Companies & Sectors
BOC India gets industrial gas supply contract from Tata Steel

BOC India, a Linde group company, will invest Rs540 crore to construct two large new air separation plants for supplying gaseous oxygen, nitrogen and argon to Tata Steel's new facility in Odisha

 

Mumbai: BOC India, a part of the Linde group, on Monday said it received a contract from Tata Steel for long-term supply of industrial gases and will invest Rs540 crore to meet the production requirements, reports PTI.

 

"BOCI will invest Rs540 crore to construct two large new air separation plants, each with a capacity of 1,200 tonne per day (tpd), to supply gaseous oxygen, nitrogen and argon to meet the production requirements of Tata Steel's new steelworks," the company said in a statment.

 

Tata Steel is progressing with the first phase of its greenfield integrated steelworks in Kalinganagar industrial complex in Odisha, which will come on-stream in 2014.

 

BOCI's new air separation plants, which will also be commissioned in 2014, will produce liquid products to meet the growing demand for gases in the merchant market, it said.

 

"BOCI intends to establish an extensive pipeline network through the Kalinganagar industrial complex to meet the gases demand of the various steel production units operating there, and our latest agreement with Tata Steel will enable us to make further steps forward in this direction," company's managing director SK Menon said.

 

The facility of Tata Steel is the first new major greenfield blast furnace-based steelworks in the country, with a capacity of 3 million tonne per year (mtpy), which can expand to 12 mtpy in the medium term.

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Kotak Mahindra Old Mutual launches new ‘Assured Protection Plan’

Apart from providing death cover under natural circumstances, the plan provides cover against accidental death, a waiver of premium in case of accidental disability and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years

 

Mumbai: Kotak Mahindra Old Mutual Life (Kotak Life Insurance) on Monday launched its 'assured protection plan' that aims to provide long term protection against major eventualities besides lump sum benefit at the end of policy term, reports PTI.

It is a protection cum savings scheme providing cover till the age of 75 years, the company said in a release here.

Apart from providing death cover under natural circumstances, the plan provides cover against accidental death with 200% of sum assured, a waiver of premium in case of accidental disability during the premium paying term and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years, it said.

The benefits are exclusive of each other like even if critical illness and waiver of premium benefits are availed, the maturity amount (basic sum assured) will still be paid full on survival to maturity, the company said.

The minimum age for the plan is 18 years and the maximum is 50 and the premium begins from Rs5,000 per year.

The plan provides flexibility to pay premiums either up to policy anniversary after attainment of 60 years or for 15 years. For policies with higher sum-assured, it offers discounts depending on the premium band chosen.

Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual.

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Oil companies raise jet fuel prices by 1.7%

ATF or Jet fuel, which had hit an all-time high peak of Rs71,028.26 per kl in August 2008 had fallen to eight-month low of Rs61,169.08 per kl earlier this month

 

New Delhi: Snapping a three-month trend of price cuts, state-owned oil companies on Monday hiked jet fuel rates by 1.7% in line with firming international oil rates, reports PTI.

The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was hiked by Rs1,039.1 per kilolitre (kl), or 1.7%, to Rs62,208.18, according to Indian Oil Corp (IOC), the nation's largest oil firm.

The hike comes on back of reductions in rates in six fortnights, including a steep 5% (Rs3,260 per kl) cut effected from 16th June and about 2% (Rs1,241 per kl) fall in prices from 1st July.

Jet fuel, which had hit an all-time high peak of Rs71,028.26 per kl in August 2008 shortly after international oil rates touched a record $147 per barrel, had fallen to eight-month low of Rs61,169.08 per kl earlier this month.

In Mumbai, jet fuel will cost Rs63,002.45 per kl from today as against Rs61,933.58 per kl previously.

Jet fuel constitutes over 40% of an airline's operating costs and today's increase in prices will wipe away some of the gain the cash-strapped airlines had made from reductions.

No immediate comments were available from the airlines on the impact of the price hike on passenger fares.

The three fuel retailers -- IOC, Hindustan Petroleum and Bharat Petroleum -- revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.

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