Quick View : Essar Power plans foray into distribution business

Aiming to become an integrated power company, Essar Power plans to enter the electricity distribution business and has applied for licences in Maharashtra and Bihar. “Power distribution is an area we have been evaluating and while we have applied for a Mumbai licence, this process is in its preliminary stage and only after a detailed analysis of this opportunity will we make any binding commitment,” an Essar Group spokesperson said.

Brahmaputra Fert plans R3,600-crore expansion

The fertiliser ministry is looking for a joint venture partner for Brahmaputra Valley Fertiliser Corporation that plans to set up a brownfield urea plant in Assam at an investment of R3,600 crore. “We are in discussions with several companies, including Oil India, for financing the expansion project of Brahmaputra Valley Fertiliser through a joint venture,” a senior fertiliser ministry official said.

Kingfisher importing ATF is bad economics: Oil cos

As the government mulls allowing Kingfisher Airlines to import aviation turbine fuel (ATF) directly, oil companies have opposed the move saying the proposal was ‘bad economics’ for the beleaguered airline in view of high taxes and handling cost. In a detailed response to the application made by Kingfisher to import ATF directly, oil firms said that India is surplus in jet fuel and exports half of its production annually, official sources said. Allowing direct import of ATF may lead to avoidable simultaneous import/export of ATF and undue burden on port infrastructure in the country, the oil firms said.

NMDC-Minemakers deal likely by mid-Feb

State-run NMDC is likely to sign a deal by mid-February to acquire 50% stake in Wonarah phosphate deposits of Australia’s Minemakers for an undisclosed sum. “Negotiations for the deal is in its final stages and the NMDC Board is likely to take a final call by January-end of early-February,” a source close to the development said. The source added that for the deal NMDC will form a 50:50 joint venture with Minemakers and the asset will be transferred to the JV.

Denso to invest R300 crore for new plant at Gurgaon

Japan-based auto component maker Denso Corporation plans to invest R300 crore to set up a new manufacturing facility at Gurgaon in Haryana as it looks to augment its production capabilities in India. The company, which is present in India through its unit ‘Denso International India’, is also scouting for land in South India to set up a manufacturing plant to cater to the increasing demand. Denso has already acquired 1.5 lakh sq metre site for this plant, and we are now preparing to start production by the end of 2013,” Denso International India chairman Yasushi Nei told PTI.

Glenmark eyes 20% sales growth in India in 3years