Companies & Sectors
Siemens to supply vacuum de-gassing plant to Jailaxmi Casting

Siemens VAI Metals Technologies would set up the de-gassing plant at Jailaxmi Casting’s facility at Aurangabad that would be able to process around 1.1 lakh tonne of liquid steel every year

Mumbai: Germany-based Siemens has received an order to supply a 35 tonne vacuum de-gassing plant to Jailaxmi Casting and Alloys at its unit in Aurangabad, reports PTI.

No financial details were provided.

The contract has been awarded to the group's subsidiary Siemens VAI Metals Technologies for setting up the plant, which is expected to be commissioned by 2012-end, a company release said.

The new de-gassing plant will be able to process around 1.1 lakh tonne of liquid steel every year, it said.

"Siemens will design and supply the entire mechanical and electrical equipment for the vacuum de-gassing plant. This includes the vacuum tank, cover structure, including a simplified lifting device for the shop crane, the gas cooler and vacuum filter. The plant will be driven by a mechanical vacuum pump," the release said.

Jailaxmi Casting and Alloys, which runs a mini mill melt shop in Aurangabad, has been producing special and alloy billets and bars for the automotive industry and the regional construction industry.

"With the new vacuum de-gassing plant, Jailaxmi Casting and Alloys will further improve the quality of its crude steel in order to continue to reliably fulfil its customers' continually rising quality requirements," it said.

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IndiaBulls Finance lends Rs450 crore to Sheth Developers

Sheth Developers said the funds from IndiaBulls would be used for completion of its Vivacity Mall in Thane and to pay off existing debt

Mumbai: In times of caution on the realty sector expressed by lenders, realty company Sheth Developers on Monday said it has received a debt funding of Rs450 crore from Indiabulls Finance for an upcoming mall, reports PTI.

The funds will be used for the completion of the mall project in the adjoining suburb of Thane and pay-off existing debt, the company said in a statement.

It said the entire space in the 1 million sq ft Vivacity Mall has been fully leased even before completion of the project and claimed that it has a waiting list of 30 brands vying to move in.

"The support extended by Indiabulls reiterates our strong business fundamentals and robustness of Vivacity's revenue model," Managing Director Ashwin Sheth was quoted as saying.

Due to stress in assets arising out of excess supply and mounting inventories, especially on the commercial side, lenders have been cautious on the sector.

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Goa to raise health insurance cover for citizens to Rs2 lakh

The Swarnajayanti Arogya Bima Yojna provides universal medical insurance to entire population from Goa

Panaji: Goa government will rework the universal medical insurance scheme covering its population by raising the ceiling of the benefit to Rs2 lakh from Rs60,000, state Health Minister Laxmikant Parsekar said on Monday, reports PTI.

Parsekar told mediapersons that ICICI Lombard, which has won the contract to implement this scheme for entire Goa population, will be approached with the reworked rates.

"If ICICI Lombard is okay with the reworked rates, then we will continue the agreement with them or else we will have to re-bid it," Parsekar said.

The scheme 'Swarnajayanti Arogya Bima Yojna' was launched by erstwhile Digambar Kamat-led government last year.

It had the provision to empanel the private hospitals where cashless health insurance to the tune of Rs60,000 per family was provided for all kind of treatments.

Parsekar said the ceiling has been raised to Rs2 lakh so that all hospitals across the state could be empanelled.

Several private practitioners had expressed their unwillingness to endorse the scheme as it had prescribed a meagre amount for various ailments.

The health minister also said since the universal medical insurance scheme is being reworked, the existing mediclaim scheme implemented by the state government would be disbanded in a phased manner.

Under the Goa government's mediclaim scheme, patients were allowed reimbursement for various health treatments, including those who were admitted outside Goa.

"We can cover those patients who exceed Rs2 lakh level under government mediclaim scheme. In a phased manner, we will discontinue the government-run-scheme, as it won't be required," the minister added.

The state government has also decided that doctors attached to the government hospitals can be paid additional remuneration depending on the cases handled by them, once universal medical insurance scheme is implemented.

"If doctors are paid well in the government set up, they will not opt for private practice," he said, adding that the private hospitals employing government doctors will also be penalised, once the universal medical insurance scheme is reworked.

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