PATNA: State-owned Gas Authority of India Ltd (GAIL) has commissioned its Rs 2500 crore petrochemical plant here as part of its strategy to diversify into various other core areas of competence. "Despite delay of about two years, we have been able to commission the plant without incurring any cost-escalation and maintained the approved cabinet committee of economic affairs (CCEA) cost of Rs 2500 core," said director (planning) of GAIL H P Chandna.

The Pata plant produces 300,000 tonnes of ethylene every year and is GAIL's major diversification activity outside the natural gas sector, Chandna said. "With the plant in production, GAIL would be the third major player in the domestic petrochemical scene. Feedstock for the plant -- natural gas -- would come from the corporation's Hazira-Bijapur-Jabalpur (HBJ) pipeline," he said.

Fresinius Kabi

MUMBAI: Pharmaceutical multinational Fresinius Kabi has renamed its Indian venture, Fresinius Mafatlal Medicals Limited, FresiniusKabi India Limited. The firm will operate as a 100 per cent subsidiary following its acquisition of 49 per cent stake from the Arvind Mafatlal group in the company. The firm is reorganising its business after its acquisition of the nutrition infusions business of Pharmacia and Upjohn with its pharma division. Fresinius Kabi was created in January this year from the merged pharma businesses acquired by Swedish company Kabi, a press release said.

The company has undertaken an expansion project at its Ranjangaon factory and plans to acquire a new facility by 2000. It is also planning manufacture of amino acid infusions and liquid diets at its Nashik facility starting next year.

CSE vyaj badla

CALCUTTA: The Calcutta Stock Exchange authorities today banned `vyaj badla' in all the scrips going to compulsory demat delivery from tomorrow. Official sources said all pre-existing `vyaj badla' position would be forced into delivery if it is found that after today's badla break-up, members have done it onthose scrips. The settlement system would consider them as sell carry forward (mandatory badla), for all members irrespective of their types. Following this, unofficial badla rates zoomed up on the last day of settlement at the exchange.

Scooters India

MUMBAI: Scooters India, a Government enterprise manufacturing three wheelers, will launch the country's first "electric car", estimated to cost Rs 1.5 lakh, in the middle of this year. CMD A Sahay said on Thursday that the Lucknow-based company had completed test run of the vehicle. Although designed for short-distance, the car's battery can be charged at every 100 km for long-distance travel.

$ 3 bn ADB loan

NEW DELHI: Asian Development Bank (ADB) is considering loan proposals worth $ three billion for the next three years in the country, a top ADB official said today. "We have already given loans worth 7.3 billion dollar to India and we are considering proposals worth another three billion dollar for the next three years," residentrepresentative of ADB Frank J Polman said today.

Addressing a seminar on "infrastructure financing in India" organised by Confederation of Indian Industry (CII) northern region, Polman said an ADB mission was currently in the country to finalise the loan package for the next three years.