GAIL’s Singapore office, which was inaugurated today, will tie-up as much as $400 million worth of LNG cargoes and petrochemical products next year for delivery into India, chairman and managing director BC Tripathi informed the media
Singapore: GAIL (India) has earmarked $400 million for its new Singapore trading office to secure LNG and petrochemical product cargoes for delivery to India in 2012, reports PTI quoting chairman and managing director BC Tripathi.
GAIL’s Singapore office, which was inaugurated today but will begin trading next month on getting all formal approvals, will tie-up as much as $400 million worth of LNG cargoes and petrochemical products next year for delivery into India, he told PTI after addressing a press conference.
90% of the trade would be in LNG from the initial start-up.
“India is a huge market for LNG and petrochemical products while supply remains tight,” stressed Mr Tripathi, reaffirming GAIL’s commitment to energy development both within India and globally through an annual investment of $2 billion.
He also disclosed that GAIL was building shale gas expertise through participation in projects in the United States.
“The company is building expertise in shale gas and will participate in the Indian shale gas projects once the government announces its policy and development plans,” he said.
He said participation in US shale gas was a part of GAIL’s strategy to develop technology, expertise and know-how.
GAIL, along with its international partners in existing projects, will aggressively bid for shale gas concessions in India once the government puts them up for auction, which is expected to take place in about one year.
GAIL has invested $100 million on the US shale gas projects and plans to spend another $200 million over the next two years, said Mr Tripathi, indicating that the company will spend $1 billion on shale gas projects in the coming years.
Several shale gas projects were being negotiated in the United States and Canada, he disclosed, adding that the company’s next investment decision in upstream shale gas was expected in six months.
The target would be to ship the North American shale gas LNG to India and if not feasible, trade it globally, said Mr Tripathi.
The Singapore office, which is being opened a few months after a Houston office and a year after its office in Egypt, underlines GAIL’s focus on global gas resources and trade, said Mr Tripathi.
Additionally, GAIL continues to make regular investments on gas infrastructure in India, with the next big proposal involving the establishment of a floating or land-based LNG terminal on the east coast of the country.
A final investment decision on the east coast terminal is expected in six months, he told reporters.
Mr Tripathi said GAIL will continue with its aggressive business development strategy, including participation in international gas pipeline projects linking the Indian market to huge neighbouring gas basins.
In October, the company lost production of about 25,000 motorcycles at the Pantnagar plant due to the curfew imposed in early last month. It led to some constraints in sales, the company said in a media release
New Delhi: The country’s second largest two-wheeler maker Bajaj Auto today reported 6.46% increase in its motorcycle sales in October at 3,51,083 units compared to 3,29,776 units in the corresponding month last year, Bajaj Auto (BAL) said in a statement.
BAL said exports grew 19.53% during the month at 1,31,948 units compared to 1,10,387 units in October 2010, reports PTI.
In the three-wheeler category, company said its sales stood at 44,191 units as against 41,040 units in the same month last year, registering a jump of 7.68%.
Total vehicle sales of the company in last month stood at 3,95,274 units compared to 3,70,816 units in the same period a year ago, a growth of 6.60%, the statement said.
In October, the company lost production of about 25,000 motorcycles at the Pantnagar plant due to the curfew imposed in early last month. It led to some constraints in sales, BAL said.
Net sales of Ambuja Cements, in which Swiss major Holcim holds a majority stake, went up to Rs 1,805 crore during the July-September quarter
Buoyed by 15.4% growth in sales, Ambuja Cements' net profit rose by 12.5% to Rs171 crore in the July-September quarter in 2011. The company, which follows January-December as accounting year, had reported Rs152 crore net profits in the corresponding period last year, it said in a statement.
Net sales of the company, in which Swiss major Holcim holds a majority stake, went up to Rs 1,805 crore during the July-September quarter, spurred by a 7.6% rise in sales volume at 4.69 million tonne.
Ambuja's net sales were at Rs1,564 crore a year-ago. "The lower rate of growth in EBIDTA compared to net sales was on account of substantial increase in the costs of raw material (up 11% year-on-year), power and fuel (up 12% YoY) and freight and forwarding expenses (up 21% YoY)," it said.
Ambuja Cements said the cement industry continues to face "certain critical constraints" in rising cost of raw material and power and fuel, increasing cost of freights and obtaining clearances for land acquisition and mining rights for mineral based infrastructure industries.
"Despite these negative trends, the company is cautiously optimistic about the future," Ambuja said, adding these would not deter it to invest in improving productivity aimed at increasing both the topline and margins.
In the early afternoon, Ambuja Cements was trading at around Rs154.75 per share on the Bombay Stock Exchange, 0.03% up from the previous close.