Vikram Solar to double order book to Rs1,400 crore by 2013

‘The company's current order-book for the EPC segment is about Rs600 crore to be executed by March 2013 and the overall target for FY13 in the EPC segment is Rs1,400 crore,’ Gyanesh Chaudhary, director, Vikram Solar said.

Kolkata-based Vikram Solar plans to double its order-book in engineering, procurement and construction segment of solar cells to Rs1,400 crore by March 2013, a company official said.

"The company's current order-book for the EPC segment is about Rs600 crore to be executed by March 2013 and the overall target for FY13 in the EPC segment is Rs1,400 crore," Gyanesh Chaudhary, director, Vikram Solar told PTI. Of the total targetted order-book for FY13, about 40-50% is in various stages of implementation, Chaudhary said.

Vikram Solar entered into a tie up with Spanish solar company Proener to take up EPC contracts of large solar power projects, last year. The 51:49 joint venture company named Vikram-Proener Projects will bid for EPC contracts of large solar power plants across the country and overseas. Meanwhile, the company is planning to pump in Rs100 crore for setting up a solar cell manufacturing facility at Falta, near Kolkata.

"We are looking at setting up the facility at Falta, near Kolkata for cell manufacturing," he said adding that it would invest Rs100 crore for first phase of manufacturing.

This is in attempt to expand the company's cell manufacturing capacity from the current level of 60 MW. The company has so far invested Rs110 crore for the expansion and another Rs60 crore would be invested in the next six months, he added. The firm is looking for another location outside West Bengal for solar wafer manufacturing facility.

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Core industry growth slows to 0.5% in January

For the April-January period of this fiscal, the core sector growth was lower at 4.1% compared to 5.7% in the corresponding period of 2010-11 in wake of deceleration in investment

New Delhi: In a poor performance, the eight core industries grew by 0.5% in January mainly due to lower output of crude oil, steel, natural gas and petroleum refinery products, reports PTI.

The eight core industries, which include coal, cement, fertilisers and electricity, had recorded a growth rate of 6.4% in January 2011.

During December 2011, the core sectors recorded a growth of 3.1% against 6.3% same period of the previous year.

For the April-January period of this fiscal, the growth was lower at 4.1% compared to 5.7% in the corresponding period of 2010-11 in wake of deceleration in investment.

The eight industries together contribute 37.9% in the overall Index of Industrial Production (IIP).

As per the data released by the commerce and industry ministry, crude oil production contracted by 2% in January 2012 against 10.8% in the same month last year.

Natural gas production, too, contracted by 8.9% against (-)6.3% year-on-year.

In January, the petroleum refinery output contracted to 4.6% from 8.7% and steel production declined by (-)2.9% from 8.7%.

On the other hand, coal output went up by 7.5% from (-)1.3% year-on-year.

The fertilisers segment expanded by 4% from 5.9%, cement by 10.6% from 1.8% and electricity by 2.4% from 9.7%.

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Centre asked to crack whip against erring insurance firms

A bench of the District Consumer Disputes Redressal Forum presided by NA Zaidi said private insurance companies are denying medical claims “as a matter of routine” on pretext that insured person suffered from a pre-existing disease

New Delhi: Irked by large number of denial of rightful medical claims to customers by various private insurance firms, a district consumer forum has asked the Centre to examine the issue and take action against erring firms to protect customers’ interest, reports PTI.

A bench of the District Consumer Disputes Redressal Forum presided by NA Zaidi said private insurance companies are denying medical claims “as a matter of routine” on pretext that insured person suffered from a pre-existing disease.

“We are noticing that a large number of cases are coming in the matter of medical insurance. The private insurance companies as a matter of routine are rejecting the bonafide claims of the policyholders, taking up the plea of pre-existing disease. Their main objective is to deny the benefit to the customers to which they are entitled under the policy.

“It requires consideration by the Government of India and to initiate action against the private companies in the filed of insurance business and to check them from making illegal gains by denial of bonafide payments to the customers.

“The ministries of health and finance and the Government of India are requested to take this into consideration and take suitable remedial action to protect the interest of the consumers,” the consumer forum said.

The forum passed the orders while directing Star Health and Allied Insurance Company, a Chennai-based company, to pay Rs20,000 as compensation to Prem Priyaardhan, a Delhi- resident, for subjecting him to “harassment and mental tension” by denying his bonafide right and due medical claim.

It also asked the company to pay Rs28,000, the medical expense incurred by Mr Priyaardhan on his child’s treatment.

The forum passed the judgement on Mr Priyaardhan's complaint that the insurance company had denied the claim amount for his son’s treatment on the pretext that his son was having an undisclosed pre-existing disease of tuberculosis while the medical reports indicated that the child was admitted only due to the cold and severe fever.

He said he had purchased the policy in January 2011 and the company denied the claim in April same year.

Before the forum also the company said their doctors were of the opinion that child suffered from pre-existing tuberculosis which was not disclosed at the time of purchasing the policy and hence there was no deficiency on their part.

The consumer forum, however, held “it is incumbent upon the insurance company to examine the person thoroughly when the policy is being sold.”

The forum said the doctors of insurance company normally examine the person buying the policy and those covered by that policy and there was no such report placed on record to show that there were any symptoms that the child had tuberculosis at time of the sale of the policy.

“The infection may be caught by any healthy person anywhere at any time. We are living in a society where the level of pollution is very high, causing lot of complications with the respiratory system,” the forum said.

“It cannot be ruled out that after buying the policy, child was exposed to the bacteria of tuberculosis and thereby resulting into infection caused by such bacteria,” it added.

The forum also ordered that a copy of this judgment be sent to the secretaries of the ministry of finance and the ministry of health “for necessary action at their end”.

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