Power

Abraaj Group has joined hands with ENGIE to set up a wind energy platform in India

Dubai-based emerging markets buyout fund Abraaj Group has joined hands with ENGIE, a multinational utility company and global independent power producer to set up a wind energy platform in India. “Together, Abraaj and ENGIE have identified a robust pipeline of wind power projects representing over 1 GW in several key states,” the companies said in

Coal

Piyush Goyal promises smooth coal supply to power plants by early October

Coal Minister Piyush Goyal today said his ministry is taking urgent steps to ensure coal supplies to power stations stabilise by month end or early October. He was speaking at the annual convention of Indo-American Chamber of Commerce (IACC) in Mumbai. Goyal’s assurance came after IACC President N Srinivasan flagged the issue of the depleting

Oil & Gas

ONGC discovers ‘good’ offshore oil, gas field with reserves of 20 mn tonnes

The latest discovery of India’s largest oil explorer Oil and Natural Gas Corp to the west of its Mumbai High offshore fields is estimated to hold in-place reserves of about 20 million tonnes, sources with knowledge of the matter said. The Mumbai High field annually produces oil and natural gas of about 9 million to

Civil Aviation

Air India plans cost management blitz, aims to save around Rs 500 crore

National passenger carrier Air India plans to “re-negotiate” its agreements with vendors and suppliers to save operational costs of up to Rs 500 crore ($780 million) within the shortest possible time period. The ambitious short-term target to be achieved in 12-weeks time has been set by the company’s new Chairman and Managing Director, Rajiv Bansal.

Roads

Bharat Road Network closes below IPO price on institutional selling

Bharat Road Network (BNRL) ended 7% lower at Rs 195, closing below its initial public offer (IPO) price of Rs 205 per share on Tuesday after heavy selling by institutional investors on the first day of its listing. The stock hit an intra-day low of Rs 187 on the National Stock Exchange (NSE. A combined

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