GAIL to get 29 per cent stake in Tripura National Gas
New Delhi: GAIL India Ltd has said that it will get a stake of twenty nine per cent in Tripura National Gas Company Ltd (TNGCL), which will undertake retail gas distribution in Tripura.

Tripura Industrial Development Corp (TIDC) and Assam Gas Co Ltd (AGCL) will hold 10 per cent equity each while public, financial institutions and others would hold the remaining 51 per cent, a company release said here.

An agreement to this effect between GAIL, TIDC and AGCL will be signed soon. TNGCL would promote and expand its existing business of distribution and marketing of natural gas for consumers in domestic, commercial and industrial sectors including distribution and marketing of CNG for use by consumers in the automotive sector.

The Tripura Government will provide all the necessary support, policy framework and fiscal incentives. Though GAIL would exclusively supply natural gas to TNGCL at city gas stations, TNGCL would be responsible for laying, operating and maintaining its own pipeline.
Back to News Review index page  
Dalmia Cements to lease out thermal power plant
Chennai: Dalmia Cements Bharat Ltd plans to lease out a 29 MW thermal power plant that it is setting up at Dalmiapuram in Tamil Nadu. It has informed the BSE today that its board of directors will meet on December 28 to consider the proposal to lease out the thermal power plant and then to seek shareholders' approval.

The company is setting up the thermal power plant for captive use at a cost of Rs72 crore.

The idea is to lease out the power plant to another company, which would operate and maintain the plant. However, the power generated by the plant would be used only by Dalmia Cements, which would concentrate on the cement business.

It may be recalled that Dalmia Cements had announced its plans to expand its cement manufacturing capacity by 1.6 million tonnes at the same location at a cost of Rs 365 crore.

Its cement capacity now is 1.2 million.
Back to News Review index page  
Jain Irrigation gets nod for price hike
Hyderabad: Jain Irrigation Systems Ltd (JISL) has informed the bourses that the Andhra Pradesh Government has agreed to 15-25 per cent increase in the price of various components to be supplied under the AP Micro Irrigation Project involving installation of drip irrigation systems in the fields of farmers.

The company stated that the price increase was necessitated due to higher prices of polymers required for the manufacture of the components. This increase was in line with the expectation of the company. JISL also said that the AP Government had agreed to remove all the impediments blocking speedy execution of the project.
Back to News Review index page  
Hyundai to decide on fate of deluged cars by Wednesday
Chennai: Hyundai Motor India will take a decision regarding the 1,173 Santro cars that were parked at the Chennai Port for exports and which were drenched in the tsunami on Sunday.

A senior company official said that the company was making a thorough inspection of the cars to see if the salt water had caused any damage. These cars - left hand drive versions of the Santro Xing, which is badged as Atoz for overseas markets - were meant for export to Algeria and Europe. A decision on whether to scrap the cars would be taken only after the inspection was completed.

A Bloomberg report quoting Hyundai Motor Company (Hyundai Motor India's parent company) said 1,173 vehicles at the Chennai port waiting to be exported sank in the tsunami. The cars were valued at $5.7 million and were fully insured, the report said.
Back to News Review index page