Years after dropping out of an ONGC-led consortium for developing a giant oilfield in Venezuela, Reliance Industries (RIL) is close to taking an oil block in the Latin American nation that can produce as much as 10 million tons of oil per annum. RIL has signed an agreement with Venezuelan state oil company Petroleos de Venezuela, SA (PdVSA) to jointly evaluate the development plan for Ayacucho 8 block in the oil-rich Orinoco belt of Venezuela. RIL and PdVSA also extended the term of an MOU they signed last year by one year for continued cooperation. RIL currently imports about 300,000 barrels per day of oil from Venezuela for processing at its twin refineries at Jamnagar in Gujarat. It now wants to increase these volumes, possibly to 400,000 bpd. The company signed a Memorandum of Understanding with PdVSA last year to develop a project in the Orinoco extra heavy crude belt.
ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has signed an MoU with Venezuelan state oil firm PdVSA for cooperation in oil-rich Faja area of the Latin American nation. The MoU encompasses strategic cooperation and participation in the exploration and production of hydrocarbon resources in the oil-rich Faja area of Venezuela. OVL currently has stakes in two producing projects in Venezuela -- Petro-Carabobo and Petro-Indovenezolana with investments of about $341 million. Besides, concerned over environmental damage caused due to an oil spill off Uran coast near Mumbai, the Environment Ministry constituted a team to inspect the site and issued a show cause notice to ONGC. The ministry also ordered the closure of the faulty ONGC pipeline responsible for the spill.
Hero MotoCorp, India's largest two -wheeler maker has unveiled 15 new products that will hit the market during the six months of the current fiscal. The company will also enter new markets of Turkey and Egypt in the next few months, while it is also working on a low cost bike for the entry level segment. The new products showcased include refreshed top-end bike Karizma R, ZMR, Splendor I-Smart and new variant of scooter Pleasure. Last month, Hero MotoCorp had announced that it would introduce over 15 new offerings by March next year as it seeks to consolidate the leadership position. The offerings include a refreshed version of its high-end bike Karizma. This is Hero's first commercial production model in which US-based partner Erik Buell Racing (EBR) has played a major development role since their tie-up.
SpiceJet is leasing six Boeing 737-800 aircraft from Singapore-based firm BOC Aviation to expand its route network. SpiceJet has taken delivery of the first of the six aircraft, with the balance to be delivered next year. Last month, the airline had planned to add seven Boeing 737s to its fleet in the current financial year to strengthen domestic and international operations. All its Boeing 737-800s are 189-seaters in all-economy configuration. The airline, which currently flies to 10 international destinations, is also eyeing the markets of Thailand, China and Iraq. The Kalanithi Maran-owned budget carrier had added four Boeing aircraft and eight Bombardier Q400s last year, taking the total fleet size to 54. Of these, 15 are Bombardiers and rest Boeing.
Reliance Power has sought increase in tariff from its Tilaiya project in Jharkhand due to factors including withdrawal of various duty exemptions and cost escalation on account of resettlement and rehabilitation programme. The company has filed a petition with CERC and as per the petition filed Reliance Power has cited reasons including withdrawal of exemption in respect of custom and excise duties on mining equipment and fuel transportation. The petition was filed last month by Jharkhand Integrated Power, a subsidiary of Reliance Power which is executing the Rs 20,000 crore project. The company is also seeking relief due to withdrawal of exemption excise duty on cement and steel as well as removal of subsidy on price of diesel. Meanwhile, Reliance Power has already filed four petitions with the regulatory commission, seeking relief for its other UMPP at Sasan in Madhya Pradesh, on grounds of rise in construction cost and rupee depreciation.
Bharti Airtel has launched free roaming on incoming calls in Assam and North East. Customers can also enjoy outgoing calls at Re one per minute while on roaming. STD to home circle will be charged at Re 1 per minute, STD all other circles Pan India (excluding home circle) at Re 1.50 per minute. Local SMS will cost Re one per SMS and STD SMS at 1.50 per SMS. This benefit will be applicable only to Airtel subscribers of Assam and North East. Besides, the company aims to increase its post-paid customer base by offering them tailor-made voice and data plans that can be customized according to individual usage patterns. Terming 'my plan' initiative as an industry first, this niche service will set a trend while bringing customers from rival brands to Airtel. Customers can choose from five rental plans, starting from 199. They can pick up one or more 'my packs' that may give, for instance, local minutes or national messages free of charge. Customers can then add on 'boosters' for voice or data available from 75 upwards.
Voltas, India's largest air-conditioning company, has received a large order from CMS Infosystems (CMSI) for 10,000 split AC units to be deployed at thousands of ATM sites of State Bank of India spread across the country. The order follows from CMSI's recent victory in their tender bid for air conditioning 7,805 ATM locations of SBI, requiring totally 15,000 split ACs. Practically every leading AC brand has been in competition to meet CMSI's requirement, with Voltas emerging the winner. The company expects to deliver most of the 10,000 units by end-December. Meanwhile, there is every expectation that the order will be increased to include the remaining 5,000 AC units as well.
State-run Syndicate Bank has undertaken a major restructuring of its core-banking solutions, launched a decade ago, which might cost up to Rs 300 crore. The bank's board had approved Ernst and Young as the consultant. The bank has proposed to implement the latest software version i-Flex three. Besides, the bank is aiming to have 3,200 branches and 3,000 ATM networks towards the end of this financial year. The bank has currently got 3,047 branches and around 1,360 ATMs.
Fair trade watchdog CCI has dismissed the charges of abuse of dominant position against realty firm Eldeco Housing and Industries in the market for residential flats in Lucknow. As per the complaint filed by a resident at Eldeco Housing's residential complex in Lucknow, the company had allegedly abused its dominant position by dictating the terms of the sale agreement. The agreement allegedly did not put any obligation on the firm for delays and other failures and liabilities and had placed the apartment allottees in an extremely disadvantageous position. Also, the action of the builder pursuant to the terms of such agreement was unfair and discriminatory. The complainant had alleged that the residential complex launched by the firm in 2006 was to be completed in three years but was not completed yet.
Source:-berkeleygains
ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has signed an MoU with Venezuelan state oil firm PdVSA for cooperation in oil-rich Faja area of the Latin American nation. The MoU encompasses strategic cooperation and participation in the exploration and production of hydrocarbon resources in the oil-rich Faja area of Venezuela. OVL currently has stakes in two producing projects in Venezuela -- Petro-Carabobo and Petro-Indovenezolana with investments of about $341 million. Besides, concerned over environmental damage caused due to an oil spill off Uran coast near Mumbai, the Environment Ministry constituted a team to inspect the site and issued a show cause notice to ONGC. The ministry also ordered the closure of the faulty ONGC pipeline responsible for the spill.
Hero MotoCorp, India's largest two -wheeler maker has unveiled 15 new products that will hit the market during the six months of the current fiscal. The company will also enter new markets of Turkey and Egypt in the next few months, while it is also working on a low cost bike for the entry level segment. The new products showcased include refreshed top-end bike Karizma R, ZMR, Splendor I-Smart and new variant of scooter Pleasure. Last month, Hero MotoCorp had announced that it would introduce over 15 new offerings by March next year as it seeks to consolidate the leadership position. The offerings include a refreshed version of its high-end bike Karizma. This is Hero's first commercial production model in which US-based partner Erik Buell Racing (EBR) has played a major development role since their tie-up.
SpiceJet is leasing six Boeing 737-800 aircraft from Singapore-based firm BOC Aviation to expand its route network. SpiceJet has taken delivery of the first of the six aircraft, with the balance to be delivered next year. Last month, the airline had planned to add seven Boeing 737s to its fleet in the current financial year to strengthen domestic and international operations. All its Boeing 737-800s are 189-seaters in all-economy configuration. The airline, which currently flies to 10 international destinations, is also eyeing the markets of Thailand, China and Iraq. The Kalanithi Maran-owned budget carrier had added four Boeing aircraft and eight Bombardier Q400s last year, taking the total fleet size to 54. Of these, 15 are Bombardiers and rest Boeing.
Reliance Power has sought increase in tariff from its Tilaiya project in Jharkhand due to factors including withdrawal of various duty exemptions and cost escalation on account of resettlement and rehabilitation programme. The company has filed a petition with CERC and as per the petition filed Reliance Power has cited reasons including withdrawal of exemption in respect of custom and excise duties on mining equipment and fuel transportation. The petition was filed last month by Jharkhand Integrated Power, a subsidiary of Reliance Power which is executing the Rs 20,000 crore project. The company is also seeking relief due to withdrawal of exemption excise duty on cement and steel as well as removal of subsidy on price of diesel. Meanwhile, Reliance Power has already filed four petitions with the regulatory commission, seeking relief for its other UMPP at Sasan in Madhya Pradesh, on grounds of rise in construction cost and rupee depreciation.
Bharti Airtel has launched free roaming on incoming calls in Assam and North East. Customers can also enjoy outgoing calls at Re one per minute while on roaming. STD to home circle will be charged at Re 1 per minute, STD all other circles Pan India (excluding home circle) at Re 1.50 per minute. Local SMS will cost Re one per SMS and STD SMS at 1.50 per SMS. This benefit will be applicable only to Airtel subscribers of Assam and North East. Besides, the company aims to increase its post-paid customer base by offering them tailor-made voice and data plans that can be customized according to individual usage patterns. Terming 'my plan' initiative as an industry first, this niche service will set a trend while bringing customers from rival brands to Airtel. Customers can choose from five rental plans, starting from 199. They can pick up one or more 'my packs' that may give, for instance, local minutes or national messages free of charge. Customers can then add on 'boosters' for voice or data available from 75 upwards.
Voltas, India's largest air-conditioning company, has received a large order from CMS Infosystems (CMSI) for 10,000 split AC units to be deployed at thousands of ATM sites of State Bank of India spread across the country. The order follows from CMSI's recent victory in their tender bid for air conditioning 7,805 ATM locations of SBI, requiring totally 15,000 split ACs. Practically every leading AC brand has been in competition to meet CMSI's requirement, with Voltas emerging the winner. The company expects to deliver most of the 10,000 units by end-December. Meanwhile, there is every expectation that the order will be increased to include the remaining 5,000 AC units as well.
State-run Syndicate Bank has undertaken a major restructuring of its core-banking solutions, launched a decade ago, which might cost up to Rs 300 crore. The bank's board had approved Ernst and Young as the consultant. The bank has proposed to implement the latest software version i-Flex three. Besides, the bank is aiming to have 3,200 branches and 3,000 ATM networks towards the end of this financial year. The bank has currently got 3,047 branches and around 1,360 ATMs.
Fair trade watchdog CCI has dismissed the charges of abuse of dominant position against realty firm Eldeco Housing and Industries in the market for residential flats in Lucknow. As per the complaint filed by a resident at Eldeco Housing's residential complex in Lucknow, the company had allegedly abused its dominant position by dictating the terms of the sale agreement. The agreement allegedly did not put any obligation on the firm for delays and other failures and liabilities and had placed the apartment allottees in an extremely disadvantageous position. Also, the action of the builder pursuant to the terms of such agreement was unfair and discriminatory. The complainant had alleged that the residential complex launched by the firm in 2006 was to be completed in three years but was not completed yet.
Source:-berkeleygains