New York: Reliance Industries (RIL) chairman Mukesh Ambani has said that his group is in the process of finalising partnerships with many US universities for establishing a world-class varsity in India, reports PTI.
Billionaire Mr Ambani's wife Nita Ambani is leading the efforts for setting up a varsity which would be set up by RIL's philanthropy arm Reliance Foundation.
"My wife Nita is building a university of a world scale and world size and we are finalising broad partnerships with many of the American universities...," Mukesh Ambani said after receiving the Dwight D Eisenhower Global Award for leadership from the Business Council for International Understanding (BCIU).
"... We look forward to really equipping tomorrow's youth with the skills and the knowledge and the competencies that they would need in India in the coming decades," he said.
Nita Ambani in a lecture delivered at the London School of Economics (LSE) last month had said that Reliance Foundation had taken up the challenge of setting up a world class university in India.
LSE had also said that it would collaborate with Reliance Foundation for establishing world class universities in India.
"The (proposed) university will break new grounds in the use of technology and it will be a university that looks global with Indian soul," she has said.
Company plans to acquire manganese reserves in South Africa, but poor infrastructure could increase costs significantly, says an official
Manganese Ore India Limited's (MOIL ) plans to acquire vast reserves of manganese in South Africa could prove costly for the company as the country lacks infrastructure and logistic facilities, a senior MOIL official told Moneylife.
"We are in initial stage of talks. Out of 5,000 million tonnes of manganese reserves in the world, South Africa owns 4,000 million tonnes. However, there are problems of logistics, power and infrastructure and the country meets only 20% of the world's requirements even though it has 80% of the reserves. The proposed investments in that country could be costly for us," said the MOIL official.
The company is also eyeing manganese reserves in Turkey and Congo. However, the official refused to comment on the progress of the both countries' reserves.
"The company may also form a joint venture for the acquisitions overseas reserves," added the official.
MOIL Limited, which accounts for about 50% of the manganese production in the country, will launch its initial public offering (IPO) comprising 33,600,000 shares on 26th November. Media reports say that the company is likely to raise Rs1,500 crore through the IPO. The issue will close for institutional bidders on 30th November and on 1st December for retail investors.
The government has not disclosed the price band per share, which is likely to be announced on 22nd or 23rd November, said K J Singh, chairman and managing director, MOIL Limited.
"The government will divest 10% stake in MOIL, while the Madhya Pradesh and Maharashtra governments will sell 5% each. Maharashtra and Madhya Pradesh own 9.62% and 8.81%, respectively," Mr Singh added.
The company is setting up two ferro-alloy projects in separate joint ventures with Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) to increase the share of value-added products in the company's basket, said Mr Singh. The 50:50 joint ventures will be operational by July 2012, he added.
The joint venture with SAIL will be located at Bhillai and have capacity of 1.06 lakh tonnes with an investment of Rs400 crore, while the RINL joint venture will take about Rs200 crore investment and have capacity of 57,000 tonnes.
The company intends to increase production capacity from 1.1 million tonnes to 1.5 million tonnes as demand from steel sector, the largest consumer of manganese, is growing rapidly, said the company.
IDBI Capital, Edelweiss Capital and JP Morgan are the managers of the issue.
New Delhi: India's sugar output in the 2010-11 season is estimated at 24.5 million tonnes (MT) against the annual domestic demand of 22.5-23 MT, the government today informed Rajya Sabha, reports PTI.
"The production of sugar during current sugar season (October-September) 2010-11 is provisionally estimated at about 24.5 MT against the provisionally estimated demand of about 22.5-23 MT," minister of state for food and agriculture K V Thomas said in a written reply to Rajya Sabha.
India, the world's second largest sugar producer, had produced 19 MT in the 2009-10 season.
The government's initial estimate is 1 MT lower than the industry's forecast of 25.5 MT for the 2010-11 season.
The minister said there is no proposal to impose import duty on raw and refined sugar before 31 December 2010. Early last year, the Centre had permitted duty-free import of raw and refined sugar up to 31st December this year. India imported about 6 MT of sugar to meet the domestic demand.
On decontrol of the sugar sector, Mr Thomas said: "No decision has been taken by the central government to decontrol the present controls over the sugar sector."
The government fixes the Fair and Remunerative Price (FRP) of sugarcane every season. FRP is the minimum price that mills have to pay to cane farmers for buying their produce.
Besides, it also fixes the sugar quota to be sold every month in the open market as well as through ration shops.