Reliance Industries' (RIL) KG-D6 gas field has seen production drop to just 22 million standard cubic meters per day as the company shut over a third of wells due to high water and sand ingress. RIL produced a total of 22.04 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the week ended December 30, 2012.The output is made up of 17.66 mmscmd from D1&D3 and 4.38 mmscmd from MA field. RIL has so far drilled 22 wells on D1&D3 fields but has put only 18 on production so far. D1&D3, which started gas production in April 2009, had touched a peak of 55 mmscmd in August 2010 before beginning of water and sand ingress in wells.
JSW Energy has received forest clearance for its planned 240 MW hydropower project in Himachal Pradesh, making way for the company to start construction of the project. The project, being set up at an estimated cost of about Rs 2,000 crore, was awarded to the company in 2007 but has not taken off due to lack of clearances. This would be the maiden hydropower venture of the Sajjan Jindal-led company which has an operational capacity of 2,600 MW and aims to scale up capacity to 11,770 MW.
In a major step towards meeting its aggressive growth plans for the future, Hero MotoCorp (HMCL), the world's largest two-wheeler manufacturer, has commenced construction of its fourth manufacturing plant and a new Global Parts Centre (GPC) at Neemrana in the northern Indian state of Rajasthan. The company for this will be investing a total of Rs 550 crore. Both the facilities are expected to be operational towards the end of the Financial Year (FY) 2013-14. Further towards this development, the company will be setting up a state of the art Global Parts Centre spread over 35 across at Neemrana. The highly mechanized, technologically- superior GPC will be a new industry benchmark once it becomes fully operational. While, Neemrana plant spread over an area of 47 acres, will provide direct employment to over 1000 people and have an installed capacity of 750,000 units per annum.
Budget carrier SpiceJet's bet to stimulate demand through sale of cheap fares for a limited period for the upcoming lean season has paid rich dividends. The airline is said to have raked in over Rs 160 crore through sale of discounted fares within a period of just three days, which is about 40% of its monthly revenue of Rs 400 crore through ticket sales. The airline surprised the market by its announcement to sell a million tickets across its network for Rs 2,013 each. The offer was for a limited period of three days. The sales of tickets were for travel between February 1 and April 30, a period when airlines struggle to get loads on domestic flights. SpiceJet was able to sell over seven lakh seats out of the total 10 lakh that were on offer.
State-owned miner NMDC may revise iron ore rates for February because of firming prices of the key steel-making raw material internationally. The company's board will meet in the first week of February. The international rates have significantly gone up from $90 a tonne in last September to $150 per tonne now, but international pricing and domestic pricing are totally different things. The domestic companies have a 30% duty on iron ore exports from India. NMDC had slashed the price of iron ore lumps, mostly used by Indian steel makers, by 5.9% or Rs 320 a tonne for January, but kept the price of fines, which have less iron content, unchanged at Rs 2,610 per tonne.
Auto major Mahindra & Mahindra (M&M) will start export of its sports utility vehicle XUV5OO to Latin America by September this year, besides expanding its base in Africa. The company has also ramped up production capacities of XUV5OO, compact SUV Quanto and its subsidiary SsangYong's Rexton from this month to reduce waiting periods. Besides, the company will also expand its reach to other African countries apart from South Africa, where it currently sells XUV5OO. The company has been gradually ramping up the capacity of XUV5OO, which at present has a waiting period of 2-6 weeks, from around 4,000 units since June last year. Besides, M&M is also ramping up the monthly output of its subsidiary SsangYong's SUV Rexton to 500 units in a single shift from less than 300 units in December 2012.
Apollo Tyres has opened a global R&D centre in Enschede, the Netherlands which will serve as a hub for development and testing of car and van tyres for its entire product. Apollo Tyres Global R&D BV will start operations with more than 100 R&D specialists from various parts of the world, including 20 car tyre specialists from India and South Africa, and will later be scaled-up to nearly 150 people. This state-of-the-art facility will serve as a hub for the development and testing of car and van tyres for all product brands - Apollo, Vredestein and Dunlop (32 countries in Africa) - of the company. Recently, the company had restructured its research and development team and brought together its R&D resources comprising almost 250 people in Africa, Europe and India to create two global R&D hubs. The centre at Enschede will serve as hub for car and van tyres, while its facility in Chennai will be the global R&D centre for commercial vehicle tyres.
Yes Bank and IndusInd Bank are negotiating to buy the Indian retail assets of Royal Bank of Scotland (RBS), abandoned by Hong Kong and Shanghai Banking Corp. If it happens, it will end RBS' two-year ordeal in selling India assets after it managed to sell the rest of Asia business to Australia and New Zealand Bank. RBS got the Indian assets of ABN as part of a three-way split of the Dutch bank after it was acquired along with Santander of Spain and Fortis of Belgium.
With projects worth Rs 3,000 crore already in its kitty, PFC Green Energy will commence operations in the next two months. PFC Green Energy, the wholly-owned subsidiary of state-owned Power Finance Corporation (PFC), was constituted mainly to fund renewable power projects. PFC, which had been funding renewable power projects in the past, carved out a separate unit to provide greater focus on the rapidly growing green power industry. This subsidiary was formed in the year 2011. The existing renewable energy projects with PFC include 26 projects worth Rs 3,000 crore. PFC Green will start by funding to small and medium size companies initially and gradually finance big-size renewable energy initiatives.
Tribhovandas Bhimji Zaveri (TBZ- The Original), Mumbai-based jewellery retailer with a pan-India presence, will mark its foray into Central India with the opening of its first store in Nagpur, to cater to fast-growing local communities of Vidarbha, on January 15,2013. TBZ-The Original's exquisite 2,500 sq. feet showroom is located at Dharampeth, opposite Wockhardt Hospital, Nagpur. The opening of TBZ-The Original's store and the display of the all new Bridal collection is timed well to serve the customers during the auspicious Uttarayan and the pre wedding buying season. Customers will be able to avail a special offer of 50% discount on Diamond Jewellery making charges and 35% off on Gold Jewellery making charges for Uttarayan and the forthcoming pre-wedding buying season.