IN JANUARY 2013 Bhubaneswar joined other state capitals in having a Multiplex. Kudos to Inox. Built over a sprawling 35,000 square feet area; in the heart of the city- BMC Bhawani Mall, Sahid Nagar the Inox has three giant screens, a seating capacity of 980, digital projection and modern sound techniques. The ticket prices, ranging between Rs 80 to Rs 250, are pricy for the local pockets; yet, many throng the venue for a once in a lifetime experience. Prices vary on weekends and weekdays and from movie to movie. This is wholesomely welcome. What is more, when TV and videos have substantially eaten into the theatre industry this coupled with Internet booking might just turn the tide!
Govt to conduct Global Investors Meet
THE ‘VIBRANT GUJARAT’ model of attracting international capital has not only ensured continuation of Narendra Modi as the CM of Gujarat, it has also become the benchmark to emulate! The Odisha government has decided to organise a Global Investors Meet this year. According to the state Chief Secretary, Bijay Kumar Patnaik, the proposed meet would organise domestic and international road shows in prospective countries and the meet would be sector specific and result-oriented. Sectors like IT, horticulture, food processing, non-timber forest produce, handloom-handicraft, tourism, chemicals, petro-chemicals, auto and auto-ancillaries would be show cased.
The meet would also involve investors outreach programme to connect the local enterprises with national and international investors, venture capital funds and industry associations.
Nalco divestment is on ...
NALCO, a jewel in public sector, is waiting for quite some time to see the shedding of the iron control of the government over its management. In the recent past, there have been forgettable incidents of corrupt practices. The proposed stake sale is doing rounds for quite some time and has already been deferred twice. Last month, Union Minister of Mines Dinsha Patel indicated that Group of Ministers (GoM) will take a decision on Nalco divestment very soon. The Empowered Group of Ministers (EGoM), assigned to take the call, is unable to go ahead with the given mandate due to disagreement over share valuation. As the earlier proposal to dilute 30 per cent stake has been further downgraded and the present proposal is only for a 12.5 per cent stake sale, let’s hope that this time around it would see the light.
Saraf Agencies to invest Rs 5000 cr on titanium park
THE KOLKATA based Saraf group has come a long way in the process of setting a titanium park in Odisha. As per the original scheme of things, the Russian partners, State Property Management Agency had 51 per cent stake in the JV and Tekhnokhim Holding held 4 per cent with the balance being held by the Saraf group. The honeymoon with the Russian partners was short - lived when the two partners sparred over the controversial manner of allotment of land by Odisha Industrial Infrastructure Development Corporation (IDCO). IDCO allotted land for the titanium project in the name of Saraf Agencies at Chhatrapur but the Russian promoters had opposed it, demanding land allocation in the name of Titanium Products Private Limited (TPPL), a special purpose vehicle formed for this project.
Then, followed the drama of pulling out, arbitration and finally the re-entry of the Sarafs. The arbitration and the legal battles are continuing and the Russians have lost interest. Be that as it may, now the Saraf group has reaffirmed its commitment to this Rs 5000-cr project at Chhatrapur in South Odisha’s Ganjam district. They have acquired 260 acres of land at the project site and need another 250 acres for developing the proposed titanium park. Production of titanium slags is expected to commence by April 2014 and titanium dioxide production within the following 20 months.