The government has granted mini ratna status to Container Corporation of India Ltd (Concor), which will enable the company to incur capital expenditure on new projects, modernisation, purchase of equipment up to Rs 300 crore without prior approval. According to a Concor statement issued in New Delhi on Friday, this would also facilitate the company to take part in joint ventures and subsidiaries within the country. Three eminent professionals RK Narang, PS Sarma and MR Dixit have been appointed to the Concor board. The induction of these professionals is expected to improve corporate governance and give fillip to the on-going expansion and modernisation plans of the company, the statement said.

ONGC finds 45 gas wells in Tripura

The Oil and Natural Gas Corporation (ONGC) has so far found 45 gas-bearing wells in Tripura and developed a capacity to drill three metric million standard cubic metre (mmscmd) gas per day, according to itschairman-cum-managing director BC Bora. The ONGC has taken up drilling work in new fields and will soon undertake deep drilling in new virgin areas to strike oil, Bora said while talking to newsmen at Agartala on Friday. At present the Tripura project of the ONGC was producing 1.63mmscmd day against the present demand of only one mmscmd, bora said adding it was high time that the state government went for massive industrialisation.

NHPC target at Rs 1,039 crore

National Hydroelectric Power Corporation (NHPC) has set a gross margin target of Rs 1039 crore during the next financial year (1999-2000) on generation of 9250 million units of electricity. The corporation signed a memorandum of understanding with the power ministry on Wednesday, wherein it projected net profit of Rs 211 crore during 1999-2000. In the MoU the corporation, however, sought the assistance of the government in prevailing upon the state governments to clear the outstanding dues, NHPC said in a release. The performance targetsinclude commissioning of 60mw Rangit project in Sikkim speeding up work on the ongoing projects and achieving 85 per cent machine availability for power generation.

TN gives Rs 49cr for road works

Tamil Nadu government has sanctioned Rs 48.52 crore for repairs of roads and to provide compensation to those affected by heavy rains that lashed the state in November last, the chief minister M Karunandihi told the state assembly on Friday. Presenting the final supplementary estimates for 1998-99, he said the government had also sanctioned Rs 76.41 crore as ways and means advances to the co-operative sugar mills in the state for payment of arrears to the farmers, who supplied sugarcanes to the mills. He said Rs..210.74 crore was allocated for payment of payhike to the government servants and teachers.

NBCC signs MoU with ministry

The National Buildings Construction Corporation Ltd (NBCC) signed a memorandum of understanding (MoU) here on Friday with ministry of urban affairs and employment forthe year 1999-2000. The memorandum sets the performance target for the corporation in respect of its turnover and business development at Rs 300 core and Rs 360 crore respectively. The net profit to the tune of Rs 12.80 has also been projected for the same year. The corporation has identified the thrust areas of its operations as diverse as construction of cooling towers, high-voltage transmission lines, chimneys, environmental projects, use of trenchless (no-dig) technology, mass housing, marine jetty berths, highways, cross country pipe-lines, the release added.

Gail to pump in Rs 400cr

Gas Authority of India (Gail) plans to invest an additional Rs 400 crore for expanding the capacity of its three lakh tonnes per year Uttar Pradesh petrochemical complex (UPPC). "We want to go ahead with the expansion of the plant atthe earliest to take its total annual capacity to five lakh tonnes," UPCC executive director BN Trivedi said at Pata. Gail is presently engaged in preparing a detailed feasibilityreport for the expansion of the complex, he said adding, "I hope the report will be submitted for government approval by the end of this year."