NEW DELHI, May 6:
Cargo traffic at 12 major ports in the country declined by 2.58 per cent at 545.68 million tonnes (MT) during 2012-13, according to the government.
The cargo handled by 12 major ports stood at 545.68 MT, including 93.62 MT at Kandla port, during 2012-13, Shipping Minister G K Vasan said in a written reply to the Lok Sabha.
These ports had handled 560.13 MT of cargo in 2011-12 while the same was 596.03 MT in 2010-11.
The port capacity was 747.51 MT by the end of the last fiscal, whereas the government had envisaged a capacity of 1001.8 MT by March 2012.
“The estimated capacity expansion target of major ports by the end of the 11th Five Year Plan (2007-12) was 1001.80 MT per annum as per 11th Plan working group report for port sector,” Vasan said.
He added the sanctioned projects were being closely monitored by major ports as well as the Shipping Ministry in order to ensure speedy implementation.
The Ministry has taken various steps including standardisation of various documents like model concession agreement, “enhanced delegation of financial powers to Shipping Ministry to accord investment approvals for PPP projects, streamlining the security clearance procedures and close monitoring,” he said.
India at present has 12 Major ports – Kolkata-Halida, Paradip, Visakhapatnam, Ennore, Chennai, V O Chidambaranar (formerly Tuticorin), Cochin, New Mangalore, Mormugao, Mumbai, Jawaharlal Nehru and Kandla. (PTI)
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11.NB
‘Ferti subsidy may not reduce due to urea investment policy’
NEW DELHI, May 6:
The Centre’s fertiliser subsidy is unlikely to reduce even after new plants are set up under the urea investment policy because the production cost is expected to shoot up due to high global price of gas, according to credit rating agency Crisil.
The government has received 15 investment proposals for setting up of gas-based urea fertiliser plants in response to the New Investment Policy 2012, under which companies are incentivised to set up new plans and expand existing capacity.
Difference between maximum retail price and the cost of production is given as subsidy to them
Crisil said: “For the subsidy to reduce, new urea plants need to procure gas at less than USD 12 per million metric British thermal unit (mmBtu), which appears unlikely.”
Against the backdrop of a sizeable demand-supply gap in natural gas projected over medium term in India, new urea projects will be dependent on imported re-gassified liquefied natural gas (RLNG) as feedstock, it said in a statement.
“At gas costs above USD 12 per mmBtu, the reimbursement for brown-field projects under the policy will exceed the average import parity price of urea for the last six years, resulting in higher subsidy bill,” Crisil Senior Director Pawan Agarwal said.
This scenario is highly likely as RLNG prices per mmBtu currently range between USD 18 to USD 20.
Stating that the government’s subsidy bill will increase as domestic production will be reimbursed at high gas cost, Crisil Senior Director Sudip Sural said, “For all gas prices, reimbursement at the floor price will be inadequate to fully cover operating and financial costs in the initial years, thereby constraining debt servicing ability.”
Crisil believes that players will need strong balance sheets, a proven track record at managing attendant project risks, and free cash flows from existing operations to support debt repayment on expansion projects in the initial years in order to maintain their respective credit risk profiles.
It suggested that the new urea projects will, therefore, require debt- servicing support from existing cash flows in initial years.
However, the Crisil said that the new policy holds potential to invite fresh investments after a gap of more than a decade and could facilitate reduction in India’s import dependence.
The country produces 22 million tonne of urea, against the requirement of 32 million tonne. The rest is imported.
For the 2013-14 fiscal, the government has lowered the fertiliser subsidy marginally to Rs Rs 65,971.50 crore. Of which, Rs 15,544.44 crore will be given for imported urea and Rs 21,000 crore for indigenous urea fertiliser. (PTI)
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12.NB
Sebi slaps Rs 26.5 lakh penalty
on 3 cos this fiscal so far
MUMBAI, May 6:
Market watchdog Sebi has imposed penalties totalling over Rs 26.5 lakh on three companies in the current financial year so far for their alleged failure to redress investors complaints.
As per the latest information available with the Securities and Exchange Board of India (Sebi), the regulator has slapped a total monetary penalty of Rs 26.53 lakh in April-May 2013.
The fines are imposed on Usha India (Rs 26.33 lakh) Dhampure Specialty Sugars (Rs 10,000) and UniversalOffice Automation (Rs 10,000) for their alleged failure in resolving investor grievances.
Last fiscal, 12 companies were penalised by Sebi for such offences, as against five in the year before and three in 2010-11.
The total penalty imposed in 2012-13 was to the tune of Rs 50.15 Lakh as against Rs 53.30 lakh in 2011-12 and Rs 43 lakh in 2010-11.
Sebi said it imposed these monetary penalties against the companies “through adjudication proceedings for their failure to redress investor grievances”.
Besides, Sabero Organics Gujarat Ltd had resolved all pending complaints against it and paid Rs 6.8 lakh as part of settlement fees to Sebi in 2012-13.
Additionally, in the last fiscal, Sebi had barred four companies — Shukla Data Technics, Top Telemedia, International Hometex and Alpine Industries– and their respective directors from accessing the securities market for not resolving investor grievances.
The regulator restrained these companies and their directors “from accessing the securities market and from buying, selling or dealing in securities directly or indirectly, in whatsoever manner, till all the investors’ grievances against the company are resolved by them “.
During 2011-12, Pantaloon Retail (India) Ltd had redressed all pending complaints and paid Rs 7.5 lakh under consent.
Also, the regulator had prohibited seven firms and 17 companies in 2011-12 and 2010-11 respectively from the security market for not resolving investor grievances. (PTI)
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