Navy inducts stealth destroyer INS Kochi

Kochi, Sep 18 (ANI): The Indian Navy today inducted a stealth destroyer of Kolkata class, INS Kochi, to boost its maritime capabilities and safeguard India’s interests.

Madhulika Verma wife of Chief of the Naval Staff, Admiral Nirmal Verma, named the second of the three Project 15-A stealth destroyers on September 18.

Mazagon Docks Ltd in Mumbai built the 6500-ton ship, named INS Kochi.

The ship has advanced stealth features, which make it less vulnerable to detection by enemy radar and will be fitted with state-of-the-art weapon systems which include the supersonic BrahMos surface-to-surface missile, the LRSAM Long Range Surface-to-Air Missiles and the MFStar multi-function radar system providing accurate data on surface and air targets.

In addition, four AK-630 rapid-fire guns and a medium range gun will boost the ship’s close-range defence capability.

The ships will also be fitted with indigenously developed twin-tube torpedo launchers and anti-submarine rocket launchers.

The NPOL developed Humsa-NG hull-mounted sonar, and two multi-role helicopters adding punch to the ship’s anti-submarine capability. The maximum speed of the ship is above 30 Knots.

The destroyer will be launched using the pontoon-assisted launch technique, to be employed for the first time in the history of indigenous warship building.

This technique helps in overcoming slipway/ draft constraints and permits launching of heavier vessels. (ANI)

Navy to induct stealth destroyer INS Kochi on Sep.18

New Delhi, Sep 16 (ANI): The Indian Navy will induct a stealth destroyer of Delhi class on September 18 to boost its maritime capabilities and safeguard India’s interests.

Madhulika Verma wife of Chief of the Naval Staff, Admiral Nirmal Verma, will launch the second of the three Project 15-A stealth destroyers on September 18.

The 6500-ton ship, to be named INS Kochi, is being built by Mazagon Docks Ltd in Mumbai. The Directorate of Naval Design has designed the destroyer indigenously. The existing Delhi Class destroyers are INS Delhi, INS Mysore and INS Mumbai.

The ship has advanced stealth features, which make it less vulnerable to detection by enemy radar and will be fitted with state-of-the-art weapon systems which include the supersonic BrahMos surface-to-surface missile, the LRSAM Long Range Surface-to-Air Missiles and the MFStar multi-function radar system providing accurate data on surface and air targets.

In addition, four AK-630 rapid-fire guns and a medium range gun will boost the ship’s close-range defence capability.

The ships will also be fitted with indigenously developed twin-tube torpedo launchers and anti-submarine rocket launchers.

The NPOL developed Humsa-NG hull-mounted sonar, and two multi-role helicopters adding punch to the ship’s anti-submarine capability. The maximum speed of the ship is above 30 Knots.

The destroyer will be launched using the pontoon-assisted launch technique, to be employed for the first time in the history of indigenous warship building.

This technique helps in overcoming slipway/ draft constraints and permits launching of heavier vessels. (ANI)

SunTec, Seachange partnership offers integrated IPTV billing solution

Amsterdam (Netherlands)/ Trivandrum (Kerala), Sep 14 (ANI/Business Wire India): SunTec, the leading provider of convergent transaction pricing and billing solutions for the Communication, Media and Entertainment industry, has partnered with video-on-demand, IPTV and advertising software and systems leader SeaChange International to offer television service providers globally automated provisioning of IPTV consumers and accounts in ‘near real time’, while supporting complex revenue sharing business rules.

The SunTec and SeaChange partnership has already resulted in the integration of SunTec’s convergent billing solution, TBMS-T, with SeaChange’s TV Navigator IPTV middleware for the Smart Digivision’s MyWay (http://www.myway.in) IPTV service. Available in 54 cities across India on Bharat Sanchar Nigam Ltd. (http://www.bsnl.co.in) (BSNL) and Mahanagar Telephone Nigam Ltd. (http://www.mtnl.net.in) (MTNL) broadband networks, MyWay is expected to reach three million subscribers in the first five years.

“Integrating SunTec’s convergent billing system with SeaChange’s middleware opens a compelling opportunity to the IPTV Service Provider to roll out innovative services and programs for its consumers. SunTec is happy to have a strategic association with SeaChange and I see this partnership complement both the companies’ growth in the emerging IPTV markets,” said Rajesh BL Narashimha, Vice-President and Sales Head APAC and MEA, SunTec.

SunTec’s convergent billing solution, TBMS-T interfaces in near real time with SeaChange’s, TV Navigator middleware, electronic program guide, video-on-demand systems and set top box applications. The flexibility of TBMS-T, coupled with SeaChange’s open middleware, allows the service provider to design innovative services and pack programs/content to attract more usage and consumers. In addition to this, SunTec’s TBMS-T supports the service provider with complex revenue sharing business rules and settlement with IPTV service carriers and content providers/aggregators.

“IPTV operators require open solutions that allow flexibility to choose best of breed vendors and components,” said, Lincoln Owens, Director Broadband Sales, APAC, SeaChange International. Our TV Navigator middleware is rooted in this open approach, which has given way to beneficial alliances across markets. Our tie-up with SunTec has helped create one of the most promising IPTV efforts in Asia and we anticipate further success.” (ANI)

Guns n’ Roses ‘coming to Osaka, Tokyo in Dec’

Washington, Sept 11 (ANI): Guns n’ Roses’ far east tour will also see the band perform at Japanese cities of Osaka and Tokyo in December this year, it has emerged.

Taiwanese concert promoter Brokers Brothers Herald Ltd is advertising both the shows on the Internet, reports Contactmusic.xl Rose and his team are believed to have given a nod for performing at Osaka Dome on December 16 and the Tokyo dome on December 19.

Taiwanese rock fans may also get to swing with the GNR metal if the speculations of a gig in Taipei come true. (ANI)

Biocon limited, Amylin pharmaceuticals enter global development agreement

Bangalore/ California Sep 11(ANI/Business Wire India): Biocon, Limited (NSE: BIOCON) and Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) announced today that they have entered into an exclusive agreement to jointly develop, commercialize and manufacture a novel peptide therapeutic for the potential treatment of diabetes.

Amylin and Biocon will collaborate to develop the therapeutic potential of the compound and share development costs. Research will center on Amylin’s “phybrid” technology. A phybrid is a peptide hybrid molecule that combines the pharmacological effects of two peptide hormones into a single molecular entity.

Under the terms of the Development and Commercialization Agreement, Amylin will provide expertise in peptide hormone development, particularly in the area of phybrid technology, as well as metabolic disease therapeutics. Biocon will utilize its expertise in recombinant microbial expression to manufacture the compound and also leverage its experience in pre-clinical and clinical development of diabetes products.

“This agreement fully leverages the synergistic capabilities of the two companies,” said Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, Ltd. “Amylin’s knowledge of peptide therapeutics and their leadership in the diabetes market, paired with Biocon’s capabilities in process development, manufacturing and clinical development, provides this global program with the potential to effectively bring a novel therapy to patients living with diabetes.”

“This program could unleash the potential of cutting-edge peptide science to transform the lives of patients with diabetes,” said Daniel M. Bradbury, President and Chief Executive Officer, Amylin Pharmaceuticals. “We are pleased to work with Biocon, a biologics innovator and world-class manufacturing expert, and look forward to collaborating with them on this exciting program.”

Amylin Pharmaceuticals is a biopharmaceutical company committed to improving lives through the discovery, development and commercialization of innovative medicines. (ANI)

Cooperative factories must help in ensuring sugar availability: Pawar

New Delhi, Sep 10(ANI): Agriculture Minister Sharad Pawar on Thursday urged cooperative sugar factories to play a more pro-active role and shoulder the responsibility of importing more raw sugar, not only for better utilization of their processing capacity, but also to fulfill their obligation of providing adequate and affordable sugar to the nation.

Addressing the 50th Annual Meeting of the General Body of National Federation of Cooperative Sugar Factories Ltd. here, Pawar said the government has already taken steps to assist sugar factories to further help sugarcane farmers to improve productivity as well as sucrose content in sugarcane by way of soft loans at four per cent per annum from SDF.

Pawar said that in view of the significant drop in sugarcane production, there isn’t for increasing sugarcane producing area immediately. The Central Government has also decided to give a one time short term loan assistance from SDF at four per cent per annum for the purchase of inputs like seed, fertilizers and pesticides.

“The loan given to the sugar factories has to be passed on to the farmers at not more than four per cent interest in cash or kind, before March 31, 2010,” Pawar added.

Pawar also requested the delegates to assess their individual capability and capacity to pay during 2009-10 sugar season and give remunerative price to the farmers, keeping in view the long term requirement of sugarcane.

This will encourage them to increase acreage under sugarcane as well as invest more in the sugarcane crop by way of inputs like fertilizers and pesticides, he added.

Pawar further requested the sugar factories to utilize modernization and expansion loans before investing in projects for utilizing the by-products.

The minister also talked about two important aspects -increased availability of sugarcane by way of improvement in productivity as well as recovery of sugar and controlling the cyclical nature of the sugarcane and sugar economy- which need to be addressed not only by the Government, but also by the sugar factories as well as the sugarcane farmers.

Stating that the country is reeling under pressure of high sugar prices along with lack of availability of sugar, not only in the domestic market, but also in the international market, Pawar discussed some unprecedented steps taken by the Government to supplement the domestic production of sugar and also ensure availability of sugar to the more vulnerable sections of the society.

He expressed hope that these steps would not only increase availability of sugar in the market within September, 2009, especially during the festival season, but also have a positive impact in controlling the sugar prices. (ANI)

Pilots of AI flight 829 de-rostered

Mumbai, Sep 5(ANI): The pilots of the Riyadh bound Air India flight (AI-829) whose engine caught fire in the Mumbai International Airport have been de-rostered on Saturday.

According to reports, Director General of Directorate General of Civil Aviation (DGCA), Nazeem Zaldi, has confirmed that the pilots have been de-rostered.

Meanwhile, it has also been reported that preliminary reports of the four-member in-house committee, which has been set up to probe the incident, suggest that there have been lapses on part of the pilots.

Nearly 200 passengers were onboard the flight, when the aircraft’s left engine caught fire while taking off.

Many passengers who had suffered bruises and cuts while sliding down from the chutes, who were immediately taken to the Mumbai International Airport Pvt Ltd (MIAL) casualty centre and given first aid. (ANI)

Four-member team set up to probe Air India fire incident

Mumbai, Sep 5 (ANI): A four-member in-house committee has been set up to probe the Air India fire incident that took place at Mumbai International Airport on Friday.

Nearly 200 passengers were onboard on Riyadh bound Air India flight (AI-829) while the aircraft’s left engine caught fire while taking off.

Many passengers suffered bruises and cuts while sliding down from the chutes but were taken to the Mumbai International Airport Pvt Ltd (MIAL) casualty centre and given first aid.

Ruling out the possibility of a technical snag leading to the grounding of the aircraft at Mumbai Airport, aviation experts said the fuel leaked onto the heated engines of the aircraft and that had caused the fire.

They said that timely information provided by a passenger led the crew to stop the flight from taxing off the runway for Saudi Arabian capital Riyadh.

Flight 829 was immediately grounded when sparks were detected flying out of one of the engines.

The 213 passengers onboard were evacuated by slides to safety. Four fire engines were rushed to the spot, as also other equipment and personnel. (ANI)

Abilities India Pistons and Rings Ltd. awarded two gold trophies in ACMA awards

New Delhi, Sep 3 (ANI/Business Wire India): Abilities India Pistons and Rings Ltd. expert in manufacturing of Pistons and Piston Rings for 2 and4 stroke engines, for automobiles (mainly two / three wheelers) has won two Gold trophies, for excellence in Exports as well as in productivity and quality, in the golden Jubilee ceremony of ACMA awards (2008 – 2009).

Abilities India Pistons and Rings Ltd. is the largest manufacturer in India of two stroke pistons kits and is supplying it to USA, Europe and more than 35 countries through out the world.

Speaking on the occasion, Sunil Arora, Joint MD, AIP, stated that, “The real growth is going to start now. The market is ripe for the OEMs and there is tremendous scope to grow. With optimum capex and engineering excellence the company is gearing for the challenge. It was also a part of the ACMA Advance cluster which gave it the impetus to continuously strive for excellence.”

AIP is working as a leader for the manufacture of Pistons and Rings for automobiles (mainly two / three wheelers), chain saws, brush cutters, agriculture sprayers and compressors. AIP is a major OEM supplier for many reputed vehicle and engine manufactures of the country and overseas. AIP has to its credits the development of nearly 200 models of pistons for Chain Saws / Brush Cutters, which places it in a unique position to be a global supplier of Pistons to the OEM and after-markets as the necessary infrastructure for these models is readily available.

Abilities India Pistons and Rings Ltd. was established in the 1966 by R.S. Arora and converted into a limited company in 1995; the company has gone from strength to strength, overcoming many challenges on the way with great aplomb. It is an ISO/TS16949:2002 certified company, recognized EXPORT HOUSE as well as recipient of several AWARDS from EEPC and ACMA for excellence in Exports and Quality and Productivity.

Always keeping its employees first and firmly believing that the company’s success lies in its efficient and happy employees, the company continuously evolves practices that will ensure Total Employee Involvement. Stress is given to ‘all round improvement’ by making 5S, Poka Yoke, Kaizen, Deskilling and Talent development a part of its daily activities. (ANI)

New sugar season to begin with much lower stocks: Pawar

New Delhi, Sep. 1 (ANI): Union Agriculture Minister Sharad Pawar on Tuesday said that the new sugar season will begin with much lower stocks, as the production will be hit by lower sugar recovery from cane after the failure of monsoon rains.

“The production of sugar in India during year 2008 and 2009 sugar season has not been adequate to meet the domestic demand of the country. We started with very comfortable opening balance that was around 10 million tonnes of sugar on 1st October 2008. However we expect sugar production during 2009 and 2010 definitely less…somewhat 8-22 billion tonnes,” Pawar told reporters.

Recently, the head of the National Federation of Cooperative Sugar Factories Ltd, J.B. Patel had said India’s opening stocks would be at 2.7 million tonnes, down three quarters from 10 million tonnes on October 1, 2008.

India’s dwindling stocks and rising demand have helped raw sugar futures surge to the highest in nearly three decades on prospects of large purchases by the world’s top sugar consumer.

Weak monsoon rains have further raised supply concerns in India.

Many Indian farmers abandoned cane cultivation last year as they found wheat more attractive after the government raised the purchase price for the grain handsomely.

India had exported five million tonnes of sugar last year, but it swiftly turned into a large importer to counter low supply and rising prices.

Sugar industry officials say the government should lift controls on the sugar sector to correct the demand-supply mismatch. (ANI)

RIL’s Jamnagar refinery to get CISF security cover

New Delhi, Aug 30 (ANI): Mukesh Ambani led Reliance Industries Ltd (RIL) has decided to get the security cover from the Central Industrial Security Force (CISF) for its Jamnagar refinery in Gujarat.

RIL’s Jamnagar refinery, is world’s biggest Greenfield refinery

According to sources, the RIL has conveyed its decision to the Union Home Ministry that they are now keen to take the CISF security cover. The CISF personnel are likely to be deployed in Jamnagar by September.

Though the Home Ministry has cleared the request of the RIL a couple of months ago, but the RIL has sought time to reconsider its decision, sources added.

The RIL is the second private company to get protection from the CISF after the Central Government’s announcement that the central police forces would be available for guarding private installations.

The software major Infosys is the first private company to have a security cover from CISF. The central police force is giving the protection to Infosys head office in Bangalore since July.

The officials of the CISF carried out exhaustive survey of the refinery and decided to provide 100 personnel for it. Besides guarding, the CISF is likely to assist RIL in training the company’s security personnel, sources said. (ANI)

Narus continues to build leadership position in India

Bangalore, Aug 26 (ANI/Business Wire India): Narus, the global leader in real-time traffic intelligence for the protection and management of large IP networks, has continued its strong momentum in India this year.

An expanded office with new hires, new partnerships, customer implementations and the INFOCOM CMAI National Telecom Award have already characterized 2009 as a banner year for Narus in India.

With two quarters left in the year and the company moving full-steam ahead, Narus is poised to continue its 200 percent plus revenue growth well into 2010.

Narus’ India operation has seen a 50 percent increase in staff, and the company plans another 30 percent increase in headcount in the coming year to keep up with its growing backlog of business in this region.

With an eye cast toward 2010, Narus will hold a job fair in Bangalore on September 5 and 6, 2009.

Positions available include GUI development engineers, network development engineers, software design engineers, and quality assurance engineers and managers.

In late 2008, Narus announced the opening of its New Delhi office and the appointment of two key members to its Indian executive team. Avinash Agrawal was appointed to lead Narus’ India operation as managing director, and DLN Shastri was appointed vice president of sales and business development.

Agrawal and Shastri bring a combined 50 years of experience to the company. The New Delhi office is Narus’ Asia Pacific regional headquarters, with sales, support and professional services represented.

Yogi Mistry, senior vice president, Narus, said, “Since the opening of our first office in India, Narus has committed to an investment in India by providing jobs in our engineering, support and sales organizations. Narus’ continued growth in the region ensures additional opportunities for our employees to work on cutting-edge technologies with leading partners and luminary customers.”

Narus continued its 2009 momentum with recognition for excellence in R andD in security services for the telecom industry with an INFOCOM CMAI National Telecom Award. his prestigious award salutes industry leaders that contribute to the growth of the telecom industry in India with groundbreaking services and solutions.

The Indian telecommunications industry is continuing to enjoy tremendous growth and is consequently providing great opportunities for sales and business development.

In May, Narus formed a strategic partnership with HCL Infosystems, Ltd., India’s premier information-enabling ICT system integration company, to assist the Indian government in the protection of its people and infrastructure.

Narus also implemented systems at India’s foremost integrated telecom service providers like Reliance, Sify, and Cable and Wireless. Narus is also proud to have implemented NarusInsight in the world’s third-largest telecommunications carrier as they launch their service offerings in India this year. (ANI)

Pressmart Indonesia Print Media Awards launched

Indonesia, Aug 24 (ANI/Business Wire India): Pressmart Media Ltd, (www.pressmart.com), a global leader in the digital publishing and delivery solutions, today announced the launch of “Pressmart-Indonesia Print Media Awards (IPMA)” in a bid to recognize the best publishing houses in Indonesia over the calendar year 2009, just after associating with the magazine publishers in Singapore, for its awards as the lead sponsor.

IPMA will be conferred annually starting February, 2010, is the exciting new competition created to promote magazines, tabloids and newspapers – both in print and digital and also encourage the publishing industry in Indonesia.

The Indonesian leading newspaper publisher’s association, Serikat Penerbit Suratkabar (SPS) Pusat will host the Pressmart-Indonesia Print Media Awards.

The nominations are open to the registered members of the SPS and all other publications in Indonesia. IPMA finalist entries will be put in front of jury members led by Pressmart, SPS and highly reputed industry experts from India, Indonesia, Malaysia, and Singapore.

SPS Chairman, Dahlan Iskan said: “The Pressmart-Indonesia Print Media Awards are unique in recognizing excellence, innovation and outstanding creative output throughout the print media supply chain. These awards will set new benchmarks, bring new insights and most importantly be an ideal learning opportunity for publishing houses to succeed in today’s uncertain economy.”

“We are delighted to launch the first of its kind publishing awards in Indonesia,” said Sanjiv Gupta, Chairman and CEO of Pressmart.

“Most importantly, we want to recognize all of these inspirational print media houses and encourage the publishing industry in Indonesia for the amazing work that they do,” added Gupta. (ANI)

Mint launches Chennai edition

New Delhi, July 13 (ANI/Business Wire India): Mint, HT Media Ltd’s business daily in an exclusive content partnership with The Wall Street Journal, is now national.

With the launch of the Chennai edition on July 13, Mint now has a national footprint that includes New Delhi, Mumbai, Bangalore, Kolkata, Chandigarh and Pune.

With an introductory price of Rs 3.50, Mint will now provide discerning readers in Chennai the same Clarity that the rest of the country has so overwhelmingly embraced.

Available six days a week, the daily brings with it an exhaustive suite of offerings – markets watch, campaign and the weekend magazine, lounge.

With its accent on clarity in reporting, stand-out design and printing, and the exclusive WSJ section, Mint is the choice of senior decision makers across industry and government.

There is no better proof of this than the fact that four out of five Mint readers do not read another business paper.

The launch excitement will culminate on August 12 with a high-profile clarity through debate event that will focus on the key issue of financial inclusion.

With panelists that include policy makers and business leaders from both the public and private sectors, the event will underscore Mint’s commitment to bringing clarity in business to issues that matter.

Mint was created to address the growing reader demand for Clarity in Business. ajiv Verma, CEO, HTML, said, “Mint’s spectacular readership numbers have validated our belief that there is a market for unbiased, jargon-free reporting and analysis in the business news domain, across format”.

In just over two years, Mint now has a readership of 200,000 every day. With a readership of 175,000 in the Delhi and Mumbai editions (IRS 09), and a circulation of 25,000 plus in the other cities, Mint is a strong and growing No. 2 player in the category.

Livemint.com makes available Mint content to audiences globally, apart from hosting rich content and platforms for its 1 million-plus Web audience.

The one-third share of readers in the cities that matter makes Mint a critical choice of advertisers for reaching decision makers.

Its clean design and printing quality, contextual content environment, an array of innovative advertising options and events, and an unduplicated, high-profile reader base make Mint the choice of premium advertisers.

The addition of Chennai gives advertisers yet another reason to partner Mint. (ANI)

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IndiaMART.com registers 40 percent growth in recession time

New Delhi, July 9 (ANI/Business Wire India): IndiaMART.com registered an impressive growth of 40 per cent in revenues for 2008-2009 despite an economic downturn. he growth in revenues has also been backed by a robust 52 per cent growth in supplier registrations.

“Our numbers speak for themselves, While the whole world is busy hiding behind words like recession and economic downturn to conceal their poor performance, our teams have strived hard to keep the winning streak going,” said a beaming Dinesh Agarwal, CEO and Founder of IndiaMART.com.

Agarwal feels the steep rise in registrations is clearly indicative of recessionary pressure on entrepreneurs to make do with show string marketing budgets, which naturally pushes them to seek online marketing as the most credible and effective option. As the market leader, IndiaMART is always keen to take on path breaking initiatives to sensitize SMEs about online marketing and adoption of technology through events, trade shows and conferences.

IndiaMART.com has been ranked India’s No. 1 online B2B marketplace by the Internet and Mobile Association of India (IAMAI) in its recent study done on Information, Communication and Technology (ICT) usage among Micro, Small and Medium Enterprises (MSMEs).

The independent market research, with special focus on online B2B marketplaces, accords over 85 per cent preference for IndiaMART among B2B suppliers who go online, and who were interviewed by IAMAI. The study also states a 60 per cent market share for IndiaMART.com in India.

IndiaMART.com received its first round of private equity investment from Intel Capital earlier this year. Bennet Coleman and Co Ltd, publishers of The Times of India and The Economic Times, also have a stake in IndiaMART as a private treaty partner. (ANI)

Pitroda, Murthy and S Ramadorai considered for Air India’s top management spots

New Delhi, July 8 (ANI): The Civil Aviation Ministry is reportedly considering the names of Sam Pitroda, Narayana Murthy and S Ramadorai, who are top entrepreneurs and technocrats, for reviving Air India in order to bring high quality people of great integrity and proven track record in business.

These names would be considered as part of Civil Aviation Minister Praful Patel’s plans of a major revamp of the national carrier’s top management, which would be carried out in next 30 days in a bid to turn around cash-strapped Air India in the next two years.

“Our minister has already initiated the process. These names will be finalised soon,” a news channel quoted a top official said.

Sam Pitroda is an inventor, entrepreneur and policymaker. Currently chairman of National Knowledge Commission, he is also widely considered to have been responsible for India’s communications revolution.

While, Narayana Murthy is an industrialist, software engineer and one of the seven founders of Infosys Technologies, a global consulting and IT services company based in India and Subramaniam Ramadorai is the CEO and Managing Director of Tata Consultancy Services Ltd, a major IT company in the country.

“Ramadorai’s name has already been cleared for the role of functional director. Talks are on with the others as well. As many as seven new directors may be inducted as per plans,” the source added.

According to sources, the entire top management of Air India, which is under a loan liability of Rs 15,000 crore, would be recast in the next 30 days. Several old time directors might be asked to leave and a Professional Chief Operating Officer will be appointed under the Chairman and Managing Director. (ANI)

Prakash Industries to raise 100 million dollars through FCCB issue

New Delhi, July 8 (ANI/Business Wire India): Prakash Industries Ltd (PIL), a business house with interests in steel and power, is in the process to raise around 100 million dollars through an FCCB issue.

The funds to be raised would be utilized to put up 625 MW thermal power plant at Champa, Chhattisgarh.

The plant will be ready by 2013 and would come at a cost of close to Rs.2500 Crores.

The proposed captive power plant will enable Prakash to secure its own long-term power needs while the surplus power will be sold through open access on spot prices. The company has been allotted Fatehpur coal block in Chhattisgarh for power expansion projects.

Prakash Industries Ltd (PIL) is a three decade old company focused in steel, power and mining. The company has one of the largest integrated steel plant (set up in technical collaboration with Lurgi Germany) through coal based sponge iron route in Chhattisgarh with state of the art technology equipments. Prakash Industries has planned to double its steel making capacity in the coming years.

Company is presently operating 100 MW captive power plant using Waste hot gases from the sponge iron kilns and coal based boilers. Company is the first in the country to set up Waste Heat Recovery Boiler (WHRB) with DRI kilns.

PIL is one of the largest player in the private sector in finished steel segment. The company is into manufacturing of high value added products like Wire Rod and Structurals. The company is also in the process to start manufacturing of TMT bars by October’ 2009.

Company has also planned backward integration to fulfill the raw material requirement for its operations. It is operating a captive coal mine at Chotia in Chhattisgarh to fulfill coal requirements of the DRI Kilns and has also been allotted coal block at Madanpur in Chhattisgarh for expansion requirements. Company has also been allotted Iron Ore Mines which are expected to be operational during this year.

The company has closed the year 2008-09 with a turnover of Rs.1710 Crores, PAT of Rs.204 Crores and an EBIDTA of Rs.304 Crores. (ANI)

Toshiba Corporation set to enter Indian thermal power industry

Tokyo, July 8 (ANI/Business Wire India): Toshiba Corporation announced that Toshiba JSW Turbine and Generator Pvt. Ltd., a joint venture with JSW that will manufacture and market steam turbines and generators in India, has signed a Memorandum of Understanding (MOU) with the government of Tamil Nadu.

The MOU allows Toshiba JSW to lease land for the construction of manufacturing facilities on a site in Chennai.

Established in September last year, Toshiba JSW will manufacture and market mid- to large-sized steam turbines and generators, ranging in size from 500-megawatts (MW) to 1,000MW, for highly efficient super-critical thermal power plants in India.

Located about 18km north of downtown Chennai, the major gateway to south-east India, the site has a ground area of some 400,000 square meters, and Toshiba JSW expects to invest some US160 million dollars in plant and manufacturing equipment over five years from fiscal year 2009.

Facility construction is scheduled to start in this month, and manufacturing is expected to start in January 2011. Keihin Operations, Toshiba’s power equipment production facility in Yokohama, will support Toshiba JSW in ramping up manufacturing, and in working toward establishing an independent production scale of 3,000MW a year. Toshiba JSW anticipates sales of US$400 million by the end of fiscal year 2015.

Toshiba JSW will now begin to recruit staff, and expects to have 500 employees by 2014.

With support from the government of Tamil Nadu, Toshiba will build a state-of-the-art heavy equipment manufacturing facility in Chennai, and hopes to contribute to the further development of local industry and to help India in its efforts to promote stable electricity supply.

Strong Growth in the Indian market for thermal power generation equipment driven by strong economic growth, the Indian power generation equipment market is expected to see demand growth of 15,000-16,000 MW a year for the next decade, according to the Eleventh (2007-2012) and Twelfth (2012-2017) Five- Year National Electricity Plans published by the Indian government.

Coal-fired thermal power stations will account for over 60 percent of the capacity growth, far surpassing other energy sources, and 80 percent of those power stations will be highly efficient super-critical thermal power plants.

Consistent with its long-term growth strategy of enhancing its thermal power plant business in India, Toshiba India Private Ltd. will establish a new in-house company in Gurgaon, Haryana state in August, which will initially provide engineering capabilities for thermal power plants in India.

With time, the new company is expected to provide a full engineering, procurement and construction (EPC) functions for the thermal and hydro power plant business in India, and to support customers in Southeast Asia and the Middle East.

The new company will work closely with Toshiba JSW and with another Toshiba Group company in India, TPSC (India) Private Limited in Hyderabad, Andhra Pradesh, a wholly owned subsidiary of Toshiba Plant Systems and Services Corporation that undertakes construction of power plants, and will be charged with channeling Toshiba’s comprehensive capabilities in thermal power plant toward meeting growing demand in India. (ANI)

Narayana Murthy praises General Budget

Bangalore, July 7 (ANI): Chairman and chief mentor of the Infosys Technologies Ltd NR Narayana Murthy has said the General Budget will bring the economy back on rails.

Addressing reporters here on Monday, Murthy expressed confidence that the budget was pro-growth.

“Given the fact that they have increased allocation to the National Rural Employment Guarantee Act scheme, to national food security scheme, to highways, to education, they have something for everybody, something in every area. So, I do think this has pretty good chance of bringing economy back on rails,” Murthy said.

The government ramped up spending for this fiscal year to support a fragile economic recovery, spooking stock and bond markets with plans for record borrowing and the biggest budget deficit in 16 years.

Investors had hoped the new government would use a strong re-election mandate to push through pro-market reforms, but the budget it unveiled lacked major policy changes and focused on increased borrowing and spending to aid farmers and the poor.

Stocks tumbled nearly six per cent, bond yields spiked and the rupee fell 1.4 per cent after Finance Minister Pranab Mukherjee, sticking to the Congress Party’s theme of “inclusive growth”, said the fiscal deficit for the year ending March 2010 would increase to 6.8 percent of gross domestic product (GDP). (ANI)