Ashok Leyland to open assembly plant in UAE

The Hinduja Group flagship Ashok Leyland on Thursday will inaugurate a vehicle assembly plant in UAE’s Ras al Khaimah Investment Authority (RAKIA).

The plant will be inaugurated by Sheikh Saud Bin Saqr Al Qasimi, UAE’s Supreme Council Member and the ruler of Ras Al Khaimah in the presence of Srichand P Hinduja, chairman of Hinduja Group.

In October 2006, Ashok Leyland had signed a MoU with RAKIA for setting up the assembly unit, which eventually be upgraded to a vehicle assembly plant (for trucks and buses) in the second phase.

It was then announced that the new venture would involve an investment of $50 million in a phased manner.

On Wednesday, Ashok Leyland ended 3.43% down at Rs66.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.76% to 19,647.77 points.

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Lanco Infra unit to buy Griffin Coal Mining and Carpenter Mine Management

Lanco Infratech Ltd, through its Australian subsidiary, Lanco Resources Australia Pty Ltd, has concluded a binding agreement with Griffin Energy Group Pty Ltd and Carpenter Mine Management Holdings Pty Ltd to purchase 100% shares of Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd. No financial details were provided.

Griffin Coal, based out of Collie, owns the largest operational thermal coal mines in Western Australia. The mine currently produces over 4mtpa of coal and can be ramped up to over 15mpta in the near term, post development of evacuation infrastructure. The mining tenements contain over  1.1 billion tonnes of JORC compliant thermal coal resources.

The mine is located on the western  coast  of Australia, hence closer to India compared to the mines in the New South Wales and Queensland areas of Australia.  Significantly, the Griffin Coal mines are well connected to two ports through both rail and road. The nearest port being the port of Bunbury at a distance of 85km from the mine.  

On Wednesday, Lanco Infratech ended 0.49% up at Rs61.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.76% to 19,647.77 points.
 

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Petrol price hike due to high international prices: FM

Kolkata: The hike in petrol price was because of increase in prices of crude oil in the international market, reports PTI quoting Union finance minister Pranab Mukherjee.

“The price of crude oil in the international market has touched $90 a barrel. Petrol prices have been deregulated already. So the hike in price was in parity with international prices,” Mr Mukherjee told reporters here.

State-run oil refiner Bharat Petroleum Corporation (BPCL) hiked petrol prices by Rs2.96 a litre effective midnight last night.

The oil ministry has given the three state-run companies, BPCL, HPCL and IOC, the go-ahead to raise petrol prices after international crude oil prices touched $90 per barrel.

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