Shree Ganesh Jewellery invests Rs80 crore in solar projects

The jewellery company is venturing into renewable energy market by buying majority stake in two companies engaged in solar power

Kolkata: Shree Ganesh Jewellery House Ltd (SGJHL) has invested nearly Rs80 crore in solar business by buying 55% stake each in two companies, marking its foray into renewable energy space, reports PTI.

"We have acquired 55% in Alex Astral Power Ltd which has 25-MW solar power project in Gujarat and Alex Spectrum Radiation Ltd in Rajasthan with a total investment of nearly Rs80 crore," SGJHL chairman Nilesh Parekh said here. Both companies are now its 55% subsidiaries.

Mr Parekh said several investors had shown interest in investing in the Alex Group subsidiaries, which had embarked on a massive 500 MW solar power project target in the next three years at an investment of Rs5,000 crore.

He said the total investment in the Gujarat solar project was Rs400 crore and implemented by Alex Astral Power Ltd.

"This project will generate Rs60 crore revenue and so will not require SGJHL's funding for expansion in solar projects," Parekh said.

Shree Ganesh Jewellery House Limited completed its initial public offering (IPO) in March, 2010. The company is engaged in the manufacturing of hand-crafted gold jewellery.

SGJHL was trading 1.4% higher at Rs79.15 per share on the Bombay Stock Exchange  while the benchmark Sensex was down 1.4% at 17,094.

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RBI to issue 20 and 50 rupee notes with new rupee symbol

The design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandhi Series 2005 issued earlier, except for rupee symbol

Mumbai: The Reserve Bank will soon issue Rs20 and Rs50 notes with the rupee symbol, reports PTI.

“The Reserve Bank of India will shortly issue of Rs20 and Rs50 denomination Banknotes without inset letter and with (Rupee) symbol...bearing the signature of D Subbarao, Governor, RBI,” the central bank said in a statement.

The design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandhi Series 2005 issued earlier, except for rupee symbol, RBI added.

The Indian rupee got a unique symbol -- a blend of the Devanagri 'Ra' and Roman 'R' -- in 2010, joining currencies like the US dollar, euro, British pound and Japanese yen in having a distinct identity.

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MRPL shuts down two-third of refinery due to water shortage

Operations at the Mangalore refinery would be impacted till arrival of monsoon rains

New Delhi: Mangalore Refinery and Petrochemicals Ltd (MRPL) said it has shut down two-third of its 15 million tonne refinery in Karnataka due to shortage of water, reports PTI.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), in a regulatory filing said operations at Mangalore refinery would be impacted till arrival of monsoon rains makes up for stoppage of water supply to the plant from the nearby Nethravathi river.

“The refinery was receiving around 5.5 million gallons a day (mgd) water from Nethravathi river. Water availability in the Nethravathi river and its downstream dams started depleting from the end of March. As a result the district authorities enforced reduction of water supply to MRPL to one-third level and finally on 11 April 2012, completely stopped the intake of water from the Nethravathi river,” the company said.

MRPL has three crude units -- Phase I of 4.68 million tons, Phase II of 7.14 million tons and Phase III of 3 million tons -- and supplies oil products in southern states. The shutdown would lead to shortage of supply of products to MRPL fed locations. MRPL said it had reserve water to meet just one-and-a- half days of full load operation of the refinery.

“In order to overcome the situation and pulling on the resources for next couple of days till rainfall starts, it has been decided to shut down the Phase-I and Phase-II units with immediate effect,” it said adding the company continues to watch the situation and would initiate necessary action as deemed fit from time to time.

“There will be shortage of supply of products to MRPL fed locations,” it said.

Further, MRPL may have to incur additional demurrage on account of delay in unloading crudes because of ullage problem and loading of products.

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