Mangalore Refinery and Petrochemicals sets out massive expansion drive, to invest Rs 24,000 cr

Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC, is embarking on a fourth phase expansion involving a massive investment of R24,000 crore. The company currently operates a 15 million metric tonnes per annum refinery at Mangaluru on the west coast in Karnataka.

The new expansion envisages expanding the capacity of its refinery to 25 MMTPA, which will also includes a raw petroleum coke gas complex, synthetic gas complex and value added chemicals such as urea, acetic acid, acryilate among others. MRPL has asked Engineers India to prepare a detailed feasibility report for expansion of its refining capacity.

“We are planning to expand the refinery capacity to 25 MMTPA, set up facilities for several new products. The company’s board is yet to finalise the exact amount of investment required. We are also in the process of upgrading the quality of fuel to meet BS-VI emission norms,” a company official said. Read More…

BHEL commissions 500 MW thermal unit in West Bengal

State-run power equipment maker BHELBSE -0.47 % today said it has commissioned another 500 MW unit of Sagardighi Thermal Power Station Phase II in West Bengal.

“The unit was the second 500 MW set to be commissioned at Sagardighi Thermal Power Station (TPS) Phase II project in Murshidabad district of West Bengal,” BHEL said in a statement.

The first unit of the 1,000-MW project was commissioned in December, 2015. The project has been set up by West Bengal Power Development Corporation (WBPDCL), it said.

BHEL’s scope of work in the contract envisaged design, engineering, manufacture, supply and erection and commissioning of steam generators, steam turbine generators and auxiliaries, electrical equipment, switchyard and state-of-the-art controls and instrumentation (C&I), along with associated civil works. Read More…

36.5 per cent Reliance Q3 profit come from treasury gains

Reliance Industries record Rs 7,506 crore net profit in the December quarter is driven primarily by a huge spike treasury income at Rs 2,736 crore, constituting as much as 36.45 per cent of the bottomline, coupled with huge inventory gains.

For many quarters, it can be noted that, the contribution of other income to the country most profitable company was under-30 per cent after peaking it to over 40 per cent in 2013-14.

In the reporting quarter the treasury income rose 12.13 per cent to Rs 27.36 crore from Rs 2,440 crore in the year-ago period, while in the September quarter this stood Rs 2,393 crore.

The contribution of other income in the nine months of the current fiscal year is already much higher at Rs 7,507 crore against Rs 7,437 crore in the entire last financial year. In corresponding nine-months period in 2015-16, its treasury income had stood at Rs 5,484 crore. Read More…

Union Budget on February 1 will be like no other – A look a key expectations

In February 1, Anil Bhardwaj hopes Finance Minister Arun Jaitley will read out what he badly wants to hear.
And he is more hopeful than he has ever been. As secretary-general of FISME (Federation of Indian Micro and Small & Medium Enterprises), he represents 743 countrywide associations with two million members and over 10 million employees Read more

Niti Aayog wants more private investment in infrastructure

Concerned over poor investment by private sector in big-ticket infrastructure projects, the Niti Aayog has recommended to the government to hike private investment in sectors like roads, railways and shipping, and promote job creation in the Union Budget. To this end, there is a strong likelihood of finance minister Arun Jaitley announcing creation of at least one coastal economic zone (CEZ), either along the eastern or western coast, in the forthcoming Union Budget.

The Niti Aayog during its recent deliberations with the PMO, according to sources privy to the development, is learnt to have suggested that heavy investments are required in infrastructure sector projects, and to achieve this objective, it has recommended investment in railways to the tune of 1.1 per cent of the GDP — at par with the aviation sector. Currently, the investment in the railway sector is currently 0.8 per cent of the total GDP. Improving quality of road and rail projects is another suggestion which has been given by the government think tank to the Centre.

Also considering the fact that compared to the electronics exports market value of China, which stands at a mammoth $900 billion, India has a measly $10 billion, the Niti Aayog has strongly pushed for the announcement of at least one CEZ in the Budget. Read More…

Discussions on with States to roll out GST on April 1: Gadkari

Demonetisation and the shift to Goods and Services Tax will “simplify the system and bring down corruption,” and, thereby, lead to long-term benefits, said Nitin Gadkari, Union Minister for Shipping, Road Transport and Highways.

“We are marching towards a cashless economy with the latest technology. The system is changing, the economic approach is changing and, in a few years, the change will happen even at the grassroots level,” he said.

Even now, 10 per cent of toll collections, he said, are in digital mode and in three months this will increase to 50 per cent.

In a pre-Budget interaction with industrialists organised by BusinessLine and the Confederation of Indian Industry, he said the slowdown in economic growth following demonetisation is “transitory”.“Demonetisation is essential”, but in the preliminary stage people did face problems. However, “the gravity of the problem is coming down,” Gadkari said. Read More…

India-UAE Ties: Moving Beyond Oil

India’s 68th Republic Day celebrations on January 26 will feature His Highness Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, UAE as the chief guest. The visit of the Crown Prince, also the deputy supreme commander of the UAE Armed Forces, will give a much needed boost to the cordial and stable relationship shared by India-UAE.

The India-UAE political relationship got a fresh start in August 2015, when India’s Prime Minister Narendra Modi visited Abu Dhabi, becoming the first Indian PM to do so in 34 years. The renewed friendship comes against the backdrop of Modi’s aggressive courting of foreign investments and Abu Dhabi’s new oil diplomacy, underlining economic diversification. In the fast changing global economic and political landscape, strategic bilateral cooperation is the answer to growth and security. Read More…

Mahindra Lifespaces proposes industrial park near Ahmedabad

Mahindra Lifespace Developers Limited (MLDL) on Thursday signed a memorandum of understanding (MoU) with the Gujarat government to establish a multi-product industrial park, spread over 350 acres, in Ahmedabad. The real estate and infrastructure development arm of Mahindra Group envisages an investment Rs 3,000 crore by the company and its customers.

To be developed under the Gujarat Industrial Policy 2015, the proposed industrial park is expected to create direct and indirect employment for about 12,000 people when fully operational. “Gujarat has, over the years, emerged as a future-focused and sought-after industrial destination with a strong focus on sustainable development and inclusive growth. The industrial park will offer business infrastructure and attract more manufacturing investment to the state,” said Anita Arjundas, managing director, Mahindra Lifespace Developers. Read More…

Crisil launches new credit rating system for infra projects

Rating agency Crisil today announced the launch of a new credit rating framework for infrastructure projects that would facilitate greater participation from long-term investors and lenders.

“Crisil, in consultation with the Ministry of Finance and other stakeholders, has developed a new credit rating framework for infrastructure projects that would facilitate greater participation by long-term investors and lenders,” the rating agency said in a statement.

The new rating system is based on the ‘expected loss’ (EL) methodology. Which means, the rating will be an expert judgement on EL over the life of the debt instrument by taking into account the two pillars of credit risk — the probability of default (PD), and the prospects of recovery, the statement said. Read More…

Adani Ports to develop 3rd phase of Mundra Port for Rs 6,000 cr

Adani Ports and SEZ Ltd will invest Rs 6,000 crore for the development of third phase of Mundra Port.

The upcoming capacity expansion of Mundra Port, touted as one of the top multi-purpose ports in the country in terms of traffic held, would lead to employment generation for 600 people, sources said.

A token MoU to this effect was signed in the presence of Gujarat Deputy Chief Minister Nitin Patel at the Vibrant Gujarat Global Summit.

Essar Ports too plans to develop port facilities along the Gujarat coast at an investment of about Rs 10,600 crore, a move that is expected to result in employment generation opportunities for 1,000 people. Read More…