Supreme Infra constructs 4-lane project in Maharashtra

Supreme Infra is proud to commence its first Toll Plaza three months ahead of the scheduled time

Supreme Infrastructure India Ltd, under its SPV-Supreme Kopargaon Ahmednagar Tollways Pvt Ltd, has commenced the Toll Plaza at Nagar Kopargaon Road at Dehri Village, Maharashtra. This is the first Toll Plaza started by the company.

Supreme Infrastructure India Ltd has completed the project for construction of 4-laning of Kopargaon-Ahmednagar Road (Sh-10) from Km 120/00 to 175/530 (Project II) in Maharashtra at an estimated project cost of Rs234 crore which has been completed three months ahead of anticipated scheduled time of completion.

The concession period of the project is till 9 May 2017 with eligible extension due to escalation of various variable factors. The road length of the project was 55 km.

In the late afternoon, Supreme Infra was trading at around Rs228.45 per share on the Bombay Stock Exchange, 3.61% up from the previous close.

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Oil ministry sitting on approvals for 8 Reliance gas finds: DGH

The DGH, while forwarding a note to the oil ministry for approval of RIL's investment plans for four satellite finds in the KG basin block, stated that Declaration of Commerciality for eight finds has been awaiting the approval of the oil ministry since November 2007

New Delhi: The oil ministry representative on the panel that oversees operations in Reliance Industries' (RIL) KG-D6 block has not approved almost half the gas finds the company has made, even though over years have elapsed since they were struck, reports PTI quoting oil regulator Directorate General of Hydrocarbons (DGH).

The DGH, forwarding a note to the ministry for approval of RIL's investment plans for four satellite finds in the Krishna-Godavari basin block, stated that a Declaration of Commerciality for eight finds has been awaiting the approval of the oil ministry since November 2007.

"Declaration of Commerciality (DoC) of eight satellite gas discoveries (D-4, D-6, D-7, D-8, D-16, D-19, D-22 and D-23) was reviewed in the Management Committee (MC) meeting on 22 November 2007," the DGH note said.

"The MC resolution (declaring the eight finds as viable for commercial production of gas) had been signed by MC nominees of the joint venture (RIL) and its minority partner (Niko Resources of Canada) and the first government nominee (DGH). Ministry of petroleum and natural gas' consent is still awaited on MC resolution," it said.

After a gas discovery is made, its potential is assessed to ascertain if it can be commercially produced. Once the DoC is approved by the MC, which oversees operations in the block, an investment plan is drawn up for bringing the gas to production.

Unless, the oil ministry grants a DoC, RIL cannot begin work on the field development plan.

RIL has so far made 18 gas finds in block KG-DWN-98/3, or KG-D6, which lies off the Andhra coast. Of these, two-Dhirubhai-1 and 3, or D1 and D3-have been put on production and nine others (D-2, D-4, D-6, D-7, D-8, D-16, D-19, D-22 and D-23) have been declared as commercially viable by DGH.

Of these nine finds, the oil ministry has sanctioned the DoC of only D-2, which was discovered in April 2002, around the same time as the landmark D-1 and D3 discoveries.

The DGH note said RIL submitted a field development plan for the nine satellite gas discoveries with an estimated capex of $5.6 billion and reserves of 1,708 billion cubic feet (BCF) in July 2008.

However, techno-economic feasibility studies carried by the DGH at the government-fixed gas price of $4.2 per mmBtu found them unviable, yielding a negative Net Present Value of $2.51 billion.

Subsequently, DGH asked RIL to optimise the plan. The firm submitted an optimised development plan for four gas fields (D-2, D-5, D-19 and D-22) in December 2009 proposing to invest $1.529 billion to produce up to 10 million standard cubic metres per day of gas in five years' time.

While D-6 was discovered in April 2003, D-19 was struck in December 2009, and D-22 in April 2005, the note said.

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L&T Mutual Fund floats L&T MIP–Wealth Builder Fund

L&T Mutual Fund new issue closes on 11th October

L&T Mutual Fund has launched L&T MIP-Wealth Builder Fund, an open ended income scheme.

The investment objective of the scheme is to generate monthly income through investments in a range of debt, equity and money market instruments. The new issue closes on 11th October. The minimum investment amount is Rs5,000.

CRISIL MIP Blended Fund Index is the benchmark index. Richa Sharma (for debt portion) and Anant Deep Katare (for equity portion) is the fund manager.

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