Bajaj set to meet new demand for 3-wheelers
MUMBAI: Bajaj Auto Ltd. (BAL) is set to benefit from the recent announcement made by the Government of Maharashtra about its plans to issue 81,450 replacement autorickshaw permits against lapsed permits. A statement from Bajaj Auto said the permits, which are to be issued across 49 RTOs (Regional Transport Offices) in Maharashtra between March and October 2014, have come after an interval of 17 years. “Bajaj Auto is fully equipped to cater to the fresh demand for autorickshaws through its existing range of three-wheeler products,” C. K. Rao, Vice-President, Commercial Vehicles, BAL, said in a statement. — Special Correspondent
Suzlon sells Big Sky Wind Farm
MUMBAI: Suzlon Group has announced the strategic sale of the 240 MW Big Sky Wind Farm in Illinois to EverPower Wind Holdings, Inc. for an unspecified amount. Suzlon Group had recently acquired the Big Sky wind farm from Edison Mission Energy via their fully owned U.S.-based subsidiary Suzlon Wind Energy Corp (SWECO) as the U.S.-based company could repay its debt. Suzlon Group on Wednesday announced that it had signed a definitive agreement with EverPower to sell the project. — Special Correspondent
Cairn Deputy CEO to step down
Mike Watts, the man credited with discovering the largest on-land oil field in Rajasthan, will step down from the board of Cairn Energy plc in mid-May. Mr.Watts was head of exploration at the Edinburgh-based firm when most of the 28 oil and gas finds, including Mangala and Bhagyam, were made in the Barmer block. He saw oil in the Thar desert when Royal Dutch Shell could not, and bought out the super major in block RJ-ON-90-1 for $7.25 million. Mr. Watts has been Deputy Chief Executive Officer of Cairn Energy since March 31, 2009. “As part of its long-term succession planning, Dr Mike Watts, Deputy CEO, and Jann Brown, Managing Director and CFO, will not seek re-election at the AGM on May 15, and will stand down as executive directors of the company with effect from that date,” Cairn Energy said in a statement. Mr. Watts, who named an oil find in the Rajasthan block after Bollywood actress Aishwariya, will remain an employee of Cairn Energy till December 31. — PTI
