Reliance Industries (RIL) has reported a further fall in natural gas production from its eastern offshore KG-D6 fields to 25.1 million standard cubic meters a day as high water and sand ingress shut one-third of the wells. Gas production from KG-D6 in the week ended November 4 dropped to 25.11 mmscmd from about 26 mmscmd last month, according to an output status report filed by the company with the Oil Ministry. KG-D6, where water and sand ingress coupled with drop in pressure led to a drastic fall in per-well output, had produced about 33 mmscmd at the beginning of the fiscal in April. Production from Dhirubhai-1 and 3, the largest among the 19 oil and gas finds RIL has made in the KG-DWN-98/3 or KG-D6 block, slipped to 20.06 mmscmd. Together with 5.05 mmscmd output from MA oilfield in the same block, KG-D6 produced 25.11 mmsmcd during the week ending November 4. The output is short of the planned 80 mmscmd of gas production for this time of the year.
State-owned gas utility GAIL India may offer up to 30 percent stake in its 1,550-km natural gas pipeline from Surat in Gujarat to Paradip in Odisha to Indian Oil Corporation (IOC). GAIL had, this April, secured rights to lay the pipeline to connect the west and east coasts. The pipeline would have a capacity to transport up to 60 million standard cubic metres of gas per day. GAIL will have 36 months to lay the pipeline and commission it. The pipeline is to originate from Mora in Gujarat and cover Gujarat, Maharashtra, Chhattisgarh and Odisha. GAIL has a trunk pipeline network of 11,000 km which it uses to market LNG, both domestically produced and imported, in the country. IOC operates a network of 10,909-km crude oil, petroleum product and gas pipelines with a capacity of 75.55 million tonnes per annum of oil and 10 million standard cubic metres per day of gas.
The country's largest realty player DLF has reduced its net debt by Rs 2,000 crore during the ongoing quarter to Rs 21,220 crore on the back of sale of its prime land in Mumbai to Lodha Developers. Its current net debt stands at Rs 21,220 crore as against Rs 23,220 crore as on September 30. The National-Capital based realty major will also launch 9-10 million sq ft of real estate projects during the second half of the current financial year. Besides, the country's biggest real estate developer is expected to announce the sale of its luxury hotel chain Aman Resorts within the next few weeks and the sale of its wind power business in two months. The two transactions will further help the company achieve a net debt level of 18,000 crore by the end of March 2013.
Apollo Hospitals Enterprises is planning to invest around Rs 2,000 crore to add 2,500 beds between 2013 and 2015. Currently it is in the process of adding around 1,500 beds with an outlay of around Rs 2,000 crore and gearing up for the next round. The additional capacity addition would be taken up after the current expansion. Apollo Hospitals is one of the largest networks in Asia with 5,908 owned and 2,038 managed beds across 36 owned and 13 managed hospitals as on June 30. In 2011-12, the bed occupancy ratio was at 71.2 percent. The average revenue per occupied bed increased to Rs 20,455 in 2011-12. The hospital chain is planning to give major thrust on tier-II and tier-III cities to fuel growth and also on automation as part of expansion. Apollo will add another six robots with an investment of around $1.5 million across its hospital chain network.
Infosys, Microsoft and Gen-i have unveiled a managed service platform designed to simplify the deployment, management and control of Cloud services for Australian and trans-Tasman enterprises and government agencies. The services available in the platform will include Microsoft's latest messaging, collaboration and virtualization tools, including Microsoft System Center, Microsoft Exchange Server, Microsoft SharePoint, Microsoft Lync and Virtual Desktops. The solutions over this platform will be brought to market by Infosys and Gen-i. The platform can be hosted in Australia and/ or New Zealand according to client requirements using Gen‑i's proven secure, in-country architecture to assure local data sovereignty.
Idea Cellular won airwaves in all seven zones in which it was set to lose its permits after the court order, in a state auction that ended on Wednesday while Videocon Telecommunications won airwaves in six zones in the auction that has drawn scant interest from bidders mainly due to a high starting price in the world's second-largest mobile phone market. Besides, Norwegian telecommunications group Telenor ASA won airwave space in six Indian telecom zones in an auction retaining part of its operations after its permits there had been ordered to be revoked by a court. India was for the first time selling 2G mobile phone spectrum through an auction after the country's Supreme Court ordered the revoking of permits awarded to eight carriers in a 2008 scandal-tainted state grant process and their redistribution via open bidding.
Dion Global Solutions, technology partner to the financial services industry, has developed an electronic interface between its Invantage solution and the leading financial services platform, Cofunds. The interface delivers straight through processing for the dealing and administration of Cofunds holdings. The solution is now available to all mutual clients using Dion's Invantage or Portfolio solution and has a very short implementation timescale. The interface reduces both manual processes and rekeying of data exchanged between Cofunds and Dion's Invantage solution. The direct connection offers a full service across fund execution, settlement, asset servicing and commission management, providing important time savings while ensuring both systems are fuelled with accurate, validated and up to date information.
Liquor baron Vijay Mallya's $2.1 billion deal to sell a stake in United Spirits could throw a lifeline to his grounded Kingfisher Airlines, although pulling the carrier back from the brink will not be easy. The proceeds from Mallya's deal with Diageo Plc will not be enough in themselves to rescue the ailing airline, which has failed so far to find fresh investment to prop it up or a global carrier willing to play white knight. It could still give him enough to make a piecemeal payment to his creditors and draw them back to the negotiating table for fresh loans and another restructuring of the airline's debt. Kingfisher needs to raise or commit at least $1 billion by November 30, according to the State Bank of India, the leader of a 17-bank consortium that has lent about $1.4 billion to the carrier. The consultancy Centre for Asia Pacific Aviation stated that Kingfisher's total debt is about $2.5 billion.
Indian Hotels Company, the owner and manager of Taj Hotels, reported a 29 percent increase in net loss in the first half of this year at Rs 91 crore, though its stand-alone operations yielded a loss of only Rs 2.3 crore. Much of the loss at the consolidated level was attributed to the drag on account of the three operational properties of the US, including the luxurious Pierre on New York's Fifth Avenue, where the company had spent $100 million towards renovation, double its acquisition price, but far from generating returns. The company invested a total of $228 million in acquiring Boston's Ritz-Carlton and Campton Place in San Francisco five years ago. Following the slowdown in travel and hospitality, a recovery has taken longer than usual for the company.