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Gujarat Govt cancels 10 PPAs worth Rs 12,000 crGANDHINAGAR: The Gujarat government has cancelled 10 power purchase agreements PPAs wort...

Gujarat Govt cancels 10 PPAs worth Rs 12,000 cr

GANDHINAGAR: The Gujarat government has cancelled 10 power purchase agreements PPAs worth Rs 12,000 crore with small private power projects, signed by the previous Rashtriya Janta Party government led by Shankersinh Vaghela.

State Power Minister Kaushik Patel said here yesterday that the cancelled PPAs belonged to two categories 8212; one using naphta which was highly inflammable and the other having high tariff. Patel said the power tariff was Rs 4.46 per unit which was nearly double than its actual cost.

The decision to cancel the PPAs was taken by a review committee headed by Industries Minister Suresh Mehta recently, he added.

Petro products demand to rise

GUWAHATI: The demand for petroleum products in the country was expected to touch 113 million tonnes by the end of the Ninth Plan as against the consumption of 79 million tonnes in the terminal year of the Eighth Plan.

An official report said here today that production of crude oilhas been stagnating in the range of 30 to 35 million tonnes.

Jord Engineers to repay IIT Capital

MUMBAI: The Mumbai-based Jord Engineers has agreed to pay on an instalment condition, a sum of Rs 53 lakh, which includes a bank interest charge of Rs three lakh to IIT Capital Services, to whom the company owes the amount due under the bill discounting scheme. Earlier, summons were issued by the Bombay High Court against Jord Engineers and its directors on a winding-up petition filed by IIT Capital Services.

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Jord Engineers spokesperson said that the company is ready to first pay an instalment of Rs 25 lakh by cheque before December-end, 1998 and would make the full payment in January, 1999. A statement by business manager of IIT Capital Services said his firm has also filed a criminal case under Section 138 of the Negotiable Instruments Act against the company, its Chairman and Managing Director Rakesh Chaturvedi and Finance Director J P Chaturvedi.

Jewellery show

NEW DELHI: About 100leading jewellery manufacturers and exporters are expected to participate in the India International Jewellery Show IIJS 8217;99 beginning here on February 20, 1999.

The IIJS, being organised by the Gems and Jewellery Export Promotion Council GJEPC for the second time in the capital, would aim to boost export of Indian gems and jewellery.

About 30,000 visitors including international buyers from the middle east, Australia, US, Europe and South-east Asia are expected to visit the 4-day exhibition. Gems and jewellery is the highest foreign exchange earner for the country.