Briefly Business

As part of its Rs 70,000-crore expansion programme,state-run maharatna giant SAIL on Monday commissioned a unit procured from Italy-based Danieli at its Rourkela Steel Plant....

SAIL commissions unit procured from Italy

New Delhi: As part of its Rs 70,000-crore expansion programme,state-run maharatna giant SAIL on Monday commissioned a unit procured from Italy-based Danieli at its Rourkela Steel Plant. SAIL chairman C S Verma inaugurated the second Ladle Furnace of Steel Melting Shop-II of Rourkela Steel Plant,the company said in a statement. The ladle furnace,is part of a Rs 197.66 crore scheme for simultaneous blowing in Basic Oxygen Furnace (BOF) convertors of steel melting shop-II. Total investments envisaged for different facilities as a part of RSP modernisation and expansion is Rs 11,812 crore,it said.

Greaves Cotton to invest Rs 100 cr in unit

MUMBAI: Leading engineering firm Greaves Cotton Limited plans to invest around Rs 100 crore in its upcoming new unit at Aurangabad in Maharashtra. We have decided to invest around Rs 60 crore at the initial stage and later it can go up to Rs 100 crore in phase manner, said a company official. The company said the new unit would have a capacity of 80,000 engines per annum to meet the industry demands.

Cap on broadcast tariffs from Oct 1: TRAI

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New Delhi: Broadcast regulator TRAIs tariff notification capping the rates charged by TV channel broadcasters from DTH and IPTV service providers at 35 per cent of the fee paid by normal cable operators will now be applicable from October 1. Earlier,as per the notification issued by the Telecom Regulatory Authority of India (TRAI) on July 21,the rate cap was to be made effective from September 1,2010.

Nokia Siemens bags TTSL contract for 3G

New Delhi: Telecom vendor Nokia Siemens Networks (NSN) on Monday said it has bagged a contract from Tata Teleservices Ltd (TTSL) for setting up infrastructure to help the telco roll-out 3G services. TTSL has selected NSN technology to support the launch of 3G services,which will allow the operator to offer mobile broadband and better quality voice calls,NSN said in a statement.

Cairn strikes oil,gas in KG Basin block

New Delhi: Cairn India,which is on the verge of being acquired by mining firm Vedanta Resources,has said it has made an oil and gas discovery in an onland KG Basin block. Cairn Energy India Pty Ltd,a wholly owned subsidiary of Cairn India Ltd,has notified the Directorate General of Hydrocarbons (DGH) of a discovery of oil and gas in the Nagayalanka-1z well,located in the onshore block KG-ONN-2003/1, the company said in a notice to the stock exchanges.

IDBI Bank to open 280 branches in 12 months

New Delhi: State-owned IDBI Bank plans to open 280 branches across the country in the next 12 months to help increase its retail business. We have got permission to open 280 branches from the RBI, IDBI Bank chairman and MD RM Malla said.