Rs 500 crore sanctioned for Prasar Bharati's DTH project
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) has sanctioned Rs 500 crore to be used over a five-year period to Prasar Bharati's direct-to-home (DTH) services using KU band. This move is to expand television network coverage to remote and hilly regions of the country.

Of this, a provision of Rs 35 crore is being made for 2003-03, and the total capital cost involved will be Rs 53 crore per annum. The KU band services project is being implemented as a pilot project in areas not covered by terrestrial transmission. Using KU band, Doordarshan will offer DTH services to the northeast states and some others in the first phase.
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Five killed as GNFC plant explodes
Ahmedabad: An explosion that rocked the nitrophosphate complex of Gujarat Narmada Valley Fertilizers Company (GNFC) in the south Gujarat district of Bharuch on Tuesday night has claimed the lives of five men, including three GNFC employees and two contract workers. Reports say as many as 31 workers were injured in the mishap. While the cause of the accident is yet to be ascertained, a preliminary estimate by the company has put the overall damage at approximately Rs 200 crore.

GNFC managing director Balwant Singh said it was only the 135,000-tpa nitrophosphate plant that has been hit by the accident. "All the other units of the fertiliser company, whose other products include urea, ammonia, methanol, formic acid and acetic acid, continued to function to their capacity on Wednesday." A company press release said the sound of the explosion at 9.05 pm was so intense that fire fighters and medical units from various industrial units from far-off areas such Ankleshwar and Jhagadia were soon pressed into service.
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Kochi Refineries opts for modernisation route
Kochi: The detailed feasibility report (DFR) for the second phase of modernisation of Kochi Refineries Ltd (KRL), upgrading of auto fuels to Euro III quality and capacity expansion to 10 million tonnes per annum (MTPA) involving a total investment of Rs 2,000 crore have been completed and the company would now go for technology selection. Engineers India Ltd (EIL), which was entrusted with the job has done the study and submitted the DFR late last month, M A Mohammedali, director (refineries), said.

The first stage of quality upgrading to Euro II at a cost of Rs 273 crore will be completed by the end of next year, he said. "KRL has prepared a road map to modernise the refinery to meet fuel quality requirements by 2005 and 2010 as mandated by the central government, and to reduce the cost of production to enhance competitiveness. We have looked into the possibility of low cost expansion of crude oil refining capacity, commensurate with market demand, by revamp of existing units."
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Micro Labs buys out Dr Reddy's Pondy plant
Bangalore: Micro Labs has acquired a formulations plant at Pondicherry from Dr Reddy's Labs. The company already has a facility close to the acquired one, which will supplement its manufacture of capsules and tablets.

"The main objective of acquiring this plant is to augment our production capacity," said Micro group MD Dilip Surana. The group, which has a turnover of around Rs 450 crore, manufactures formulations like anti-bacterial, anti-fungal, anti-allergant, analgesic, cardiovascular, dermatological, psychotropic, gynaecological, anti-diabetic and neurological products.
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Padmalaya Tele Q2 net profit at Rs 4.06 crore
Hyderabad: Padmalaya Telefilms has posted a net profit of Rs 4.06 crore for the second quarter ended 30 September 2003, against Rs 3.56 crore in the previous year period.

According to un-audited financial results, the company's total income rose to Rs 26.9 crore (Rs 17.66 crore).
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BSES net spurts to Rs 88.83 crore in Q2
Mumbai: Higher revenues from the EPC business and a steep rise in other income have enabled BSES to report a 134-per cent jump in net profit at Rs 88.83 crore (Rs 37.97 crore) for the quarter ended 30 September 2003, despite a marginal fall in net sales of energy, the company's core business. Net sales of energy dipped to Rs 619.98 crore (Rs 646.96 crore), but total income increased by 8.6 per cent to Rs 808.50 crore (Rs 744.35 crore) during the quarter. Anil Ambani, chairman and managing director, BSES, attributed the reason for fall in sales to "seasonal fluctuations." The company has announced a dividend of Rs 13.78 per share for the quarter. For the half-year ended 30 September 2003, the dividend amount is Rs 27.66 per share.

The company's total expenses for the quarter stood at Rs 636.75 crore (Rs 617.66 crore). Interest costs fell to Rs 10.98 crore compared to Rs 16.93 crore last year. Depreciation reduced to Rs 65.01 crore (Rs 89.68 crore). Tax provisions were higher at Rs 6.93 crore (Rs 2 crore). During the quarter BSES has allotted 49,336 equity shares underlying the Global Depository Receipts issued on conversion of foreign currency convertible bonds. The company has provided Rs 29 crore for "certain future contingencies." The company has approved amalgamation of Reliance Salgaoncar Power Company and is also pursuing the amalgamation of BSES Andhra Power with BSES.
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Astec Valve bags Dh1 million orders for GasFuse product
Abu Dhabi: Astec Valve and Fitting Company (AVFC) has received orders worth an estimated Dh 1 million, for its innovative GasFuse product launched at the Arab Oil and Gas Show (OGS) currently under way in Dubai. The new product is a pressure safety valve that provides zero-leaks shut-off in split seconds in case of accidents. The Indian company had recently appointed Faran Trading as its sole distributor in Iran.

It has also appointed Masdar, a Dar Al Riyadh holding company, as its distributor in Saudi Arabia. "We have had the opportunity to meet with, and develop channels of trade and communication with visitors from across the oil and gas industry in the Gulf region," said Bobby Kohli, chief executive officer, AVFC. "The product we have launched at the show is a revolutionary one and we have been negotiating with a large number of companies in the region. By the end of the show, we expect to appoint a few more distributors in various countries of West Asia."
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Shriram group sells stake in Hi-Tech Arai
Chennai: The Shriram group has sold its 44.8 per cent stake in Hi-Tech Arai Ltd to Arai Seisakusho of Japan, for Rs 18.81 crore. Back in 1988, the group had invested Rs 2.5 crore in the company's Rs 5.6 crore equity, so the group makes a profit of Rs 16.31 crore on the deal, say reports. Hi-Tech Arai is a joint venture of the Shriram group, Mitsubishi Corporation and another Japanese company called Arai Seisakusho. The two Japanese companies have 12 and 33 per cent stakes respectively.

The Rs 75-crore Hi-Tech Arai manufactures oil seals at its plant in Madurai for the automotive industry. Hi-Tech Arai is now on an expansion mode. Shriram group chairman R Thyagarajan said the MoU with Arai was signed about 10 days ago. "The deal is subject to various statutory approvals. In the initial days the company tottered, but the Shriram group supported it with understanding financing, giving it loans without asking for interest immediately."
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BSES plans to introduce prepaid power
Mumbai: BSES Ltd plans to introduce pre-paid power meters in Mumbai within the next few months. The project will be the first of its kind in India. The meters will enable retail consumers to buy power according to their budget and will also ensure that the power company is paid for the power sold, Anil Ambani, chairman and managing director, said. "We have a large number of residential customers. Installing a pre-paid meter will help customers set their family budget for energy consumption, just like a pre-paid phone connection."

The company is considering various options including the use of swipe cards and digital cards. Although the pre-paid power solution is available internationally, this will be the first time such a solution will be introduced in India. Ambani said the power company is also looking at inter-State power trading and has applied to the Central Electricity Regulatory Commission for a licence. The company has also applied for licences to sell power in five distribution circles in Maharashtra
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