State-owned Power Finance Corporation (PFC) on Thursday completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government, an official said. The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year. “The entire consideration of Rs 14,500 crore for acquiring […]
Day: March 28, 2019
RBI’s Feb circular worsens Power sector’s woes (Part-II)
Private Power producers have pleaded with the Supreme Court that the February 12 circular of the RBI will further accentuate the already existing grave problems afflicting the health of the sector while challenging the validity of the central bank’s order. Several power companies, Association of Power Producers (APP), Independent Power Producers Association of India (IIPAI) […]
Rooftop solar developer CleanMax secures ₹1.6 billion loan from PTC India
Mumbai-based rooftop solar energy company, CleanMax, has announced that its subsidiary CleanMax IPP has received ₹1.58 billion ($22.6 million) in a loan from PTC India Financial Services to refinance loans from KKR Financial Services (KKR NBFC). KKR NBFC is a non-banking finance arm of private equity company KKR. It had provided the loan to CleanMax […]
Singapore airport named best, New Delhi’s IGI at 59th
Singapore’s Changi Airport has been crowned the world’s best aviation hub for the seventh time in a row, while New Delhi’s Indira Gandhi International (IGI) Airport featured at number 59, according to the Skytrax World Airport Awards. The list has been compiled by the UK-based Skytrax, a consultancy firm which runs an airline and airport […]
Boeing 737 Max makes emergency landing after minor engine issue
Washington: A Boeing 737 MAX aircraft operated by Southwest Airlines made an emergency landing Tuesday after experiencing an engine problem as it was being ferried from Florida to California, the US Federal Aviation Agency said. “The aircraft returned and landed safely in Orlando,” the FAA said in a statement, adding that no passengers were on […]
Vedanta strikes oil in KG Basin
Holds entire participating interest in the block Vedanta Limited has reported the discovery of oil in its KG-OSN-2009/3 block in the Krishna-Godavari Basin. A company statement said oil discovery was reported in the second exploratory well H2 of the block. Vedanta holds entire participating interest in the block. The first exploration well A3-2 drilled in […]
L&T Hydrocarbonbags large order from Oman
L&T Hydrocarbon Engineering Limited (LTHE) has received a large order from $430-million petroleum coke plant coming up in Oman. The project, developed by Salmeen Industrial Projects LLC (SIP), is funded by BSW Group Holdings. The engineering, procurement and construction (EPC) contract awarded to L&T’s hydrocarbon business is valued between ₹2,500 crore and ₹5,000 crore. The […]
NTPC raises $450 million from global bond market
NTPC Ltd has raised $450 million through a five-year bond offering in the international markets. A company statement said this has been done under its $6-billion Medium Term Note (MTN) programme. NTPC said in a statement the company intends to use the proceeds of the issue to finance its ongoing and new power projects, coal […]
US FAA says handling aircraft approval on its own would cost $1.8 billion
It would cost $1.8 billion and take 10,000 new employees for the US aviation regulator to handle all aircraft certification internally, the agency’s acting chief told a Senate panel on Wednesday, facing tough questions after two Boeing 737 MAX crashes on how new planes are approved for flight. The Federal Aviation Administration delegates much of […]
Boeing rolls out software fix to defend 737 MAX franchise
Boeing Co on Wednesday took its most aggressive moves yet to defend its core 737 airliner franchise, saying it had developed software fixes to prevent failures of an automated flight control system that is being scrutinized after two deadly crashes in the past five months. Boeing, in the midst of one its worst crises in […]
Tata Group buys 20% stake in GMR Airports for ₹3,650 cr
Singapore sovereign wealth fund GIC and SSG Capital also acquire stake Just a month after Adani Group forayed into India’s emerging airports space by winning bids for six airports, Tata Group has entered the segment by picking up 19.7 per cent stake in GMR Airports Ltd. Tata Group, along with Singapore sovereign wealth fund GIC […]
Singapore Airlines to fly A350-900 from Bengaluru
BLR Airport rolls out flight schedule for Summer 2019 Following a hectic winter schedule, the Kempegowda International Airport, Bengaluru (KIAB or BLR Airport) is now bracing for an exciting summer. The BLR Airport will begin its Summer schedule 2019 from March 31, featuring four new domestic routes, a new airline and additional two cargo flights […]