Economy
& Business
Energy
sector upbeat: Reliance strikes gas off Orissa coast
What is India News Service, June 25, 2004, 1630 hrs
Reliance Industries announced it has
struck an estimated four to five trillion cubic feet of gas off the
Orissa coast. VSNL terminated its telecom contract with Gail India.
Hutchinson Max Telecom is all set to buy out Air Cell for Rs 1,200
crore. ING Vysya Life’s gross income crossed the Rs 1 billion mark
in 2003-2004.
Reliance
Industries Ltd (RIL) declared Thursday that it had struck gas off
the Orissa coast. This development will enhance growth in the energy
sector. With its previous discovery of an estimated 14 trillion
cubic feet of gas in the Krishna-Godavari basin off the Andhra
Pradesh coast, RIL's total gas find now stands at about 19 trillion
cubic feet.
Videsh Sanchar
Nigam Ltd has terminated its contract with the government-owned Gail
India for laying broadband links along its pipelines between Delhi
and Mumbai. VSNL still uses Gail’s smaller link lines. The loss of
the Delhi-Mumbai contract leaves the state-owned entity without any
major subscriber for its state-of-art optic fibre network. The
network between Delhi and Mumbai is the highest telecom traffic link
in the country.
Hutchinson Max
Telecom is close to acquiring Sterling Infotech-promoted Aircel for
Rs 1,200 crore. The deal will narrow the gap between Bharti and
Hutch from 21 lakh to 7 lakh subscribers. After the buyout Hutch
will be the largest cellular operator in both Chennai and Tamil Nadu.
ING Vysya
Life’s gross income crossed the Rs 1 billion mark in 2003-04. The
insurance company is hoping to double it in the current year. The
premium income during the previous year rose by over 300 per cent at
88.5 crore, while the total sum assured amounted to Rs 2,626 crore.
Nearly one third of the premium for ING Vysya Life came from pension
plans.
Overall:
Reliance struck
gas: The company declared
Thursday that it had struck an approximate of four to five trillion
cubic feet of gas off the Orissa coast.
VSNL terminated
contract: Videsh Sanchar Nigam Ltd walked out of its broadband
lines contract with government-owned GAIL India.
Hutch took a
big stride: Hutchinson Max
Telecom is close to acquiring Sterling Infotech-promoted Aircel and
narrowing the gap between itself and rival Airtel.
ING Vysya Life
did well: The insurance
company's gross income crossed the Rs 1 billion mark in 2003-04.
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