The North-East will have 5,000MW of power available for consumption by 2014, Power Grid Corporation of India’s CMD SK Chaturvedi said
The North-East will have 5,000MW of power available for consumption by 2014, Power Grid Corporation of India's CMD SK Chaturvedi said.
Although known to be a potential powerhouse, the region's peak demand is now 2,100MW, but its own generation is only about 900MW.
"About 1,200MW is being transmitted to the region by Power Grid currently," Mr Chaturvedi said, adding that four key projects coming up in the region would be onstream by 2013-14.
"The 740-MW Palatana thermal project executed by ONGC in Tripura and NTPC's Bongaigaon Thermal Power Station (750MW) would be exclusively for the region. The Palatana project should be commissioned by end of this year or early next year," he said on the sidelines of the IIM Shillong convocation.
Furthermore, NEEPCO's Kameng hydroelectric project and NHPC's 2,000MW Lower Subansiri project in Arunachal project will together contribute 50% of their power output to the region.
Other smaller projects would give the region around 5,000MW of power for consumption in the next three to four years, the company's CMD said.
In view of the upcoming mega power projects, Power Grid plans to augment its evacuation capacity by putting up transmission lines worth about Rs25,000 crore in the region.
To draw power from the Lower Subansiri project, a transmission project worth Rs12,000 crore has been recently awarded and it could one of the world's biggest transmission projects, Mr Chaturvedi said.
"But the states must do their part with regards to sub-transmission. They have to strengthen their transmission lines so that power can be passed on to the consumers," he added.
On Monday, Power Grid ended 0.92% up at Rs99.05 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.68% to 18,943.14.
Reliance Infrastructure has announced a Rs1,000 crore share buy-back offer to buy 8.34% shares from public shareholders
Asserting that its shares are undervalued at current levels, Anil Ambani-led Reliance Infrastructure has announced a Rs1,000 crore share buy-back offer to buy 8.34% shares from public shareholders.
Under the offer, the company will repurchase up to 1.38 crore shares from non-promoter shareholders for a maximum price of Rs725 a piece. At the Bombay Stock Exchange (BSE), the scrip was trading at Rs664, up 2.05% from the previous close.
Commenting on the offer, a Reliance Infra spokesperson said that the buy-back for up to Rs1,000 crore through open market purchases would begin on 5th April. In a mandatory public announcement to launch the buy-back offer, the company said that the offer was approved by its board on 14th February.
"The proposed buy-back is being implemented in keeping with the company's desire to enhance overall shareholder value. It is expected to contribute to the overall enhancement of shareholder value without comprising the pursuit of high growth opportunities of the company," Reliance Infra said.
"The share buy-back is expected to reduce short-term volatility in the company's share price, deter speculative activity in the company's share price, send a strong signal to the capital markets on the perceived under-valuation of the company's share price and reiterate the confidence of management in the future growth prospects of the company," it added.
According to market experts, the proposed buy-back may have a positive impact on the company's stock price. It will also reduce the number of outstanding shares, increasing earnings per share and improve return on net worth.
As per the offer, the company would repurchase a minimum of 34.48 lakh shares and maximum of 1.38 crore shares from shareholders for a maximum price of Rs725 a piece. The company has done three buy-backs for an aggregate amount of Rs923 crore.
On Monday, Reliance Infra ended 1.76% up at Rs662.10 on the BSE, while the benchmark Sensex gained 0.68% to 18,943.14.
Union Bank of India has got the approval from the SEBI to enter the mutual fund arena. Indiabulls Mutual Fund has also got the final approval from SEBI to launch its mutual fund business
After waiting for over a year, Union Bank of India has got the approval from the market watchdog Securities and Exchange Board of India (SEBI) to enter the mutual fund arena.
Meanwhile, Indiabulls Financial Services, too, said it got the regulatory nod for launching its mutual fund company.
"We have received the licence from SEBI on 24th March. We hope to launch the business within the next two months," Union Bank chairman and managing director MV Nair said.
On the kind/number of products that the company would come out with, Mr Nair said, "We will be launching two products for sure. The details are yet to be worked."
Indiabulls Mutual Fund, sponsored by Indiabulls Financial Services, has got the final approval from SEBI to launch its mutual fund business. It plans to hit the market with its maiden offering in both equity and fixed income segment in a couple of months," it said in a release.
Way back in November 2008, Union Bank had tied up with the Belgian financial powerhouse KBC Asset Management to enter the MF business. At a time the domestic MF market was down in the dumps following the global financial meltdown that began in September 2008 with the fall of Lehman Brothers and many other Wall Street titans.
After getting shareholders' approval, the bank moved the SEBI for approval in early 2009. Announcing the tie-up, the public lender had then indicated that it was looking forward to launch the business by January 2011.