Archive for February, 2013

RIL and SIBUR Embark On The Construction Of Butyl Rubber Plant In Gujarat

February 25, 2013

Reliance SIBUR Elastomers Private Limited (RSEPL) has initiated the construction of their new butyl rubberplant in Jamnagar, Gujarat. RSEPL is a joint venture between Reliance Industries Limited, India ‘s largest private sector company and SIBUR, a Russian controlled companythat caters to a spectrum of services in the petrochemical segment including gas processing, production of monomers, plastics and synthetic rubbers and processing of plastic.

The project when commissioned in 2015 will mark the set –up of the only plant in the country to manufacture butyl rubber and the joint venture will be deemed as the world’s leading five butyl rubber manufacturers. This Jamnagar plant is estimated to have a production capacity of 100,000 tonnes, on an annual basis.

The attendees at the ceremony included Dmitry Konov, CEO of SIBUR, Mr. Alexy V Novikov, Consul General, Mr. Nikhil Meswani, Executive Director of Reliance,other key members of both the companies (RIL and SIBUR) and a number of public officials. Speaking at the event, Mr. Nikhil Meswani, Executive Director, RIL stated that Reliance is pleased to be a part of the select group of international Butyl rubber producers. Optimistic about the development, he added that with India making tremendous progress in the automotive segment and emerging to be an auto hub on the global sphere, it has a huge market for these products and the conglomerate will aim to meet these growing needs.

In agreement, Mr.Konov mentioned that India is presently one of the largest petrochemical markets in the world, considering the colossal investments made in infrastructure that has paved the way for rising demand. He added that SIBUR’s technologies joining hands with Reliance Infrastructure and resources, would build a facility that will competently fulfill the demand for butyl rubber, in the Asian market.

RIL and SIBUR inked the technology licensing agreement that permits the use of butyl rubber producing technology owned by the latter at the new facility. The agreement also allows advancement of a Basic Engineering Package (BEP) and provision of skilled technical personnel with hands on experience, during the project and operational stages. RIL will shoulder provision of monomer and offering sophisticated infrastructure solutions and facilities. While RIL has 74.9%ownership of the joint venture, SIBUR owns the remaining 25.1%.

Until date, the project has developed as per the schedule wherein the BEP was completed in November2012 and Detailed Engineering is on the move. Currently, RSEPL is looking for long lead equipments.

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Jaypee Group NDTV Good Times Nominates Nita Ambani for the Lifestyle Icon of the Year (Viewers Choice) Category

February 14, 2013

NDTV Good times, the country’s leading English Travel and Lifestyle channel , in association with Jaypee Greens, the real estate division of Jaypee Group that caters to the provision of residential projects at Noida, Greater Noida and Agra, rolls out an exclusive award function that acknowledges and glorifies stars and icons who have been an exemplar of India’s rich lifestyle. Nita Ambani, also referred as the first lady of Corporate India, has been elected as the nominee for the Jaypee Greens Lifestyle Icon of the Year.

Others nominated in the list include Saif Ali Khan, Vidya Balan, Virat Kohli, Sunil Bharti Mittal and Sachin Pilot. Be it spearheading DAIS as the Founder- Chairperson, Nita Ambani’s growing passion for classical dance or grooming the Mumbai Indians team, she has successfully juggled between work and family and clings strongly to her middle- class roots. Last year, she was nominated as the ‘Corporate Citizen’ of the year 2012, by AIMA (All India Management Association) for her contribution towards the society in varied fields including education, human resources, and disaster- relief. Being able to form her own identity in a man’s world is an achievement that sets her apart. The way she can connect to every woman, empathize with them, and be a source of inspiration, is what makes her an icon.

With the objective of honoring celebrities from varied fields including food, travel, technology, fashion, and luxury, Jaypee Greens NDTV Good Times Lifestyle Awards will commemorate Indian lifestyle. The jury comprises of revered experts including Alex Kuruvilla,MD of Conde Nast India, Gautham Singhania, Chairman and MD of Raymond Group, Raseel Gujral, Creative Director / Head of Casa Paradox, Sabyasachi Mukherjee, Fashion Designer, Sanjay Kapoor, MD of Genesis Luxury, Smeeta Chakrabarti, CEO of NDTV Lifestyle, Suhel Seth, Managing Partner of Counselage India and Founder of Equus and Vir Sanghvi , Advisor at HT Media.

The Jaypee Greens Lifestyle of the Year represents the Viewer’s choice award to icons who are admired for the kind of life they have lived. Holding onto the roots, they redefine global parameters and are of international repute. Having raised the bar in their field of expertise, they have manifested unswerving determination and passion and are a role model for the next generation, encouraging them to think beyond achievement, steering them to dream and aspire. They will be remembered for the way they have lived their life, reverentially and gracefully.

Diesel Decontrol Opens Opportunities For RIL

February 1, 2013

The announcement of partial deregulation of diesel prices may bring cheer to RIL (Reliance Industries Limited), enabling it to augment its market for the fuel. Owing to the low pricing by sales state owned firms, private refineries could not tap the market and had to bear the brunt of the government policy. However, with the government giving a go- ahead to free market pricing, RIL will be in a position to bounce back to strengthen its market for diesel.

Prior to the policy change, the prices charged by state owned firms was Rs.10- 12 per liter lower than the market rates that put the private refineries, at a disadvantage. With state owned firms holding the helm of the market, RIL had no option but to rely on exports or state refineries, for their sale. However, private refineries will now be in a position to be price- competitive and hence, capitalize. Apart from that, this could pave the way for price war between private refineries and state owned firms, leading to a highly competitive market. Private refineries like RIL, the country’s petrochemical and energy giant may rule the roost by offering discounts to state transport corporations, farmers, fisheries, industrial units, etc.

With diesel accounting for 40% of all petrochemical products in the country and consumption accounting to 11 million tonnes a year, it is one of the most lucrative markets to monetize. The market permitted the foray of private refineries in 2003. However, the mounting international prices by 2006 kept them out of action. While state owned firms could afford selling at prices confirmed by the government, the private refineries found it infeasible to charge Rs.12, below the market prices.

RIL, the country’s largest private sector firm, muscled its way, rubbed shoulders with state owned firms as it accounts for an equal market share vis-à-vis the latter with respect to petrol, and seized 12% of the diesel’s market, by 2005.

Experts predict that the optimism may also have its repercussions on the share market wherein the company’s share price is expected to move up sharply. The conglomerate owned by Mukesh Ambani reported a 24% increase in the net profit by third quarter year on year to Rs. 5,502 crore and a rise in the total turnover to Rs. 96,307 crore.