The joint venture will focus on acquisition of both domestic and global coal blocks; both companies will have equal stake in the project
The country’s largest power producer, NTPC, today said that it has formed a joint venture with State-run Coal India Ltd that will focus on acquisition of coal blocks in India and abroad, reports PTI.
The joint venture will be known as ‘CIL NTPC Urja Pvt Ltd’ and the two companies “shall contribute equally in the equity share capital of the company,” the power major said in a filing to the Bombay Stock Exchange. The JV was incorporated on 27th April, it further said.
“This company has been formed to carry on the business of acquisition, in part or full, of green-field or operational coal/lignite mine blocks in India and abroad and development of all kinds of coal/lignite mining for supply of fuels to the company, NTPC and other buyers,” the company added.
Yesterday, PSU majors Nuclear Power Corporation of India Ltd and NTPC signed a joint venture agreement to set up nuclear power projects.
The agreement envisages incorporation of a company for setting up nuclear power projects in the country. While NPCIL will have 51% equity in the new company, the remaining 49% will be held by NTPC. The JV is expected to be operational in a couple of months.
Shares of NTPC were being quoted at Rs206.05, up by 0.15% in afternoon trade on the BSE.
Though the ash cloud from Iceland grounded European airlines for a considerable period, local travel & tourism companies have yet to figure out the damage that they have suffered
The ash cloud that hovered over Europe after the eruption of the dormant volcano in Iceland seems to have cleared. But the business impact of the eruption on various domestic travel and tourism companies is still unclear.
Moneylife questioned a number of players in the travel and tourism industry on how they were impacted due to the ash fallout. Many companies refused to comment. On the other hand, the few who did comment, had contradictory views.
Karan Anand, head, (Relationships and Supplier Management), Cox & Kings India Limited, said, “We feel that the situation will become normal by the first week of May. You could expect cancellations from some corporates, but leisure continues to grow. Leisure travellers would rather reschedule their trip rather than cancel them.” When asked about the impact on Cox & Kings, Mr Anand said that their business hasn’t been affected much as there was a surge in bookings (after the travel ban was lifted). He added, “There has not been any loss. In fact, customers have rescheduled their bookings and airlines have not imposed any cancellation charge at all for such passengers.”
Ashwani Kakkar from Mercury Travels seems to see things in a different light. He said, “There has been a tremendous impact on the entire sector. If you look at the airline industry, IATA has reported a loss of $1.2 billion. Plus if you consider the widely-spread business of travel agents, tour agents and companies—or even hotels—there has been a negative impact. Our corporate customers and leisure travellers were stuck in Europe and citizens from abroad were looking for a way out in India. We were suffering some losses.”
According to Keyur Joshi, co-founder & COO of MakeMyTrip.com, a travel portal, “While the crisis was at its peak, we experienced some major changes like cancellations, and queries for alternate holidays. Airlines in Europe have suffered heavy losses due to the cancellations and alterations made by travellers to their travel plans. India thankfully was not affected just as badly.”
Travel companies state that people within the organisation were working round the clock to combat the chaos. As far as the overall impact on the industry is concerned, Mr Kakkar explained, “It is a huge industry—you cannot easily get numbers. There are as many as 40,000 agents and sub-agents in the country. It is difficult to get a survey done on the overall impact.”
Companies seem to be optimistic over the industry’s growth prospects for the near future. Caper Travels’ spokesperson Dev Prasad said, “Last year, there was a recession and companies were coping with losses. This year is extremely positive for us as business is gradually growing. But it (the volcanic eruption) didn’t affect our business in any which way.”
Mr Joshi of MakeMyTrip.com seemed confident as well.”With the economy recovering from recessionary pressure, people are taking up travel and holidaying again. May it be day trips, short weekend getaways or long holidays, people are willing to explore places, spend for the same and have a fun holiday,” he said.
About 83% of Indian companies expect a rise in revenues in the coming year, as compared to 70% globally, according to a new report
More Indian companies, as compared to their global peers, expect a rise in revenues in the coming year, a survey has said, reports PTI.
About 83% of Indian companies expect a rise in revenues in the coming year, as compared to 70% globally, the bi-annual Regus Business Tracker survey said.
Indeed, 74% of large-sized businesses compared to a 42% global average had experienced a rise in revenues, when the survey was conducted, it said.
“As a result, 20% more large businesses than the global average (70%) expect the rising revenue trend to continue in the coming year,” the survey said.
When asked about measures they believed would be most effective in aiding recovery, 40% of medium businesses (globally 19%) advocated a rise in interest rates to curb inflation.
About 39% of medium-sized businesses (37% globally) stressed on the need for public investment in infrastructure. Overall, 59% of all local companies wanted better infrastructure investment.
The survey also analysed sector differences, finding that in India, 34% more consultancy businesses than average had experienced a rise in revenues (globally 42%).