Reliance makes 2 more gas discoveries
Kolkata: Reliance Industries has made its 17th discovery in D-6 block in the coasts of Andhra Pradesh and seventh discovery in NEC-25 in Mahanadi basin in Orissa coast. The company has n renamed the new discoveries as Dhirubhai 31 and Dhirubhai 32 respectively.

While the commercial value of the discoveries is under evaluation by the Director-General of Hydrocarbons (DGH), according to the company, "data available from logging & modular dynamic testing corroborates the presence of hydrocarbon in both the wells." The discoveries brighten the prospects of escalation in production potential of both the blocks.

RIL holds 90 per cent operating interest in both the blocks. The rest is held by Niko Resources of Canada.

The company has already announced the presence of 11.3 trillion cubic feet (tcf) in-place reserve in two (Dhirubhai-1 and 3) out of the 17 discoveries made so far in D-6 block (KG DWN 98/3). The development plan for NEC25 (NEC OSN 97/2) is under preparation.

The company has so far struck gas in 17 out of the 22 exploratory wells drilled in the KG basin block. The success ratio is understandably a clear 100 per cent in Mahanadi basin where the company has drilled seven exploratory wells so far.

While KG basin is already identified as India's most prospective gas zone, the gas-starved Eastern India has reasons to be elated over RIL's success story in Mahanadi basin.
Back to News Review index page  

Glenmark in deal with Dyax for biologics
Mumbai: Glenmark Pharmaceuticals has entered the biologics sector by formalising a research agreement with Cambridge-based biopharmaceutical company Dyax Corp for the discovery of therapeutic antibodies.

Biological products developed to cure illnesses are obtained from living sources.

Glenmark has taken its first step to build a pipeline in this segment and expects the first lead from this research to go into clinical trials by 2009 company sources said. The deal has been executed through Glenmark's wholly owned Swiss subsidiary, Glenmark Pharmaceuticals SA.

Dyax has a library of antibodies and they would identify therapeutic antibodies for three targets provided by Glenmark in the oncology and inflammation segments.
Back to News Review index page  

Nokia records shipping of 25 million handsets from Chennai plant
New Delhi: Nokia has said it reached a shipment volume of 25 million handsets, on December 2006, from its manufacturing unit in Chennai. Nokia started manufacturing mobile handsets a year back from the Sriperumbudur Special Economic Zone.

The company said that it was progressing ahead on its four-year commitment of $150 million for the Indian plant, which currently employs 3,800 people, as against the projected 2,000, in the beginning of 2006.

As a part of the $150 million announced earlier, the factory is expanding the current floor space from 30,000 sq metres to 53,000 sq metres to cater to the booming cellular market which is growing at over 5 million users a month.

Nokia currently uses 80 percent of the production for domestic consumption
The Nokia manufacturing facility was formally inaugurated in March 2006 and played a pivotal role in enabling Chennai to become the telecommunications manufacturing hub for the country said a press release from the company.

The Nokia Telecom Park is spread over 210 acres and has 7 global component manufacturers already signed up and expected to commence operations within the Park by mid 2007. These include Salcomp, Aspocomp, Foxconn, Perlos, Laird, Jabil and Wintek.
Back to News Review index page  

IVRCL bags orders worth Rs313 crore
Hyderabad: IVRCL Infrastructures and Projects has received new orders worth Rs313.43 crore which include Rs200.45 crore for the construction of BITS - Pilani, Hyderabad Campus at Shameerpet (Rs122.50 crore), the demolition and reconstruction of 220-bedded hospital at Sadar, Ponda Goa, awarded by Goa State Infrastructure Development Corporation Ltd (Rs18.62 crore) and a Rs59.33-crore project for Brandix India Apparel City at the Textile Park at Visakhapatnam.

The others include water projects worth Rs53.35 crore in Gujarat and Rs59.63 crore power projects in Uttar Pradesh, according to a company press release.
Back to News Review index page  

Mascon Global approves US company acquisition
Chennai: Mascon Global has accorded 'in-principle' approval to the acquisition of a US-based company and buying of 'specified accounts.'

According to information provided by the company to the stock exchange, the board has referred the decision to its investment committee for evaluation. The payment will be through a combination of cash and GDR issue.

The board also approved the draft offering circular for a GDR issue of a total of $20 million (including a green shoe option of $5 million) subject to final approval from the Luxembourg Stock Exchange.
Back to News Review index page  

Nalco signs agreement with Mines Ministry
Bhubaneswar: National Aluminium Company (Nalco) has signed a memorandum of understanding with the Union Ministry of Mines for 2007-2008, projecting more than 100 per cent capacity utilisation in its aluminium smelter and alumina refinery. The company is also undertaking the second phase of expansion at a cost of Rs4,091 crore, according to a company release.

Future plans of the company include setting up of a caustic soda plant for backward integration in Orissa, development of Utkal-E coal block for forward integration, a joint venture for a greenfield smelter and a market survey for any auto sector project according to the MoU.
Back to News Review index page  

Cadila Pharma starts plant in Ethiopia
Ahmedabad: Cadila Pharmaceuticals opened its first overseas manufacturing plant in Ethiopia today, on the company's 56th anniversary. The company is ready to invest Rs2,500 crore in the next five years to expand its business globally and nationally, according to the chairman of the company Indravadan A. Modi.

It has also picked up a 50-per cent stake in Apollo Hospitals, Ahmedabad but may not extend this arrangement to other Apollo facilities or other hospitals in the near future.

The Cadila plant in Ethiopia is a joint venture with a private enterprise, set up with an investment of Rs50 crore.

Within two years, the company expects to generate a revenue of more than Rs100 crore per annum with an all-finished formulation business. Cadila Pharma has so far filed 16 Drug Master Files, and this number would be doubled next year.
Back to News Review index page  

Vodafone, Essar close to partnership agreement
New Delhi: Before signing a new partnership agreement, senior Vodafone and Essar executives held joint meetings with officials in the government, including the finance ministry.

Paul Donovan, chief executive officer (emerging markets) from Hutch came to the meeting while from Essar, vice-chairman Ravi Ruia, accompanied by Prashant Ruia and Rewant Ruia, attended.

Sources said things were moving towards a positive outcome for the Essars and the two sides were expected to "shake hands shortly." In fact, the terms of the partnership agreement, including a four-year put option, are learnt to have been finalised and an announcement is likely in a couple of days.

Sources said that most issues have been resolved between Essar and Vodafone and the meetings with government officials are partly aimed at providing them the information they had sought, as also to allay any misgivings.

All three parties involved – Vodafone, Essar and Hutchison Telecom, which recently sold its stake to Vodafone – appear keen to resolve the issue and avoid legal complications and investigations.
Back to News Review index page  

Telecom sector appoints ombudsman for consumer complaints
New Delhi: Burdened with increasing consumer complaints, telecom service providers have announced the setting up an Office of Ombudsman for telephone users.

Consumers will be able to directly take their complaints to the Ombudsman and the decision taken would be binding on operators. Telecom users, however, will have the option to take their grievance to any other forum like the consumer courts, in case they are not satisfied with the decision taken by the industry Ombudsman.

Industry men said the ombudsman scheme would run as a voluntary and self-regulatory industry initiative and will be funded by the industry including both private and public operators.

The office for the Telecom Sector Ombudsman (TSO) will be set up in New Delhi. The TSO would function as a private arbitrator and settlement authority and will not be a legal forum with advocates representing the parties.
Back to News Review index page