THE ANDHRA ATTRACTION: BEAMING TOWARDS VISION 2020
Article Abstract:
The Chief Minister of Andhra Pradesh, Chandrababu Naidu, is trying to raise the status of his State, especially in information technology and agro-business. To attract investments by 2020 AD, he launched an exercise in 1996 to prepare a blueprint for development of the State, called Vision 2020. This has been prepared by the international consulting firm of McKinsey. The installed electricity capacity of Andhra Pradesh in 1997-98 was 7,276 mw. Its plant load factor has improved to 82.33 and the State Government wants to add 8,000 mw by 2002 AD with an investment of Rs34,000 crore. The Government has spent Rs3,700 crore on building and improving the road network in the State. The State is also constructing bypasses, flyovers, highways and bridges among others on a build-own-transfer basis. The Government plans to promote international airports at Hyderabad, at an estimated cost of Rs3,500 crore, and at Visakhapatnam, at an estimated cost of Rs2,000 crore. The airports will be built by the private sector and the Government has appointed Tata Consultancy Services and Speedwing as its consultants. Seven minor ports have been identified for privatisation. Andhra Pradesh has over 100 infotech institutions producing over 12,000 professionals per annum. It is setting up a high speed optic fibre network, hardware parks and an international gateway to the Internet. The promotion of the Hitech City is attracting several infotech companies to Andhra Pradesh. In an attempt to increase human resource, Chandrababu Naidu has initiated the setting up of various educational and training institutes in Hyderabad. Two of them the Indian Institute of Information Technology and the Indian School of Business. (tsm) (kvr)
Publication Name: BusinessWorld
Subject: Business, international
ISSN:
Year: 1999
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IS BHEL JUST BEING A BAD LOSER?
Article Abstract:
The Neyveli Lignite Corporation (NLC) has awarded the contract to Ansaldo of Italy for its two 210 mw power projects. The contract is worth Rs1,107 crore. The Bharat Heavy Electricals Ltd (BHEL) is one of the 6 companies to bid for the power project. It had quoted Rs1,194 crore for the power projects. On February 9, the bids were opened and Ansaldo was given the contract as it had quoted the lowest. BHEL engineers had submitted a report stating that Ansaldo had never supplied a single turbine that NLC had wanted. The boiler Ansaldo had offered is made of high marcasite and has low operating efficiency. BHEL's turbines and boilers were to NLC's specifications. It had earlier executed 4 projects for NLC. Anslado had posted losses of Rs508 crore and its promoter, Finmeccanica, is selling the company to Kredilanstalt fur Wiederaufgebau of Germany, which is offering a loan of Rs350 crore for the NLC power projects, had also written a letter to NLC on the financial state of Ansaldo. Metallurgical & Engineering Consultants (Mecon) of Ranchi had made the technical evaluation and NLC was satisfied with Ansaldo's offer. NLC was assured by Ansaldo that its promoter would infusing Rs1,600 crore ($400 million) in the company. Ansaldo's balance-sheets were cleared by Mecon. BHEL states that if the sales tax was removed, the difference in both the companies' bids narrows down to Rs57 crore from Rs87 crore. (rk)
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Wins Rs1,107 crore contract for 2 210 mw power projects of Neyveli Lignite, of India
Publication Name: BusinessWorld
Subject: Business, international
ISSN:
Year: 1998
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THE BATTLE FOR POWER EQUITY
Article Abstract:
The 208 MW Kakinada thermal power project is a joint venture of Jaya Foods Industries (JFI) and Spectrum Technologies (Stusa) of US. The project is promoted by Spectrum Power Generation Ltd (SPGL). The promoters, Mr HV Mohan Rao of Stusa and Mr M Kishan Rao of JFI, are involved in a dispute to gain control over the project. The project has a debt component of Rs544.6 crore and an equity component of Rs233.40 crore. Only Rs117 crore has been brought in as equity. JFI has invested Rs32 crore in the equity and Stusa has brought in foreign exchange worth Rs29 crore as equity. Rolls Royce Industrial Power (India) has invested Rs52 crore in the equity of the project. The promoter, Mr Mohan Rao, plans to invest $14 million from offshore companies in the project to make up for the shortfall in equity. This has been opposed by Mr Kishan Rao who wants to make a public offering of Rs113 crore. Mr Rao has revoked the promoters' agreement. The project cost has increased by Rs205 crore against the original cost of Rs778 crore. The Delhi High Court has appointed the Industrial Development Bank of India (IDBI) to solve the dispute. (um)
Publication Name: BusinessWorld
Subject: Business, international
ISSN:
Year: 1998
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