Revenue of about $15.3 billion is expected to be generated in 20 years from 25 contract areas covering 59 oil and gas fields that have been discovered, an official said here on Wednesday. The Centre launched the bid round II under Discovered Small Fields (DSF) policy last month. Under this bid round, there are 25 […]
Month: September 2018
Cabinet approves new electrified railway line between Indore and Budni
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved construction of a new railway line between Budni and Indore (Mangaliyagaon) with electrification, at an estimated cost of Rs. 3261.82 crore. Generating direct employment for about 49.32 lakh days, the project aims at reducing the distance between Jabalpur and Indore by […]
Income tax department conducts survey operation at Jet Airways
The Income Tax department team is conducting survey operation at Naresh Goyal-controlled Jet Airways’ four business premises in New Delhi and Mumbai, said two persons in the know. According to I-T sources, the tax department is probing the airline for falsification of book of accounts, siphoning of funds and issue of suspicious bogus expenses booked […]
Brussels Airlines to bow out of Mumbai
Citing economic constraints, Belgium’s national carrier Brussels Airlines will cease its Mumbai sector services from January 2019, it was announced here on Wednesday. The development comes barely 18 months after the airline launched the Mumbai-Brussels route in March 2017, its first-ever in the Indian sub-continent, and claimed good patronage among Indian leisure and business travellers. […]
L&T wins contracts worth Rs 2,048 crore
Infrastructure major Larsen & Toubro (L&T) Tuesday said its construction arm has won contracts worth Rs 2,048 crore across two business segments. Power transmission and distribution business of L&T Construction has bagged orders worth Rs 1,633 crore in the domestic market, it said in a BSE filing. “The business has secured a major order for […]
OVL to exit Kazakhstan’s Satpayev oil block
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), plans to exit Kazakhstan’s Satpayev block after it could not find commercially exploitable oil, an official said Tuesday. OVL had in April 2011 bought 25 per cent of Satpayev oil block. It paid USD 13 million as a signing amount […]
Creditors of Nagarjuna Oil told to explain liquidation value
The bankruptcy court has asked creditors of Nagarjuna Oil Corporation to explain the basis of liquidation value of the Chennai-based company’s assets and why it rejected some resolution plans. The committee of creditors (CoC) has to submit its explanation before the Chennai bench of National Company Law Tribunal (NCLT) on Tuesday. Petitioners in the case, […]
23k artisans in Telangana power utilities to be regularised
Legal hurdles for regularising the services of outsourced personnel working in power utilities in Telangana as ‘artisans’ have been cleared with a petition challenging the proposed regularisation being struck down in the High Court Tuesday, the state government said. The development paves the way for regularising the services of 23,000 ‘artisans’ working in power utilities, […]
Power Finance Corp moves NCLT, files insolvency plea against Rattan India
State-owned Power Finance Corp (PFC) has filed an insolvency plea against Rattan India Power, formerly known as Indiabulls Power, in the National Company Law Tribunal (NCLT) to recover unpaid loans. A two-member bench of NCLT Tuesday adjourned the matter to November 26 as the Supreme Court has ordered status quo in insolvency pleas against power […]
Adani bags 13 of 84 city gas licences; IOC, BPCL, Torrent other big winners
Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries […]
How IL&FS’ rapid growth in India is leading to an infrastructure debt crisis
It was as a newspaper-office intern in New Delhi in 1992 that I witnessed the birth of India’s homegrown belt-and-road initiative. The program was midwifed by an up-and-coming lender that few had then heard of: Infrastructure Leasing & Financial Services Ltd. It wasn’t called belt-and-road, a term that would gain currency much later as a […]
China to speed up efforts to cut solar, wind subsidies: draft guidelines
China will speed up efforts to ensure its wind and solar power sectors can compete without subsidies and achieve “grid price parity” with traditional energy sources like coal, according to new draft guidelines issued by the energy regulator. As it tries to ease its dependence on polluting fossil fuels, China has encouraged renewable manufacturers and […]