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Gail, NTPC float new SPV for DPC revival
Mumbai: In continuing steps towards the revival of the moribund Dabhol power project, Gail and NTPC have now floated a new special purpose vehicle (SPV) called the Ratnagiri Gas and Power Private Ltd which will own and operate the assets of the erstwhile Dabhol Power Company.

As a promoter, GAIL's role will be to source the LNG required to run the power plant. In order to ensure the availability of the gas, the company is trying to source LNG from Qatar, Iran, Oman, Abu Dhabi, Malaysia, Indonesia, Australia, Brunei, Egypt and Algeria. Its mandate is also to complete the erection of the 5mn tonne LNG terminal, which is now 75% complete.

GAIL will also operate the terminal.

NTPC will operate the power plant and negotiate the power purchase agreement with MSEB. Only 2.1mn tonnes of gas will be required by the project.
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Cairn Energy to begin early production of oil in Rajasthan
New Delhi: British firm Cairn Energy, which discovered a huge oilfield in Rajasthan last year, will begin early oil production from the fields in a year's time from now.

The company plans to produce up to 5,000 barrels of oil per day from two of the twelve discoveries made in the Barmer district of Rajasthan by mid-2006, company's Exploration Director Mike Watts said.

He said in May the company had submitted a development plan for Saraswati and Raageshwari discoveries, which lie in the centre and south of the Rajasthan block, and is anticipating approval by mid-September.

Cairn had also submitted a $1 billion investment plan with a target of beginning production by end-2007 in its Mangala and Aishwariya discoveries.
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AT Kearney says India top destination for global retail giants
New Delhi: Improved investment climate and a more liberal FDI regime have made India the top destination for global retail giants like Wal-Mart, Benetton and Tesco which are looking to expand overseas, international management consulting firm A T Kearney said on Friday.

India displaced Russia to move from second place to first in the 2005 Global Retail Development Index released by AT Kearney today. The Index is a study of retail investment attractiveness among 30 emerging markets across the globe.

The country's retail market totaling $330 billion is vastly underserved and has grown by 10 per cent on average over the past five years. It is also one of the most fragmented retail markets in the world — the combined market share of the top five retailers totals less than two per cent.

India's ranking was driven by an improved investment climate due to the recent relaxation of direct ownership restrictions on foreign retailers, it said.

"The message for retailers on India is clear: move now or forego prime locations and market positions that will become saturated quickly," A T Kearney Vice President Mike Moriarty said, adding retailers that missed opportunities to capture first-mover advantage in China can make up for it in India.

A T Kearney anticipated that global retailers such as Wal-Mart, Carrefour, Tesco and Casino would take advantage of the more favourable FDI rules and enter India through partnerships with local retailers.
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Cadila Healthcare to supply free drugs in flood affected Gujarat
New Delhi: Cadila Healthcare Ltd has said that it would supply medicines free of cost in the flood-affected areas of Gujarat.

As various ailments such as gastroenteritis, malaria, viral fever, respiratory tract infections, typhoid, skin infections, conjunctivitis and viral hepatitis could pose a problem to rescue and relief operations in the State, the company has informed the Bombay Stock Exchange that it will supply medicines free of cost.

The group has instituted Zydus Helpline as a part of its community outreach programme. A special control room has been set up at the group's corporate office in Ahmedabad.

People and organisations engaged in relief operations can contact the helpline for supply of medicines. A team of volunteers comprising Zydus' employees will be available on all days (including Sunday) from 9 am to 9 pm, it said.
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AI to take Jet Airways aircraft on wet lease
Mumbai: Air India Ltd and Jet Airways (India) Ltd have reached a short-term agreement for the wet lease of leading private carrier's A340-300E aircraft to enable the national carrier operate a daily flight between Mumbai and London.

Air-India proposes to use the wet leased aircraft till July 27, for operating seven flights a week between Mumbai and London--five non-stop flights and two flights via Ahmedabad.

This is, however, subject to receiving necessary approvals.
The flights will operate in two class configurations of 38-business class and 231 economy class seating, according to an AI release here on Friday.

Under this agreement, Jet Airways will provide the aircraft, the cockpit and cabin crew and will be responsible for the total maintenance of the aircraft. Air India will, however, provide the in-flight catering on these aircraft and operate them as Air India flights.

The agreement, when put into effect, will enable Air India to meet its short-term capacity requirements, while simultaneously helping Jet Airways to utilise its spare capacity.
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American Express launches credit card with Indian Airlines
New Delhi: American Express has launched another co-branded global credit card with domestic carrier Indian Airlines. The card will be aimed at the frequent flyers.

The new Indian Airlines American Express Credit Card offers special features like 15 per cent savings on all economy class fares in IA, 10 per cent savings in business class and five per cent savings in 'Easy Fares'.

Besides offering revolving credit facility at 1.9 per cent per month, the card also offers another five per cent savings on all fares of IA till October 31.

Apart from Indian Airlines, Amex has ties with other major airliners like Singapore Airlines, Delta Airlines, Thai, KLM, Air France, Alitalia, Quantas, American Airlines, Air Canada and Jet Blue for co-branded cards.
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