Adani Group to sport a new-look soon

"We'll soon have a new corporate identity and tagline,” Adani Power chief executive Ravi Sharma said

Gautam Adani-promoted Adani Group has decided to don a new corporate identity soon and has roped in England-based brand consultancy Wolff Olins to do the job.   The Adani Group is into ports, power, coal mining, and agri business apart from an SEZ and a shipping-line, called Adani Shipping, with six vessels.

“We’ll soon have a new corporate identity and tagline. The Dubai office of the England-based creative agency Wolff Olins has been mandated to work on this image makeover,” Adani Power chief executive Ravi Sharma said.

However, he refused to give a time-frame for the brand makeover and the investment details. He also refused to share whether the company will have a new name after the makeover.

A part of the Omnicom Group since 2001, Wolff Olins was set up in 1965 and is a brand consultancy and creative agency with offices in London, New York and Dubai and employs 150 designers, strategists and account managers.

Meanwhile, the group’s flagship Mundra Port and SEZ has renamed itself as Adani Ports & Special Economic Zone after an extra-ordinary general body meeting of its shareholders accepted the proposal on 31 December 2011.

The group operates ports at Mundra, Dahej, Hazira (all in Gujarat), coal berths in Goa and Visakhapatnam and a coal terminal in Abbot Point in Australia. But its bids for the port projects in Chennai and Vizhinjam were recently rejected.

Despite these reversals, group chairman Gautam Adani has drawn up an ambitious growth plan for 2020, which has the group targeting to mine as much as 200 MT coal, achieve a cargo handling capacity of 200 MT, produce 20,000 MW electricity and acquire 20 large ships, all by 2020.

“We have decided to go slow with our three power projects —Chhindwara in MP and Dahej and Bhadreshwar in Gujarat—for want of coal linkages, which together have a capacity of 6,500 MW,” Adani Power chief executive Ravi Sharma had said.

Adani Power, which is the largest coal-based private utility in the country, has an installed capacity of 3,300 MW in Mundra in Gujarat and plans to add another 6,000 MW by March, 2012 and 10,000 MW by 2013, Mr Sharma had said. The company has set a target of having a capacity of 20,000 MW by 2020.

Last year, the group had acquired stakes in Australia's Galilee coal mines for $2.7 billion and Abbot Point Coal Terminal for $2 billion, thus joining a growing number of domestic companies acquiring overseas mining assets. Last week, the company had commissioned a 40-MW solar power project in Gujarat and has plans to expand the solar capacity to 100 MW.

In the late afternoon, Adani Power was trading at around Rs65.60 per share on the Bombay Stock Exchange, 1.31% up from the previous close. Mundra Port and Special Economic Zone was trading at Rs130.15 on the Bombay Stock Exchange, 1.8% up from the previous close.


Pratibha Ind bags Rs104.97 crore DMRC order

The project work is required to be completed in 18 months

Construction firm Pratibha Industries said that it has bagged Rs104.97 crore contract from Delhi Metro Rail Corporation (DMRC).

“The company’s joint venture with Aparna Constructions and Estate Pvt Ltd has secured a contract for construction of depot cum workshop on East West Corridor for Stage 1 of Jaipur Metro from DMRC,” Pratibha Industries said in a filing to the Bombay Stock Exchange. The project work is required to be completed in 18 months, the filing added.

In the late afternoon, Pratibha Industries was trading at around Rs40.35 per share on the Bombay Stock Exchange, 6.61% up from the previous close.


Toyota launches new Prius at Rs27.39 lakh

"The introduction of the new Prius is our sincere effort to bring in advanced hybrid technology to India to develop such a market here" Toyota Kirlosakar Motor said

Japanese car maker Toyota on Saturday launched a new version of its hybrid sedan Prius in India that is priced between Rs27.39 lakh and Rs29.41 lakh (ex-showroom, Delhi).

The company, which is present in India through a joint venture with the Kirloskar Group, had first introduced the world’s best selling hybrid car in 2010.

“The introduction of the new Prius is our sincere effort to bring in advanced hybrid technology to India to develop such a market here,” Toyota Kirlosakar Motor (TKM) deputy managing director (commercial) Shekar Viswanathan told reporters at the 11th Auto Expo.

The new Prius will have solar ventilation system in addition to the existing battery technology, he added.

“We hope to see more Prius customers and contribute to the growth of the Indian hybrid market and thereby contribute to a greener tomorrow,” Mr Viswanathan said.

The company has so far sold 150 units of this car since its launch in India in 2010, he said. Mr Viswanathan, however, declined to share any sales target for the new Prius in India.

Japanese auto giant had first introduced the vehicle in 1997 and has already sold 24 lakh units across the world. Besides the new Prius, TKM on Saturday launched a specially designed seat for Corolla Altis for passengers having leg and knee problems.

The product, Easy Seat, will be available as a retro-fitted accessory and is priced at Rs29,979.

“The Easy Seat has a mechanism that enables the seat to swivel and slide. It can be slid and turned with ease, allowing easy entry and exit for those with special mobility needs," TKM general manager (marketing division) R K Ramesh said.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)