Companies & Sectors
15 new coal washeries to be operational by September 2017
New Delhi : The government said on Friday that 15 coal washeries will be made operational by September next year, thus doubling the current number which has a total capacity of 38 million tonnes per annum.
 
This was conveyed to the parliamentary consultative committee attached to the coal ministry that met at Andhra Pradesh's Tirupati to review the status of implementation of coal washeries and measures being taken for improvement of quality of coal by state miner Coal India Ltd (CIL) and its subsidiaries, the coal ministry said in a statement here.
 
"Members were informed that CIL (Coal India Ltd) has existing 15 washeries with capacity of 38 million tonnes per annum (MTPA) and as part of future plan, CIL plans to build 15 new washeries for augmenting the demand of washed coal for energy needs and compliance of environmental regulations," it said.
 
The meeting, chaired by Power and Coal Minister Piyush Goyal, also included Coal Secretary Anil Swarup, chairmen and directors of CIL and NLC, as well as senior ministry officials.
 
Committee members were also informed that from January 1, 2016, it has been made mandatory to supply 100 percent crushed coal of (-) 100 mm size to power sector consumers having fuel supply agreements (FSA), excluding pit head power plants of NCL and ECL, the statement added.
 
During 2015-16, a total of 63.8 million tonnes of crushing capacity has been added with installation of mobile crushers and feeder breakers, the ministry said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Lagarde gets second term as IMF chief
Washington : The International Monetary Fund (IMF) on Friday announced that it selected Christine Lagarde to serve as its leader for a second five-year term.
 
Lagarde, the sole candidate nominated for the post of the IMF chief, will start the second term from June 5.
 
The IMF said in the announcement that the decision was taken by consensus among its executive board.
 
Following the announcement, a jubilant Lagarde said: "I am delighted to be given the opportunity to lead the IMF as managing director for a second term of five years, and I greatly appreciate the continued trust and support of the fund's executive board and our 188 member countries."
 
The IMF praised Lagarde's leadership during her first term. "Lagarde strengthened the fund's ability to support its members with policy advice, capacity building, and financing. She has also played a critical role in revitalising the fund's relations with its global membership, including its emerging market and developing members," Aleksei Mozhin, dean of the IMF's board, said in a statement.
 
Lagarde, a former French finance minister, took over as head of the IMF in 2011 following Dominique Strauss-Kahn's resignation amid scandal. She is the first woman to lead the international organisation, Xinhua news agency reported.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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The curious case of 'Freedom 251': 5 crore registrations, 25 lakh sets promised
New Delhi : While the world kept asking questions and Indians remained puzzled, the Noida-based startup, promising a Rs.251 (less than $4) "Make in India" smartphone, on Friday claimed to have received nearly five crore registrations in just two days of opening up for online pre-orders.
 
In a chat with IANS over phone, Ringing Bells Pvt Ltd president Ashok Chadha said that since the company will hand over 25 lakh "Freedom 251" phones to the people who have registered for it online, the firm is now considering whether to stop the registration process or not as there are two more days left to pre-order the phone till 8 p.m. on February 21.
 
"The pre-booking numbers we received are sheer humongous. I am happy that so many Indians have responded to our 'Make in India' smartphone call. Now the onus is on us to deliver on the promise and I am hopeful that we will be able to start delivery latest by April 10 and finish well before the June 30 deadline," Chadha told IANS.
 
The smartphones will be handed over via first-come-first-serve basis, he announced.
 
According to Chadha, the company is looking to set up two more units - one each in Noida and Uttarakhand. But how fast the company is going to start the manufacturing and churn out devices is a big question.
 
Chadha further said that while the manufacturing cost of the phone is high, it will be recovered through a series of measures like economies of scale, innovative marketing, reduction in duties and creating an e-commerce marketplace.
 
However, how well the little-known firm is placed to achieve this task is yet to be known.
 
"We are only looking at slim margins here. The aim is to first empower people especially from rural parts of the country to connect with the mainstream with this cheap yet powerful smartphone," he added.
 
Reacting to the controversy that all the icons of the built-in app were almost a replica of Apple's iOS icons, he said the phones that were shown just as samples during the launch on Wednesday were "of some other brand" and the company will provide people "Freedom 251" with all promised features.
 
With such tall promises, the road ahead for the "Freedom 251" makers is not easy though.
 
The Indian government is keeping a close watch on its four-day booking offer that started from 6 a.m. on Thursday.
 
The Indian Cellular Association has also written to the telecom ministry, urging the government to get to the bottom of the issue as selling a smartphone this cheap is not possible.
 
Earlier on Thursday, Ringing Bells claimed to have received 30,000 confirmed orders and over six lakh hits per second on its website on the first day.
 
But hours later, the firm stopped taking orders after its servers crashed owing to a huge rush to book the device online.
 
The much-hyped launch of the world's cheapest smartphone "Freedom 251" was also thrown into disarray as there was utter chaos at the company's Noida-based head office on Thursday.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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