Latest News | Business Brief Unplanned Downtime Costs Indian Industry Rs 70 Lakh an Hour: Report

New Delhi, Oct 12 (PTI) Unplanned downtime -- interruption in the power delivery to consumers -- costs Rs 7 million (Rs 70 lakh) per hour to the industry, according to a report.

Around 88 per cent of Indian industrial businesses experience unplanned outages at least once a month, compared to 69 per cent globally, according to the 'Value of Reliability' survey from ABB.

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"This costs the typical Indian business close to Rs 7 million per hour, compared to Rs 10.3 million globally. Despite this, 19 per cent of Indian businesses surveyed still rely on run-to-fail maintenance," it said.

The survey gathered responses from 3,215 plant maintenance decision-makers globally across the metals, oil and gas, chemicals, energy generation, food and beverage, plastics and rubber, water and wastewater, rail, utilities, marine, and wind sectors.

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***** *IFSCA recognised jewellers allowed to import silver grain via IIBX

Qualified jewellers notified by the International Financial Services Centres Authority (IFSCA) will be permitted to import certain types of silver grain through India International Bullion Exchange IFSC Ltd (IIBX), a government notification said.

Earlier nominated agencies as notified by the RBI (in the case of banks), and nominated agencies notified by the Directorate General of Foreign Trade (DGFT) were allowed for the imports.

"In addition to nominated agencies as notified by the RBI (in case of banks), and nominated agencies notified by the DGFT, qualified jewellers as notified by IFSCA will be permitted to import" certain kind of silver "through IIBX", the notification said.

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*Radisson Hotel Group opens Palchan Hotel under Radisson Individuals Retreats in Manali

Radisson Hotel Group on Thursday announced the opening of Palchan Hotel and Spa under Radisson Individual Retreats in Manali in Himachal Pradesh.

“We envision Radisson Hotel Group's next phase of growth to be driven by key hotel openings in India's leading leisure destinations. Radisson Individuals Retreats allows us the opportunity to enable and co-create unparalleled experiences for guests in every part of India, especially in tier-II and III cities," Radisson Hotel Group Managing Director and Area Senior Vice President - South Asia Zubin Saxena said in a statement.

Radisson Hotel Group has over 165 hotels in operation and development in India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)