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'Challenges are more external than domestic'
The year 2010 will start on a promising note as we have held on to the gains of 2009, even if it means consolidating for the first few months of the year, says Sundaresan Naganath, chief investment officer at DSP Blackrock mutual fund. After having worked with Credit Suisse Asset Management New York and Merrill Lynch Asset Management Hong Kong, Naganath oversees some of the best performing funds such as DSP Blackrock Equity and DSP Blackrock Top 100. In an interview with Vandana and Neha Pandey, he says challenges that markets face are more external than domestic. Excerpts:

IOC to invest Rs 4,650 cr in pipeline projects
Indian Oil Corporation (IOC), the nation"s largest oil firm, will invest Rs 4,650 crore in laying crude oil and petroleum product pipelines over the next three years, Minister of State for Petroleum and Natural Gas Jitin Parasada said today.

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United Spirits PE deal unlikely to sail through
United Spirits, India’s largest spirits firm from the stables of UB Group, efforts to raise Rs 1,000 crore through the private equity route is unlikely to sail through. United Spirits, owned by Indian billionaire Vijay Mallya has been in discussions with global private equity giants including KKR and Capital International to raise resources to largely settle the huge debt pile of the firm.
Management

Three companies make it to final round for N-E UMTP

Three private sector power companies — Reliance Infrastructure’s subsidiary Reliance Power Transmission Limited (RPTL), Sterlite Energy and Lanco Infratech — will compete with each other in the final round of bidding for the first ultra mega transmission project (UMTP) in the country for the North-Eastern region. - Financial closure of 1,980 Mw plant in 3 mths: Sterlite - Sterlite Energy mulls IPO to raise Rs 3,000 cr - Sterlite Energy mulls IPO to raise Rs 3,000 cr - Sterlite Energy achieves financial closure - Rel Power to get LoI for Tilaiya UMPP tomorrow Sources said of the eight qualified bidders who were shortlisted in May, only three companies submitted the Request For Proposal (RFP) to East-North Interconnection Company, a wholly-owned subsidiary of Power Finance Corporation (PFC). All the three companies have submitted their technical and financial bids. The financial bids are scheduled to be opened on September 29. Those who had qualified but backed out from the final round are Larsen & Toubro, Essar Power, CESC, Jindal Steel & Power (JSPL) and JSW Energy. Earlier, 16 bidders had applied for the project. The project is for setting up 427 km of transmission lines, connecting the North and Eastern regions of the country to evacuate about 1,700 Mw of surplus power. Sources said the UMTP initiative, on the lines of the ultra mega power projects (UMPPs), was for the development of independent transmission projects through private sector participation for evacuation of power from the generating stations to pooling stations and to other grid stations and load centers. The project will be implemented through an build, own, operate and maintain (BOOM) basis and will be awarded through competitive tariff based bidding. The government is planning to award three such projects — Talcher Augmentation Transmission System (Talcher-II), North Karanpura Transmission System and East-North Interconnection System, with an estimated investment of over Rs 5,500 crore, sources said. The North-East Interconnection UMTP will consist of two lines, a 217-km long 400-kV transmission line between Bongaigaon in Assam to Siliguri in West Bengal and another 210-km similar line between Purnea and Biharsharif in Bihar. The project has to be completed within three years of awarding the project, with a scheduled commissioning date by October 2012. Reliance Infrastructure is currently implementing the Rs 1,370-crore Western Region System Strengthening Schemes in Maharashtra and Gujarat, which it won through a tariff-based international competitive bidding process. An R-Infra spokesperson said the company has been qualified at the Request For Qualification (RFQ) stage for all three UMTP projects announced for private participation.


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