Jayen Shah joins from Standard Chartered, where he was working as director & head, financial institution group origination—Capital Markets, South Asia
IDFC today announced the appointment Jayen Shah, 39 years, as head of fixed income sales in the fixed income & treasury function with immediate effect.
Jayen is an electronics engineer and has done his MMS in Finance from NMIMS. He is a CFA Charter holder from CFA Institute, USA and brings with him over 16 years of extensive experience in global fixed income capital markets and financial markets. In previous roles, he set-up and successfully ran fixed income, FX, commodity and derivatives sales business to financial institutional clients.
Jayen joins from Standard Chartered, where he was working as director & head, financial institution group origination—Capital Markets, South Asia. He has previously worked at the Royal Bank of Scotland, Rabo India Securities, ABN AMRO Bank and Kotak Mahindra Capital Co.
"We expect alumina exports to attain a peak of 2.7MTPA by 2014-15 and will soon revamp the existing facility
Expecting a three-fold increase in alumina exports to about 3 million tonne per annum (MTPA) in the next three years, state-run Nalco (National Aluminium Company) is set to revamp its port handling facility at Visakhapatnam.
"We expect alumina exports to attain a peak of 2.7MTPA by 2014-15 and will soon revamp the existing facility. For this, we have already invited expression of interest (EoI) from reputed global players by January 15, 2012, for replacement of ship loader," a Nalco official said.
The existing alumina handling capacity at Nalco's Port facility at Visakhapatnam is 1 MTPA, the official said. "The port authorities have now deepened the inner harbour so as to handle higher capacity Panamax Class of Vessels," he said.
Also, the new system after installation is likely to improve the dust mitigation measures for meeting the emission norms provided by Andhra Pradesh Pollution Control Board. Nalco has engaged Howe (India) Pvt Ltd, New Delhi as consultant for the replacement of ship loader. The design, engineering, supply and installation of ship loader shall be carried out on a lumpsum turnkey basis and tenders would soon be invited for it.
In the late afternoon, Nalco was trading at around Rs53.15 per share on the Bombay Stock Exchange, 2.71% up from the previous close.
Jindal Aluminium would spend Rs300 crore from internal accruals and the remaining from a foreign bank to fund the project
Jindal Aluminium will invest Rs800 crore to set up two plants to make aluminium sheets and foils, and produce powder coated and anodised materials.
"We are setting both the plants in Karnataka. Work on the first plant, near Bangalore, for manufacturing of aluminium sheet and foils has already started. We are investing Rs500 crore outlay," Jindal Aluminium CMD Sitaram Jindal said.
The second plant would also come up near Bangalore for production of powder coated and anodised materials with an investment of Rs300 crore. However, the ground work on the plant would start only after the first plant gets operational in April next year. Jindal Aluminium claims to be the largest manufacturer of aluminium extrusion profiles in India commanding around 25% market share. It has 70,000 tonnes per annum installed capacity at its lone plant in Bangalore.
However, due to poor demand, the company could only produce 55,000 tonnes aluminium extrusion profiles last fiscal. Jindal said that the aluminium sheet and foil plant would have the capacity to produce 50,000 tonnes a year and provide direct jobs to 700 people. Jindal Aluminium would spend Rs300 crore from internal accruals and the remaining from a foreign bank to fund the project.
It would not require any funding requirement from outside for the plant to produce powder coated and anodised materials, he said, adding that cash generated from its existing business would take care of that. "We have land in possession for the second plant. It will likely to go on stream by June-July, 2013," he said, adding that there was a huge demand for such products overseas.
Jindal said the company had clocked Rs800 crore turnover last fiscal and after the operationalisation of these plants, its topline would likely to go past Rs2,000 crore by the end of 2013-14 fiscal.