Trans Asian Shipping christens new vessel

Trans Asian Shipping Services Ltd a subsidiary of Trans Asian Shipping Services Ltd based has launched a new vessel MV Karuthal.

The christening ceremony of the vessel was held last week when it was inaugurated by Mr Oommen Chandy leader of the Opposition in the Kerala Legislative Assembly in the presence of Mr N Ramachandran, chairman of Cochin Port Trust and Mr T Johnson chairman of the Trans Asian Group.

The 94 TEU capacity Karuthal flagged in St Kitts and Nevis is a multipurpose container vessel built this year at a cost of USD 3 million. The ship is to be deployed by the Trans Asian Group and is currently scheduled to operate in the Middle East Gulf.

The vessel can operate in small ports the world over, thus extending the reach of containerised sea transportation to a far more number of ports than the traditional container ports existing and operating.

(Sourced from Exim News Service)

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Bank consolidation is the need of hour - ASSOCHAM

In a bid to widen assets base of leading Indian banks as also enhance their global competitiveness, The Associated Chambers of Commerce and Industry of India has called for Bank’s consolidation without any delay despite dithering of Reserve Bank of India on the issue.

The ASSOCHAM analysis titled The Need for Banking Sector Consolidation after having analyzed position of total assets of India’s ten largest banks vis à vis size of it’s GDP at end of fiscal 2008-09 finds that size of Indian banks in terms of their assets stands very small to make optimal use of their capacities to raise funds at internationally competitive rates. The balance sheets of top 10 Indian banks suggest the greater scope of consolidation to reap the benefits of large sized globally competitive Indian banks.

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BoA grants 6 Formal and 2 in principle approvals for SEZ

The Board of Approval of the Special Economic Zones met to consider proposals for setting up of SEZs and also to approve other miscellaneous requests pertaining to SEZs.

Addressing the Board of Approval members, the Chairman informed that so far 570 formal approvals have been granted for setting up of SEZs out of which 346 have been notified. He further informed that over INR 130341 crore have been invested in the Special Economic Zones during this short span of time and direct employment of the order of 418129 persons has been generated in the Special Economic Zones. During the first half of current financial year, total export of INR 89750.75 crore has been made from SEZs

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India to set up team for road project with Malaysia

Mr Kamal Nath Road transport and highways minister on Monday said that a team would be set up for greater collaboration with Malaysia in the road sector.

Mr Nath after a meeting with Malaysian minister of works said that “We are setting up a team which will hold talks with the Malaysian government to enhance collaboration in the road sector. Malaysia has been present in the space for the past 15 to 20 years and is currently engaged in 35 projects in the country.”

He added that the committee will be headed by roads director general and will have members from the finance department, planning commission and other ministries.

Mr Nath further said that “We are also examining possibilities of government to government engagement to arrive at a win win situation for both adding India will also look at Malaysia for funding.”

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Bajaj Auto draws plan to ride high globally

According to Mr S Sridhar CEO of Bajaj Auto, Bajaj Auto has set sight on securing the top spot in the world and a blueprint is being drawn.

Mr Sridhar said that “Bajaj Auto has a serious plan to become Global No.1 and there are many programs being developed for this purpose.” He added that the company wanted to become the leader both in volume as well as biking experience.

However Mr Sridhar declined to elaborate on the company’s plans.

(Sourced from http://www.steelguru.com
)

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