VITAL INDUSTRY UPDATES – 12/06/2015

June 12, 2015 12:54 pm Published by

Mumbai Port Trust introduces bus service within Indira Dock precinct

With a view to improving the overall quality of its services to the trade, Mumbai Port Trust (MbPT) has introduced a bus service within its Indira Dock precinct from June 10, 2015 in collaboration with the BEST. Four buses will operate daily, at the time of commencement of shifts, between the labour booking point at Yellow Gate, Indira Dock and Port’s deep-draughted berths at BPS/BPX, and 18 Indira Dock and Harbour Wall Berths. The service is expected to transport around 600 dock workers to their work spots.

The service was inaugurated by Mr Yashodhan Wanage, Deputy Chairman, Mumbai Port Trust.

According to a Port Trust release, the service will reduce the average commuting time from the booking point to the point of work to 5 minutes from 45 minutes. This saving in the reporting time of workers will reduce the idle time of ships at berth, improve ship berth day output, reduce turnaround time and bring about an overall reduction in berth occupancy at the Port, thereby enhancing its productivity, said Mr Ravi Parmar, Chairman of MbPT.

The trade unions and Port users have hailed this move of the Port Administration, which, besides increasing the comfort of the workmen, will improve their overall efficiency leading to better performance, they said.

 

 

Vedanta invests Rs 361 crore in environment sustainability projects in 2015

Vedanta Limited, formerly known as Sesa Sterlite, invested Rs 361 crore towards environment sustainability projects across its global business locations in financial year 2015, the mining conglomerate said in a statement.

“We understand that a sustainable community is one that is economically, environmentally, and socially healthy, safe and resilient. It is with this objective, that we at Vedanta have undertaken a set of unique sustainability initiatives across all our locations to engage with local communities in which we operate,” said Roma Balwani, President, Group Sustainability & CSR, Vedanta.

The Anil Agarwal-led company said it is one of the first companies in India to adopt the Integrated Biodiversity Assessment Tool, devised by United Nations environment Programme.

Coal India to have inbuilt price adjustment formula

Coal India will have an inbuilt price adjustment formula to take care of changes in input costs in the model that the coal ministry is preparing to revamp supplies to the non-regulated sector. According to this model, currently at the draft stage, the state-run miner will sell coal based on a price decided through an auction every five years.

 

The ministry is replacing its age-old system of offering coal supply contract on nomination basis with an auction linked supply system to users in the non-regulated sector. These segments include steel and cement, where the final product price is not regulated, unlike in regulated sectors like power where tariffs are fixed by state electricity regulatory panels.

 

People who are dealing with the plans said CIL will have the option of passing on increased input cost to the users, helping it maintain margins. The price escalation formula, which has yet to be finalised, seeks to cushion the company from increased cost of productions or pass on any fall in input costs.

At present the ministry is weighing various price adjustment formulas. Theoretically, this formula could be based on price indexes; a weighted average of price movements for a given class of goods or services in a given region, during a given period of time. It is designed to help in comparing how these price relatives, taken as a whole, differ between time periods.

Categorised in:

This post was written by Atlantic Admin