Century Mills set to close Mumbai operations
Mumbai: Century Textiles and Industries has downed shutters in Mumbai as work has "become almost stagnant," according to the company. It has notified the BSE of its intent to wind down operations in Mumbai. About 6,300 of the 6,700 workers have opted for the Voluntary Retirement Scheme offered by the company management which works out to almost ninety-five per cent of the workforce at the factory. The company would have to fork out almost Rs9-10 lakh per person. The company has closed down operations as running a mill had become unviable in Mumbai because of high labour costs, taxes and water charges.

The Century mill area houses a workers' colony and those living there have not been asked to leave.

Agitated workers who have not accepted the scheme gathered outside the mill on Wednesday to protest against the VRS deal saying the money offered was not enough to survive.
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RIL to invest $5.2bn for doubling KG basin output
New Delhi: Reliance Industries Ltd which has received the approval of the Directorate-General of Hydrocarbons' (DGH) for its initial development plan for its deepwater block in KG basin, is looking at doubling output from the gas field at an enhanced investment of $5.2 billon. The company said, ``The DGH has approved addendum to the initial development plan for the deepwater Block KG-D6. As per the approved addendum the capital expenditure for initial phase of development to produce 80 million standard cubic metre (mmscmd) of gas is $5.2 billion."

Initially, the company was planning to invest $2.47 billion to produce 40 mmscmd of gas. However, with rig prices going up and more reserves being found in the block, the company raised the proposed expenditure and the planned output, RIL said. The development plan envisages commencement of delivery of first gas by second half of 2008-09.

Reliance plans to invest the money in phase-I of the development involving drilling of 22 wells.
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Three-year-old airlines allowed to offer international flights
New Delhi: The government plans to ease the entry condition to a minimum of three years of domestic operations from five years at present.

This proposal will directly benefit Air Deccan since it has completed three years in August 2006. The airline is expected to retain the existing low-cost model for foreign destinations as well.
The idea of allowing private airlines to fly overseas would enable domestic airlines to compete in the international market a civil aviation ministry official said. The changed norms will kick in with the new civil aviation policy, which would be put in place by January 2007.

Air Deccan plans to fly to countries such as Singapore, Malaysia, Thailand and Maldives.

The no-frills carrier is likely to commence its Sri Lanka and other operations only after the new guidelines are implemented.

Kingfisher has already set up a fully-owned subsidiary in the US from where it plans to fly to India. Other low-cost carriers currently have no such plans.
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Britannia to acquire company in Middle East
Mumbai: Britannia Industries proposes to acquire a majority stake in two bakery product companies in the Middle East market.

This is consistent with Britannia's growth strategy to expand its international presence. The acquisition of shares is subject to signing of definitive agreements.
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Raymond unit forms joint venture with U.S. firm
Mumbai: Raymond, the suit and apparel maker said one of its units had agreed to form an equal joint venture with the U.S.-based AJ Rose Manufacturing Co to set up a facility in India for making sheet metal components. The facility would have an initial project cost of Rs16.6 crore, the company said in a statement.
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Glenmark to start trials of pain killer in Europe
Mumbai: Glenmark Pharmaceuticals is seeking permission to start clinical trials, in Europe, of a drug, named GRC 6211, which is expected to complete the first of three stages of testing in humans in Europe by June next year, the Mumbai-based company said today in a statement to the National Stock Exchange. The Indian drug maker is also in talks to licence the drug to another company for further development. The company expects the drug to enter the market in 2011.
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OVL talks to Shell for stake sale
New Delhi: ONGC Videsh is talking to Shell to find out whether the world's fourth largest oil company is interested in acquiring 10-15 per cent stake in its Nigerian blocks. The company expects an oil shipment from the Sakhalin fields in Russia, and the second consignment of crude was expected in the next 10 days.

The first shipment of 90,000 tonnes had arrived in India on December 2.
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