The hotel giant is looking at having an exclusive arrangement with Pune-based Mulshi Springs -- a company that bottles natural spring water. The brand will be called Oberoi Spring Water and a formal announcement is expected soon. The packaged spring water will be available in 200 ml, 500 ml, 1 litre and 1.5 litre pet bottles priced between Rs 50 and Rs 200 respectively. "Water will be sourced from a rain forest near the Sahara Amby Valley," added the official.
Fertiliser, power plants plan expansion in anticipation
The domestic logistics industry, which is estimated to generate business worth $110 billion in the next two years, will need over 400,000 additional pair of hands in the next four to five years.
The entry of private players has boosted the fortunes of FM radio in a big way in the country. This has been consistently reflecting in the revenue earned by the industry, which grew to Rs 550 crore (Rs 5.5 billion) last year from Rs 350 crore (Rs 3.5 billion) a year ago. The industry is expected to close with over Rs 800 crore (Rs 8 billion) in revenue this year.
With the general insurance penetration at a dismal 0.60 per cent (measured as a percentage of GDP), many companies feel that selling the policies through photo studios, grocery stores and even telephone booths would help improve the figure. "If telecom companies are able to use grocery stores, petty shops and other small outlets, why not insurance companies?" said an Insurance Regulatory and Development Authority official.
Property developers are setting up their own mini-power plants to meet captive requirements of the malls or residential complexes they are building. Electricity generated from these power plants, which will use compressed natural gas (CNG) as fuel, will be 40 per cent cheaper than state electricity board supplies, making it an attractive investment option rather than a perceived additional cost.
Speaking to Business Standard on the sidelines of the ground breaking ceremony of the Chennai-based Sri City's SEZ in Tada, in Andhra Pradesh, last week, Singhal said SEZs in the country have so far generated over 300,000 jobs, adding once all the 462 zones start functioning, they are expected to create 4 million jobs.
HCL's founder and chairman Shiv Nadar is making a second foray into university education having sought 300 acres of land in Noida, near New Delhi, to set up a Rs 300-crore (Rs 3 billion) multi-disciplinary university.
Only one out of every 175 students who take the Common Admission Test will make it to the Indian Institutes of Management this year. The logic, note experts, is simple. Around 300,000 students are slated to appear for CAT this November. Despite such slim chances, industry players believe more students will try to crack CAT as the job situation is not at its best. The increase in the number of students taking the CAT exam this year will be around 20 per cent.
The premier Indian Institutes of Management (IIMs) do not appear to be perturbed, but other prominent B-schools anticipate a 25-30 per cent drop in placements this academic year. They are concerned that several regular companies may drop out of the placements and others may recruit fewer numbers than usual.
Global crude oil prices have dropped 14 per cent in less than a fortnight, but the three public sector oil marketing companies could still end up borrowing more in the domestic market and put further pressure on liquidity. With the three OMCs still saddled with under-recoveries, estimated at Rs 820 crore (Rs 8.2 billion) a day, they have no option but to use bank credit lines in the coming days as they have run out of their stock of oil bonds.
The Insurance Regulatory Development Authority (Irda) is planning to issue a notice to Life Insurance Corporation of India (LIC) to stop the latter from allowing policy holders to nominate "strangers" (those who are not close relatives) and religious institutions as beneficiaries of life policy claims.
Naresh Nayyar, MD & CEO, Essar Oil, tells Business Standard that a windfall profit tax on private oil companies will only worsen the situation.
Ruias-controlled Essar Oil is close to acquiring two oil and gas blocks in Australia. The company has emerged as the preferred bidder for developing the blocks amidst international competition. The ruias will hold 100 per cent equity in the blocks.
In the wake of a hugely successful first season, the television advertisement rates for the second edition of the Indian Premier League are expected to increase by 40 to 50 per cent, say analysts. The inaugural edition of the Indian cricket board-mooted 20-over tournament had attracted over 20 million viewers, of which 8.2 million were women, they say.
Chairman and managing director of Reliance Industries, Mukesh Ambani is understood to have expressed interest in footing the salary bills of international faculty at the Indian Institute of Management, Bangalore.
In a yet another bailout that will go down well with the political class, the government has proposed one-time assistance to state government and private universities and colleges that do not get any financial assistance from the University Grants Commission, the country's higher education standards regulator, which also funds institutions.
According to the National Auto Fuel Policy, Bharat Stage-IV, the Indian version of Euro-IV, is to be applicable in the country by April 2010. However, the plant upgradation plans of the oil refiners, who have to sell petrol and diesel with the stringent emission standard from April 1, are facing a delay as suppliers of the equipment are heavily booked.
Banks are reluctant about disbursing loans for aviation studies on fears that a slowdown will hamper the job prospects in the aviation sector. The move, say analysts, may affect the fortunes of aviation training institutes.
The state-owned life insurer Life Insurance Corporation of India has decided to introduce strict norms for agents in a move to arrest fraudulent and early claims (arising after first year of the policy). The corporation found that early claims arose due to poor underwriting and moral hazards.
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