Gas Authority of India Ltd (Gail) has signed an interim agreement with the consortium of Reliance, Enron and ONGC to facilitate offtake of gas from mid and south Tapti fields. The interim accord has been entered into pending finalisation of long-term sale and purchase agreement and the outstanding issues related to arbitration.

The consortium has indicated supply of 2 million metric square cubic meters per day (mmscmd) of gas initially increasing to a quantity of 3.7 mmscmd by June end, a GAIL release said.

GVK embarking on project expansion

GVK Industries, the country's first independent power producer to begin power generation, is embarking on an expansion project through addition of 240 mw capacity.

The expansion project is set to be commissioned within 18 months of financial year closing, GVK said in a statement. GVK has synchronised the steam turbine at Jegurupadu with Andra Pradesh State Electricity Board grid on June 20 and completed the construction and commissioning of its first power project on schedule.

Easun Reyrolle declares bonus

Easun Reyrolle Relays and Devices Ltd has rewarded its shareholders with a 1:1 bonus and a 45 per cent dividend. For the year 1996-97 the company has achieved a turnover of Rs 36.20 crore, up by 52 per cent when compared to the previous year's Rs 23.84 crore.

The micro processor-based relays were launched in January 1997 and contributed marginally to the increase in turnover. The company has also completed the modernisation at its Hosur plant. Interest was higher at Rs 2.02 crore (previous year 1.46 crore) and depreciation was Rs 0.44 crore (Rs 0.27 crore). The increase is primarily due to the microprocessor unit going on stream.

KMCC tops Prime Database ranking

Kotak Mahindra Capital Company (KMCC) has received top ranking from Prime Database for debt mobilisation in the current financial year ending March 31.

The company moved up to number three in the ranking for the lead management of public issues by mobilising Rs 7,132 crore. It led the debt table both in number of issues (10) as well as amount mobilised (Rs 6,447 crore). KMCC had recently mobilised Rs 100 crore for ACC through a five year non convertible debenture (NCD) issues with interest rate of 14.5 per cent.

Punjab Housing Finance income up

PNB Housing Finance Ltd, a wholly-owned subsidiary of Punjab National Bank, has recorded an income of Rs 33.17 crore in 1996-97 compared to Rs 19.02 crore last year. The company's net profit after tax has reached Rs 9.86 crore based on the fine performance of the company. A 15 per cent dividend has been recommended for 1996-97.

The net worth of the company has also improved to Rs 24.50 crore against Rs 16.29 crore last year. The loans sanctioned by the company during the year increased by 95 per cent, loans disbursed by 31 per cent and deposits grew by 50 per cent.

Canara Bank achieves 20% deposit growth

Canara Bank achieved a 20 per cent growth in its deposits reaching Rs 31,445 crore, while net profit climbed to Rs 147.40 crore in 1996-97. The annual financial results adopted by the bank on Monday showed that the quantum increase in deposits, at Rs 5,200 crore, was the highest among all nationalised banks.

The board recommended a dividend of Rs 23.9 crore to the union government. The bank's total advances reached Rs 14,413 crore, an increase of Rs 1,317 crore.

Expressway in Andhra Pradesh soon

The centre will refer the proposal of consutructing the four-lane 2,000 km long express highway in Andhra Pradesh to the Malaysian government without any further delay as it was essential for the development of the infrastructure of the state. The assurance was given by surface transport minister TG Venkataraman to Andhra Pradesh minister of transport and buildings SV Subba Reddy.

Bank of Baroda plans Durban branch

In order to meet the growing demand for Indian banking in South Africa and to mark the 50th anniversary of Independence, Bank of Baroda (BoB) will open a new branch in Durban on August 14 next.

Mahatma Gandhi's grandson and Indian ambassador to South Africa Gopalakrishna Gandhi would inaugurate the branch, the bank's third branch in Africa, BoB executive director KV Krishna Murthy said. BoB, which was so far transacting business with the diamond-rich South Africa through its Mauritius branch, would start servicing its customers in Durban directly, he said. The bank obtained permission of the Reserve Bank of India and the government last year to open the branch which would be its 39th overseas branch, he said.

Electronics promotion team to visit US

With a view to enter into the $16 billion contract manufacturing market of USA for electronics hardware items, the Electronics and Computer Software Export Promotion Council (ESC) is sponsoring a delegation to participate in business alliance meet, being held this week in the United States.

The electronics export of India is one of the thrust sectors identified by the government as it has recorded highest growth rate in the last three years.

The exports are poised to reach $2.7 billion by 2001 from the present level of $8.97 million. Kone Elevator plans Rs 7-cr expansion: Chennai-based Kone Elevator India, a subsidiary of Kone Elevators of Finland, will invest Rs 7 crore in the next couple of years to expand its product line.

In the last two years, investments to the tune of Rs 5.27 crore were made, which increased the volume and efficiency of operations, according to a company press communique.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.