The main port of Mumbai will remain closed till Wednesday, in order to avert any navigational complications, said sources at the defense ministry.

The MSC Chitra, registered in Panama, collided with the MV-Khalijia-II near Jawahar Lal Nehru port. The MSC Chitra was moving out of the port and the Khalija-III was navigating towards the Mumbai Port Trust for repairs when the collision happened. The scene of the crash was around five kilometers from Mumbai port. The collision caused the MSC Chitra to heavily, thereby spilling its oil and lubricants into the water. The leak was plugged by late Monday and the Minister for Environment, Jairam Ramesh, confirmed this news in Lok Sabha on Tuesday.

The information released by the defense ministry says that the oil slick that was caused by the accident is spread over an area of three miles around the ship. The cause of the accident has been accepted to be a failure in radio communications between the two ships and no information has been given regarding the cargo they were carrying. Officials suspect that human error on one or both ships could have caused the collision. Since Saturday, Indian coast guard ships and helicopters have been working relentlessly to get the situation under control.

It is estimated that 300 containers that the ship was carrying have fallen into the sea, and that approximately 2,000 liters of oil have been spilt into the Arabian Sea over the three days that passed since the collision. Although the ship is still listing heavily, officials confirm that there is no danger of it sinking, since it has run aground on a rock, and the water levels are not deep enough in that area for submersion. No details were given on the damage incurred by the Khalijia-II. A detailed investigation has been instituted by the Director General of Shipping to ascertain the details of the collision.

In a real estate deal that has created history, the National Textile Corporation has sold eight acres of land at its Bharat Mills at Worli in Mumbai for a huge Rs 1503 crore. The largest ever realty deal meant that one acre was sold for a whopping Rs 188 crore.  Indiabulls InfraEstate Ltd emerged winner of the bid to seal the deal after it quoted a price of Rs 1505 crore.

While Lodha bid for the land with a quote of Rs 1503 crore, Peninsula had bid with a Rs 1409 crore quote.  Tatas came fourth in the bids after they came up with a quote of Rs 1263 crore. Others who had bid for the property include Oberoi and Videocon.

Incidentally, the sold out land is the one which the Maharashtra government had been eyeing for its affordable housing scheme. Though the state government had offered to pay Rs 750 crore for this land, NTC had then declined the offer.

With the property now in its hands, Indiabulls will be charting out its next course of action towards delivering a world class product in Mumbai. This is the second in the series of costly buys for Indiabulls as the company had earlier during the week, won another deal by paying Rs 198 crore for an acre of Podar Mills. The 2.39 acre mills went for Rs 474 crore.

The latest has proved that the e-auction route is the best tool in realty sale. While Lodha Structure Developers Pvt Ltd, which quoted Rs 1503 crore came second after a neck-and-neck fight while Peninsula Real Estate Management Pvt Ltd finished third with a quote of Rs 1409 crore, it added.

For NTC, the deal has come about as a windfall. The PSU is now looking at pumping in a good amount of money received as part of the sale into its modernisation efforts.  NTC is currently on path to bringing in a transformation and make it a profit-making venture.

It also charged the Opposition with putting forth incorrect figures on the expenditure incurred for the mega event.

Ever since the 19th Commonwealth games was announced to be held at Delhi, there have been doubts about whether the event will be a success. Now, with about a few weeks to go till the games are officially opened, fresh allegations are being thrown at the government by the entire opposition. The Lok Sabha turned chaotic when the Opposition started accusing the government of allowing large scale corruption in the CWG projects. The Left also urged the need for a Joint Parliamentary Committee to inquire into the chargers.

S Jaipal Reddy, the Union Minister for Urban development, leads the group of ministers organizing the games. Reddy was present at the session when the accusations were made but was not allowed to comment on the matter. The opposition wanted a reply only after a debate was done on the concerned matter. Reddy later commented that in his 42 year career as an MP or an MLA, never before has a minister been stopped from commenting when he wanted to. He said that he was not directly concerned with the Games but wanted to reply to the allegations since he was the chairman of the CWG organizing committee. He said that the actual expenditure of the CWG is about Rs.11, 500 crore and that the opposition’s calculation of figures of Rs.50, 000 crore and Rs. one lakh crore were totally incorrect.

Reddy said that there was a possibility of the government agencies committing irregularities with the finances, and that the entire matter will be thoroughly investigated. He added that even the CBI will be called to look into it. He said that these government agencies should not be confused with the organizing committee which is an independent organization like the BCCI. Later, he also commented on the delay of the projects related to the games saying that the reason for it was due to the shortage of labour in Delhi and that the success of the Centre’s flagship employment guarantee programme (MGNREGA) contributed to the shortage of man power. When the opposition questioned about the decision of holding the games in the national capital, the minister replied that it was decided in 2003 by the Atal Bihari Vajpayee government and that the UPA did not want to change the plan because of a moral and political responsibility. Whether there is any truth about the allegations or not, we can hope that the government deals with the matter soon and that the Games’ flame is lit on time.

Picture: The new Rupee symbol.

Initially over 3,000 designs were shortlisted for the competition, which came down to five that were in the running for being chosen. He wins a cash prize of Rs. 2.5 lakhs from the Finance Ministry for his achievement.

The new sign for the Indian rupee was approved by the Union Cabinet, and the government will be incorporating it into the country’s workings over the next two years. The goal is to adopt it nationally within the next six months and on an international scale in 18-24 months.

The Rupee symbol will not appear in the printed currency or the coins used in India, but will be part of the Unicode Standard and in the major scripts used internationally so that it can be displayed and printed with ease. India’s rapid growth and presence in the world economic market had made it increasingly important for the currency of the country to have a symbol. Especially since other countries like Nepal, Sri Lanka and Pakistan also shared the word ‘rupee’ to denote their currency.

The new symbol was chosen because of its design capability to be part of existing software systems. The symbol will now be used on keyboards manufactured in India. Right now, as far as we know, there is no simple way to use the new Rupee sign while creating a document.

Uday Kumar says that he designed the symbol based on the Indian tri color, with the lines added on the top and bottom representing the Indian flag. The symbol is primarily based on the ‘ra’ of the Devanagari script, with an attempt to incorporate the Roman script also, for international appeal.

Udaya Kumar will be joining the dept. of Design at IIT Guwahati as Assistant Professor.

A study, carried out by SMC Capitals, gives statistics showing that there are approximately 3.1 crore people who use social networking sites like Orkut, Twitter and Facebook, as opposed to just 1.7 crore who have a Demat account. A Demat account is mandatory for people who trade in the stock market in India.

The fact that there are twice as many people using social networking sites and only half the number trading stocks is considered to be an incredible finding, especially when one considers that the networking sites have become popular only in the past three years or so. This leads the company to tentatively conclude that the average, Indians are still wary of the stock market. This is seen as a clear indication that though the consumer market in India has grown to huge proportions, India as an investor is still in infant stages.

Another allied area that had interesting statistics is the mobile phone arena. There are almost 2 crore new mobile connections taken in a single month, compared to two lakh Demat accounts taken – another clear indication of the fact that the investing trend is a very low one in India. Factors that are considered responsible for the huge popularity of social networking is are that 60% of India’s population is below the 30 years mark – almost all of whom will definitely link to social networking sites and mobile phones. Also, there is the unbeatable advantage that being part of a social networking site happens absolutely free of cost, whereas taking a Demat account means that the user will have to pay for it.

The land for the project has already been acquired by paying off liabilities to the tune of Rs 250 crore – a plot of 17.5 acres, which was occupied by the now defunct Shrinivas Cotton Mills, at Lower Parel.

The residential project called World One, has been estimated at Rs 2,000 crore and is expected to be completed by 2014. Lodha Developers have entered into a tie-up with New York architecture firm Pei Cobb Freed & Partners, and with Lera for the structural engineering aspect of construction. Construction is expected to be carried out by a top international civil engineering firm – reportedly L&T, Samsung Constructions and Grocon are all vying to be in. With these international associations, the firm aims to bring in a new level of excellence to make World One a landmark exemplifying the Mumbai spirit.

The proposed height of World One, which is aimed at global Indians  we suppose they mean rich NRIs and rich Indians – is more than 1,450 ft. (117 storeys). It would have 300 exclusive 3 and 4-bedroom World Residences and World Villas which would have their own private pools, and also a few duplex World mansions.

This would all be housed in a complex that houses three residential buildings, a top-end shopping avenue and an office building of international standards. The area would have about 5 acres of landscaping and would include an 80,000 ft. sports club that would be situated 175 ft. above ground level. The structure will be designed to effectively withstand wind and seismic movements.
Prices for the units would range from Rs 7.5 to 50 crore. The firm is reported to be expecting Rs 5,000 crore in revenue at the end of the project. According to sources at Lodha, the pre-launch, which was done among select buyers, has already seen a number of bookings, priced at around Rs 25,000 per sq.ft. A full on launch is expected to take place by the end of this month.
Funding for the project is to be through customer receipts, debt finance and internal accruals. Sources say that the developers would also be open to going in for private equity funds if the need arises. Banking sources say that the firm received property funds from HDFC, Singapore funds GIC and Temasek, of more than Rs1,000 crore.

The building will receive the ‘Gold Leed’ certification and will, on completion, take on the title of tallest residential building in the world – which is currently owned by the QI tower in Australia’s Gold Coast (80 storeys in height). Lodha Developers also plans to launch an initial public offering (IPO) of $650 million this year.

Sources say that RIL has intimated to the government their interest to generate and distribute nuclear power. The recent US-India civil nuclear deal has paved the way for several companies to consider entering the nuclear energy business.

RIL is believed to be talking to Bechtel Corporation, the engineering, construction and project management giant, based in the US, for a possible collaboration in this regard. Although nuclear plans are still at an early stage for RIL, they are reportedly doing a feasibility study regarding the move.

Recently the non-compete pact that existed between the Ambani brothers had been annulled, and RIL is now free to enter in the power market among other businesses.

According to the regulations currently in place, private Indian firms can be a minority partner in nuclear power projects. The government will retain 51per cent equity stake through its nuclear divisions – NPCIL (Nuclear Power Corporation of India) or BHAVINI (Bharatiya Nabhikiya Vidyut Nigam), which are the only two authorized to build nuclear plants in the country. NTPC was the first power company to have entered into a joint venture pact with NPCIL to execute nuclear power projects. RIL is expected to follow NTPC’s lead of having 49 per cent stake of the joint venture. RIL’s entry into this market would make it the first investment in this sector that is coming from a private firm.

RIL is already associated with Bechtel, on the KG-D6 Bay of Bengal deepwater gas field development, and on the construction of their Jamnagar refinery.

Bechtel is the company that designed and built almost half of the nuclear power plants in the US. It was named the top US contractor, a status that has been steady for 12 consecutive years, by Engineering News-Record (ENR).

India’s aim is to have the capacity to generate 10, 080 mw by 2017, and crucially needs private investment to make this a reality. At present, nuclear power capacity stands at 4,560mw.?

Mexico- based cinema operator Cinepolis has revealed its expansion plans in India by announcing that it will set up 40 new screens over a period of 12 months in the country. The company will invest Rs 130 crore ($ 28 million) for the purpose.

The company had earlier targeted to set up 500 screens in different cities in India by the year 2016. The company had calculated its per-screen investment at $700,000. The recently unveiled plans is part of that target and includes the setting up of screens in Bangalore, Jaipur, Mumbai, Hyderabad, Thane, Surat, Ahmedabad, Patna and Bhopal and Cinepolis has already commenced talks with developers for setting up the theatres. The multiplex operator is especially looking to integrate its theatres in large malls, so that its customers can have a shopping experience as well.

Cinepolis will also build a megaplex, which is a multiplex consisting of more than 10 screens, in Magarpatta near the city of Pune in early 2011. The project will be followed by another megaplex in Thane district. Megaplexes would allow the company to conduct 50 shows in a single day. They would also run shows of art and developing films besides commercial movies, although the seating capacity would vary for screens displaying art cinema and commercial cinema. The company said that its theatres would also offer a platform for small-budget movies as well. Cinepolis also said that the megaplexes can be sustained in the long run owing to the large number of movies produced in India each year totaling at almost 1,000. So the theatres would never fall short of movies to show.

Cinepolis revealed that it was not aggressively looking to acquire any existing multiplex or multiplex chain. The company, which started its India operations last year with a multiplex in the Celebrations Mall in Amritsar, had talked to DLF-owned DT cinemas before but the talks were not successful.

According to the company, India was a market that offered a lot of potential. The ratio of number of screens to the population in India was 0.6 screens for every million people. The same ratio in the US was 120 screens for every 1 million people while in Mexico it was 40 screens for 1 million people. Indians, the company noted, were also increasing their spending on movies due to the increase in the per capita income. The reduction of demand in the Mexican market was also a reason for Cinepolis to look for newer markets abroad.

Cinepolis was established in Mexico in 1971 and ranks fifth among the largest movie theatre chains in the world. The company owns over 2,250 screens present in six countries and employs over 15,000 people globally.?

The bank had received the regulatory approval to become the first foreign bank to tap the Indian equities market.

The bank had filed a prospectus for the sale of 240 million Indian Depository Receipts and believes that India offers a very good opportunity to become its biggest single market. The sale of StanChart’s Indian shares will start on May 25 and will extend up to May 28.

The bank aims to rise between $500m- $750 million. Indian investors would be allowed to buy its stock on the Bombay and National Stock Exchanges. The bank has also declared that it was interested in exploring the possibility of China listing. Standard Chartered currently garners 90 per cent of its income from Asia, Africa and the Middle East. According to the bank top brass, India is turning out to be an important part of its business, and the listing in India is seen a tactical move that will strengthen Standard Chartered’s market visibility, brand presence and help in the growth of business in the country.

The Mumbai listing shows the Standard Chartered’s desire to boost business in India, which is expected to expand between 7 and 8 per cent during the financial year ending March 2011. The bank plans to sell 240 million shares with every 10 Indian Depository Receipts (IDRs) representing one share of Standard Chartered. The bank has hired UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering.

The bank had pocketed 12 percent of its income from India in 2009. Standard Chartered is India’s largest international bank, with 94 branches in 37 cities. The bank has been operating in the country since 1858 with its first branch in Calcutta. It has about two million retail customers and more than 1500 corporate and institutional investors.

We have a bunch of photos of the so-called BP Oil Spill collected for you from across the Web.

BP Oil Gulf of Mexico oil spill NASA photo from space

Pic: Gulf of Mexico oil spill: Photo courtesy

Picture of oil spill courtesy: KansasCity.com

The leak followed the explosion of Deepwater Horizon drilling rig on April 20, which is believed to have killed 11 men. Henry A Waxman, chairman of the House Energy and Commerce Committee, California, is demanding documents from BP and its drilling contractors to move into investigation.

Photo: A High Volume Offshore Skimming System (VOSS) skims oil from the Gulf of Mexico near Venice, La., April 28, 2010

Another source of the leak has been found in a pipe that connected the rig to the well on the seabed in 5000 feet of water. On Wednesday, BP set fire to some of the oil to try to limit the damage to marine animals and other wildlife.

Photo: Cleanup activity in the Gulf of Mexico after oil spill disaster

Photo courtesy Yahoo

It is believed that the leakage could cost the company several hundred million dollars. Apart from the financial loss, it could also affect the reputation of the company.  The company’s failure in stopping the leakage from the underwater well has disappointed the government officials. US President Obama has said that BP would be responsible for funding the cost of response and cleanup operations. The cost of an environmental cleanup will depend largely on how much oil reaches shore. The government could assess fines or other penalties then. Lawyers have already filed many suits on behalf of commercial fisherman, shrimpers and injured oil workers against BP; Transocean; Cameron, the company that manufactured the blowout preventer; and other companies involved in the drilling process.

Photo: The Gulf of Mexico oil spill spreads

Photo courtesy Time.com

About 66000 feet of inflatable oil booms to contain the spill and 50 contractors with experience in operating the equipments, have been sent by the Navy. Despite the accident, BP says it remains committed to its gulf drilling program, which contributes 11 percent of the company’s worldwide production.

Photo: BP oil rig on fire after explosion

BP, under John Browne was initially an environment conscious company and wanted to develop alternative energy sources like wind and solar power. But the company started losing its focus on maintenance and safety leading to many accidents that cost the lives of many.