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RIL`s piped gas to cost less than cooking gas of oil PSUs
The price of gas supplied to Reliance Industries` city gas consumers would be one-third the price of cooking gas (liquefied petroleum gas) being supplied by oil PSUs, reports Financial Express.
This plan is similar to the one adopted by the Reliance group in 2003 in the telecom business when it announced 40 paise-a-minute calls and forced competition to take notice.
RIL hopes to supply piped gas to 100 cities across the country by 2010 at rates cheaper than cooking gas cylinders. At present, a gas cylinder costs Rs 295 to the consumer, with PSUs bearing a subsidy cost of Rs 150, sources said.
RIL has applied for city gas distribution license in 100 cities and is awaiting finalisation of the city gas distribution policy by the government. Currently, only a few cities like Delhi and some in Gujarat have gas networks providing clean piped gas to households.
Around 20 million homes are likely to have access to piped gas by 2010. Even at the present LPG cylinder price, the piped gas being provided through city gas networks was around 30-45% cheaper basically due to the use of cost effective technology, sources added.
The petroleum ministry is ready with the policy for laying natural gas pipelines and setting up city gas distribution networks with a view to protecting consumer interest and simultaneously assuring adequate returns to investors.
Reliance expects to begin production from its Krishna-Godavari basin block by mid-2008. The reserves in the biggest gas discovery of 2003 are being continually revised upwards with 25 out of 33 wells drilled so far yielding new finds, sources said.
AI, Indian merger referred to secys panel
The Group of Ministers (GoM) looking into the merger of two-stated owned airlines, Air India and Indian has referred the issue to a committee of secretaries to study the various issues concerned with the merger process, reports Business Line.
The committee of secretaries will look at legal issues, stamp duty, and workers` problems. To be headed by the cabinet secretary, the committee is expected to submit its report within two weeks following which the GoM will meet again to take a view on the proposed merger, said the civil aviation minister, Praful Patel.
The consultants to the merger, Accenture, will also make a presentation to the committee.The government has been keen to merge the two airlines as their market share has been declining, while the market share of global airlines has been increasing.
Karur KCP bags USD 1.65 mn export orders
Karur KCP Packkagings has announced that it has bagged additional export orders for a value of USD 1.65 million from Europe and US based customers for supply till the end of January 2007. Further orders are expected for supply during the same period.
The company witnessed 26.41% jump in the total revenues including other income, during the quarter ended September 30, 2006. The revenues for the quarter stood at Rs 681.12 million. Its net earnings grew by 10.87% to Rs 12.38 million in the quarter.The Tamil Nadu based company manufactures paper, paper bags and poly propylene bags.
L&T to shut down the smaller units
Larsen & Toubro (L&T) has decided to close down divisions and units which do not achieve a revenue of Rs 5 billion by 2010, reports Economic Times.
The company has set a target of a minimum revenue generation of USD 1 billion for its overseas companies to ascertain whether to retain those businesses. The company will also limit itself to the Gulf region to remain globally competitive, as Americans, Japanese and Koreans and others from all over the world are in the Gulf. The move is also aimed at addressing the fast rate of attrition, almost 15% in design engineering.
The company is also planning to cut down the number of offices and sites to 150 from the current 400, to have a compact presence. It will not participate in civil contracts less than Rs 500 million and next year will raise this to Rs 1000 million.
The company has recently won a ship-building contract from Netherlands worth Rs 4.40 billion. It has decided to invest about Rs 20 billion in its ship-building venture and is scouting for a suitable location in the states of Tamil Nadu, Andhra Pradesh and Gujarat. L&T is also planning to develop real estate properties jointly with companies that have large banks, with the engineering company providing its expertise in construction.
The price of gas supplied to Reliance Industries` city gas consumers would be one-third the price of cooking gas (liquefied petroleum gas) being supplied by oil PSUs, reports Financial Express.
This plan is similar to the one adopted by the Reliance group in 2003 in the telecom business when it announced 40 paise-a-minute calls and forced competition to take notice.
RIL hopes to supply piped gas to 100 cities across the country by 2010 at rates cheaper than cooking gas cylinders. At present, a gas cylinder costs Rs 295 to the consumer, with PSUs bearing a subsidy cost of Rs 150, sources said.
RIL has applied for city gas distribution license in 100 cities and is awaiting finalisation of the city gas distribution policy by the government. Currently, only a few cities like Delhi and some in Gujarat have gas networks providing clean piped gas to households.
Around 20 million homes are likely to have access to piped gas by 2010. Even at the present LPG cylinder price, the piped gas being provided through city gas networks was around 30-45% cheaper basically due to the use of cost effective technology, sources added.
The petroleum ministry is ready with the policy for laying natural gas pipelines and setting up city gas distribution networks with a view to protecting consumer interest and simultaneously assuring adequate returns to investors.
Reliance expects to begin production from its Krishna-Godavari basin block by mid-2008. The reserves in the biggest gas discovery of 2003 are being continually revised upwards with 25 out of 33 wells drilled so far yielding new finds, sources said.
AI, Indian merger referred to secys panel
The Group of Ministers (GoM) looking into the merger of two-stated owned airlines, Air India and Indian has referred the issue to a committee of secretaries to study the various issues concerned with the merger process, reports Business Line.
The committee of secretaries will look at legal issues, stamp duty, and workers` problems. To be headed by the cabinet secretary, the committee is expected to submit its report within two weeks following which the GoM will meet again to take a view on the proposed merger, said the civil aviation minister, Praful Patel.
The consultants to the merger, Accenture, will also make a presentation to the committee.The government has been keen to merge the two airlines as their market share has been declining, while the market share of global airlines has been increasing.
Karur KCP bags USD 1.65 mn export orders
Karur KCP Packkagings has announced that it has bagged additional export orders for a value of USD 1.65 million from Europe and US based customers for supply till the end of January 2007. Further orders are expected for supply during the same period.
The company witnessed 26.41% jump in the total revenues including other income, during the quarter ended September 30, 2006. The revenues for the quarter stood at Rs 681.12 million. Its net earnings grew by 10.87% to Rs 12.38 million in the quarter.The Tamil Nadu based company manufactures paper, paper bags and poly propylene bags.
L&T to shut down the smaller units
Larsen & Toubro (L&T) has decided to close down divisions and units which do not achieve a revenue of Rs 5 billion by 2010, reports Economic Times.
The company has set a target of a minimum revenue generation of USD 1 billion for its overseas companies to ascertain whether to retain those businesses. The company will also limit itself to the Gulf region to remain globally competitive, as Americans, Japanese and Koreans and others from all over the world are in the Gulf. The move is also aimed at addressing the fast rate of attrition, almost 15% in design engineering.
The company is also planning to cut down the number of offices and sites to 150 from the current 400, to have a compact presence. It will not participate in civil contracts less than Rs 500 million and next year will raise this to Rs 1000 million.
The company has recently won a ship-building contract from Netherlands worth Rs 4.40 billion. It has decided to invest about Rs 20 billion in its ship-building venture and is scouting for a suitable location in the states of Tamil Nadu, Andhra Pradesh and Gujarat. L&T is also planning to develop real estate properties jointly with companies that have large banks, with the engineering company providing its expertise in construction.
posted by SY at 12:24 PM
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