The CBI has taken over the investigation into the Yamuna Expressway Industrial Development Authority (YEIDA) land scam case and named former CEO P C Gupta and 20 others in its FIR, officials said on Wednesday. According to procedure, the agency has re-registered the Uttar Pradesh Police’s FIR that alleges YEIDA had paid Rs 85.49 crore […]
Day: December 26, 2019
Ministry of Corporate Affairs extends tenure of IL&FS Deputy MD
The Ministry of Corporate Affairs (MCA) has extended the tenure of Bijay Kumar, Deputy Managing Director by a year. This extension is effective from December 21, the company said in a statement. On December 21, 2018, Kumar was appointed as Deputy MD of the bankrupt financing company when the new Board headed by Uday Kotak […]
Fuel supply by Coal India to power sector drops 9% to 291 MT in April-November
NEW DELHI: The supply of coal by state-owned Coal IndiaNSE -1.13 % to the power sector registered a decline of 8.9 per cent to 291.4 million tonnes in April-November this year. The world’s largest coal miner had supplied 320 million tonnes (MT) of coal in April-November period of the previous fiscal, according to latest government […]
Coal India’s output may rise 125 MT from 16 blocks
KOLKATA: The 16 coal blocks allotted to Coal India in the last one year will enhance annual output by 125 million tonnes, a senior company executive said, pointing out that production at these blocks could start in the next three to six years. “It is expected to help the company meet its 1 billion tonnes […]
Over 200 coal blocks likely to be auctioned in 5 years
NEW DELHI: The government will open up the Indian coal sector with a large offering of over 200 blocks for commercial coal mining in the next five years having a potential to produce at least 400 million tonnes of coal at peak capacity. The government hopes to stop coal imports by power plants by 2024, […]
View: Breaking the resource curse
India has an abundance of mineral deposits. The country is the second-largest producer of steel; the third-largest producer of coal; the fourth-largest producer of iron and has the fifth-largest bauxite reserves in the world. Overall, India produces over ninety different types of minerals. A country with such a rich resource base should leverage its economic […]
Coal mines PFO to impose levy on member companies’ production
A levy of Rs 10 on every tonne of coal produced will be imposed by the Coal Mines Provident Fund Organisation (CMPFO) on its member producers, including Coal IndiaNSE -1.18 % and Singareni Collieries. The levy will help bridge an asset-liability mismatch that was predicted to completely deplete the pension fund by 2028. The levy […]
Oil rises, supported by trade deal, OPEC cuts
Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode. Brent crude was up 16 cents, or 0.2%, at $67.36 a barrel by 0155 GMT. West Texas Intermediate was up 20 cents, or […]
Government constitutes expert panel to resolve oil, gas disputes
NEW DELHI: With overhang of disputes choking investments in the oil and gas sector, the government has constituted an expert committee for time-bound resolution of exploration and production disputes without having to resort to tardy judicial process. The ‘Committee of External Eminent Persons/Experts’ for dispute resolution will comprise former oil secretary G C Chaturvedi, Oil […]
Aramco CEO says Saudi-Kuwaiti accord paves way for resumption of oil production
DUBAI: Saudi Aramco said on Wednesday a new agreement between Saudi Arabia and Kuwait paves the way for the resumption of oil production in a zone shared between the two countries. “With the signing of this new accord, both parties have reached consensus that now is the right time to resume production in this zone,” […]
How These New-Age Chemical Solutions Are Boosting Energy Savings!
Ever wondered how much energy and resources go into making some very ordinary, everyday products we use? Maybe you could give it a thought the next time you pick up that food packet from the supermarket. As the rapidly growing ranks of India’s middle-class consumers prepare to assume greater environmental responsibility, they face some of […]
CG Power looking to hive off, sell its overseas assets
Mumbai: Fraud-hit CG Power and Industrial is looking to bundle its overseas assets into a separate entity to sell it to strategic investors. The manufacturer of power and distribution transformers is valuing its global assets at around $250 million, three people with direct knowledge of the development, said. “CG Power has held talks with some […]