Tata intends to, while Apollo has scrapped project plans
Tata Group to scrap $3 billion Bangladesh investment plan
The Tata Group has written a letter to the executive chairman of the Bangladesh government's Board of Investment, expressing its intention to scrap the $3 billion steel, power and fertiliser project in Bangladesh, as the government has failed to assure natural gas supplies to the projects. Tata group first proposed the projects in 2004 and had held intensive discussions with the Bangladesh government up to 2006. The steel plant was proposed with an annual capacity of 2.4 million tpa. The group had also planned to run two power plants and one fertiliser unit.
Apollo drops Hungarian tyre plant project
Administrative hurdles have forced Apollo Tyres to cancel its Euro 200 million investment plan in a new plant in east-Hungarian town of Gyongyos. Instead, the company is scouting for a new site either in Hungary or in another European country. Apollo had announced its investment in January 2008 to build a plant with an annual capacity of 7 million tyres and had planned to begin initial production from June 2009.
DMRC sole consultant for Karachi metro
The Delhi Metro Rail Corporation (DMRC) has emerged as the sole consultant for the Karachi metro rail network. The company is required to prepare a DPR outlining the ridership surveys, route and site (for stations) selection, cost & revenue projections and fare structures. The company's international portfolio includes consultancy for the Lahore metro project, operational consultancy report for the Jakarta Metro, and similar queries from Sri Lanka, Syria, Ireland and Vietnam.
Essar Exploration to bid for more Australian oil, gas blocks
Essar Exploration & Production, a wholly-owned subsidiary of Essar Oil, is likely to participate in the bid for additional oil and gas blocks in Australia, which will be held later this year. Essar group currently holds exploratory interest in a number of assets in India and overseas. Internationally, it was awarded exploration rights in an offshore block in Vietnam it has operating interests in an onshore and one offshore block in Myanmar; three blocks in Madagascar and one in Nigeria.
Tulsyan NEC signs JV with Budhrani Group
Tulsyan NEC signed a JV agreement with Budhrani Group, to set up a steel making and rolling mill in Nigeria, at an investment of Rs.68 crore. Tulsyan will hold 51 per cent in the JV. The plant will manufacture long products and have an annual steel manufacturing capacity of 60,000 tpa.
Mecon to provide consultancy services for Bolivia steel plant
Ranchi-based Mecon has been entrusted to deliver detailed consultancy services for Jindal Steel & Power's 2 million tpa integrated steel plant in Bolivia. Jindal Steel Bolivia invited the Rs.18,000 crore contract, involving a mining and beneficiation complex of mine iron ore, pellet plant, gas based DRI making facilities, an electric arc furnace shop, to produce about 2 million tpa steel, a light section and bar mill, a power plant of 550 MW capacity and associated facilities. The project will be completed within five years.
Tata Steel to develop complex in Vietnam
Tata Steel's Singapore-based wholly owned subsidiary Tata Steel Global Holdings Pte, signed an MoU with Vietnam Steel Corporation and Vietnam Cement Industries Corporation, to undertake its steel complex project in the Ha Tinh province of Vietnam. The company will hold 65 per cent stake in the steel complex and 30 per cent stake in the Thach Khe Iron Ore Joint Stock company, which will undertake mining in Thach Khe iron ore mine.
GSPC bids for three oil & gas blocks in Egypt
Gujarat State Petroleum Corporation (GSPC) led consortia has bid for three oil and gas offshore exploration blocks in Egypt. Hindustan Petroleum Corporation and Oil India have participated in the consortium for two blocks, while Adani Welspun Exploration has partnered with GSPC for one block. The bidding process will be held in two parts, in Egypt, wherein bids are initially shortlisted based on technical evaluation, followed by shortlisted companies submitting price bids for final award. The entire process is expected to be completed by September 2008.
Zoom Infraestates ties-up with Philippines government
Mumbai-based Zoom Infraestates plans to develop an 80,000 ha city, namely, Pacific Co City - near Manila, in partnership with the Philippines government. Of the total land area, Metropolitan Manila Development Authority (MMDA) has provided 50,000 ha and a local developer has provided 30,000 ha. The Pacific Co City will be a modern-day township, encompassing residential, commercial zones, and an SEZ. Project work is expected to commence by end-August 2008.
NTPC to appoint consultants for coal mines
NTPC will appoint consultants to carry out due diligence at two coal blocks identified in Indonesia. The projects are part of its plans to acquire coal blocks overseas, and resolve the crisis of most of its plants facing the threat of closure, which could lead to a power crisis in the country. It had appealed to the Power Ministry to help it resolve the crisis. Besides Indonesia, the company is also looking at acquiring coal blocks in Mozambique and South Africa, and other such coal mines that can give up to 20 million tpa of coal. NTPC plans to import 8 million tpa of coal in the current financial year (2008-09), to bridge the shortfall in its total requirement.
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