Bharat Heavy Electricals Ltd will sign a memorandum of agreement today with Nuclear Power Corporation of India to float a joint venture for manufacturing equipment for nuclear power plants. The joint venture would also take up engineering, procurement and construction activities for nuclear power projects in India and abroad. BHEL expects to spend a sum of over Rs 4,000 crore in the proposed joint venture, which would be funded through internal accruals.
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The country’s top steel producers, including Tata Steel, SAIL and Jindal Steel have decided to roll back the prices of long steel products, including construction-grade TMT bars by Rs 2,000 per tonne. The price cuts would be implemented immediately. This reduction in prices of long products is part of the package brokered by the steel ministry with main steel producers with the aim of providing relief to the common man by lowering prices of steel products directly used by him. Accordingly, the steel companies have also agreed reduce the price of galvanised corrugated (GC) sheets use as roofing material for low-cost housing.
The steel companies have also agreed to address the issue of supply constraints resulting in higher prices of steel. The main steel producers would now import the requirement of intermediate products like hot-rolled (HR) coils under advance licensing scheme for producing high-grade steel and GPGC sheets, colour coated steel and cold-rolled (CR) coils. This is expected to unlock an additional two million tonnes of HR coils in the domestic market that would other wise have gone into producing high grade steel meant for exports.
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Reliance Industries (RIL) has proposed to invest around Rs 30,000 crore over 10 years in setting up two plants for semiconductor fabrication and manufacturing solar grade wafers and polysilicon etc. The RIL proposals are among the seven applications received for establishing semiconductor fab facilities. The government had announced the guidelines for the seminconductor policy in September 2007. The total investment expected from the seven proposed facilities for setting up solar fabs is to the tune of Rs 65,000 crore. Besides RIL, the other proposals are from Videocon, Moser Baer, Titan Energy System, KSK Energy Ventures Pvt Ltd and Signet Solar.
RIL is yet to decide the location for its semiconductor fab that will be set up at an estimated outlay of Rs 18,521 crore. The choice is between Navi Mumbai, Hyderabad, Mysore and Haryana. The final decision on the location would be taken based on RIL’s negotiations with the state governments on incentives. RIL’s second proposed plant, at an expected cost of Rs 11,631 crore, would be set up at Jamnagar in Gujarat, once it gets the government clearance. This plant would manufacture polysilicon, single crystal/multi-crystalline ingots, solar grade wafers, SPV modules with a capacity of 1 giga watt. RIL has sought a subsidy of Rs 3,394.6 crore from the government for its first semiconductor plant, and Rs 2,326.2 crore for the second one.
India needed a big player in the chip manufacturing space, while the smaller assembly, test, marking and packaging (ATMP), and solar photovoltaic segment, which is less complex is well set. This will put India on semiconductor map of the world and yet another diversification for Reliance Industries.
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