Companies & Sectors
ONGC starts releasing gas For Palatana power project

The first unit of the ONGC-Tripura Power Corp's 726.6-MW gas-based power project is likely to start generation by August

Agartala: State-run ONGC on Monday said it started releasing natural gas to the ONGC-Tripura Power Corporation (OTPC) paving the way for generation of power by a 726.6-MW gas-based power project at Palatana in Gomati district, reports PTI.

The gas started flowing through a 60 km-long pipe connected to the power project at Palatana, 60 km from Agartala. The first unit of the power project was likely to start generation by August, the officials said.

The ONGC, major partner of the OTPC power project, would supply natural gas extracted from Tripura.

The sources said 2.6 million standard cubic metre of gas per day would be required when the power project would start generation in full scale.

It would take a few months more to make it fully operational, the sources said.

K Satyanarayana, ONGC manager, Tripura Asset, inaugurated the gas release programme at a Gas Gathering station GGS) at Gabardi.

The 726.6 MW gas-based power project at Palatana, one of the most prestigious ventures in the north-east, would cater to the needs of power-deficit areas of region.

The project, to be set up with an investment of Rs9,000 crore, is the highest-ever in the state of Tripura.

"The project, upon implementation, shall make the state power surplus and enable it to earn revenue by selling to other states',the sources said.

Assam, Mizoram, Meghalaya and Manipur will buy power from Palatana power plant.

Prime Minister Manmohan Singh had laid the foundation stone for the project in Agartala in 2005.

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Jain Irrigation, partners to invest Rs100 crore in NBFC venture

By March 2014, the total investment by all the shareholders in the NBFC will be Rs200 crore and out of that Jain Irrigation's contribution would be about half

New Delhi: Jain Irrigation Systems along with other partners will invest Rs100 crore to roll out a new non banking financial company (NBFC) soon for providing loans to farmers, said a PTI report quoting a top official from the company.

Last week, Jain irrigation had announced it has got RBI's permission to start a NBFC 'Sustainable Agro-commercial Finance Ltd (SAFL)'.

The company had said the new NBFC would be formed in a joint venture with promoter entities and International Finance Corporation (IFC).

"In the next few months, we will together invest Rs100 crore in SAFL for the disbursal of farmer loans," Jain Irrigation Managing Director Anil Jain told PTI.

He said by March 2014, the total investment by all the shareholders in the NBFC will be Rs200 crore and out of that Jain Irrigation's contribution would be about half.

Jain Irrigation will have up to 49% stake in the JV, he added.

When asked whether the NBFC will rope in more partners, Jain said that "discussions are on with banks including foreign banks and financial institutions".

Jain Irrigation plans to launch its NBFC post monsoon from Maharashtra where 40 offices would be opened by the end of this year. The target is to have a pan India presence in the next 3-4 years through a network of around 150 offices.

The NBFC will offer products like agri project financing, contract farming, small business loans, solar pumps and appliances financing and third party tie-ups.

The Jalgaon-based company manufactures drip and sprinkler irrigation systems, besides agro-processed products like dehydrated vegetables and fruits.

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Clearing Corp launches trade repository for OTC forex derivatives

The trade repositories will be launched in phases, starting with inter-bank forex forwards and swaps in the US dollar-rupee pair, and then go on to other areas

Mumbai: The Clearing Corp of India (CCIL) on Monday launched a trade repository for over the counter (OTC) foreign exchange derivatives, which will help bring in greater transparency, reports PTI.

Trade repositories (TR) maintain a centralised electronic database of OTC derivatives transaction data, providing a ringside view of market concentration, which helps in risk reduction.

The repository was launched in presence of RBI deputy governor Subir Gokarn at the CCIL, which facilitates clearing and settlement of transactions in g-secs, money market instruments and foreign exchange products.

CCIL said, the TR will help the RBI in effective monitoring of systemic risk as it gives clarity on trade positions, prices and transaction volumes.

It added that the establishment of the TR is in line with a commitment of the G-20 countries following the financial crisis of 2008, wherein every member country reports all OTC derivative contracts to TRs.

CCIL said the TRs will be launched in phases, starting with inter-bank forex forwards and swaps in the US dollar-rupee pair, and then go on to other areas.

"The services are being launched in phases to enable banks to ready their systems to report the data to CCIL," it said.

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