Corporate | Management reshuffle at Tata Motors

Corporate | Management reshuffle at Tata Motors

New Delhi: S. Krishnan, senior vice-president (commerical) at Tata Motors Ltd, will take charge of the premier car division, the company said in a release.

Girish Wagh, head of the small-car project, will take on the additional responsibility of the passenger car business’ manufacturing operations and product development activities.

Both appointments are with immediate effect.

The reshuffle comes after Rajiv Dube, president of the passenger car business unit, resigned from the company to pursue interests outside the Tata group.

Staff Writer


Bhel-ABB lowest bidder for transmission project

Mumbai: A consortium of Bharat Heavy Electricals Ltd (Bhel) and ABB Ltd’s Indian unit submitted the lowest bid for a Rs6,000 crore power transmission project to be awarded by Power Grid Corp. of India Ltd, a person with direct knowledge of the matter said.

“They have quoted about Rs700 crore less than the estimated cost of Rs6,000 crore," the person told ‘Reuters’.

The project to build high-voltage substations is part of Rs12,000 crore transmission line that will bring power from northeast India and Bhutan to mainland India, and is set to be the largest transmission project in the country, the person added.



Tata Power suggests alternative deal

Mumbai:Tata Power Co. Ltd on Monday suggested an alternative arrangement to the Maharashtra government under which it will continue to supply 200MW of power to Reliance Infrastructure Ltd (R-Infra) at regulated rates till 30 June.

Also, with effect from 1 July through March 2011, Tata Power has offered to take over 400,000 consumers of R-Infra at the lowest end who consume less than 100 units of power per month, and also subsidize the wheeling charges for these customers.

It has also offered to take over 280,000 consumers consuming below 300 units per month along with R-Infra’s distribution infrastructure at book value as a possible long-term solution.

Tata’s move follows the Maharashtra government’s directive to the company on Friday to continue to supply 360MW of power to R-Infra.

Joel Rebello


Whirlpool India March quarter net up threefold

Mumbai:Whirlpool of India Ltd, the local unit of US-based Whirlpool Corp., said profit rose to Rs57.7 crore in the quarter ended 31 March, from Rs17.3 crore a year earlier.

The consumer durables manufacturer reported total sales of Rs577.54 crore during the quarter, against Rs374.66 crore last year, it said in a statement.

For the fiscal ended 31 March, the firm reported a total income of Rs2,219.2 crore, a 28.6% jump from Rs1,724.9 crore last year.

Bloomberg & PTI


GAIL fourth quarter net rises 45% to Rs911 crore

New Delhi:GAIL (India) Ltd on Monday said fourth quarter profit rose 45% to Rs911 crore from Rs630 crore last year, owing to an increase in fuel transportation. The company registered a 6% increase in sales to Rs6,522 crore from Rs6,128 crore.

For the year ended 31 March, profit rose 12% to Rs3,140 crore from Rs2,804 crore in 2009. GAIL registered a 5% increase in sales to Rs24,996 crore.

Utpal Bhaskar


MPSEZ FY10 net up 56%; stock split proposed

Bangalore:Mundra Port and Special Economic Zone Ltd (MPSEZ), the operator of India’s biggest private port, said it would open a dedicated coal terminal at Mundra and commission a new port at Dahej, also in Gujarat, after notching a net profit of Rs675.9 crore in the year to March, a growth of 56.27% over the previous year.

MPSEZ earned Rs1,527.5 crore from handling 40.12 million tonnes (mt) of different cargo this year. Mundra handled 35.8 mt of cargo in the year to March 2009. During the same period, it earned a net profit of Rs432.5 crore on revenue of Rs1,239.5 crore.

The company’s board has proposed a final dividend of Rs1.50 per share on a face value of Rs10 each to shareholders.

The board proposed that shares of the company having a face value of Rs10 be sub-divided into five equity shares with a face value of Rs2 apiece, subject to required approvals.

P. Manoj