JSPL completes work on 250-tonne BOF
Angul/New Delhi: Jindal Steel and Power Ltd (JSPL) has completed work on a 250-tonne Basic Oxygen Furnace (BOF), marking the completion of its 6 MTPA integrated steel project at Angul. With the completion of the facility, JSPL will utilise the full capacity of its 4 MTPA Mega Blast Furnace, the largest in India. The BOF will also enable the Company to achieve significantly higher cost effectiveness and efficiencies for steel making, according to an official release. “With the successful completion of the BOF today [Tuesday], the Angul Steel Complex will be able to achieve optimal efficiencies in terms of cost and operation. We congratulate JSPL’s Angul Team for completing the BOF within the prescribed time frame,” Naveen Jindal, Chairman-JSPL was quoted as saying in the statement. The BOF will produce 3 million tonnes of high-grade steel per annum. For the first time in India, JSPL has deployed Dry Gas Cleaning System, which more environment-friendly compared with Wet Gas Cleaning Plant. “The adoption of Dry Gas Cleaning System reiterates JSPL’s commitment to Green Technology,” DK Saraogi, JSPL’s Executive Director and Angul plant head was quoted as saying.
DIPP approves 2 FDI proposals in retail
New Delhi: Two foreign direct investment (FDI) proposals, including that of Damro Furniture worth over Rs400 crore were approved by the department of industrial policy and promotion (DIPP) in the retail sector. Damro Furniture would undertake single brand retail trading of ‘Damro’ branded products in India, according to the DIPP’s Foreign Investment Facilitation portal. The company had proposed to invest Rs 402 crore. Supr Infotech Solutions will carry out food product retail trading of milk and other daily need products. The firm proposes to invest Rs10.85 crore. The portal was set up after the winding up of the foreign investment promotion board. FDI into the country grew 17 per cent to $25.35 billion during April-September this fiscal.
IDBI Bank disengages Moody’s from rating bonds
New Delhi: State-owned IDBI Bank Tuesday said it has disengaged Moody’s Investors Services (Moody’s) to rate its bond programmes. “Upon reviewing the rating engagements with various foreign rating agencies, IDBI Bank has decided to terminate all the rating contracts/engagements with Moody’s Investors Services (Moody’s) for various issues made under the MTN (medium term note) Bond Programme,” IDBI Bank said in a regulatory filing. Earlier in August, Moody’s had downgraded the foreign currency senior unsecured MTN programme rating of IDBI and its DIFC branch to (P)B1 from (P)Ba2. The global ratings firm had also downgraded the bank’s local and foreign currency bank deposit ratings to B1 from Ba2 citing reasons that the lender remains significantly under-capitalised and that government’s capital infusions have been insufficient to repair the bank’s balance sheet. IDBI had reported a net loss of Rs 198 crore for second quarter ended September of the current fiscal, against a net profit of Rs56 crore in the same quarter of previous fiscal.
OYO Hotels tariffs down 6pc this Dec
New Delhi: The tariffs in OYO hotels across top leisure destinations in India are 6 per cent lower this December than last year. According to OYO’s analysis this is in line with the company’s mission of making quality living spaces more affordable for travellers. While hotels in a majority of holiday destinations have become more affordable than before, there are some destinations witnessing higher tariffs, due to sustained traveller interest and constraints of quality hotels. Hill-stations witnessed the greatest drop in tariffs, thanks to emergence of new guest houses and alternate branded hospitality accommodation.
Bank unions defer Wednesday’s strike
New Delhi: Employee unions of public sector banks have deferred the strike originally proposed for Wednesday. The All India Bank Employees’ Association (AIBEA) and All India Bank Officers Association (AIBOA) had threatened to go on strike December 27 in support of their demand for early wage revision. “We have now been informed by the Indian Bank’s Association that the strike called for December 27, 2017, has been deferred,” Andhra Bank said in a regulatory filing. Punjab and Sindh Bank in a separate filing said the IBA has advised it about the deferment of the proposed strike.
Voda to launch VoLTE services in January
New Delhi: Vodafone India Tuesday confirmed the roll-out of its Voice over LTE (VoLTE) services beginning January 2018. In the first phase, Vodafone VoLTE service will be available in Mumbai, Gujarat, Delhi, Karnataka and Kolkata and will be extended across the country in a short time, the company said in a statement. “Vodafone is getting future ready with the advent of newer technologies and digital services. The introduction of VoLTE will enhance customer experience with HD quality calling and offer our customers newer possibilities,” said Sunil Sood, Managing Director and Chief Executive Officer, Vodafone India.
Essar starts drilling in Cambay wells
Mumbai: Essar Oilfields Services (India) Ltd (EOSIL) Tuesday announced that it has started work on a contract awarded by hydrocarbons explorer Mercator Petroleum to drill two firm oil wells plus one optional oil well in Gujarat’s Cambay Basin. An EOSIL release here said that with the company commencing a few other drilling contracts during the current fiscal, EOSIL is expecting to clock revenues of $48 million in this fiscal. “EOSIL [Tuesday] announced that it has commenced a contract awarded by Mercator Petroleum to drill two firm oil wells plus one optional oil well in the Cambay Basin,” the statement said. “With the company commencing a few other drilling contracts in this fiscal, EOSIL is expecting to clock revenues of $48 million in this fiscal,” it added.
India’s first pod taxi on the way
India’s first pod taxi project has moved a step closer to reality after a high-level panel recommended inviting fresh bids for the same conforming to the strictest safety standards on the lines of those prescribed by an American body.