Companies & Sectors
Cabinet nod to loan waiver for Hindustan Fertiliser
The union cabinet on Wednesday waived off loans of more than Rs.9,079 crore accumulated by Hindustan Fertiliser Corporation Ltd. (HFCL) as part of a financial restructuring package for the state-run unit.
 
"The cabinet approved the waiver of government loan of Rs.1,916.14 crore (as on March 31, 2015) and the outstanding interest on the loan as on date (interest of Rs.7,163.35 crore as on March 31, 2015)," a chemicals and fertilisers ministry statement said here.
 
"The cabinet also approved the transfer of 56 acres of ash dyke land of HFCL's Barauni unit to the Bihar State Power Generation Company Limited to settle its dues and for faster revival of the Barauni unit," it said.
 
Waiving off the outstanding amount will facilitate de-registration of HFCL from the Board for Industrial and Financial Reconstruction (BIFR) by making its net worth positive and facilitate faster revival of the Barauni unit, it added.
 
The HFCL's Barauni unit, lying defunct since January 1999, will create 400 direct and 1,200 indirect employment opportunities, as also serve as an anchor unit to the Jagdishpur-Haldia gas pipeline being laid by the Gas Authority of India, the ministry said.
 
According to the government, the GAIL pipeline is critical for the development and growth of the economy and infrastructure in eastern India.
 
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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PM directs expediting Bhilai Steel plant modernization
Prime Minister Narendra Modi on Wednesday directed that the modernization and expansion work of the Bhilai Steel Plant should be expedited.
 
Chaired the 12th interaction through PRAGATI -- the Information and Communications Technology (ICT)-based, multi-modal platform for pro-active governance and timely Implementation -- Modi took "serious note" of the delay in the project, an official release said.
 
He directed the steel and heavy engineering ministries to sort out all pending issues related to it and also maintained that the project should be "completed at the earliest", an official release said.
 
Modi had launched his ambitious multi-purpose and multi-modal platform Pro-Active Governance And Timely Implementation (PRAGATI) on March 25 last year.
 
The unique integrating and interactive platform is aimed at addressing a common man's grievances, and simultaneously monitoring and reviewing important programmes and projects of the government of India as well as projects flagged by state governments, officials said.
 
The Prime Minister on Wednesday reviewed the progress towards handling and resolution of grievances related to disbursement of scholarships/fellowships to students, an official release said here.
 
According to the release, the Prime Minister sought to know the reasons for the delay and enquired about the progress of Aadhaar-linkage to disbursal of benefits to students.
 
He urged the concerned officials to increase the speed of addressing grievances, and aim for quick and effective resolution of students' issues with regard to scholarships and fellowships.
 
The Prime Minister also reviewed the progress of vital infrastructure projects in the road, railway, steel and power sectors, spread over several states including Tripura, Mizoram, Uttar Pradesh, Karnataka, Odisha, Telangana, Chhattisgarh and Maharashtra.
 
The railway projects reviewed included the Akhaura-Agartala rail line, which will be a vital link between India and Bangladesh.
 
He also reviewed the progress of the "waste to wealth" initiative under the Swachh Bharat Mission, an official release said. Various states gave details about the progress of works under this initiative, it said.
 
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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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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