Following are the important business news carried by leading financial dailies on Thursday Nov. 8, 2012:
Nalco's bauxite mine renewal under cloud of Naxal threat
The threat of Red rebels has cast a shadow of uncertainty over the renewal of National Aluminium Company's (Nalco) Panchpatmalli bauxite mines even as the company has intensified efforts to obtain temporary work permit (TWP) for running the lease. The boycotting of public hearing for renewal by the affected locals is believed to have thrown the company authorities into a tizzy who suspect Naxal hand behind the public not showing up. Forest clearance for the Panchpatmalli mine in Naxal infested Koraput district with deposits of around 300 million ton is expiring on November 16.
Apollo Logisolutions forms JV with German logistics company Fiege
Apollo Logisolutions, a subsidiary of Apollo International group, is going to invest Rs 5 billion in expanding its presence across India in the next three years through acquisitions and greenfield projects. The company recently signed up a 60:40 joint venture with Germany based USD 2 billion Fiege Logistics.
BHEL expects Rs 100 bn revenue from overseas by 2017
State-run power equipment maker BHEL expects revenue of Rs 100 billion from foreign contracts by 2017 even as domestic orders from private companies have taken a hit due to financing constraints. "We are expecting a revenue of Rs 1 trillion for the company by 2017 of which 10% would come from exports i.e. Rs 100 billion," BHEL Chairman and Managing Director BP Rao told reporters on the sidelines of India Energy Forum.
NTPC raises concern over fuel scarcity, environmental hurdles
Country's largest power producer NTPC expressed concerns over fuel shortages, environmental hurdles and other issues plaguing the sector which are also restricting the company's growth targets. NTPC Chairman and Managing Director Arup Roy Choudhury, however, said sound financials and strong fundamentals will ensure further growth for the company.
Sign fuel supply pact with Coal India, govt tells NTPC
With the deadline set by the PMO for signing of fuel supply pacts drawing near, the Power Ministry has asked state-owned NTPC to ink the agreement with Coal India (CIL) for coal supply. "Recently, the Power Ministry wrote a letter to NTPC asking it to sign fuel supply agreement (FSA) with CIL," an official said.
IL&FS Engineering bags Rs 1.35 bn project in Gurgaon
Hyderabad-based IL&FS Engineering and Construction Company (IL&FS Engineering Services) has bagged a letter of intent (LoI) from Emaar-MGF for a total value of Rs 1.35 billion for construction of ‘Palm Terraces Select Housing Complex’ in Gurgaon. The project involves civil structure, finishing and low-side services works of residential, basements, compounding wall and other miscellaneous works. The project duration is 27 months, the company said in a filing to the BSE.
JSW Cement to double capacity
JSW Cement, the cement arm of the JSW Group and a new entrant in the industry, is looking at doubling its cement production capacity to 400,000 ton per month by March next year. The company has a grinding facility at Nandyal in Andhra Pradesh with an installed capacity of 4.8 million ton per annum (mtpa), of which, only 50% of the capacity is being utilized.
IFC ties up with Tata in water conservation drive
International Finance Centre (IFC) has inked a strategic partnership with Tata Quality Management Services (TQMS) for water conservation. The partnership will work on ways to improve water efficiency and promote sustainable water use across eleven plants of Tata group companies such as Tata Steel, Tata Power, Tata Motors and Tata Chemicals. Staff members across the facilities have been trained in water footprint assessment and strategies, and will play the role of water champions.
Wipro Consumer Care re-launches Aramusk soap brand
Wipro Consumer Care and Lighting (WCCLG) said it has re-launched soap brand 'Aramusk', which it had acquired from Mumbai-based VVF in June 2011. WCCLG, which is the FMCG and lighting division of Wipro, has also roped in Bollywood actor Shahid Kapoor as the brand ambassador for the brand, WCCLG said in a statement.
Bajaj Allianz launches 'extended warranty plan' for consumer durables
Bajaj Allianz General Insurance has launched an 'extended warranty plan' for consumer durables, under which a customer will be able to extend the warranty period for 12 months after expiry of the manufacturer's product warranty. The company has launched this product in association with Bajaj Finserv Lending, its release said.
Reliance Infrastructure eyes ultra mega power projects to boost order book
Reliance Infrastructure is looking at Reliance Power's ultra mega power projects to boost its order book. Reliance Infra, the Anil Ambani led company that provides engineering, procurement and construction (EPC) for developing power and road projects, saw a reduction in the segment revenues in the July-September quarter at Rs 18 billion from Rs 2,211.31 crore in the same period last year.
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