No delay in clearing investment by Aircel-Maxis in 2006 says government

Mukherjee said it was clear that the proposal was processed in the normal course and approval granted in the normal course without any delay

New Delhi: The Indian government on Monday dismissed Opposition charges of delay in clearing investment by Aircel-Maxis in 2006 by then Finance Minister P Chidambaram declaring there was "no scope for misunderstanding and misinformation" on the issue, reports PTI.

"There is no scope for any misunderstanding and misinformation. ....in both cases there was no delay in granting the approvals," Finance Minister Pranab Mukherjee said in a statement in the Lok Sabha seeking to put a lid on the controversy.

Giving dates on which the application for investment was made and the final approval was granted, Mr Mukherjee said it was clear that the proposal was processed in the normal course and approval granted in the normal course without any delay.

His statement came three days after the issue rocked Parliament with the Opposition alleging a big scam and demanding resignation of Chidambaram for his alleged role in the Aircel-Maxis deal.

But the Home Minister had dismissed the charges saying neither he nor any member of his family was involved. Mr Chidambaram had read out a statement issued by his son Karthi "as part of my statement".

"I categorically state that neither I nor any member of my family have acquired or hold any share in any telecom company. In particular, I categorically state that neither I nor any member of my family have acquired or hold any share in either Aircel or Maxis," the Home Minister had then said.

BJP leader Yashwant Sinha had then said "prima facie, what has happened is a big scam and government should not hush it up" as the Rs4,000 crore deal has raised several serious questions, leading to a major controversy.

The Finance Minister said financial investment was made by Global Communication Services Holdings Ltd, Mauritius, to acquire 73.99% equity in Aircel Ltd. Subsequently, another application was received for downstream investment by Global Communications.

Mr Mukherjee said while the application was received on 1 September 2006, it was recommended by the FIPB at a meeting on 3rd October, its minutes drawn up on 6th October, which were approved by the Finance Minister on 12th October. A formal letter of approval was issued ten days later.

As soon as Mr Mukherjee finished his clarification, Mr Sinha stood up to demand a special discussion under Rule 193 on the matter and said he would move a notice.

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BHEL wins Rs380 crore order for gas-based plant in Rajasthan

The Rs380 crore contract received by BHEL is the expansion project of Ramgarh power plant in Jaisalmer district of Rajasthan

New Delhi: State-owned BHEL on Monday said it has won an order worth Rs380 crore from Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) for setting up a 160MW gas- based plant in Rajasthan, reports PTI.

BHEL has secured a contract for setting up a 160 MW Combined Cycle Power Plant (CCPP) in Rajasthan from RRVUNL, the company said a release.

The Rs380 crore contract is the expansion project (Stage IV) of Ramgarh power plant in Jaisalmer district of Rajasthan. BHEL's scope of work envisages design, engineering, manufacture, supply, erection and commissioning of the Main Plant and providing equipment for the Gas-based power project, it said.

The equipment for the project will be supplied by BHEL's Hyderabad, Trichy and Bangalore plants, while the company's power sector Northern Region will undertake erection and commissioning of the equipment.

Meanwhile, Industrial Systems Group (ISG), a unit of BHEL received an order worth Rs312 crore from state-run NTPC for coal handling plant package for the Meja thermal power project in Uttar Pradesh.

The order includes mechanical, civil, structural and electrics and all related auxiliary facilities.

BHEL-ISG specialises in system integration of bulk material handling like coal and ash handling systems for thermal power plants, raw material handling for industry.

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Yamaha to invest Rs1500 crore in Tamil Nadu for its 3rd plant

With the third plant production capacity of India Yamaha Motor will be increased in stages to a level of 18 lakh units annually by 2018 with an initial annual capacity of 4 lakh units achieved in 2014

New Delhi: Japanese two-wheeler giant Yamaha on Monday said it would set up third facility in India, entailing an investment of Rs1,500 crore over the next five years, reports PTI.

The company's wholly-owned subsidiary - India Yamaha Motor (IYM) - will start the production of this new plant near Chennai by 2014 with an initial annual capacity of 4 lakh units, which will be expanded to 18 lakh units by 2018.

"India Yamaha Motor signed a memorandum of understanding with the government of Tamil Nadu today approving the construction and operation of a new two-wheeler factory in the state," the company said in a statement.

The facility will be located at the industrial park in Vallam Vadagal on outskirts of Chennai and the construction is scheduled to begin in September 2012, it added.

"The forecast for the total investment in the new factory and facilities is approximately Rs 1,500 crore over the next five years," IYM said.

The company had earlier said it was scouting for land in South India, preferably with port facility, to make the country an independent export unit for selling in overseas markets, including Latin America and Africa.

As per plans, the new plant will initially employ 1,800 people and have an annual production capacity of 4 lakh units.

"Production capacity will then be increased in stages to a level of 18 lakh units annually by 2018, at which time employment is expected to reach 6,500 people," it said.

IYM has two manufacturing units at Surajpur in Uttar Pradesh and Faridabad in Haryana. While the Surajpur plant produces motorcycles for both domestic and export markets, the Faridabad unit makes two-wheeler parts.

"To keep pace with the growth in demand, plans have been implemented to boost the existing factory's annual production capacity of 6 lakh units to 10 lakh units on an investment of approximately Rs 750 crore in 2012," IYM said.

By 2018, the company will have a combined production capacity of 28 lakh units.

"We are very pleased with this development as this is in line with YMC's medium-term management plans of enhancing local production levels to meet the demand growth in emerging markets such as India and their export markets," IYM Chief Executive Officer and MD Hiroyuki Suzuki said.

The Indian two-wheeler market has witnessed robust growth in the last few years and IYM expects it to attain 2 crore units level by 2016, when the company is targeting to sell 20 lakh units and achieve 10 market share, he added.

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