Lanco Infra to invest Rs35,000 crore in thermal power plant

Lanco Infratech plans to have a power generation capacity of 15,000 MW by 2015

Lanco Infratech said it would invest Rs35,000 crore for setting up thermal power plants in the country and may partly raise the amount by hiving off its power business.

“We will definitely make power a separate entity... May be in the next two years,” executive chairman Lanco Infratech L Madhusudan Rao told reporters while unveiling the group’s new logo.

Lanco Infratech plans to have a power generation capacity of 15,000 MW by 2015 for which it requires investment to the tune of Rs35,000 crore. The current installed capacity of the company is 3,300 MW.

“About 9,300 MW projects are under operation and under advance stages of construction and work would also commence on the remaining 6,000 MW in the next 3-4 months as the funds would be tied up by that time,” Rao said.

The company is in talks with various banks and financial institutions for funding the debt portion of the Rs35,000 crore investment. The project would be funded at a debt and equity ratio of 80:20.

Lanco Infratech, which is currently sourcing the power equipment from China, is open to the idea of manufacturing it on its own.

“We are looking at it, but right now it is too early to comment,” Rao said.

The company is spreading its operations overseas and is hopeful of winning power projects in Bangladesh, Indonesia and in the Middle-East.

“We have qualified for projects in Bangladesh, Indonesia and in the Middle-East...They are yet to be finalised,” he said.

Lanco Infratech, which acquired Griffin coal mine in Australia, is now focusing upon acquisition of more coal assets in Indonesia, South Africa, Australia and India.

“Right now we have sufficient coal reserves to fulfil our demand,” he added.

On Thursday, Lanco Infratech ended 0.16% down at Rs30.45 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.81% down at 17,985.88.


HCL Technologies, Epicor sign long term strategic partnership

HCL Technologies and Epicor Software Corporation have signed a partnership agreement to meet the demand for Epicor 9 enterprise resource planning suite

IT services provider HCL Technologies (HCL) and business software solutions provider Epicor Software Corporation have signed a partnership agreement to meet the growing demand for Epicor 9 enterprise resource planning (ERP) suite.

The partnership expands HCL’s presence in the broader midmarket segment, while bringing effective global implementation and services capabilities to Epicor’s existing and new ERP suite customers.

Under this partnership, HCL will expand overall Epicor services capacity, helping meet the demand for services and speeding the implementation for Epicor’s ERP customers. The demand for implementation services is strong with close to 400 customers worldwide live on Epicor 9 ERP and a further 1,500 projects in process having been shipped to more than 2,100 businesses in 60 countries, including shipments to over 900 new customers.

“Epicor has proven its ability to provide flexible and cost-effective solutions that keep pace with industry best practices,” said Sanjeev Nikore, president—manufacturing and consumer services, HCL Technologies. “The combination of Epicor’s innovative approach to ERP coupled with HCL’s implementation offers Epicor customers’ additional flexibility in ensuring they meet their ERP project goals on time and on budget.”

Dave Fogel, senior vice president, global professional services, Epicor said, “We’ve already completed the initial set up and engagement model with HCL team and expect to begin utilising their expertise in ERP implementations this quarter.”

On Thursday, HCL Technologies ended 2.09% down at Rs488.50 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.81% down at 17,985.88.


Activists invoke RTI to find out the status of RBI’s report on customer service

Committee chairman M Damodaran has not released the report despite it being ready. The query seeks to know the expected date of the release and the time-frame for implementation of recommendations

After a long wait of more than a year, during which many people submitted their recommendations to the Reserve Bank of India's (RBI) committee on customer services, there is still no sign of the report. Now, an activist has evoked the Right to Information (RTI) Act to find out the status of the report. M Damodaran, chairman of the committee on customer services, has, despite repeated assurances, been sitting on the report.

Mumbai-based activists have filed an RTI query with the RBI to get details of the report. The RTI query, a copy of which is available with Moneylife, seeks details such as the number of responses received from the public/NGOs, the time-frame of the submission of the report, the date on which the chairman signed the report, the expected date of release of the report in the public domain, and time-frame for implementation of recommendations. The activist has also sought the date/s when each individual member of the committee signed the report.

In a circular dated 16 June 2010, the RBI had invited suggestions to be submitted to the Damodaran committee on customer services by 15 July 2010.

Mumbai-based chartered accountant Nagesh Kini, who is one of the people who made submissions to the committee, told Moneylife: "Last year, as the per the RBI circular, I made my submissions to the Damodaran committee. The suggestions related mainly to the issues faced by senior citizens. I don't know how many of them have been incorporated in the report since it has not yet been released."

The committee was constituted in June last year to review the system of customer service and grievance redressal by banks. The committee was expected to undertake a strict review of the existing system of the Banking Ombudsman Scheme and customer service in banks, including the approach, attitude and fair treatment to customers in retail, small and pensioners segments. The committee was also asked to evaluate the existing system of grievance redressal mechanism prevalent in banks, the structure and efficacy, and recommend measures for expeditious resolution of complaints.

The report was expected to be released in mid-February, but it has not yet been released. Moneylife has repeatedly written about the report on customer services and that its release has been delayed for unexplained reasons. (Read, "The curious case of the Damodaran Committee's report on customer services: Why is it still in limbo?")

According to sources, "The report on customer services by the RBI has described solutions to resolve customer issues. The report is believed to be pro-consumer. But the report, despite being ready, has not been released for reasons best known to Mr Damodaran. Even the committee members are unaware of the release date." (Read, "RBI report on customer services expected to be 'pro-consumer' ")  



nagesh kini

4 years ago

Being the one managed to get the RBI to put into public domain the Damodaran , now I'd like to know from the RBI the status of implementation of each of the Committee's recommendations.

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