Briefly Business

The newly-formed Civil Aviation Economic Advisory Council CAEAC to advise the government on all financial policy issues and recommend a road-map to boost investment in the sector.

Economic council on aviation to meet today

New Delhi: The newly-formed Civil Aviation Economic Advisory Council CAEAC to advise the government on all financial policy issues and recommend a road-map to boost investment in the sector,will have its first meeting on Monday. The meeting of the CAEAC,headed by civil aviation secretary S N A Zaidi,would also be attended by civil aviation minister Praful Patel. The council was set up following a surge in airfares for flights between different metros since mid-November as against those prevailing a week before,without any increase in cost of operation.

Sistema-Shyam Q3 revenue up 36

NEW DELHI: Telecom operator Sistema Shyam,a joint venture between Indias Shyam Group and Russia-based Sistema,has reported an over 36 per cent jump in Q3 revenue to 32 million on the back of an improved subscriber base and a moderate increase in Average Revenue Per User. The company,however,continues to incur operational losses on the roll-out services in new areas. SSTL,in which Russian giant Sistema holds a nearly 74 per cent stake,has launched services in 13 circles,with the latest being in Gujarat.

Hind Copper plans new mine

New Delhi: State-owned Hindustan Copper Ltd HCL is planning to develop a new mine with about 50 million tonne of ore reserves in Jharkhand as part of its strategy to ramp up capacity to 12.5 MT,from 3.5 MT,by 2017. The development comes ahead of the copper majors about Rs 4,000 crore share sale programme next year,mainly to fund its expansion. HCL proposes to engage reputed contractors for developing new underground mine 8230; at Chapri-Sideshwar,Indian Copper Complex,Jharkhand, the company said.

Nalco to start work at Indonesia unit by June

NEW DELHI: State-owned Nalco on Sunday said it has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore aluminium-cum-power project in Indonesia and is looking at commencing work on it by June 2011. The company proposes to set up 0.5 million tonne per annum MTPA aluminium smelter and 1,250 MW captive thermal power plant in East Kalimantan,Indonesia,part of its ongoing Rs 58,000 crore capacity expansion plan. We have selected Ras-al Khaimah Minerals as one of the JV partners for the project,while others would be finalised soon. Nalco will have majority stake in the JV, Nalco director finance B L Bagra said.

Prysmian buys 51 stake in Ravin Cables

New Delhi: Domestic cables maker Ravin Cables on Sunday said Italys Prysmian Cables and Systems has acquired a 51 per cent stake in the company for about Rs 200 crore. Prysmian is a leading player in power cabling segment and has operations in nearly 40 countries,while Ravin Cables sells low-and-medium voltage cables to customers in India,Africa and the Middle East.