Mumbai: Engineering firm Larsen and Toubro Ltd (L&T) is considering starting a power-generation business as the government seeks to ease energy shortages in the world’s second fastest-growing major economy.
The company may invest in 1,00-2,000MW power plants in the next few years and expand to 5,000MW in the five years after that, chief financial officer Y.M. Deosthalee said on Wednesday in an interview in Mumbai. “There’s a lot of activity in the power sector,” Deosthalee said.
The firm also said that it has secured orders worth Rs966 crore, including a Rs225 crore contract from Sterlite Industries Ltd to build a smelter plant in south India, a Rs488 crore water management and sewage project in north India and a Rs253 crore water-supply project in Gujarat.
—Bloomberg and Reuters
SC may give priority to Ambani gas dispute
New Delhi: The Supreme Court may give priority to hearing a dispute between the Ambani brothers over a contract to supply natural gas from the Krishna-Godavai basin’s D6 field, their lawyers said.
A panel of judges headed by Chief Justice K.G. Balakrishnan will hear arguments every day starting 20 October, Sameer Parekh, a lawyer for Reliance Industries Ltd, said over the phone. The apex court hears case arguments on Tuesdays, Wednesdays and Thursdays.
It may take around three weeks to complete the arguments in the case.
NTPC, CIL form unit to develop mines
Mumbai: State-run utility NTPC Ltd said on Wednesday it had signed a joint venture agreement with state-run Coal India Ltd (CIL) to develop the Brahmini and Chichro Patsimal coal mining blocks in eastern India. The mines will supply coal to NTPC’s projects at Farakka and Kahalgaon. After meeting the coal requirements of NTPC’s projects, the joint venture may also consider setting up an integrated thermal power plant, NTPC said.
Cairn completes $1.6 bn financing for Rajasthan
New Delhi: Cairn India Ltd, a unit of UK-listed Cairn Energy Plc, completed financing of $1.6 billion (around Rs7,400 crore) for its Rajasthan oil field project.
The borrowings with a six-year tenure will be used to repay an existing $850 million loan and to fund projects in Rajasthan, Cairn India said in a statement to the National Stock Exchange on Wednesday.