GLOBAL ECONOMIC REVIEW

INDIA RANKS FIFTH GLOBALLY IN ETHANOL PRODUCTION:
(ECONOMIC TIMES: 25 September 2006)

India ranks fifth in ethanol production next to European Union, china, USA, and Brazil. While India and china are in still in the process of formulating a biofuel policy. It will be mandatory for public oil companies to buy oil produced from jathropa, pongamia, other plants oils and sell it as a 5% blend, rising to 20% by 2020.

ACCEL TO FORAY INTO CAPITAL MARKET:
(ECONOMIC TIMES: 25 September 2006)

ACCEL frontline, an IT service provider, is entering the capital market with an initial public offerings (IPO) of 56.36 lakh equity shares of rs.10 each, through 100% book buildings process.

A MORE EQUITABLE IMF:
(ASIA TIMES: 19 September 2006)

The International Monetary Fund has decided to give more voting power to China and other developing nations. However, the rich countries, which have traditionally dominated the organization, will still be calling the shots.

ONGC BETS ON TERM OIL RIG CONTRACTS:
(ECONOMIC TIMES: 7 September 2006)

Public sector oil major ONGC could save close to a billion over the next 3 three years on charter of offshore drillings rigs, if the market continues to tighten going forward. In the past few years, ONGC has made big savings on similar long term contracts. It is betting that the market for drilling rigs will harden further.

INDIA GOES GLOBAL ON AEROSPACE:
(ASIA TIMES: 8 AUGUST)
An ambitious attempt to revive South-South economic cooperation around India, Brazil and South Africa is expected to receive a major fillip when the heads of state of these developing countries meet in Brazil during the second week of September. One beneficiary would be their aerospace industries.

GAIL PLAN TO LAY A NATIONWIDE GAS GRID:

GAIL (India) Ltd has submitted an Rs 5,887 crore plan to lay a nationwide gas grid over the next five years. The company recently submitted plans to the petroleum ministry to lay within next five years eight trunk lines