India, the world’s third-largest oil consumer, expects a “responsible” approach from its suppliers as speculation mounts over whether OPEC and its allies will reach a deal to boost output at a meeting in Vienna this week. India welcomes a proposal made by top producers Saudi Arabia and Russia to gradually ease the group’s supply curbs […]
Month: June 2018
Air India sale flop to swing focus to its asset disposals, cost cuts
Air India needs to spruce up through a fresh cash injection, cost cuts and non-core asset sales, analysts said on Wednesday, after the government indicated a sale of the ailing state-owned carrier had likely been shelved. Civil Aviation Minister Suresh Prabhu said on Tuesday the government will review its plans to privatise Air India at […]
BHEL bags orders worth Rs 10 bn from Telangana State Power Generation Corp
State-run power equipment maker BHEL has bagged two orders worth Rs 10 billion from Telangana. The orders from Telangana State Power Generation Corporation (TSGENCO) are for supply and installation of emission control equipment at Kothagudem and Bhadradri thermal power stations, BHEL said in a statement. The installation of Flue Gas Desulphurisation (FGD) systems will control […]
Blue Dart sets up aviation hub at Chennai airport
Logistics service provider Blue Dart has set up a new aviation hub at the airport here. The hub, spread across 4,912-square metres at the old international airport would provide shipment of cargo through air and land, enabling faster transfer of cargo. The new facility would also be the headquarters of Blue Dart Aviation, a company […]
Govt receives bids for Pawan Hans stake sale
Bids have been received for the strategic stake sale in helicopter services provider Pawan Hans, Civil Aviation Secretary R N Choubey said today. A profit-making entity, Pawan Hans is a joint venture between the central government and state-owned ONGC. Under the disinvestment proposal, the government offered to offload its entire 51 per cent stake in […]
Indian Oil to set up Rs 9 bn ethanol plant in Adityanath’s pocket borough
Public sector behemoth Indian Oil is looking to invest almost Rs 9 billion in a greenfield second-generation ethanol plant in Uttar Pradesh. The plant has been proposed in Gorakhpur, the pocket borough of chief minister Yogi Adityanath, who is keenly following up on the project. IOC has sought 50 acres from the defunct Dhuriapar cooperative […]
No pure GST on petrol, diesel; 28% tax plus VAT on anvil under GST
A peak tax rate of 28 per cent plus states levying some amount of local sales tax or VATon petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime, a top government official said. The peak GST rate plus VAT will be equal to […]
Oil prices gain on lower U.S. inventories, ahead of OPEC meeting
Oil prices rose on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in oil producer Libya. U.S. crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to American Petroleum Institute (API) in a weekly report on Tuesday. Brent […]
Oil bonds issued by UPA being serviced: Piyush Goyal
Union Minister Piyush Goyal said Tuesday that oil bonds issued by the previous UPA government are being serviced currently by the National Democratic Alliance (NDA) regime. “Oil bonds issued by the previous government are being serviced currently- total oil bonds issued between 2005-2010 is Rs. 14, 8187 crores, while outstanding oil bonds (as on April […]
Indian Railways’ first waste-to-energy plant faces GST hurdles
Indian Railways’ long-awaited and ambitious project to set up a waste-to-energy plant at Jaipur railway station has run into Goods and Services Tax (GST) hurdles, causing a delay in the commissioning of the first such municipal solid waste management centre on the rail network. Though the process of setting up the plant in Jaipur and […]
Wind power tariffs may be sustainable around Rs 3/unit: Crisil
Wind power tariff is likely to be sustainable at around Rs 2.9-3 per unit in fiscal 2019 because of reduction in payment and offtake risks, lower capital cost per generated unit, and conducive debt financing, says Crisil Ratings. “These tariffs, despite being 28 per cent lower than the lowest under the erstwhile feed-in-tariff regime, will […]
Cathay Pacific adds advanced Airbus A350-1000 in its fleet
Cathay Pacific is all set to fly home the newest member of its family, the advanced AirbusA350-1000 from Airbus headquarters at Toulouse, France to its home in Hong Kong. The Asian airline, which took delivery of the aircraft at the Airbus Delivery Centre earlier this morning, will fly it back to Hong Kong on a […]