ABHAY OSWAL'S LAST STRETCH

Article Abstract:

Oswal Chemicals & Fertilisers (OCF), the flagship company of the Oswal group, intends to consolidate its position in the fertiliser market. This includes a 1.92 million tonnes per annum (tpa) di-ammonium phosphate (DAP) plant at Paradip in Orissa, a 2.1 million tpa coal-based ammonia/urea complex at Talcher, also in Orissa, mining operations in Senegal and Syria to source rock phosphate and investing in ocean-going vessels to transport the raw material for manufacturing DAP. All these projects will be undertaken in the next 5 at a total cost of Rs6,490 crore. For the DAP and ammonia/urea projects, around Rs2,310 crore will be raised from internal accruals, mostly from OCF. The debt component of Rs1,220 crore has already been tied up from financial institutions like IFCI, ICICI and GIC. OCF hopes to raise the Rs3,450 crore debt needed for the ammonia/urea complex and leverage the Rs510 crore needed for overseas investments in mining and shipping. For the Rs1,830 crore Paradip project, around Rs610 crore will be invested as equity, raised from the surplus cash profits of its Shahjahanpur plant. This plant is operating at a capacity utilisation of 115 percent and recorded cash profits of Rs288 crore in 1997-98. The Paradip project is expected to be completed by September 1999. Once this project is completed, OCF's turnover is expected to go up to Rs3,000 crore from Rs744 crore now. The urea/ammonia plant at Talcher is expected to add Rs2,055 crore to the total turnover and make a profit of Rs930 crore in the first year of its operations. The shipping and mining investments will be culled from the Oswal group's petro- chemicals business - the Rs302 crore Oswal Agro Mills. Around Rs500 crore investment is envisaged for the ocean vessels and Rs10 crore for overseas phosphate mining deals. (gsh)

Comment:

Plans di-ammonium phosphate plant at Paradip in Orissa, ammonia/urea complex at Talcher & mining operations in Senegal and Syria

New capacity, new plant construction, Phosphatic Fertilizer Manufacturing, India, Natural resources, Syria, Senegal, Ammonia, Phosphate Rock, Phosphate Rock Mining, Diammonium Phosphate, Nonmetal mining, Phosphate minerals, Article, Oswal Chemicals and Fertilizers Ltd.

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Truth or consequences: commission treads softly on Timor killings

Article Abstract:

Indonesia's National Commission on Human Rights trod a fine line recently in the report it issued condemning the army's murder of six unarmed civilians in Liquica, East Timor. The commission gained credibility and won limited praise for contradicting the military line on the incident, but it decided not to reveal the full extent of its findings and declined to pursue certain sensitive sources of evidence. It also acted out of caution for the safety of witnesses. Because of international pressure, the government may order a fuller investigation.

Cases, Murder, Civil rights, Civil-military relations

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Barren business

Article Abstract:

A company chaired by the Indonesian President's son, Sigit Harjojudanto, had a monopoly on the manufacture of urea tablets and farmers were forced to use the tablets as fertilizer. Farmers were unhappy about using them because they were awkward to use and were inefficient. They preferred to use powdered fertilizer and a blackmarket soon developed. The scheme cost the government $6.1 million, with the real figure likely to be much higher and the company was forced to hand over control of the project to PT Pusri, another fertilizer company.

Nitrogenous fertilizers, Management, Usage, Fertilizer industry, Monopolies, Fertilizers

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