TRACKPAD

The permanent face of India Inc, Dhirubhai Ambani has been named for this year’s Padma Vibhushan award, the second highest civilian award in the country. Ambani whose name is synonymous with Reliance has been recognised for his exceptional and distinguished service to trade and industry. Interestingly, 10 years back in 2005, Dalal Street Investment Journal in an article asked government intervention for awarding Ambani. It is a moment of happiness and immense pride that though it has come late but finally, the second highest civilian award has been conferred to senior Ambani. “The Padma Vibhushan awarded to Shri Dhirubhai Ambani is an honour to the indomitable spirit of Indian entrepreneurship, innovation and ambition to always do better than the best in the world,” said Reliance Industries chairman and managing director, Mukesh Ambani, in a release issued for the media. Elder son of Dhirubhai and chief of Reliance Industries Limited, Mukesh Ambani also said, “We take this opportunity to rededicate ourselves and to contributing to building a modern and self-reliant India in which all our citizens are assured equal opportunity to attain their fullest potential.” “On behalf of the Reliance family, we express our grateful thanks to the Government of India for the recognition awarded to Shri Dhirubhai Ambani for his contribution to the nation,” Mukesh Ambani said. Anil Ambani, younger son of Dhirubhai said the honour is a recognition of Indian entrepreneurship while adding, “I personally, and the entire Reliance family, are truly overwhelmed and deeply humbled at the award of this great national honour, the Padma Vibhushan, for the greatest entrepreneur and wealth creator in the history of India, my beloved father, Shri Dhirubhai Ambani”.

Aravali Power pays interim 63 crore dividend to NTPC

A joint venture company of NTPC, Aravali Power Company (APCPL) presented interim dividend cheque of Rs. 63.47 crore for FY16 on behalf of APCPL towards NTPC’s 50 per cent share to A. K. Jha, Chairman & Managing Director, NTPC. The cheque was presented by APCPL Chairman U P Pani. This is the maiden dividend paid by APCPL since its inception in December, 2006. APCPL is a joint venture company of NTPC, Indraprastha Power Generation Company (IPGCL) and Haryana Power Generation Corporation (HPGCL) engaged in generation of power. The interim dividend at the rate of 5 per cent on the paid up capital has also been paid to other joint venture partners viz. IPGCL and HPGCL on their respective shareholding of 25 per cent each.

Government on February 2 approved five projects in the capital goods sector that will enhance the competitiveness of the Indian capital space and giving impetus to the Make in India campaign. Support of Rs175 crore, in form of grant will be given under a scheme of Enhancement of Global Competitiveness of Indian capital goods sector by the department of heavy industry. Importantly, launched in November, 2014, the scheme has an outlay of Rs975 crore.

As per the approval list, the first project relates to a joint venture between Government of India and Government of Karnataka. Under this project, 500 acres of land has been earmarked for the fi rst of its kind Integrated Machine Tools Park to be set up near the Japanese park in NMIZ, Tumkur. Second project relates to setting up a welding technology centre of excellence in PSG College of Technology, Coimbatore. In order to give fillip to the quality and numbers of welding professionals required for ‘Make in India’,

PSG has proposed to set up a modern welding technology centre of excellence in collaboration with major stake holders. The third approval has been given to HMT Machine Tools. HMT is modernizing its product portfolio through this proposal by manufacturing latest lathe and turning mill centre. Fourth proposal is from HEC, Ranchi, where company has collaborated with Messrs CNIITMASH – a Russian government Industrial Technology Research Institute.
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Blue Star Forays Into Air Coolers’ Segment; Eyes Rs150 Crore Business

India’s leading central air-conditioning maker Blue Star has now forayed into the air coolers segment. The company is aiming to do business of at least `150 crore from the air cooler segment in next three years. Besides, the company has also forayed into air purifier segment. With these two new products, the company is now trying to fill gaps in its product portfolio through related product categories. In the initial stage, the company has launched air cooling products in a selectmarket in north India and late it has a plan to expand the portfolio by April-May. In next six months, it would have a pan India presence. At present, the company is sourcing from a third party through contract manufacturing and when volumes pick up then it would consider manufacturing in-house

Camlin Fine Sciences’s arm to acquire 65 per cent stake in Mexico entity

Camlin Fine Sciences’ subsidiary has acquired 65 percent stake in a Mexico-based company. CFS Antioxidantes De Mexico S.A. DE C.V., a Maxican arm of the company, has entered into a share purchase agreement to acquire 65 per cent stake in Dresen Quimica S.A.P.I.de C.V. (Dresen). along with its group companies. Dresen, a medium-sized company, is engaged in manufacturing and distributing specialty intermediate chemical solutions used by the feed, food and other industrial products. Dresen has large products portfolio, having proper sales mix with relevant processes and equipments in operation besides adequate installed capacity for operations to support future growth. The company has acquired the stake for an aggregate of USD 7.8 million and it will be completed by May 02, 2016. With the help of this acquisition, it may expand its market reach in the North, Central and South America.

Finally the Supreme Court on paved the way for GAIL India’s KochiMangalore natural gas pipeline project in Tamil Nadu. Land acquisition issues and stiff opposition by farmers and the TN government had created obstacle in the key section of GAIL’s ambitious R3,400-crore Kochi-Kuttanad-Bengaluru Mangalore gas pipeline project, which is passing through farmland in seven districts of the state, covering a distance of 310 km there, 505 km in Kerala and 85 km in Karnataka. Nonetheless, GAIL is directed by the court to pay enhanced compensation to farmers, and asked the state government to revise its computation of the market value of lands affected by the pipeline. It also asked the state government to determine modalities of the compensation to be given to the farmers and allowed enhanced compensation by 30 per cent over and above the statutory compensation of 10 per cent of the market value of the project.Earlier the court had in January 2014 asked the Tamil Nadu government and GAIL to maintain status quo on the implementation of the ambitious pipeline project.