Gati is setting up 10 cold storage plants across the country at an investment of about Rs200 crore in the next four years
Distribution and supply chain solutions provider Gati Ltd has said the grant of infrastructure status to cold-storage chains in the Budget will help realise its plans to build cold storage units across the country.
Gati executive director Harry Lagad said the announcement by finance minister Pranab Mukherjee in his Budget speech is a critical initiative which has far reaching impacts on their business.
"As we have announced to build up our cold chain business and network, this news comes in as a welcome break and will allow us to now go out and aggressively focus on building up this business unit.
Gati is looking at building both cold storages as well as its transport distribution networks in the cold chain arena," he said.
Gati is setting up 10 cold storage plants across the country at an investment of about Rs200 crore in the next four years.
"This calendar year, we plan to open three cold storage units, one each in Bangalore, Maharashtra and Delhi. Our overall plan is to have 10 cold storage units across the country in the next four years," he said.
The company also emphasised the need to liberalise incentives for transport and logistics sector.
"From our perspective, given the critical focus from the government towards bringing down inflation and prices, the current cost of supply chains in India is almost 13% higher than any other developed nation.
This enormous cost can be addressed if there is further liberation of incentives for the transport and logistics sector," Lagad said.
On Tuesday, Gati ended 7.29% up at Rs57.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 3.50% to 18,446.50.
Indian Oil Corporation is losing about Rs3 on the sale of every litre of petrol, but will decide on raising prices at an “appropriate” time
State-owned Indian Oil Corporation Ltd (IOCL) said it is losing about Rs3 on the sale of every litre of petrol, but will decide on raising prices at an "appropriate" time.
The government had in June last year decontrolled petrol pricing, giving state oil firms the freedom to revise rates in sync with crude oil prices.
IOCL and its sister PSUs, Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), had last raised rates by about Rs2.50 a litre in January and have not raised prices since then, despite crude oil prices touching S110 a barrel.
"We are losing about Rs3 per litre on petrol," IOCL director (finance) SV Narasimhan said.
Asked if the government has asked oil companies not to raise petrol prices, he said: "I can't say anything on that...We will revise petrol price at appropriate time."
He did not elaborate.
On Tuesday, IOCL ended 3.90% up at Rs310.65 on the Bombay Stock Exchange, while the benchmark Sensex gained 3.50% to 18,446.50.
Tata Motors Full Throttle team swept the Desert Storm 2011 Rally, winning the top three positions in the Ndure A category
Tata Motors Full Throttle team swept the Desert Storm 2011 Rally, winning the top three positions in the Ndure A category and the first and third positions in Ndure overall.
The Tata Motors team participated in the rally with two Safari and two Xenon XT vehicles, all in Ndure A category. The Safari stood first in Ndure A as well as overall, while the Xenon XT was the first runner up in Ndure A and third overall. The second Xenon XT won the third place in Ndure A and finished fourth overall.
The victory is special for Tata Motors since this was the first time that the company officially fielded a team in the Desert Storm rally. Earlier this month, the company announced its foray into motorsports with the launch of 'Tata Motors Full Throttle', a platform for steering its activities in motorsports and allied fields.
The Safari, which won the first place in Ndure A as well as overall, was driven by Sanjay Takle and his navigator team mate Rahul Sancheti. Rajsingh Rathod with navigator Chandrashekar M were behind the wheels of the Xenon XT which was first runner up in Ndure A and third overall. The second Xenon XT, which stood third in Ndure A and fourth overall was driven by Amol Satoskar with Navigator Chidanand Murthy.
Tata Motors has been manufacturing and marketing highly capable 4x4 offroad vehicles. While the Sumo 4x4 and Safari 4x4 have been around for over 10 years, the lifestyle pick-up Xenon XT was launched two years back. The most recent addition to this class of products is the premium Crossover Aria.
On Tuesday, Tata Motors ended 5.42% up at Rs1,140.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 3.50% to 18,446.50.