Bangalore: ONGC has acquired 2,300 acres of land for its Special Economic Zone (SEZ) in Mangalore, its chairman and managing director RS Sharma said today, asserting that the project was "definitely on track". But acquisition of "this much land" is not sufficient to announce the SEZ as a multi-product one, he said, reports PTI.
Mr Sharma sought to downplay opposition from some local quarters to the land acquisition, saying that for a commercial organisation like ONGC, facing such issues is "common".
"This is one of the SEZs in the country that's progressing extremely well," he said, adding that "investments (for the Mangalore SEZ) are very much on track."
"We have not stopped our total funding plan. Everything is very much on track. It's very much on stream," he said, adding that there is "no question mark" on the project.
Mr Sharma said that ONGC is "fully conscious of the concerns on land acquisition" but added that issues would be resolved through discussions leveraging the company's "reputation and standing."
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Ramky Infrastructure today said its consolidated net profit surged about two-fold to Rs40.38 crore for the second quarter ended September 2010 on account of increased volumes.
The company had a net profit (after minority interest) of Rs20.76 crore in the same period previous fiscal, the Hyderabad-based infrastructure player said in a statement.
The consolidated income from operations during the quarter increased by 57% to Rs559.96 crore from Rs357.49 crore in the corresponding quarter in last fiscal.
"Increase in net profit is attributable to the growth in business volume. Besides value of the projects has also gone up," Ramky Infrastructure managing director YR Nagaraja said.
The company is executing road sector contracts of Rs4,000 crore and its total work orders at present stands at Rs11,400 crore, he said.
On Thursday, Ramky Infra ended 1.32% down at Rs359.55 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.33% up at 19,930.64 points.