India said. The company has also embarked on a multi-tier business network, comprising distributors , channel partners and lead generators to reach out to its customers.
Last year, Morf entered in to a brand licensing agreement with Electrolux Home Products to manufacture and market their Kelvinator range of home water purifiers and air purifiers in India and Sri Lanka. Their first RO (reverse osmosis) water purifier model Kelvinator Ayoni has already been launched in Tamil Nadu, Karnataka and Andhra Pradesh.
"Given the rapidly growing size of our industry, it's time for us to reinvent ourselves and scale up faster," MV Praveen, managing director, Morf India said. The company has also embarked on a multi-tier business network, comprising distributors , channel partners and lead generators to reach out to its customers.
Last year, Morf entered in to a brand licensing agreement with Electrolux Home Products to manufacture and market their Kelvinator range of home water purifiers and air purifiers in India and Sri Lanka. Their first RO (reverse osmosis) water purifier model Kelvinator Ayoni has already been launched in Tamil Nadu, Karnataka and Andhra Pradesh.
Suzlon bags orders in Burgundy
Suzlon Group-subsidiary, REpower Systems, has concluded two contracts with ABO Wind for the supply of 13 wind turbines that will be installed for two wind farms in Burgundy. The wind farms will generate a total output of over 26 MW.
Olivier Perot, REpower S.A.S. Managing Director, said: “These wind farms Pune:strengthen our position in the Burgundy region which is very dynamic in wind energy.”
Clamecy wind farm with six MM 92 type wind turbines is located in la Nièvre department, while seven turbines are destined for the wind farms of Migé and Escamps, located in Yonne departement. The first machines will be delivered for fall 2013 and the commissioning is planned for winter 2013/14. REpower will also provide the full maintenance of the wind farms for 15 years.
“Both wind farms in Burgundy are consequently realising the idea of citizen participation," Patrick Bessière, Manager of ABO Wind SARL in Toulouse, said. Two turbines of the project Migé-Escamps will be owned by ABO Invest, held by 20 per cent of its shares by ABO Wind and the remaining 80 per cent by more than 2,000 citizens. The company operates seven wind farms in France, Germany and Ireland.
ABO Invest will further acquire 65 per cent of the wind farm Clamecy. The remaining 35 per cent will be held by a local corporation consisting of municipalities as well as citizens and the local energy utility Intercommunal d'Energies d'Equipement et d'Environnement dela Nièvre (SIEEEN).
The Suzlon stock hit a new 52-week low of Rs 10.40 on the BSE in morning trade today.
Keywords: Suzlon, REpower Systems, ABO Wind, Suzlon bags new wind farms order, Suzlon Burgundy order, Suzlon stock, Suzlon shares
Olivier Perot, REpower S.A.S. Managing Director, said: “These wind farms Pune:strengthen our position in the Burgundy region which is very dynamic in wind energy.”
Clamecy wind farm with six MM 92 type wind turbines is located in la Nièvre department, while seven turbines are destined for the wind farms of Migé and Escamps, located in Yonne departement. The first machines will be delivered for fall 2013 and the commissioning is planned for winter 2013/14. REpower will also provide the full maintenance of the wind farms for 15 years.
“Both wind farms in Burgundy are consequently realising the idea of citizen participation," Patrick Bessière, Manager of ABO Wind SARL in Toulouse, said. Two turbines of the project Migé-Escamps will be owned by ABO Invest, held by 20 per cent of its shares by ABO Wind and the remaining 80 per cent by more than 2,000 citizens. The company operates seven wind farms in France, Germany and Ireland.
ABO Invest will further acquire 65 per cent of the wind farm Clamecy. The remaining 35 per cent will be held by a local corporation consisting of municipalities as well as citizens and the local energy utility Intercommunal d'Energies d'Equipement et d'Environnement dela Nièvre (SIEEEN).
The Suzlon stock hit a new 52-week low of Rs 10.40 on the BSE in morning trade today.
Keywords: Suzlon, REpower Systems, ABO Wind, Suzlon bags new wind farms order, Suzlon Burgundy order, Suzlon stock, Suzlon shares
Internet video users to rise 7-fold by 2017
At a time when mobile operators are banking on video consumption even in the low-revenue markets by offering low-cost schemes like one rupee per video, Cisco has predicted that internet video users in India will increase more than seven times by 2017.
According to Cisco’s Visual Networking Index (VNI) forecast (2012-17), there will be 113 million internet video users (excluding mobile only) in 2017, up from just 16 million in 2012. Globally, internet video users (excluding mobile only) is expected to double in 2017, from about one billion in 2012.
The trend has already been spotted in India. According to Digivive, which owns mobile TV service nexGTv, has recently said that mobile users have consumed about 2.6 million hours of live video of matches during the the recent cricket tournament Indian Premier League (IPL). nexGTv was used by 0.13 million users on a daily average basis totalling to 2.5 million users during IPL between April 3 and May 26.
As speed plays a key role for video on mobility devices, Cisco forecasts that average broadband speed in India is expected to jump more than three fold by 2017 to seven megabytes per second (Mbps) from 1.9 Mbps in 2012. According to the study, Internet users in India will reach 348 million by 2017 from 138 million in 2012.
“The good news is that Internet traffic growth in India is the fastest globally. While the Government and the industry are working together to drive broadband penetration and ensure Internet access, there is a lot more that needs to be done,” Cisco VP (Global Technology Policy) Robert Pepper said here, on Tuesday.
Pepper added long-term evolution (LTE) services would fuel data consumption. “For good speed and proper LTE services, operators would require sufficient spectrum. The proposed allocation of 700 MHz spectrum will play a key roll,” he said.
According to the Cisco study, Internet traffic in India will reach 2.5 exabytes per month in 2017, up from 393 petabytes per month in 2012. One exabyte equals one million terabytes. Globally, Internet users will swell to 3.6 billion by 2017, which will be more than 48% of the world’s projected population of 7.6 billion. In 2012, worldwide Internet users stood at 2.3 billion against a population of 7.2 billion, it added.
Wireless connectivity in India is expected to grow with about 40% traffic coming from WiFi users to the total IP traffic by 2017, up from 38% in 2012. More than 50% of the IP traffic will originate with non-PC devices including tablets, smartphones and televisions by 2017, the study noted.
Smartphones and tablets are expected to contribute 40% to IP traffic in 2017, up from 3% in 2012 in India, while televisions will contribute about 10% and machine-to-machine (M2M) modules will contribute 3% of the entire IP traffic in 2017, according to the study.
According to Cisco’s Visual Networking Index (VNI) forecast (2012-17), there will be 113 million internet video users (excluding mobile only) in 2017, up from just 16 million in 2012. Globally, internet video users (excluding mobile only) is expected to double in 2017, from about one billion in 2012.
The trend has already been spotted in India. According to Digivive, which owns mobile TV service nexGTv, has recently said that mobile users have consumed about 2.6 million hours of live video of matches during the the recent cricket tournament Indian Premier League (IPL). nexGTv was used by 0.13 million users on a daily average basis totalling to 2.5 million users during IPL between April 3 and May 26.
As speed plays a key role for video on mobility devices, Cisco forecasts that average broadband speed in India is expected to jump more than three fold by 2017 to seven megabytes per second (Mbps) from 1.9 Mbps in 2012. According to the study, Internet users in India will reach 348 million by 2017 from 138 million in 2012.
“The good news is that Internet traffic growth in India is the fastest globally. While the Government and the industry are working together to drive broadband penetration and ensure Internet access, there is a lot more that needs to be done,” Cisco VP (Global Technology Policy) Robert Pepper said here, on Tuesday.
Pepper added long-term evolution (LTE) services would fuel data consumption. “For good speed and proper LTE services, operators would require sufficient spectrum. The proposed allocation of 700 MHz spectrum will play a key roll,” he said.
According to the Cisco study, Internet traffic in India will reach 2.5 exabytes per month in 2017, up from 393 petabytes per month in 2012. One exabyte equals one million terabytes. Globally, Internet users will swell to 3.6 billion by 2017, which will be more than 48% of the world’s projected population of 7.6 billion. In 2012, worldwide Internet users stood at 2.3 billion against a population of 7.2 billion, it added.
Wireless connectivity in India is expected to grow with about 40% traffic coming from WiFi users to the total IP traffic by 2017, up from 38% in 2012. More than 50% of the IP traffic will originate with non-PC devices including tablets, smartphones and televisions by 2017, the study noted.
Smartphones and tablets are expected to contribute 40% to IP traffic in 2017, up from 3% in 2012 in India, while televisions will contribute about 10% and machine-to-machine (M2M) modules will contribute 3% of the entire IP traffic in 2017, according to the study.
Tuesday, June 4, 2013
DHL Express to hold clinics for SMEs
Chandigarh:In order to empower India's SMEs, logistics service provider DHL Express India (P) Ltd plans to organise 30 SME clinics, especially in Tier-II and -III cities, by next year. The clinics will act as a knowledge forum that would help address SME clusters' logistics needs as well as other requirements in the areas of human resources, marketing, finance and technology.
The SME sector contributes more than half of DHL Express' revenues and this year it is expecting a 30-40 per cent growth in business from the sector. Across India, the logistics service provider has 37,000 SME clients.
Sandeep Juneja, DHL Express' senior director, national sales, told Business Standard: "SMEs are our prime focus area and we are using different initiatives to help them. One such initiative is SME clinics, which will enable SMEs to get a first-hand glimpse of how to reduce cost and time by sending goods directly to stores instead of routing them via a warehouse, using our network. Our experts at these clinics will address issues related to supply chains, finance and exports."
He added that exports created tremendous opportunities for SMEs, opening up new markets for their products and services, and give them access to international best practices and innovations. "There are clearly still some hurdles that remain for small businesses with global aspirations. As a global logistics company we make this process more efficient, and we will continue to tailor our services and solutions to help SMEs grow and compete globally."
The SME sector contributes more than half of DHL Express' revenues and this year it is expecting a 30-40 per cent growth in business from the sector. Across India, the logistics service provider has 37,000 SME clients.
Sandeep Juneja, DHL Express' senior director, national sales, told Business Standard: "SMEs are our prime focus area and we are using different initiatives to help them. One such initiative is SME clinics, which will enable SMEs to get a first-hand glimpse of how to reduce cost and time by sending goods directly to stores instead of routing them via a warehouse, using our network. Our experts at these clinics will address issues related to supply chains, finance and exports."
He added that exports created tremendous opportunities for SMEs, opening up new markets for their products and services, and give them access to international best practices and innovations. "There are clearly still some hurdles that remain for small businesses with global aspirations. As a global logistics company we make this process more efficient, and we will continue to tailor our services and solutions to help SMEs grow and compete globally."
Tata Power’s Karnataka wind farm registered under UN clean project
Mumbai: Tata Power said its 50.4-MW wind power project at Gadag in Karnataka has been registered under the clean development mechanism (CDM) programme by the United Nations Framework Convention on Climate Change.
The wind farm was commissioned in July, 2009. It has 63 wind turbine generators of 800 KW capacity each.
The Gadag plant helps in reducing an annual average of 99,100 tonnes of carbon-dioxide equivalent, by producing 107,064 MWh per year (average) equivalent amount of clean energy.
The plant is Tata Power’s fourth CDM-registered project after the 50.4-MW wind project at Khandke, Maharashtra; 50.4-MW wind project at Samana, Gujarat and 25-MW solar project at Mithapur, Gujarat.
Tata Power currently has 397 MW of operating wind power and 28 MW of solar generation capacity. The company proposes to add 150-200 MW of wind and 50 MW of solar power capacity every year.
CDM is an instrument established under the Kyoto Protocol to achieve both sustainable development and contribute to the cost effective mitigation of climate change
The wind farm was commissioned in July, 2009. It has 63 wind turbine generators of 800 KW capacity each.
The Gadag plant helps in reducing an annual average of 99,100 tonnes of carbon-dioxide equivalent, by producing 107,064 MWh per year (average) equivalent amount of clean energy.
The plant is Tata Power’s fourth CDM-registered project after the 50.4-MW wind project at Khandke, Maharashtra; 50.4-MW wind project at Samana, Gujarat and 25-MW solar project at Mithapur, Gujarat.
Tata Power currently has 397 MW of operating wind power and 28 MW of solar generation capacity. The company proposes to add 150-200 MW of wind and 50 MW of solar power capacity every year.
CDM is an instrument established under the Kyoto Protocol to achieve both sustainable development and contribute to the cost effective mitigation of climate change
World Gold Council sets up full-fledged unit in India
New Delhi:A separate private company has been set up with effect from April 1.
A corporate structure will help WGC take up activities on a larger scale in the Indian market including entering into commercial arrangements with banks and gold industry players in the coming years, it is learnt.
Legally, the setting up of a corporate structure will help remove the disadvantages of operating as a liaison office.
As a liaison office, WGC could only promote the existence of parent entity and not any individual products of any Indian entity.
Currently, Reserve Bank of India norms forbid a liaison office set up in India from entering into any commercial activity in the country.
The liaison office will have to maintain itself from remittances received from abroad through the normal banking channel.
WGC had in 2011 signed a memorandum of understanding with India Post for promotion of gold medallion across India through the postal network.
A corporate structure will help WGC take up activities on a larger scale in the Indian market including entering into commercial arrangements with banks and gold industry players in the coming years, it is learnt.
Legally, the setting up of a corporate structure will help remove the disadvantages of operating as a liaison office.
As a liaison office, WGC could only promote the existence of parent entity and not any individual products of any Indian entity.
Currently, Reserve Bank of India norms forbid a liaison office set up in India from entering into any commercial activity in the country.
The liaison office will have to maintain itself from remittances received from abroad through the normal banking channel.
WGC had in 2011 signed a memorandum of understanding with India Post for promotion of gold medallion across India through the postal network.
Share of luxury cars to touch 4% by 2020
Kolkata:Share of luxury cars to the total passenger car market is likely to increase to four per cent from the current levels of two per cent by 2020.
The total number of passenger cars in the country is likely to touch around 8 million (80 lakh) units by 2020, said Boris Fitz, Director, Sales and Network Development of Mercedes-Benz India.
Passenger car sales stood at 1.89 million (around 19 lakh) units in 2012-13. Sale of new luxury cars stood at 29,000 units in 2012.
“At present, luxury cars account for just about 2 per cent of the total passenger car market which is far lower than that in China (5 per cent) and Hong Kong (15 per cent). The next 3-4 years will be decisive for India,” Fitz said at the launch of new A-Class in the city on Monday. Mercedes-Benz plans to invest Rs 250 crore on its manufacturing facility at Chakan in Pune to double its annual production capacity to 20,000 units by the end of this year.
The luxury car maker, which sold 7,138 units in 2012, expects a double-digit growth in sales in 2013.
While the growth in passenger car segment had been southwards, the growth in the luxury car segment has been just the opposite. During the January-March 2013 period, the company’s sales grew by about 5.3 per cent to nearly 2,900 units.
The total number of passenger cars in the country is likely to touch around 8 million (80 lakh) units by 2020, said Boris Fitz, Director, Sales and Network Development of Mercedes-Benz India.
Passenger car sales stood at 1.89 million (around 19 lakh) units in 2012-13. Sale of new luxury cars stood at 29,000 units in 2012.
“At present, luxury cars account for just about 2 per cent of the total passenger car market which is far lower than that in China (5 per cent) and Hong Kong (15 per cent). The next 3-4 years will be decisive for India,” Fitz said at the launch of new A-Class in the city on Monday. Mercedes-Benz plans to invest Rs 250 crore on its manufacturing facility at Chakan in Pune to double its annual production capacity to 20,000 units by the end of this year.
The luxury car maker, which sold 7,138 units in 2012, expects a double-digit growth in sales in 2013.
While the growth in passenger car segment had been southwards, the growth in the luxury car segment has been just the opposite. During the January-March 2013 period, the company’s sales grew by about 5.3 per cent to nearly 2,900 units.
MSME share in exports was 43% in 2011-12
Chennai:The share of exports by micro, small and medium enterprises (MSME) in India's total exports has been provisionally estimated at 43 per cent in 2011-12, according to the ministry of MSME. Besides, the ministry estimates total fixed assets of MSMEs in India at Rs 689,000 crore and the number of people employed by the sector at around 80 million.
Minister of State (Independent Charge) for MSMEs K H Muniyappa said in the Rajya Sabha recently that "under a revised method of estimation, the share of MSME product exports in total exports of India has been provisionally estimated at 43 per cent in 2011-12".
According to Directorate General of Commercial Intelligence and Statistics (DGCI&S) data, in the last three years, MSME exports increased by almost 60 per cent - from $82,494 million in 2009-10 to $131,483 million in 2011-12.
The main markets for the 20 most-exported MSME product groups, which accounted for more than 90 per cent of MSME exports from 2009 to 2012, include the USA, European Union (EU), UAE, Turkey, Singapore, Hong Kong, Israel and Saudi Arabia. (TOP-10 STATES BY MSME FIXED ASSETS)
The product groups include pearls, precious stones and metals; electrical and electronic equipment; textiles, apparel and accessories; pharmaceutical products; machinery and mechanical appliances; items made of iron or steel; organic chemicals; vehicles other than railways and tramways; plastics, rubber and articles made from them; footwear, leather and leather products; travel goods; tools, implements and cutlery; tanning and dyeing extracts, tannins, derivatives and pigments; essential oils, perfumes, cosmetics and toiletries; stone, plaster, cement, asbestos and mica; carpets and other textile floor coverings; furniture, lighting, signs and prefabricated buildings.
"The MSME sector of India has been repeatedly mentioned as the growth engine of the Indian economy, but the depth of its achievements is often not fully appreciated," Muniyappa said on another recent occasion.
The MSME sector, with 36 million enterprises having fixed assets of Rs 689,000 crore and 80.5 million employees, contributes around nine per cent of India's GDP and accounts for around 45 per cent of manufacturing output. It has been continuously growing at a rate far above the large sector.
Minister of State (Independent Charge) for MSMEs K H Muniyappa said in the Rajya Sabha recently that "under a revised method of estimation, the share of MSME product exports in total exports of India has been provisionally estimated at 43 per cent in 2011-12".
According to Directorate General of Commercial Intelligence and Statistics (DGCI&S) data, in the last three years, MSME exports increased by almost 60 per cent - from $82,494 million in 2009-10 to $131,483 million in 2011-12.
The main markets for the 20 most-exported MSME product groups, which accounted for more than 90 per cent of MSME exports from 2009 to 2012, include the USA, European Union (EU), UAE, Turkey, Singapore, Hong Kong, Israel and Saudi Arabia. (TOP-10 STATES BY MSME FIXED ASSETS)
The product groups include pearls, precious stones and metals; electrical and electronic equipment; textiles, apparel and accessories; pharmaceutical products; machinery and mechanical appliances; items made of iron or steel; organic chemicals; vehicles other than railways and tramways; plastics, rubber and articles made from them; footwear, leather and leather products; travel goods; tools, implements and cutlery; tanning and dyeing extracts, tannins, derivatives and pigments; essential oils, perfumes, cosmetics and toiletries; stone, plaster, cement, asbestos and mica; carpets and other textile floor coverings; furniture, lighting, signs and prefabricated buildings.
"The MSME sector of India has been repeatedly mentioned as the growth engine of the Indian economy, but the depth of its achievements is often not fully appreciated," Muniyappa said on another recent occasion.
The MSME sector, with 36 million enterprises having fixed assets of Rs 689,000 crore and 80.5 million employees, contributes around nine per cent of India's GDP and accounts for around 45 per cent of manufacturing output. It has been continuously growing at a rate far above the large sector.
Essar Oil to double refining capacity of Vadinar plant
Mumbai: Essar Oil plans to increase the capacity of its Vadinar refinery in Gujarat from the present 20 million tonnes to 40 million tonnes per annum (mtpa) in the next five years. This would involve an investment of about Rs 35,000 crore. Another investment of about Rs 40,000 crore would be made to set up an integrated petrochemical project.
“We have the land and environment clearance is available with us. But we would put the expansion plans in place sometime down the line, only after we have achieved a reasonable certainty on our leverages and have certain cash flows. We have to show to the world for the next year that we are on a comfortable footing,” Lalit Kumar Gupta, managing director and chief executive, told Business Standard.
Gupta had written to the oil ministry last month, seeking tax exemptions for the expansion plan. He did not divulge the contents of the letter but sources said the letter sought extension of the investment allowance in Section 32AC of the Finance Act 2013-14.
The new section was inserted to provide additional deduction to an assessee (company) engaged in the business of manufacture of an article or thing and investing a sum of more than Rs 100 crore in new assets during the period beginning April 1, 2013, and ending on March 31, 2015. Gupta is said to have sought extension of this provision till March 31, 2018.
The assessee would be for assessment year 2014-15, allowed a deduction of 15 per cent of aggregate amount of actual cost of new assets acquired and installed during the financial year 2013-14, if the cost of such assets exceeds Rs 100 crore.
“Right now, we want to optimise the refinery operations further. We have to run it for nine months and we are performing well. Our focus is to sweat the asset now,” added Gupta.
“Though we have a good certainty on our Ebitda, whatever we earn is spent on interest and depreciation. So our major focus this year is to convert our rupee borrowing into dollar and reduce overall cost of debt to 6.5 per cent from 12 per cent,” said Gupta.
As on March 31, Essar Oil’s debt stood at Rs 22,380 crore, with a market capitalisation of Rs 1,758 crore. During the January-March quarter of FY13, Essar Oil posted a net profit of Rs 200 crore, against a loss of Rs 515 crore in the same quarter last year. However, it paid Rs 920 crore towards finance costs during the quarter. For 2012-13, finance costs were Rs 3,424 crore, from Rs 1,387 crore in 2011-12.
The company commissioned its Vadinar refinery in 2008, increasing its capacity from 10.5 mtpa to 18 mtpa and then to 20 mtpa last year, at a total investment of Rs 24,000 crore. The refinery accounts for about 10 per cent of the country’s refining capacity.
It produces liquefied petroleum gas, naphtha, light diesel oil, aviation turbine fuel and kerosene. It can handle a diverse range of crude — from sweet to sour and light to heavy
“We have the land and environment clearance is available with us. But we would put the expansion plans in place sometime down the line, only after we have achieved a reasonable certainty on our leverages and have certain cash flows. We have to show to the world for the next year that we are on a comfortable footing,” Lalit Kumar Gupta, managing director and chief executive, told Business Standard.
Gupta had written to the oil ministry last month, seeking tax exemptions for the expansion plan. He did not divulge the contents of the letter but sources said the letter sought extension of the investment allowance in Section 32AC of the Finance Act 2013-14.
The new section was inserted to provide additional deduction to an assessee (company) engaged in the business of manufacture of an article or thing and investing a sum of more than Rs 100 crore in new assets during the period beginning April 1, 2013, and ending on March 31, 2015. Gupta is said to have sought extension of this provision till March 31, 2018.
The assessee would be for assessment year 2014-15, allowed a deduction of 15 per cent of aggregate amount of actual cost of new assets acquired and installed during the financial year 2013-14, if the cost of such assets exceeds Rs 100 crore.
“Right now, we want to optimise the refinery operations further. We have to run it for nine months and we are performing well. Our focus is to sweat the asset now,” added Gupta.
“Though we have a good certainty on our Ebitda, whatever we earn is spent on interest and depreciation. So our major focus this year is to convert our rupee borrowing into dollar and reduce overall cost of debt to 6.5 per cent from 12 per cent,” said Gupta.
As on March 31, Essar Oil’s debt stood at Rs 22,380 crore, with a market capitalisation of Rs 1,758 crore. During the January-March quarter of FY13, Essar Oil posted a net profit of Rs 200 crore, against a loss of Rs 515 crore in the same quarter last year. However, it paid Rs 920 crore towards finance costs during the quarter. For 2012-13, finance costs were Rs 3,424 crore, from Rs 1,387 crore in 2011-12.
The company commissioned its Vadinar refinery in 2008, increasing its capacity from 10.5 mtpa to 18 mtpa and then to 20 mtpa last year, at a total investment of Rs 24,000 crore. The refinery accounts for about 10 per cent of the country’s refining capacity.
It produces liquefied petroleum gas, naphtha, light diesel oil, aviation turbine fuel and kerosene. It can handle a diverse range of crude — from sweet to sour and light to heavy
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