For an increase of 8,000MW power capacity, Essar Power plans to invest $8 billion by 2014.
Betting big on power business, Ruias-led Essar Power has earmarked an investment of $8 billion in the next three years for setting up thermal power projects in the country.
"For an increase of 8,000MW power capacity, the company plans to invest $8 billion by 2014," Essar Power said "All the investment has been tied-up," the company said.
Essar Power currently operates five captive power projects for providing electricity to its various steel plants and oil refinery. The company's 515MW combined cycle plant supplies 215MW power to Essar Steel's Hazira plant and 300MW to Gujarat Urja Vikas Nigam.
Another 500MW gas-based plant is captive to Essar Steel's Hazira Steel Plant. A 120MW gas-based plant at Vadinar supplies electricity to the company's oil refinery in that area. A 380MW gas fired power plant provides power to Essar Oil refinery Algoma, Ontario, Canada. Another 85MW plant is captive to Essar Steel Algoma plant.
Essar Power's under execution plants include a 2,520MW imported coal-based project at Salaya and 510MW Vadinar plant, 270MW Hazira plant in Gujarat.
They also include 1,800 MW domestic coal-based project at Mahan in Madhya Pradesh and 1,800 MW thermal plant at Tori in Jharkhand.
The company said that it is also exploring new opportunities in conventional and renewable power generation globally.
Meanwhile, Essar Power, which acquired 76% stake in Orissa's Navbharat Power Pvt Ltd, would also execute projects of over 2,000MW capacity as part of the joint venture agreement.
Orient Fans aims to capture around 10% market share in the Indian home appliances market in the next three years.
Fans and lighting solutions firm Orient Fans today said it is entering into the estimated Rs5,200 crore Indian home appliances market, with an aim to capture around 10% share in the next three years.
The company said it has set up a new business unit—Orient Actus—and it plans to invest around Rs50 crore on product development, research and marketing of the category in the next two years.
"We are expanding our portfolio with a foray into the home appliances segment and the launch of 'Orient Actus' as we believe this industry offers an extremely good business proposition in the long run," Orient Actus vice-president (appliances) SB Khedkar said.
Under the brand, the firm is launching range of small appliances like mixer grinders, juicer mixer grinders, hand blenders, toasters, kettles, irons and geysers among others.
"The Rs5,200 crore strong home appliances market in India has tremendous potential. Despite being highly fragmented, the home appliances industry has seen major development and innovation from the players involved," he said.
The company, which had a turnover of Rs642 crore in the last fiscal, said it will launch the new range in key cities in North India besides select cities like Mumbai, Hyderabad and Ahmedabad.
"We are confident of capturing a 10% market share of the industry within three years of launch of Orient Actus... We would work on creating adequate brand visibility and awareness in key outlets and large format stores," he said.
Etios and Etios Liva to be exported to South Africa and Toyota Kirloskar Motor to be a key export hub in Toyota’s global operations
Toyota Kirloskar Motor (TKM) announced the start of exports of Toyota Etios and Etios Liva to South Africa. The company plans to begin export by March 2012.
The export model of Etios will be built on the same platform as Etios and Etios Liva, manufactured and sold in India. However, there would be a few changes in technical specifications/features, pertaining to the different needs of each market. The export model will be customised to suit the local requirements. The company will export only the petrol variants of the Etios.
Hiroshi Nakagawa, managing director, TKM, said, “With the start of exports, TKM has entered a new chapter of business in India. Exporting Etios to South Africa would also mean showcasing the advanced technology and superior quality features that have been developed by Toyota for Etios.”
Shekar Viswanathan, deputy managing director, commercial, TKM added, “The start of the export operations of the company denotes the growing role of TKM in Toyota’s global operations. This is a tremendous achievement for us at TKM as we enter into a new phase of business. We see a big opportunity in this sector as exports have considerably grown when compared to last year. TKM’s foray into the export market promises a lot of growth for the company.”
The Etios is currently manufactured in TKM’s second plant located in Bidadi industrial area on the outskirts of Bangalore. The export model will also be manufactured in the same plant.