Maruti Suzuki India chairman RC Bhargava said they would initiate work at the Gujarat plant only when the capacity of its Manesar plant would be fully utilised
Maruti Suzuki India expects to complete land acquisition for a plant in Gujarat in a month but has no immediate plan to start construction work there, a company official said.
Maruti Suzuki India chairman RC Bhargava said they would initiate work at the Gujarat plant only when the capacity of its Manesar plant would be fully utilised. "The land acquisition process is on and we hope it will be concluded in this month. I don't think we will start work on it at least two to three years," Bhargava said on the sidelines of a seminar at Indian School of Business.
"We will need Gujarat plant when the Manesar plant capacity is fully utilised. So, that depends on how the market grows. So, I can't give a date on this," he added.
The company has two facilities at Gurgaon and Manesar, both in Haryana, with a collective capacity to manufacture 1.2 million vehicles annually.
According to a senior official of the Gujarat government, the initial land requirement of MSI was indicated to be 1,000 acres. The MSI board had also given the nod to purchase of up to 1,500 acre of land in Mehsana district, Gujarat. The auto major had stated in June that along with its vendors, it could invest Rs18,000 crore in the state as it looks to manufacture nearly 20 lakh units a year in Gujarat.
"We have to see how the market goes. It takes three years to build a new plant. So, if I need to take production from Gujarat plant in 2016, then I will have to start work in 2013. Nobody can create capacity when market does not require. We create capacity to make and sell cars. So if there is no demand for cars I don’t have to create that capacity," Bhargava said.
On the automobile industry, Bhargava said now the outlook for the industry is not bright. Maruti this year may end up less than last year's sales. "I cannot tell in terms of percentage because there are four more months to go. Lets see how these four months to go. Chances are will be less than last year," he said. Till November this year, MSI sold 6,81,200 units down by 17.8 per cent over last year same period. Exports declined by 24.4% to 73,783 units till November.
In the late afternoon, Maruti was trading at around Rs955.10 per share on the Bombay Stock Exchange, 0.33% down from the previous close.
Tata Power has inked a power purchase agreement for the project with Gujarat Urja Vikas Nigam Ltd
Tata Power has tied up funds for its 25-MW solar project in Gujarat, which is to see an investment of about Rs365 crore. The solar photovoltaic (PV) power project at Mithapur will be funded through a debt equity mix of 70:30. The plant is expected to start power generation by end-December.
“The project financing comprises equity of Rs110 crore and rupee term loans of Rs255 crore,” Tata Power said in a statement. The Mithapur project is being developed by Tata Power Renewable Energy Ltd, a subsidiary of Tata Power.
“Tata Power Renewable Energy Ltd has successfully tied up the entire debt requirement through a consortium of domestic lenders, namely State Bank of India and Export Import Bank of India with SBI Capital Markets Ltd acting as the sole financial advisor and arranger,” the statement said.
According to the company, the first loan disbursement was received on December 8.
“The signing of the financing agreements is a significant milestone for the project... We look forward to participating in many such initiatives in solar power,” Tata Power Managing Director, Mr Anil Sardana, said.
Tata Power has inked a power purchase agreement for the project with Gujarat Urja Vikas Nigam Ltd.
In the late afternoon, Tata Power was trading at around Rs90.50 per share on the Bombay Stock Exchange, 1.57% up from the previous close.
According to SBI, The branch will cater to business customers like corporate clients and aims at contributing to the growth of trade between the two nations
The nation's largest lender, the State Bank of India has commenced operations in Qatar by opening a branch in the Qatar Financial Centre, Doha.
Established in March 2005, the Qatar Financial Centre (QFC) is a business and financial centre in Doha, providing legal and business infrastructure for financial services. Minister of state for external affairs E Ahmed formally inaugurated the branch in presence of the SBI managing directors and group executives Hemant Contractor and A Krishna Kumar, an SBI statement said.
Speaking on the occasion, managing director and group executive for international banking Contractor said, "The branch will cater to business customers like corporate clients and aims at contributing to the growth of trade between the two nations in addition to extending a bouquet of services like project finance, syndication, trade finance among other products to Qatari corporates."
Managing director and group executive for national banking Kumar said, "The branch will deal in local as well as foreign currencies and will offer services to business customers including HNIs." The State Bank has over 13,700 branches and 170 overseas offices spanning 34 countries.
In the late afternoon, SBI was trading at around Rs1,795.20 per share on the Bombay Stock Exchange, 1.25% up from the previous close.