Larsen & Toubro forms consortium with Nexter Systems

Mr M V Kotwal, president, L&T Heavy Engineering said, “L&T and Nexter consortium will endeavour to provide a winning solution to the Indian Army”

Defence majors Larsen & Toubro (L&T) and Nexter Systems(NS) of France have signed consortium agreements to collaborate for key artillery gun programmes of the Indian Army. These include the 155mm/ 52 cal towed gun system (TGS) and the mounted gun system (MGS) programme with NS as lead partner and a 130mm/ 39 cal M-46 up-gunning programme with L&T as lead partner.

The partnership between L&T and NS is based on delivering the best solution and value to the Indian Army. NS will transfer the production of sub-assemblies of TGS and MGS and the final integration of both systems to L&T in India. The engineering customisation of the systems to fulfil specific Indian requirements will be accomplished together by L&T and NS.

Mr Philippe Burtin, chairman and CEO, NS said, "Our teams have been working closely for more than two years and I am delighted with the results for the TGS programme."

Mr M V Kotwal, president, L&T Heavy Engineering said, "L&T and Nexter consortium will endeavour to provide a winning solution to the Indian Army."

In the early afternoon, Larsen & Toubro was trading at around Rs1,297 per share on the Bombay Stock Exchange, 1.28% up from the previous close.

User

NTPC to halt expansion of gas-based projects

“There is no gas, so we have to halt the expansion of our gas-based projects -- Kayamkulam, Ramagundam, Kawas and Gandhar,” an NTPC official said

State-controlled NTPC has frozen expansion of its gas-based projects due to non-availability of the fuel, according to a company official. The latest move also comes against the backdrop of Power Ministry advising power producers not to plan any gas-based projects till 2015-16 on account of gas shortage.
 
"There is no gas, so we have to halt the expansion of our gas-based projects -- Kayamkulam, Ramagundam, Kawas and Gandhar," an NTPC official told PTI.

The company has to stop work at these plants, the official noted.

The move follows a sharp drop in output at what was supposed to India's largest gas field, KG-D6 of Reliance Industries. Production at KG-D6 has dropped 40% in 2011 to about 35 million standard cubic meters per day and is likely to dip further.

The reduction, instead of a projected rise in output to 80 mmscmd from KG-D6 by now, has led to shortage of fuel with consumers including power generation units.

NTPC currently operates seven gas-based projects in the country --  413 MW Anta (Rajasthan), 652 MW Auraiya (Uttar Pradesh), 645 MW Kawas (Gujarat), 817 MW Dadri (Uttar Pradesh), 648 MW Jhanor-Gandhar (Gujarat), 350 MW Kayamkulam (Kerala) and 430 MW Faridabad (Haryana)-- with a total capacity of 3,955 MW.

"We aimed for 70,000 MW (capacity) by 2017. There are so many problems, coal shortage, gas shortage; we may scale down some capacity. Let's see," the official said.

With the commissioning of the 500 MW unit of its joint venture Vallur thermal power project, NTPC's total installed capacity has increased to 36,514 MW.

In the early afternoon, NTPC was trading at around Rs163.85 per share on the Bombay Stock Exchange, 0.74% up from the previous close.

User

COMMENTS

S Mukherjee

5 years ago

If there is this much acute shortage of gas in our country leading to NTPC being forced to halt expansion of all gas based projects here then how is it that GAIL and others are promoting export of gas as well as power from India to Pakistan (as mentioned in the media recently), which also happens to be our 'enemy country'. Would request the author to please enlighten us on this aspect.

Muthoot Estate Investments can't accept public deposits: RBI

“The RBI has directed Muthoot Fincorp Ltd to stop allowing the use of its premises or branches or officials, in any manner by Muthoot Estate Investments for accepting deposits from public,” the RBI said in a notification

The Reserve Bank of India (RBI) directed Muthoot Fincorp arm - Muthoot Estate Investments - not to accept any deposits from public in any manner.

"The RBI has directed Muthoot Fincorp Ltd to stop allowing the use of its premises or branches or officials, in any manner by Muthoot Estate Investments for accepting deposits from public," the RBI said in a notification.

Muthoot Fincorp, a Kerala based non-deposit taking and non-banking financial company (NBFC), has partnered with its arm Muthoot Estate Investments.

"Acceptance of deposits from the public by Muthoot Estate Investments is prohibited. Members of the public are hereby cautioned that acceptance of deposits by the company or its arm (Muthoot Estate Investments) is punishable with imprisonment..." the notification said.

The company has been collecting deposits in the form of FDs, cumulative deposits and special public deposits, said RBI.

Muthoot Estate Investments, in which the promoters of Muthoot Fincorp Ltd are partners, has collected and has been collecting deposits in the form of fixed deposits, cumulative deposits and special public deposits from the public, it added

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)