SRF raises Rs 500 crore from carbon credits sale
New Delhi: SRF has raised close to Rs500 crore by selling carbon credits in FY07.

Carbon Emission Trading is trading permits to emit carbon dioxide or other greenhouse gases, where firms in the developed world, in order to meet the obligations under the Kyoto Protocol and EU norms to reduce carbon emissions, buy credits from firms that can reduce emissions at a lower cost than them.

The company has now set eyes on engineering plastics, coated fabrics and fluorene speciality businesses to drive its growth. SRF has invested close to Rs700 crore in the expansion of its production facilities in different businesses in the past three to four years.

The company produces refrigerant gases - Fluorochemicals and Chloromethanes -used for refrigeration and air-conditioning. The company has also formed a JV for making anhydrous hydrogen fluoride in China.
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BHEL's power sector division achieves record turnover of Rs 625 crore
Chennai: The power sector division of BHEL (southern region) has reported a record turnover of Rs625 crore for 2006-07, an increase of 68.5 per cent over the previous year's turnover of Rs371 core.

BHEL's profit before tax was up by 96.30 per cent during the period and the division registered a profit of Rs115.66 crore in 2006-07 against Rs58.92 crore the previous year.

The division also received a record all time high new orders worth Rs858.58 crore. Its outstanding orders stood at Rs1,875 crore, which was also another record.
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RIL to arrive at K-G basin gas price by July
Mumbai: Reliance Industries Ltd (RIL), which had the world's largest discovery of gas in the Krishna Godavari (KG) basin off the east coast of India in 2002, is expected to arrive at a price for marketing its gas in consultation with the government by June-July this year.

Officials said the company was in the price discovery stage, and was in discussions with the government and various customers. The process is likely to be completed within the next two to three months.

The price of the 40 mmscd (million standard cubic metres per day) of gas from the KG basin, which will be produced by mid 2008, is expected to be significantly cheaper than naphtha prices, which is currently reigning at $14/mmbtu.

The company would ramp up the initial production of 40 to 52 mmscd of gas to 80 mmscd by mid-2009.

Reliance is planning to invest Rs25,000 crore to Rs30,000 crore in pipeline infrastructure for fuel transportation. Reliance Gas Transportation Infrastructure Ltd (RGTIL) is setting up 10,000 kms of pipeline in the next 5-7 years.

RGTIL is already implementing the east coast-west coast pipeline from Kakinada in Andhra Pradesh to Ahmedabad in Gujarat. This is a 1,400 km pipeline with gas transmission capacity of 80 mmscmd and is scheduled to be completed by March 2008.
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JB group to start hotels, banks
Mumbai: The $2 billion Hong Kong-based JB group run by NRI Surani family, plans to enter the hospitality sector in India and may set up as many as 20 hotels and shopping malls in the country over the next three years.

The group has announced plans of investing Rs2,000 crore and Rs2,500 crore in the venture.

The group will set up these hotels in Kolkata, Goa, Bangalore, Mumbai and other cities. Among 20 hotels, it is planning 10-12 hotels in the 3-star category, four or five 5-star hotels, and three or four 5-star hotels in the country.

The JB group is also planning to enter various sectors including banking and mining in the country and awaiting the Reserve Bank of India's (RBI) nod to enter the banking space. The group, which has mining operations in China and upcoming mining venture in Indonesia, is also exploring opportunities in the mining sector in the country.
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EXL eyes overseas acquisitions
New Delhi: IT services provider EXL Service Holdings is looking out to acquire companies in Eastern Europe, the Philippines, South Africa and China and wants to reduce its risks by diversifying into delivery and support centres in other cheaper destinations and also offer capabilities to service clients from markets other than the US.

The acquisitions, in each of the geographies, could be in the range of $25-50 million in revenue and will add capabilities in the verticals such as research and analytics where EXL is already fast gaining ground.

The company acquired a single company last year, Inductis, a strategy and analytics company serving the financial services and insurance industries.

Almost 30 per cent of EXL's revenues come from the research and analytics, and risk advisory services and the company is keen to add capabilities in the same through acquisitions in the UK.

The company is looking at UK for adding voice-based services and clients. The company is looking at Philippines and in South Africa, for adding voice based services.
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