"With the synchronisation of the 600MW unit and having total capacity of 2,640MW, Adani Power has become the largest thermal power producer in the country in the private sector," Adani Power CEO Ravi Sharma said
Ahmedabad: Adani Power, a subsidiary of the Adani Group, today said it has synchronised the second super critical power unit of 660MW at Mundra in Kutch district of Gujarat, taking the total generation capacity to 2,640MW, reports PTI.
"We at Adani Mundra have synchronised the second super critical power unit of 660MW. With this synchronisation and having total capacity of 2,640MW, Adani Power has become the largest thermal power producer in the country in the private sector," Adani Power CEO Ravi Sharma told newsmen.
This 2,640MW consists of six units of which four unit are of 430MW and two units of 660MW.
"We had synchronised the first 660MW in record time of 36 months and we have yet again achieved the second benchmark once again by synchronising the second 660MW unit within 90 days," he said.
"We are well on track to commission 6,000MW in this financial year, out of which 4,620MW will be in Mundra and 1,320MW shall be at Tiroda in Maharashtra," Mr Sharma said.
The next three units of 660MW at Mundra are projected to be commissioned within this financial year.
"We are currently in the process of developing an overall capacity of 9,400MW, out of that nearly 7,200MW has already been contracted," Mr Sharma said.
The company has contracts for power supply with the states of Haryana (1,424MW), Maharashtra (2,520MW), Gujarat (2,000MW) and Rajasthan (2,000MW).
The company has completed financial closure for 13,200MW out of the total 16,500MW proposed in development.
"We have been commissioning one unit almost every quarter and I feel that in coming quarters, that rate will get increased," Mr Sharma said.
He exuded confidence that with this pace of commissioning, the company's target of establishing 20,000MW of capacity could be met ahead of the deadline of 2020.
The company has also entered the renewable energy segment and has proposed to commission a 40MW solar power plant at Bitta, in Kutch district of Gujarat.
"We shall be commissioning a 40MW solar power plant at Bitta, in Kutch, in this financial year, which shall be expandable to 100MW," Mr Sharma said.
India’s exports and imports are booming but Indian shipping companies are hardly doing very well. Shipping was the worst-performing of the 29 sectors Moneylife tracks in sales, operating profit and net profit
Out of the 29 major sectors (out of 49) which are tracked by Moneylife in its database of 1,300 companies, the shipping sector had aggregate quarterly sales of Rs3,003.41 crore (down 8%); operating profit of Rs545.4 crore (down 25%) and net profit of Rs49.02 crore (down 87%) in the March quarter.
This is indeed surprising, considering the fact that India's exports jumped 34.42% in April 2011 to $23.80 billion continuing the robust growth from the previous fiscal. Imports also went up at around 13% to $32.80 billion.
In fact, shipping was the only sector among the 29 major sectors which recorded a negative sales growth for the March 2011 quarter over the previous year-ago quarter.
Government behemoth Shipping Corporation of India (SCI) was the best performer with a quarterly revenue figure of Rs865.13 crore (down 3%) and the lowest sales was reported by Chowgule Steamships with a quarterly revenue of Rs9.08 crore (up 60%).
On the revenue front, Bharati Shipyard was up 25% at Rs441.34 crore.
The aggregate quarterly operating profit of the shipping sector in March 2011 was Rs545.40 crore (down 25%) and aggregate quarterly net profit was Rs49.02 crore (down 87%). Bharati Shipyard managed to clock a decent operating profit growth figure. Its operating profit for the March 2011 quarter grew to Rs156.57 crore (up 90%) and the profit was Rs38.23 crore (up 7%). SCI reported an operating profit of Rs100.63 crore (down 33%) and a net loss of Rs6.17 crore (down 105%).
The second-lowest performer in sales growth of all the major sectors tracked by Moneylife was real estate—with quarterly revenue of Rs4,658.66 crore (up 4%). The sector's operating profit was Rs1,461.17 crore (up 2%) and its quarterly net profit was Rs1,371.84 crore (up 7%). One decent performer in terms of sales and operating profit growth for March 2011 was Anant Raj Industries, whose sales rose to Rs61.77 crore (up 75%) and operating profit rose to Rs43.80 crore (up 62%). Similarly, Mahindra Lifespace Developers was also an all-round good performer on all three aspects. Its sales rose to Rs163.83 crore (up 62%); operating profit rose to Rs40.36 crore (up 36%) and its net profit went up to Rs30.49 crore (up 29%).
The third-lowest sales growth was registered by the saturated telecom services sector with aggregate revenues of Rs15,020.43 crore (up 4%). The falling average revenue per user (ARPU) and stiff competition is pulling down this sector, on the sales front. Bharti Airtel and Tata Communications were the only companies (out of the five companies in the sector who have give out March 2011 quarter results) reporting positive sales growth. Bharati Airtel's revenue was Rs9,828.50 crore (up 10%), Tata Communications' sales rose to Rs863.60 crore (up 2%).
The second-lowest performer in operating profit growth was the oil & gas sector, with aggregate quarterly operating profit of Rs10,504.24 crore (down 10%). Its quarterly aggregate sales were Rs27,827.37 crore (up 12%) and quarterly net profits were Rs4,299.22 crore (down 17%). The best growth in operating profit was achieved by Indraprastha Gas—whose operating profit rose to Rs137.18 crore (up 45%) with net profit of Rs69.16 crore (up 34%). It was followed by Oil India whose operating profit rose to Rs937.18 crore (up 31%) and net profit was Rs562.61 crore (up 31%). Its quarterly sales were Rs1,488.40 crore (up 13%).
The hospitality sector, the third lowest in terms of operating profit, reported a figure of Rs437.65 crore (down 6%). Leelaventure managed overall good performance—sales grew to Rs172.13 crore (up 18%), operating profit rose to Rs43.64 crore (up 28%) and net profit rose to Rs11.31 crore (up 21%).
The second-lowest performer in net profit growth of the major sectors was the pharma sector with an aggregate quarterly net profit of Rs2,137.10 crore (down 36%), while its operating profit was Rs3,009.79 crore (down 4%), and its quarterly sales were Rs18,066.65 crore (up 7%). Out of the 75 pharma companies we track, 72 companies have come out with their results.
Out of these, 36 companies have reported positive net profit growth and 36 were in the negative. Glenmark Pharmaceuticals was one of the 36 positive performers in net profit (Rs 65.89 crore, up 133%). Lupin and Sun Pharmaceutical were also high performers with net profit figures of Rs243.75 crore (up 64%) and Rs372.78 crore (up 46%).
Mr Sivasankaran was asked to meet CBI officials to clarify certain questions and series of events involving alleged irregularities in spectrum allocation to Aircel, a telecom firm founded by him and later sold to Malaysian firm Maxis
New Delhi: The Central Bureau of Investigation (CBI) today recorded statement of former Aircel chief C Sivasankaran in connection with its ongoing investigations in the second generation spectrum allocation scam during UPA-I regime, reports PTI.
CBI sources said Mr Sivasankaran was asked to meet its officials to clarify certain questions and series of events involving alleged irregularities in spectrum allocation to Aircel, a telecom firm founded by him and later sold to Malaysian firm Maxis.
Mr Sivasankaran heads the $3 billion conglomerate Siva Group with operations in realty, telecom, shipping, energy and agri exports and e-education/software.
Sources said Mr Sivasankaran's statements were being recorded at an undisclosed location in the national capital.
They said Mr Sivasankaran had alleged that he was forced by DMK MP and textile minister Dayanidhi Maran to sell his stake in Aircel to Maxis.
Mr Sivasankaran had alleged his applications for licences were rejected when Mr Maran was the telecom minister in 2006, forcing him to sell his company to Maxis, whose owner is considered to be close to Mr Maran and his brother Kalanidhi, who owns Sun TV.
Mr Maran is alleged to have granted 14 licences to Dishnet Wireless (Aircel) during his tenure as the telecom minister.
The CBI is looking into financial transactions of Sun TV and Maxis. Besides, it is also looking into various aspects of takeover of Aircel by Maxis group, the sources said.
The probe agency has already registered a preliminary enquiry on issues in the second generation (2G) spectrum allocation between 2001 and 2007 and is actively looking into matter.
The preliminary enquiry was registered against "unknown persons" following a Supreme Court directive to detect any alleged anomaly in 'first-come-first-serve' during the spectrum allocation between 2001 and 2007.
Maxis has 74% stake in Aircel which has presence in 23 telecom circles-Chennai, Tamil Nadu, Assam, North East, Orissa, Bihar, Jammu and Kashmir, Himachal Pradesh, West Bengal, Kolkata, Kerala, Andhra Pradesh, Karnataka, Delhi, UP (West), UP (East), Maharashtra and Goa, Mumbai, Haryana, Madhya Pradesh, Punjab, Gujarat and Rajasthan.
Former telecom minister Arun Shourie, who held the charge between 2003 and 2004, has already been questioned by the CBI on 25th February in detail about the allocation of telecom airwaves during his tenure.