Companies & Sectors
BHEL wins Rs950 crore contract from Bhutan

The order envisages manufacture, supply, erection and commissioning of the electro-mechanical equipment for the 1,020 MW Punatsangchhu-II Hydroelectric project

 

New Delhi, June 26 (PTI) State-owned BHEL on Tuesday said it won a contract worth Rs950 crore for supplying equipment for 1,020 MW hydel project in Bhutan, reports PTI.

"BHEL has secured a contract from Punatsangchhu Hydroelectric Project Authority (PHPA), Bhutan for the electro-mechanical equipment package for a 1,020MW (6x170 MW) Hydroelectric project in Bhutan," the company said in a statement.

"Valued at Rs950 Crore, the order envisages manufacture, supply, erection and commissioning of the electro-mechanical equipment for the 1,020 MW Punatsangchhu-II Hydroelectric project," it said.

BHEL is also executing the 1,200 MW Punatsangchhu-I project in Bhutan. It is being set-up under a bilateral agreement between India and Bhutan.

Located around 80 Km from Thimphu on the banks of the Punathsangchu River in Western Bhutan, the project is an environment friendly run-of-the-river scheme.

BHEL has, so far, executed three hydro projects -- 336 MW Chukha, 60 MW Kurichu and 1,020 MW Tala in Bhutan. These projects account for nearly 95 per cent of the total power generating capacity in Bhutan.

For this contract, the six turbines and generators of 170 MW each and associated equipment will be manufactured and supplied by BHEL's Bhopal facility while the Control system will be manufactured and supplied by the company's Electronic Division at Bangalore.

BHEL has established its footprints in six continents of the world spanning over 75 countries. This contract will further strengthen BHEL's presence in the overseas Hydro business segment, the company said.

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SBI says need for more equity investment and raising exports

According to SBI chairman there is a need for more equity investment in the country and enhancing capabilities for raising exports

 

Bhopal: State Bank of India (SBI) chairman Pratip Choudhary has emphasised the need for enhancing equity and foreign investment in the country, besides taking measures for raising exports, reports PTI.

"There is a need for more equity investment in the country and enhancing capabilities for raising exports as at present we import more and export less," the SBI chairman told reporters while commenting on the measures taken by the Reserve Bank of India (RBI) to arrest the slide of the rupee.

Choudhary, who earlier addressed SBI officers at its regional headquarters, said, "These are short-term measures while the country needed steps for a long-term growth."

Refusing to comment on the Indian economy, he said that government only could say anything about it but he insisted on raising foreign investment in the country.

Referring to the ongoing merger process of associate banks with the SBI, he said it will be done in a gradual manner, one every year and not all of them together.

The associate banks slated to be merged with SBI are State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and State Bank of Travancore.

On the issue of appointments in SBI, he said the process would be completed by Dussehra and added that this year the bank would make 9,500 clerical level appointments and appoint nearly 1,000 probationary officers.

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Now, crippled Kingfisher losing engineers over non-payment of salaries

Some 60-80 engineers have already quit debt-ridden Kingfisher Airlines in the last 4-5 months over non-payment of salaries

 

Mumbai: About 80 engineers have quit beleaguered Kingfisher Airlines during the past four months due to non-payment of salaries by the near-bankrupt carrier, sources said, reports PTI.

"Some 60-80 engineers have already quit the carrier in the last 4-5 months, as they could not sustain non-payment of salaries. And more are planning to do so," airline sources told PTI.

Some more engineers are in the process of bidding good-bye to the carrier, they said, adding that "if the trend continues, the airline may face severe shortage of engineers."

Also, around 200 engineers reported sick in April this year protesting delay in salaries.

Unfazed by the large exodus, Kingfisher, however, maintained that it has 'sufficient number' of engineers to maintain its fleet.

"We have sufficient number of engineers to support our operations," a Kingfisher Airlines spokesperson said in a text message.

Relegated to the bottom of the market pie with its share nose-diving to a mere 5.2% in May from as high as 20% last year, on account of a truncated flights, the airline has not paid salary to its employees since February.

The airline, which has not posted profit since its inception in May 2005, made a loss of Rs1,151.5 crore in the March quarter, has debt of over Rs7,500 crore and an equal amount of accumulated losses.

The Bangalore-based carrier, which has also been defaulting on tax payments as well as bills to its vendors, has been seeking fresh bank funds since last December apart from trying to raise overseas funds unsuccessfully.

But bankers have been resisting the demand saying the promoters, including chairman Vijay Mallya himself, have to bring in at least Rs2,000 crore in fresh capital to consider the demand.

Kingfisher had pledged assets ranging from its brand to office furniture for Rs6,400 crore bank loans, according to the Finance Ministry.

This includes a luxury villa in Goa, two helicopters, a building in Mumbai and shares have also been used as collateral for loans as of November 2011, Minister of State for Finance Namo Narain Meena had told Parliament last December.

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