Ministry toughens stand on fresh licensing

The refinery projects proposed by P. Rajarathinam & Associates (PRA), Black Gold Refineries and Johnson Dye Works are likely to become the first casualties of the Petroleum Ministry’s tough line on licensing fresh capacity in the sector. The Ministry has decided to reject all proposals for refineries catering to the domestic market. In case of EOU projects, it will insist on strict adherence to the value-addition norms.

Sunkyong keen on ventures in India

Sunkyong Ltd, one of the top five business groups in Korea with an annual group turnover of US $ 26 billions from 32 companies, has identified India, along with China and Indonesia, as one of its strategic destinations for sizable investments. Sunkyong has already formulated a plan to establish a toehold and thereafter strengthen its presence in the Indian market. The Fortune 500 company is according priority to the power sector in India although it is simultaneously keeping in view other areas like oil exploration, refining, petrochemicals, polyester film, magnetic tapes, telecommunication and agro-commodities.

Oriflame allowed import of cosmetics

Within days of rejecting the proposal of Oriflame India Pvt Ltd, a joint venture set up here by the Swedish cosmetics giant, Oriflame International, to sign a memorandum of understanding for investment and indigenisation commitments in return for import licences, the Commerce Ministry has permitted the company to import cosmetics worth Rs. 1 crore. The joint venture company had sought the Ministry’s permission for one-time import of finished products worth Rs. 5 crores for testmarketing.

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