India plans major investment in Ethiopia
India plans to infuse $4.2 billion (approx Rs 20,160 crore) in 439 projects in Ethiopia. Indian entrepreneurs have reportedly received licences from the Ethiopian authorities to invest in various projects in the country. According to sources, trade and investment ties between Ethiopia and India had been flourishing since the two countries were on the same track of development. The co-operation between the countries had been enhanced in the fields of agriculture, human resource development sectors, infrastructure and communication technology.
Phillips Carbon's Vietnam project stalled
Phillips Carbon Black Ltd (PCBL), a subsidiary of RPG Group, has deferred its plans to set up a 55,000 tpa carbon black plant along with a 16 MW power plant in Vietnam. The project costing $46 million (approx Rs 216.2 crore) is a JV between PCBL and Vietnam National Chemical Corporation. The plant was likely to be commissioned in the first half of fiscal 2010-11.It is learnt that the site for the project had been identified and a token amount for land remitted. The final payment is to be released after financial closure, but this has been deferred until the global liquidity scenario changes. However, the environment impact assessment study has commenced, and commercial production is expected to start within 18 months of the financial closure. Meanwhile, the company's greenfield 90,000 million tpa plant at Mundra in Gujarat being set up at an investment of Rs 220 crore, along with a 16 MW co-generated power plant, is likely to go on stream in the second quarter of 2009-10. The structural and civil work on the project has been completed.
DPR for NALCO's Indonesia venture after September
NALCO is expected to prepare DPR for its proposed 2.5 lakh tonne smelter unit in Indonesia after September 2009. The project costing Rs 3,000 crore is to be located in South Sumatra. The provincial Government of South Sumatra is likely to finalise concessions for port and rail connectivity by September. A new port and a 30-km railway line linking the port with the plant site will be critical for implementing the smelter in South Sumatra. Meanwhile, preliminary data on local coal mine exploration just received from RAK Minerals & Metals Investments (RMMI) are being analysed by Central Mine Planning & Design Institute for NALCO. This analysis report is also expected by September. The coal linkage is being established by RMMI, which is likely to pick up 24 per cent stake as a minority financial and strategic partner in the proposed JV that will implement the smelter project. Under an agreement with NALCO, RMMI is to supply five million tonne of low-sulphur (5 per cent) thermal coal annually to proposed smelter
Elgi Equipment plans subsidiary in Brazil
The Coimbatore-based Elgi Equipments is planning to set up a new 100 per cent subsidiary company - Elgi Compressores Do Brasil - at Sao Paolo in Brazil. Under the new subsidiary, the company plans to set up a manufacturing facility to cater to the growing demand for its products in Brazil. The new facility is expected to begin commercial production after an 18-24 month gestation period. The company is likely to operate through its own office apart from a network of distributors/sub-distributors. Besides, Elgi had already set up two overseas subsidiaries Elgi Gulf FZE at Sharjah, and Elgi Equipments Zhejiang, a wholly-owned manufacturing plant at Jiaxing in China in 2008.
Hindalco may acquire coal mine in Australia
Hindalco Industries is likely to acquire a coal mine in Queensland, Australia, at an estimated cost of $70- $80 million (about Rs 336-385 crore). The move has come in the wake of slump in the coal prices globally which will make the acquisition possible. The company is known to have short-listed a coal mine in Queensland with estimated reserves of 120 million tonne. Hindalco is likely to be assisted in the acquisition by Essel Mining. The coal from the Australia mine is likely to be shipped to India for use in Hindalco's smelting operations. In Orissa, the company has planned to increase its aluminium refinery capacity to 1.5 from one million tonne and smelter capacity from 26 to 72 million tonne. The company has also proposed to enhance the capacity of its captive power plant from 650 MW to 1,650 MW.
OMEL to begin exploration in Nigeria soon
ONGC Mittal Energy Ltd (OMEL) plans to begin the Phase I of hydrocarbon exploration in OPL-285 in Nigeria by August 2009. OPL-285 is a deepwater block, where OMEL, through OMEL Energy Nigeria, holds 64.33 per cent participating interest and operatorship. The other partners in the block are EMO (10 per cent), a local Nigerian company, and TOTAL (25.67 per cent interest). OMEL, through its wholly-owned subsidiary OMEL Exploration & Production Nigeria, also holds 45.5 per cent participating interest and operatorship in OPL-279, another deepwater offshore exploration block in Nigeria. The other partners in the block are EMO with 40 per cent stake and TOTAL with 14.5 per cent participating interest.
JSW defers West Bengal steel project
JSW Steel has decided to defer the commencement of construction work at the site of its 10 million tpa steel plant in Salboni, West Bengal, from March 2010 to November 2010 due to the economic slowdown. JSW Steel had earlier this year announced a cut back in its proposed investment by nearly one-third, to about Rs 4,000 crore for Phase I of the Rs 35,000 crore mega steel project in West Bengal.
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