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GAIL, Petro-Bangla to bid for exploration blocks in Bangladesh
Kolkata: GAIL (India) Ltd and Petro-Bangla have said that they will jointly bid for exploration in an offshore block in Bangladesh.

Addressing a press conference here on Tuesday, GAIL's Chairman, P. Bannerjee, said that the company would form a consortium with Petro-Bangla and a few smaller private sector companies in Bangladesh to explore opportunities in the upstream sector.

GAIL has also proposed to carry out a feasibility study for monetising stranded gas from an isolated island in Bangladesh. The gas reserve is not yet determined. GAIL has also proposed the preparation of a feasibility study for the transportation of imported LPG from South Bangladesh to Northern Bangladesh through a pipeline.

"Bangladesh has five LPG bottling plants, of which four are located in the South or South Eastern part of the country nearer to the ports. For adequate supply of LPG in the northern part, the Bangladesh Government now wants to put up bottling plants. We have proposed to carry out a feasibility study for transporting the imported LPG to the proposed bottling plants," Bannerjee said.

GAIL has also offered its technical expertise in setting up CNG stations in Dhaka. "If required, we may also pick up a stake in the company, which would be managing the CNG distribution and retailing system," he said.

On bringing gas from Myanmar to India, Bannerjee said that a decision on the route of the proposed pipeline should be taken by next year. "In all probability, gas will start flowing into India in 2008 end or early 2009."
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Birla-Lodha: SC begins hearing Lodha appeal against criminal case
New Delhi: The apex court has begun hearing a petition by the Lodha group, seeking dismissal of criminal complaints filed against it.

A criminal case against R S Lodha and three others for forging Priyamwada Birla's will was filed by an employee of the M P Birla group. The Lodha group's petition to dismiss the criminal case was dismissed by the Calcutta High Court, and accordinghly they have now gone in appeal to the Supreme Court.

In the five-hour long inconclusive arguments, Harish Salve, appearing for S N Prasad of the Lodha camp, argued that there was no truth in the criminal complaints. The arguments will continue tomorrow.
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Tata Steel and Jharkand firm up Rs.53,000 crore investment plans
Ranchi: Tata Steel Ltd, the country's largest private steel maker, will sign a pact on Thursday with the Jharkhand government that entails an investment of Rs53,000 crore in the state.

Through the venture, the company intends to increase its steel-making capacity to 17 million tonnes (MTs) and give an impetus to the speedy development of the state's skilled technical manpower.

The company's move comes over a fortnight after the state government renewed its lease of nearly 10,000 acres of land in Jamshedpur on August 20. Due to political and legal wrangles, the lease was awaiting renewal since January 1, 1996.

Four MoUs are slated to signed between Tata Steel CMD B. Muthuraman and chief secretary P.P. Sharma in the presence of Tata Sons chairman Ratan Tata and CM Arjun Munda here on Thursday.

As per the MoUs, Tata Steel will set up a 12 million capacity integrated steel plant besides expanding the capacity of its Jamshedpur plant from 5 to 10 MTs per annum.
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Essar Steel looking at facilities abroad
Mumbai: The Essar Steel board has proposed an enabling resolution to explore options to set up manufacturing facilities overseas, including acquiring companies.

The company intends to set up three subsidiaries abroad, with a capital of US$1mn each to be funded through internal accruals. According to company officials, the location of these facilities has not been firmed up as yet.

The company has reported a turnover of Rs6,537 crore in 2004-05 which exports contributed 40%. Acquisition of an overseas facility will enable the company to supply steel in semi-finished format from India and enhance margins by manufacturing abroad closer to the end market, analysts said.
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General Motors launches the Optra 1.6 Royale
New Delhi: General Motors India has launched the Optra 1.6 Royale, a variant of the company's Chevrolet Optra sedan.

The Chevrolet Optra 1.8 litre version came with leather seats, a sunroof and alloy wheels.
Now the 1.6 Royale variant of the Optra LT will have all the bells and whistles.

According to company spokesmen, the new offering would aggressively re-launch the Optra. GM has reported good sales lately with the Opel Corsa beating the Ford Ikon for the first time in monthly sales in August. GM now hopes that the timing of this launch, just before the Diwali season, will help boost Optra sales. The new Royale is priced at Rs8,99,000 ex-Delhi.
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