GE's role in Cogentrix trimmed

In a surprising turnaround, Cogentrix Energy Inc. has decided not to procure power equipment required for the 1,000- MW Mangalore power plant in Karnataka from General Electric (GE) of the US, its equity partner in the project. Instead, the US-based independent power producer (IPP) and developer of the Mangalore project has now asked GE to go through the competitive bidding route for the equipment order which may be included in the engineering, procurement and construction (EPC) contract, according to top company officials.

4.05 lakh t. sugar buffer to be created

The Government has decided to create a buffer stock of 4.05 lakh tonnes of sugar during the current season. The stock will be built from the sugar that is being imported by the two public sector trading agencies. The decision is in line with the recommendation of the Gian Prakash Committee which stated that “a buffer stock should be built up slowly at times of surplus and managed carefully”. The Committee, which probed into the sugar scam, last year, recommended that a buffer stock of 10 lakh tonnes be maintained and financed out of the Sugar Development Fund (SDF).

Transchart to be made autonomous

The Ministry of Surface Transport is considering a proposal to make Transchart, the largest chartering agency in the world, autonomous. It is of the opinion that the chartering agency could function without any financial support from the Government. Transchart generates Rs. 3 to Rs. 3.5 crores revenue by way of commission from indentors of Indian ships in a year.

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