IOC’S INVESTMENT TO CREATE JOB OPPORTUNITIES

HCL TECHNOLOGIES BAGS CONTRACT FROM SYDNEY TRAINS

HCL Technologies has bagged a deal worth about AUD 35 million (over Rs 198 crore) from Sydney Trains to support and maintain 107 of its business applications. It is the first time HCL has partnered with Sydney Trains on this specific program of work. The work would be performed off shore under the new contract; a number of the previous 11 vendors had also been located off shore and used off shore models to support the applications in scope.

RELIANCE COMMUNICATIONS PLANS TO LOWER DEBT BY 37 PERCENT

 Telecom operator Reliance Communications plans to cut down expansion cost and hive-off some assets in its bid to reduce debt by about 37 per cent to Rs 25500 crore in the next 12 months. The Anil Ambaniled company plans to use the key infrastructure -- mobile towers and optical fibre -- of his elder brother Mukesh Ambani’s company Reliance Jio Infocomm for future expansion rather making its own fresh investments. It will also have tight leash on its expenditure.

HPCL REVIVES ITS PLAN TO SET UP REFINERY IN ANDHRA PRADESH

Hindustan Petroleum Corporation has revived its plan to set up Rs 10000 crore for upgradation of Vishakh refinery from 7.5 to 15 MMTPA with the new Andhra Pradesh government assuring land allotment either at Nakapalli or in the Kakinada Special Economic Zone (SEZ). This project is slated for Andhra Pradesh Petroleum Chemicals and Petrochemical Investment Region (PCPIR), which has got delayed since the proposed Vishakh area got classified as a critically polluted zone by Central Pollution Control Board (CPCB) where there is a general embargo on further capacity expansion for industries in the Visakh bowl area.

IOC’S INVESTMENT TO CREATE JOB OPPORTUNITIES

Indian Oil Corporation will invest around Rs 8700 crore in the Mathura refinery expansion project which would lead to speedy development of the Mathura-Agra region besides creating job opportunities. IOC will invest Rs 8700 crore for the Mathura refi nery extension project under which the oil refining capacity would be enhanced from the existing 8 lakh metric tonnes to 11 lakh metric tonnes and it would provide employment opportunities to some ten thousand youths.