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ONGC, BPCL to rejoin for paraxylene project
ONGC and BPCL have mended fences and once again propose to join hands to implement the Hazira paraxylene project. The companies are considering a 60:40 joint venture (ONGC would hold the higher stake) to execute the Rs 2,500-crore project. However, the liquidity crisis prevailing in the oil industry has pushed the project into the slow lane. The patch-up notwithstanding, the project is unlikely to come up before the turn of the century.
Mystery shrouds Tata-SIA fate
Has a decision on the Tata-SIA proposal been deferred or has the issue been referred back to the Civil Aviation Ministry? Even as the Ministries of Civil Aviation and Industry were busy bickering over the procedural modalities of re-examining the proposal last week, it is now revealed that the minutes of the all important Cabinet meeting on January 24 are couched in such ambiguity that the inference is open to interpretation. As per the minutes of the meeting: “The committee considered the note dated January 18, 1997, from the Ministry of Industry and decided that the proposal be re-examined in the light of the approved policy framework for domestic air transport services and brought back before the committee.”
Hindalco to chalk out new growth strategy
The void created by the sudden demise of Mr. Aditya Vikram Birla is still being felt here at Hindalco’s plant, township and adjacent places even when everything, including the Rs. 1,800-crore ongoing expansion and modernisation programme, is going on smoothly under the leadership of the late Mr. Birla’s only son, Mr. Kumar Mangalam, the incumbent Chairman of the company.
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