Companies & Sectors
Bosch investing Rs.770 crore for capacity expansion in India
Global supplier of technology and service Bosch would invest Rs.770 crore this fiscal (2016-17) to expand its manufacturing capacity near here and at Nashik in Maharashtra, a top official said on Wednesday.
 
"We are investing Rs.770 crore this fiscal to expand capacity in our manufacturing plants at Bidadi near Bengaluru and Nashik for common rail pumps and injectors," Bosch managing director Steffen Berns told reporters here.
 
The Indian subsidiary of the German industrial behemoth is also investing an unspecified amount in its research and development centre in this tech hub.
 
The city-based firm invested Rs.480 crore last fiscal (2015-16) in setting up and commencing operations of a diesel systems plant at Bidadi, about 30km away, and a power tools plant in Chennai for making products for the domestic market.
 
"Though our performance this fiscal will be determined by monsoon, fuel prices, interest rates, we expect moderate growth in the automotive industry and are optimistic about the Indian market in other verticals," said Berns after declaring financial results for last fiscal (FY 2016).
 
With the enforcement of Bharat Stage-6 emission norms, the business environment is favourable for growth though challenging due to delay in the reform process.
 
"Domestic business grew well above the production volumes of the automotive market in fourth quarter (January-March) of fiscal under review, while exports declined due to weak demand from overseas markets," said Berns on the occasion.
 
Net profit for quarter under review (Q4) grew 31% to Rs.376 crore while net sales and other income increased 12% to Rs.2,635 crore on standalone basis.
 
Net profit for fiscal under review (FY 2016) grew 23% to Rs.1,245 crore and net sales and other income 9.5% to Rs.10,415 crore on standalone basis.
 
"Favourable product mix, increased operational efficiencies and higher productivity led to profit and sales growth in last quarter as well as last fiscal," added Sterns.
 
In the mobility solutions, diesel and gasoline systems registered double digit growth as against single digit growth in previous fiscal.
 
The Indian subsidiary (Bosch Ltd) changed its financial (fiscal) year to April-March period from January-December calendar year since April 2015, which is, however, followed by its parent firm, that reported 70.6 billion euros from sales in CY 2015.
 
With the largest development centre outside Germany here, Bosch India has nine operations and 15 production plants across the country spanning mobility solutions, industrial technology, consumer goods, and energy & building technology, with about 30,000 employees.
 
The group's consolidated revenue was Rs.17,022 in 2015, including Rs.12,100 crore from third party.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Oil hits $50 a barrel for first time this year
The price of oil on Thursday went above $50 a barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery.
 
The benchmark Brent crude price hit $50.07 a barrel in Asian trade, BBC rported.
 
The rise followed US data on Thursday showing that oil inventories had fallen, largely due to supply disruptions following fires in Canada.
 
Brent crude has now risen 80% since it hit 13-year lows of below $28 a barrel at the start of the year.
 
US crude oil inventories fell by 4.2 million barrels to 537.1 million barrels in the week to May 20, according to US Department of Energy data.
 
Canada is the biggest supplier to the US and wildfires in the western provinces have knocked out about a million barrels a day.
 
Talks in recent months between Opec and Russia about freezing oil production had already helped prices recover.
 
Short-term disruptions to oil supplies have also lifted the price, as they have offset higher production from Iran and Saudi Arabia.
 
Demand has also been better than expected from major economies such as China, India and Russia.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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CIC orders Ministry of Defence to release partial information on Augusta Westland Helicopters
While the Rs.3,500 crore Augusta Westland scandal is grabbing the headlines on and off since 2013, on Tuesday, Central Information Commissioner Divya Prakash Sinha, has given a people-friendly verdict, by directing the Ministry of Defence (MoD) to supply partial information to the second appeal filed by RTI applicant, within 15 days of the order.
 
The CIC order directs the MoD “to provide details of court cases in Italian courts in which India is a party and provide names of Italian advocates and law firms hired in India.’’ MoD has also been asked to provide copy of Attorney General’s opinion on sending back already procured helicopters. It also directs the MoD to provide details of Bank Guarantee amount received back by India.
Here, it may be recalled that Indian government is encashed guarantees from Italian banks to the tune of Rs.2,000 odd crore.
 
The crucial information which CIC upheld of information denied by the Public Information Officer is as follows:
All documents related to file notings/ documents/ correspondence/ agreement   on   signing   of Augusta Westland deal is in custody of CBI, the same cannot be disclosed 
Files and document s relating to termination of Augusta Westland deal be shown to the CIC before 15th June, so that it can take a call on whether they come under Section 8(1) (a) and (h). 
 
In order to understand, the information sought by noted RTI activist Subhashchandra Agrawal, following were the details mentioned in his RTI application addressed to various PIOs of MoD:
No. of helicopters already supplied to India mentioning also   respective   dates   of   supplies   mentioning   also delivery schedule for rest of the contracted helicopters
Total cost of helicopters and terms of payment mentioning also   payment   already   made   with   dates   of   respective payments
Amount   of   bank guarantee   and   name   (and   branch)   of   the bank providing the said bank ¬guarantee
Has amount held in bank guarantee been received by India?
If yes, provide details
Will the already procured helicopters be sent back to the company having delivered the same to India?
Complete   information   together   with   related   file¬ notings and correspondence/ documents etc on sending back already procured helicopters
Complete   information   together   with   related   file notings/ correspondence   etc   on   action   taken   to   recover payment   already   made   by   India   towards   the   said helicopters as in queries above
Names of Indians and foreigners (with their earlier and   present   postings)   under   scanner   for   receiving kickbacks in the deal in the Italian Court revealing full forms   of   suspected   ones   like   “POL”,   “AP”,   “FAM”   etc mentioning also amount of kickbacks reported in Italian Court
Is India also a party to the court matter in Italian Court?
If   yes,   names   of   advocates   hired   mentioning   their respective fees to represent India in Italian courts
Names of Indian and foreigners (with their earlier and   present   postings)   under   scanner   for   receiving kickbacks in the deal in the Italian court revealing full forms of suspected ones like “POL”, “AP”, “FAM” etc
• Names   of   persons   (with   their   earlier   and  present postings)   for   which   CBI   has   sought   permission   for interrogation/ prosecution etc
• Names   of   persons   (with   their   earlier   and   present postings)   for   which   interrogation   have   already   been imitated in India
• Complete   information   together   with   related   file notings   and   correspondence/ documents   etc   on   Union government   not   allowing   interrogation   etc   by   CBI   for alleged kickbacks in the said helicopter deal as referred in   queries   above   mentioning   also   if   MK   Narayan   and   B V Wanchoo   are   amongst   such   persons   against   whom   CBI   has sought permission for interrogation etc
Any other related information
File¬ notings on movement of this RTI¬ petition
 
Grounds for the Second Appeal: 
At the CIC hearing, Agrawal argued that, “if details sought in information can be accessed through foreign sources, there is no reason that the same should not be disclosed under RTI Act.’’ The CIC order states, “He (Agrawal) mentioned that the information has to be made public in public interest.”
 
MoD’s PIO argued that, “the CBI investigation in connection with the alleged scam relating to VVIP/VIP Helicopter deal is still continuing. CBI has time and again advised MoD that disclosure of any information related to this case will impede the process of investigation and disclosure of the same is exempt under section 8(1)(h). He further said the   exemption under section 8(1)(h) of RTI is also applicable to the case because Arbitration Proceedings are on to recover the already paid amount to the supplier. Keeping in view the nature of the case and stakes involved, disclosure of information related to the case could impede the process of investigation or apprehension or prosecution of the offenders as well as   Arbitration Proceeding.”

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