The oil ministry is poised to approve Reliance Industries' (RIL) investment plans for the controversial KG-D6 block, setting the stage for reversing the sharp decline in output by developing new fields. The approvals, which were held up for years because of differences over the block's audit by the Comptroller and Auditor General of India, will help the company develop the satellite fields and the R-series wells of the D6 block, which can produce an estimated 15 million cubic metres of natural gas by 2015-16. In July, the ministry stated that it would approve RIL's plans only if the company agrees to cooperate in the CAG's audit of the block. The ministry is now expected to grant approvals as Reliance unconditionally accepted to this demand. The ministry's decision may lead to discoveries as early as in the current weather window, the limited period in which the sea is calm enough to allow drilling in deep-water blocks. Besides, the oil ministry has directed RIL to drill more wells in the producing gas fields of KG-D6 block to reverse declining output and has approved its plan to install compressor at to increase gas recovery.
State-owned Coal India (CIL), like any other bidder will have to pay the reserve price for 116 blocks allotted to it in May 2012. The government is in the process of fixing a reserve price for auction of coal blocks through competitive bidding. So far, Coal India was not paying any reserve price to the government. CIL has also submitted a tentative perspective plan for development of these blocks. Battling problems like less production, CIL in September 2011 had requested for allocation of these 116 blocks, which were assigned to it by the Ministry of Coal in May 2012 for meeting its long-term production targets. The government had now asked financial service firm CRISIL to provide a report on the methodology to determine the reserve price for bidding of the blocks.
BEML, a public sector company under the Ministry of Defence, has bagged orders worth Rs 500 crore from Saudi Arabia and the Indian Railways. The company has recently bagged a Rs 73-crore order from The Kingdom of Saudi Arabia for the supply of dumpers and excavators for its mining segment. BEML has also got orders for its rail and metro business. The company has bagged new orders from the Indian Railways for the supply of 600 rail coaches, 72 AC EMU (Alternating Current Electrical Multiple Unit) and 64 MEMU (Mainline Electrical Multiple Unit) valued at over Rs 450 core.
State-run BHEL is open to collaboration with Canadian companies in the atomic space once the nuclear power generation climate is feasible in India. BHEL has had association with Canadian companies in the past. BHEL is also setting up an ultra super critical technology project along with NTPC and IGCAR ( Indira Gandhi Centre for Atomic Research). The project is fully funded by the government. Besides, the company is also working with the Defence Ministry to identify a technology partner for increasing the size of the gun. The increased focus on defence segment comes against the backdrop of the company facing challenges in the power business, the mainstay of the state-run major. Apart from defence, the public sector enterprise is also focusing on transportation, renewables, among other areas.
Fortis Healthcare (Fortis), a leader in the integrated Healthcare Delivery sector in Asia has taken a significant step to expand and leverage its primary and day care specialty vertical in Asia. The company has entered into a strategic tie-up with Majid Al Futtaim Healthcare, the healthcare arm of Majid Al Futtaim Ventures, to operate and manage its health care assets, starting with a Day Care Specialty Clinic located in Deira City Centre, one of Dubai's largest shopping malls located in the heart of the city. Majid Al Futtaim Healthcare is a new business vertical recently established by Majid Al Futtaim Ventures - the growth engine responsible for developing new and innovative enterprises across the region, to invest in healthcare assets. This agreement is the first towards a long-term association that Fortis and Majid Al Futtaim Healthcare have committed to, in bringing advanced healthcare to this region.
At a time when shaky global economic cues have pushed most companies to postpone real estate investments, India's third-largest software exporter Wipro is finalizing plans to build its largest campus that can house at least 30,000 employees in Bangalore. The new campus, whose first phase is expected to have a built up space of 2.5 million square feet, will come up on a 50-acre plot that is 4 km away from its existing 1.9 million sq ft campus in Sarjapur, on the outskirts of Bangalore. This will be in addition to Wipro's existing campuses across the country and is not aimed at consolidating operations. Currently, the software major's headcount stands at about 138,000 employees. The Sarjapur facility -the largest for the company so far - accommodates nearly 31,000 employees. The proposal to develop an additional campus was pending for sometime due to issues with land approvals. However, these have now been sorted out and the company has received the go-ahead for the project. Wipro is currently working with architects on the master plan.
Piramal Enterprises' subsidiary-Decision Resources Group, one of the world's leading research and advisory firms focusing on healthcare insights and analysis, has acquired Abacus International, a pioneer in evidence-based global market access solutions for many of the world's leading healthcare companies. The acquisition of UK-based Abacus by Burlington, Massachusetts based Decision Resources Group will result in a significant global expansion of Decision Resources Group's market access capabilities. Abacus will be part of the Market Access Business Unit at Decision Resources Group which currently includes the brands: Fingertip Formulary, HealthLeaders-InterStudy, PharmaStrat and Pinsonault. Abacus differentiates itself by offering integrated market access solutions across the entire product lifecycle from payer strategy, through technical disciplines such as modeling and systematic review to value communications and health technology assessment (HTA).
Mumbai based public sector lender - Dena Bank, has waived processing fees for housing loans and car loans. The bank is also offering 50% discount on the processing fees of personal and gold loans. Dena Bank has also extended 50% concession in processing fees for its Dena Trade Finance Scheme under which credit facilities up to Rs 2 crore and extended to the traders. The 50% discount in processing fees is also applicable to the doctors who take loan under its scheme Dena Doctor+ for setting up the clinic and purchasing medical equipments, for the loans up to Rs 2 crore.
SRS has signed agreements to set up 20 cinema screens at 6 different locations. The company would be setting 2 screens at Shimla, Himachal Pradesh; 3 screens at Amritsar, Punjab; 5 screens at Greater Noida, Uttar Pradesh; 3 screens at Lucknow, Uttar Pradesh; 4 screens at Bareilly, Uttar Pradesh and 3 screens at Bhiwadi, Rajasthan. SRS is a diversified company with a business portfolio comprising of cinema exhibition, food and beverages, retail and manufacturing and retailing of jewellery. It sells a wide range of gold and diamond jewellery under the brand name of SRS Jewells.
The Reserve Bank has set up two supervisory bodies for State Bank of India (SBI) and ICICI Bank to ensure compliance of global prudential norms and reduce supervisory overlap. This mechanism was developed with the aim of reducing supervisory overlap and filling in supervisory gaps for better supervisory co-operation enunciated in Basel II Framework. Though India does not have any Systemically Important Banks (SIBs), with a view to benchmarking India with the best practices across the globe and in its capacity as the home country supervisor, the RBI decided to establish a supervisory college each for SBI and ICICI Bank. This is because both banks have vast expanse of overseas operations spreading across many supervisory jurisdictions. For SBI there are nine host country supervisors while at the same time, ICICI Bank has seven host country supervisors.