Indian Arts and Crafts

India is rich in artistic works.  It is often confusing for foreign visitors on how to decide which crafts they should take with them.  The choices are many, widely varied and often inexpensive.

Some of the best quality merchandise can often be found in the bazaars that populate large cities such as Delhi, Mumbai in Bombay, Kolkata in Calcutta and Chennai in Madras.  Literally thousands of places, from quaint shops to roadside stands, sell crafts to visitors.

Every state in India produces its own special arts and crafts. Rajasthan and Kashmir are the two largest producers of crafts made for mass distribution.  In Rajasthan, you will find bargains on fabrics, jewelry, glass, pottery, rugs and camel-hide products.  Carpets, shawls and embroidery dominate the products produced in Kashmir.  These are often considered to be of the finest quality available.

The many tribal communities of India produce unusual crafts that are popular with tourists.  These crafts include wire animal tarakashi of Orissa and large bronze sculptures in Nagaland.  The Himalaya areas produce a vast amount of silver, turquoise and coral jewelry.

Indian jewelry shops specialize in bright, 22-carat gold items.  Many of the local tribes trade in their traditional silver jewelry for the more widely preferred gold.  Often jewelers have bags of silver jewelry for sale by the pound.  Brass and copper are worked into trays, cups and plates.  Some of the best works can be found in Varanasi and Moradabad in UP.

No mention of India’s crafts would be complete without a mention of Bidriwork, a specialty of Aurangabad and Hyderabad.  This craft is a matte gunmetal alloy finely inlaid with silver and gold.  It is then used in making boxes, vases.  These are sure to be treasured by all who obtain one.

This article only touches on the rich craft culture of India.  Spend plenty of time looking at the variety and choosing.  You are bound to find the perfect souvenir of your trip to India.

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Indian Oil Corp (IOC) To Enter Nuclear Power Projects

Indian Oil Corp will do nuclear power generation. IOC, a Fortune 500 company and India’s largest oil refiner-marketer with $58 billion (Rs. 2,85,337 crore) in sales, has informed the government that it would form a joint venture with Nuclear Power Corporation of India (NPCIL). IOC will hold a stake of between 26 and 49 per cent.

This venture is on the back of the Indo-US nuclear deal, that can help in getting nuclear fuel.

The Nuclear Power projects listed by IOC for joint participation with NPCIL are proposed as follows:

  • Rs 14,000-crore nuclear power project at Kakrapar in Gujarat with a capacity of 1,400 mw
  • Rs 14,000-crore nuclear power project at Rawatbhata in Rajasthan with a capacity of 1,400 mw
  • Rs 18,000 crore project at Kundakulam in Tamil Nadu for 2,000 mw
  • Rs 28,500 crore project at Jaitpur in Maharashtra for 3,300 mw

So, a total of 8,100 MW of nuclear power projects are planned.

IOC’s chairman and managing director Sarthak Behuria said:

This is a step towards becoming a integrated energy major.” “We have held preliminary discussions with NPCIL and are currently working out the modalities.

A senior Petroleum Ministry official said an investment of Rs 220-825 crore per annum would be required depending on the equity option chosen by IOC. Investments would be required for a span of 5 years beginning 2010.

The official said the company has discussed the proposal with the ministry and IOC’s board on Monday approved plans to have a memorandum of understanding with NPCIL. “We have asked IOC to concentrate more on its core area of business which includes refinery, petrochemicals and marketing. It has assured us that the fund requirement for equity participation with NPCIL is comparatively small as compared to the investment in core areas,” the official said.

Source: Hindustan Times

We feel, IOC’s balance sheet should have no problem funding this venture, and in return, IOC will add a long term assured cash flow generating business, that could one day, have its own IPO. This development makes IOC’s stock a Buy on any near term correction.

Fortis Healthcare plans 2-for-5 rights share issue

Fortis Healthcare, the hospital-chain, is coming up with a 2-for-5 rights share issue. And the subscribers will also be entitled to two detachable warrants.

Announcement Date 24-12-2008
Rights Ratio 2:5
Face Value Rs 10
Premium Rs 100
Record Date 20-08-2009
Ex-Rights Date 18-08-2009

Fortis will price its rights issue at Rs 110 per share, to raise Rs 9.97 billion excluding the warrants, it said in a statement to the stock exchange.

The funds will be used mainly to fund greenfield projects (Medicity Gurgaon), redemption of preference shares, repayment of short-term debt, and for M&A and investment opportunities.

Scheme of Arrangement between Reliance Infrastructure and its Subsidiaries

Reliance Infrastructure Limited has informed the Exchange that the equity shareholders of Reliance Infrastructure Limited, at their meeting convened pursuant to the Order of the Honble High Court of Judicature at Bombay, held on June 09, 2009 have approved the Scheme of Arrangement between the Company and its wholly owned subsidiaries Reliance Energy Generation Limited , Reliance Goa and Samalkot Power Limited, Reliance Power Transmission Limited, Reliance Energy Limited, Reliance Infraventures Limited and Reliance Property Developers Limited and their respective shareholders and creditors under Sections 391 to 394 of the Companies Act, 1956.

The votes cast in favour of the resolution approving the Scheme were 99.9993% of the total votes cast at the meeting. Further, the Company has submitted to the Exchange the Media Release dated June 09, 2009 titled “Shareholders of Reliance Infrastructure Limited approve the Scheme of Arrangement for Demerger of the following divisions of the Company:

i. Dahanu Thermal Power Station

ii. Goa and Samalkot Power Stations

iii. Power Transmission

iv. Power Distribution

v. Toll Roads

vi. Real Estate to the respective wholly owned resulting companies”.

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