High water and sand ingress has coerced Reliance Industries (RIL) to close its seventh well on KG-D6 gas block. The company now awaits regulatory nod to carry out urgent work over to plug the problem responsible for drastic fall in output. The output of D1&D3 fields, after shutting the seventh well, has now declined to 19.02 million standard cubic meters per day from about 20 mmscmd a month ago. RIL, on November 29, due to same reason, had shut well B4 on the main producing fields of Dhirubhai-1 and 3 (D1&D3) in KG-D6 block. D1&D3 are producing less than 22 mmscmd of gas, down from 53-54 mmscmd achieved in March 2010.
Tata Motors' wholly owned subsidiary Jaguar Land Rover (JLR) has reported 14% increase in its global sales in November at 29,893 units, helped by continued demand for the Evoque SUV. November sales increased in almost every major market with sales growing in China by 43%, Asia Pacific by 26%, the UK by 15% and Europe by 12%. For the January-November period, JLR's combined sales increased 32% to 324,184 units. Recently, JLR has rolled out its all new version of sports utility vehicle - Range Rover - with price starting from Rs 1.72 crore. The new Range Rover will be available in both petrol and diesel options, while depending on specifications and variants the price of the new Range Rover can go up to Rs 1.9 crore.
The coal ministry is likely to move a cabinet note seeking permission for Coal India (CIL) to extract coal bed methane (CBM) in its leasehold areas. The development follows a request by Kolkata-based Coal India that instead of auctioning new CBM blocks in its leasehold areas, the petroleum ministry should allow the miner to explore and produce the CBM on its own or through exploration companies it chooses. Coal India has been facing operational and safety problems in the CBM blocks that were earlier auctioned by the ministry. The coal ministry, the petroleum ministry and the Planning Commission have agreed in principle to the suggestion. At present, companies such as GEECL and ONGC are exploring and extracting CBM from blocks falling in areas under Coal India's jurisdiction.
Jet Airways has announced a convenient payment option for its customer which allows them to book tickets online on the domestic carrier's portal and pay by cash later, a move aimed at enhancing the airline's distribution network. The latest offering cash on delivery is available only for those customers who book their tickets through the Jet Airways' website. The airline has tied-up with the Hyderabad-based cash collection solutions provider GharPay to deliver the service. Guests selecting the cash-on-delivery option while booking their tickets online will be contacted by GharPay to confirm the time and location for collecting the payment. Once the payment is collected, the e-ticket will be automatically sent to the guest's email address. The scheme has been made available across 16 cities pan-India covering over 900 postal codes and will be available in additional cities, which include places like Faridabad, Ghaziabad, Gurgaon, Noida, Navi Mumbai, Thane, Visakhapatnam.
ICICI Bank has opened 101 rural branches across six states as part of its financial inclusion plan that aims at providing banking services in unbanked villages. These branches have been opened in small villages, which were so far devoid of any banking facility. These 'Gramin' branches will offer all the basic banking services such as savings bank account, fixed and recurring deposit, remittances, Kisan Credit Card, credit cards and tractor loans. These branches were formally inaugurated in 19 districts across the states of Rajasthan, Andhra Pradesh, Gujarat, Maharashtra, Madhya Pradesh and Tamil Nadu. The country's largest private sector bank has also opened close to 2 million 'no frill' savings accounts this year taking the total number to around 12 million 'no frills' accounts, which is a key part of financial inclusion strategy.
Paints major Berger Paints (BPL) aims to become a Rs 7,000 crore company in the next four years. Berger is planning to enhance its production capacity to 34,000 tonne per month from 20,000 tonne a month by mid-2013. Meanwhile, Berger has also announced its association with designer Sussanne Roshan, wife of actor Hrithik Roshan, for Lewis Berger Design Stories concept. The company will have 40 studios inside existing stores across the city to showcase the concept that aims to offer designer themes in paints long with furnishing and furniture. The company is also setting up an industrial paints facility near Pune at a cost of Rs 15-20 crore.
Sanwaria Agro Oils plans to enter the consumer goods space by launching basmati rice, breakfast products and snack foods by next year. The company's focus will be to largely on health conscious food products. To begin with, the Bhopal based firm has launched 'Sanwaria Salt' to be sold in Madhya Pradesh and Chhattisgarh initially. The company is in talks with retailers including Bharti Wal-Mart for listing its FMCG range of products. The company set up in 1991, is part of the Sanwariya group, which has presence in sectors including agro food, energy and infrastructure.
Moser Baer's arm - Moser Baer Projects has received the final approval from the Central Electricity Authority (CEA) for its 120 MW Miyar hydro plant in Himachal Pradesh and construction is expected to start in April next year. An integrated power company, Moser Baer Projects (MBPPL) has interests in solar, hydro and thermal generation areas, among others. CEA, the nodal agency for planning activities in the power sector, has consented to issue Technical Concurrence (TC) for the project. The project, having three units of 40 MW capacity each, is coming up at Lahaul in Himachal Pradesh.
Aanjaneya Lifecare, an emerging integrated pharma company on an international scale with an audience representing the international business community, has bagged two prestigious awards by being ranked No 2 Industry wise and 9th Position in Asia- Pacific region at The Global Investor Relations (GIR) Summit Coordinated by KPMG and MZ associates. The GIR Summit was held at New York in USA. The other awardees from India include Infosys and Essar Oil amongst others. Aanjaneya Lifecare is a leading research based integrated pharmaceutical company with established research, manufacturing and marketing capabilities. It is R&D focused, has a multi product portfolio with state of the art manufacturing facilities, and is set to become a marketing conglomerate across the globe. It has a WHO GMP approved facilities for manufacturing bulk drugs at Mahad and finished dosage forms at Pirungut near Pune.