28-07-2008 Corporate News/ : Announcements

28-07-2008
Corporate News/ : Announcements

Chennai Petro pipeline to cost Rs 700 cr instead of Rs 65 cr : Circumstances have forced Chennai Petroleum Corporation Ltd (CPCL) to abandon a Rs 65.4-crore project and think of a Rs 700-crore alternative.Crude oil for CPCL’s 9.5-million-tonne refinery at Manali, north Chennai, needs to be brought to the Chennai port and piped down to the refinery. Today, a decades-old, 30-inch pipeline connects Chennai Port to CPCL’s Manali refinery, in north Chennai. For over three years now, CPCL has been planning to replace the pipeline with another 42-inch one.

NMDC-CMDC to speed up work at Chhattisgarh mine: NMDC-CMDC Ltd, the joint venture between State-run National Mineral Development Corporation and Chhattisgarh Mineral Development Corporation (CMDC), has decided to expedite work on Deposit Number 13 of the Bailadila mines in Chhattisgarh.

NTPC plans 2,000 mw N-power unit: Joining the growing list of companies trying to tap the opportunity that is bound to arise out of a possible Indo-US nuclear deal, NTPC has drawn up plans to enter nuclear power generation by setting up a 2,000 megawatt (mw) project. In a report submitted to the Ministry of Power, NTPC, which has one-fourth of India’s installed power capacity, said it would operationalise the project within the next decade in two phases of 1,000 mw each.

RIL arm set to supply gas to 52 cities: RIL, which is set to become the single-largest gas producer in the country once its Krishna-Godavari gas hits full production, may also become the largest gas distributor soon with operations in 52 major cities. Reliance Gas Corporation (RGCL), a subsidiary of RIL, has emerged as the sole entity to submit expression of interest (EoI) for these cities. The company would have an exclusivity over gas distribution in these cities for five years as per the gas distribution policy.

ONGC keen to restart exploration on Kochi-Konkan coast : Oil and Natural Gas Corporation is to restart its oil exploration on the Kochi-Konkan coast in the near future. Earlier in 2004, ONGC had made exploration along the coast by deploying two rigs although it did not generate the desired results.

Reliance Power to borrow $4 b for new projects : Reliance Power Ltd, the power generation company of Anil Ambani group, said the company has received approval from the Reserve Bank of India to borrow $4 billion as external commercial borrowing in order fund two mega power projects. The large sum would be utilised for constructing two ultra mega power projects, each having 4,000 MW capacity. The plants would be located in Sasan, Madhya Pradesh and Krishnapatnam in Andhra Pradesh .

Exide to invest Rs 180 cr on capacity expansion : Exide Industries Ltd will invest Rs 180 crore towards capacity expansion of both automotive and industrial batteries in this fiscal.

Zensar to set up facilities in Pune, Hyderabad : Zensar Technologies is setting up facilities, each with 300 seats, one at the EON SEZ in Pune and another in Hyderabad. Zensar, is being set up at EON, an SEZ for IT and ITeS in Kharadi, and is expected to be ready by August this year. EON is an SEZ spread over 45 acres and has four blocks, of which two are functional. The facility in Hyderabad is expected to be operational by February 2009. Both the 300-seater facilities would initially start with IT services and may extend them to its BPO services later.