Ruias-owned Essar Oil on Monday said it will expand capacity of Vadinar refinery in Gujarat to 18 million tonne, 12.5% more than planned earlier but within the original project cost of Rs 7,810 crore. The nations second biggest private oil refiner will expand the 210,000 barrels per day (10.5 million tonne a year) refinery to 18 million tonne by March 2011, Essar Oil CEO Naresh Nayyar said. We plan to do minor modification in a secondary unit to convert it into a Crude Distillation Unit (CDU) to raise overall capacity to 18 million tonne, he said. Under the original expansion plan, the capacity of existing 10.5 million tonne CDU the primary unit that processes crude oil was to be raised to 16 million tonne.
Jaiprakash Power fund-raising
Jaypee group firm Jaiprakash Power Ventures (JPV) on Monday received its boards approval to raise Rs 2,500 crore through equity and debt for funding various projects. The fund could be raised in one or more tranches through qualified institutional placements, follow on public offer or by issuing global securities and bonds like foreign currency convertible bonds, American depository receipts and global depository receipts, the company said.
First Tesco store in Mumbai
Tesco, a $100 billion United Kingdom based retailer, is looking at Mumbai for its first cash and carry store in the country, said company officials. According to Sandeep Dhar, chief executive officer of Tesco Hindustan Services, the company plans to open its first Indian store in Mumbai by the end of 2010.
Bajaj Auto bags patent
Bajaj Auto on Monday said its technology ExhausTEC, which helps improve performance of a two-wheeler, has been granted a patent by the Munich-headquartered European Patent Office. ExhausTEC is useful for improving power in a single cylinder four stroke engine and the company has already manufactured and sold over 50 lakh motorcycles fitted with this technology since 2004.
McNally Bharats order
McNally Bharat Engineering Company on Monday said it has bagged an order worth Rs 438 crore for commissioning of three plants at power major NTPCs Bongaigaon thermal power project. The scope of work includes supply, installation, testing and commissioning of coal handling, lime handling and gypsum handling plant for Bongaigaon thermal power project, McNally Bharat said.
Ciscos Linux router
Cisco on Monday announced the launch of a new Linux powered router, the Linksys by Cisco Wireless-N Broadband Router with storage Link (WRT160NL), for the Indian market. This new product complements the existing Linksys by Cisco consumer router line-up and is essentially the next generation of the WRT54GL, the company said in a statement.
SC rejects Tata Skys plea
The Supreme Court on Monday rejected Tata Skys plea, seeking quashing of the sectoral tribunals directions that asked the DTH operator to make payment to sports broadcaster Neo Sports at an enhanced rate of 7% over and above the reference interconnect offer (RIO) rates.
India Infoline stake
India Infoline on Monday informed the stock exchanges that it has acquired Orient Globals stake in two of the companys unlisted subsidiaries India Infoline Investment Services Ltd. (IIISL) and India Infoline Marketing Services Ltd (IIMSL). On closure of the transaction, the company would acquire from Orient Global: shares representing 22.28% of IIISLs equity for a cash consideration of $72 million. It would also acquire shares of IIMSL, representing 10.44% of IIMSLs equity, for a cash consideration of $8 million.
Pantaloon profit up 51%
Pantaloon Retail on Monday reported a jump of 51.07% in its third quarter net profit at Rs 50.67 crore. The company had a net profit of Rs 33.54 crore during the same quarter last fiscal, Pantaloon Retail (India) Ltd said in a statement. It also reported an increase of 25.38% in its net sales for the quarter ended December 31, 2009, at Rs 1,912.84 crore against Rs 1,525.68 crore during the year-ago period. During the quarter, paid up equity share capital increased from Rs 38,06,41,346 to Rs 41,22,85,746 on account of allotment of 1,58,22,200 equity shares.