Two Indian Navy patrol boats catch fire in dockyard, sink
Two Indian Navy security patrol boats caught fire in the Naval Dockyard here early on Tuesday and sank in the harbour waters, official sources said.
The blaze was reported around 1.30 a.m. on one of the two boats anchored beside each other. The fire quickly spread to the second boat, apparently owing to the strong wind.
Even as naval and dockyard firemen battled the blaze to save the vessels, the boats sustained huge damage and heavy ingress of water.
By around 8 a.m. when the conflagration was controlled, the two boats -- both made of fibre-glass -- had sunk in the shallow harbour waters.
There were no human casualties in the incident. A Board of Inquiry has been ordered.
Efforts are underway to salvage the two boats -- the make and type of which has not been disclosed yet -- and after examining them, a decision would be taken whether they are still service-worthy.
An official assured that barring the two boats which were used for security patrols in the high seas, there was no damage to any other defence assets.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.



Emerging markets, including India, will drive innovation in payments industry: PwC
The payments landscape in emerging markets, including India, is expected to transform in the wake of accelerating growth in electronic payments with advent of new and disruptive market players and alternative business models, a PwC report said.
"The growth of economic power within the emerging markets and their potential to leapfrog developments in mature markets will aid the creation of a state-of-the-art payments ecosystem,” multinational accounting firm PricewaterhouseCoopers said in its report. 
'Emerging Markets - Driving the Payments Transformation' examines the dynamic nature of emerging markets, especially payments, which creates challenges that have never confronted the developed world, but also opens up opportunities for innovation and growth.
"Given the underlying infrastructural issues in emerging markets, there needs to be a focus on developing the infrastructure both for issuing and acceptance of payments products and instruments. Alternate payment instruments and modes like mobile wallets, virtual cards and accounts, social media and contactless payments are gaining traction for specific use cases, especially the unbanked customer base, driven by technology, customer needs and declining margin,” said Vivek Belgavi, FinTech Leader, PwC India.
In India, the new payments banks (who cannot lend but can borrow up to a limit) are expected to start operations in 2016. Since their focus will be solely on transactions, they will look at providing seamless transaction options for payments of utility bills, mobile bills, and school or college fees, either electronically or through the banking touch points they create. 
At the core of this change will be technology, which in addition to maintaining current standards of reliability, is expected to also reduce transaction times, improve security, increase acceptance channels (especially physical), and - in the case of merchants - lower transaction costs, it said.
"Given the large unbanked population and the growing regulatory agenda to engage these people into the financial system, emerging markets are in a unique position to drive growth in the payments industry," said Hugh Harley, financial services leader for emerging markets, PwC.
The report said that the payments ecosystem will also be redefined by regulatory interventions, to balance the disruption of alternative payment service providers with the reliability of traditional players. 
Noting 85 per cent of the global population resides in emerging markets, it said that customer expectations are driving the change in payments industry in these markets. 
"Nearly 90 per cent of people under 30, which account for 75 per cent of the online transactions, reside within the emerging markets. This is favouring the growth of online transactions, which is in turn curtailing the black economy and stimulating economic growth."
It said though literacy rates and urbanisation are on the rise, access to basic financial services poses a major challenge in these emerging markets, and in response, there has been a rapid expansion of new economically viable technologies and innovations like e-banking and mobile money. 
With regulators in emerging markets realising the huge costs, risks and inefficiencies associated with cash transactions and recognising importance of electronic payment methods in promoting access to formal credit and savings instruments, drastic measures like introducing differentiated banking licenses, tax benefits on electronic payments, awareness campaigns are being taken to build a sustainable electronic payments ecosystem, it said. Many governments have opened their markets to non-bank players aimed at furthering financial inclusion, it added.
With the proliferation of smartphones and tablets, which are serving as a convenient, cash free and card-free financial transaction medium, emerging markets are driving the growth in e-commerce spending, and there is a rapid development of new payment concepts based on mobile infrastructure initiated by the online retailers. 
“Banking on high customer adoption of these models, this has the potential to displace traditional cash with other electronic modes of payments,” it said.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.



Jaiprakash Power sells its Bina unit to JSW Energy at 22% discount
Sajjan Jindal-promoted JSW Energy has agreed to acquire 100% stake in the debt laden Jaiprakash Power Venture’s 500MW Bina Thermal Power plant (2x250 MW) based at Sagar in Madhya Pradesh. The deal is expected to be finalised by May 2017, which may get extended subject to delay in getting regulatory approvals.
The project cost of the Bina power plant is about Rs3,470 crore. However, JSW Energy has managed to acquire it at around 22% discount. "While the relevant issues related to offtake and declining merchant prices still exists, we believe that JSW Energy’s acquisition cost at a steep discount, at Rs2,700 crore against  project cost of Rs3,470 crore, could provide high returns in case of improved plant load factor (PLF) going ahead," says Emkay Global Financial Services Ltd in a report.
The project has 70% power purchase agreement (PPA) with Madhya Pradesh Discom (65% at regulated basis and 5% at variable cost). Balance 30% is exposed to merchant market. The fixed cost for the project comes to about Rs2.34 per unit. As per the PPA terms, the project is entitled to recover the fixed cost on the availability of 80%.
According to Emkay report, the project historically has been operating at subdued PLF of about 35%-50% over FY14-FY16 and during first quarter of 1FY17 the PLF was around 6%. The subdued performance was primarily due to back down by state discoms. This has impacted the project profitability.
JSW Energy plans to fund the acquisition through 75:25 debt to equity (D/E) ratio. "Thus, assuming 80% PAF and Nil merchant sales, the return on equity (RoE) for the entire project works out to be 16.7% and any merchant realisation above variable cost will lead to incremental RoE," the research note says.
Emkay finds the deal positive for JSW Energy, however, it says till the finalisation of appointed date, the impact of the deal cannot be factored in to its financials at present. "The fixed cost of Bina Project for JSW Energy will be significantly lower than the normative fixed cost for tariff calculation and ex RoE, due to its lower acquisition cost and debt restructuring. Calculation of variable cost is not relevant due to the PLF as which the plant operates," it concluded.
Earlier in November 2014, JSW Energy acquired two hydropower plants, the 300 MW Baspa-II and the 1,091 MW Karcham Wangtoo projects, both in Himachal Pradesh for Rs9,700 crore from Jaiprakash Power Ventures.



Dr Anantha K Ramdas

3 months ago

Sajjan Jindal first of all needs to reward the share holders of Jindal steel and Power Ltd which has a huge cash reserve; except for regular dividends, can he or Sesha Giri Rao say how they (jspl) has rewarded the shareholders in the last ten years?


Nimish Unadkat

In Reply to Dr Anantha K Ramdas 3 months ago

JSPL is controlled by Navin Jindal and not Sajjan Jindal. JSW Steel is controlled by Sajjan Jindal

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