About two million tonnes (mt) of condensates produced by the oil company were taken into account while apportioning the subsidy burden.
Oil firms yet to get Rs 18,000 crore (Rs 18 billion) of FY12 subsidy compensation, as estimate for this year's underrecovery swells past Budget allocation.
The two JV partners have undertaken an empowerment initiative for Indian women entrepreneurs, having set a target of impacting the lives of 25,000 women by 2016. They have also said they will substantially increase sourcing from women-owned businesses in India.
According to an internal communication signed by KSL's company secretary, a copy of which is available with Business Standard, the changes will come into effect from June 1.
RIL on Friday declared a net profit of Rs 20,040 crore (Rs 200.4 billion) for the 2011-12, a marginal drop from the Rs 20,286 crore (Rs 202.86 billion) it made in 2010-11.
Commercial vehicle maker Ashok Leyland, part of the London-based Hinduja Group, is to enter Britain's mid-range truck market through a tie-up by its Prague-based subsidiary, Avia Ashok Leyland.
The last week of March saw a series of new refining capacity going on stream. HPCL-Mittal Energy, Essar Oil and Mangalore Refinery & Petrochemicals (MRPL) were able to announce completion of capacity additions a couple of days before the seven-year tax holiday in this regard came to an end, on March 31.
Private equity (PE) investments in India's SME sector dropped by 43 per cent to $134 million in 2012 (January to year till date) from $236 million in the corresponding period of 2011. The number of deals fell by 34 per cent during this period.
ONGC to take biggest hit of Rs 4,600 crore, followed by Cairn India and Oil India.
The government's plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products.
The two government upstream companies, along with GAIL, make good a third of the losses made by government oil marketing companies.
Food inflation has entered negative territory but consumers have had no respite on cost of living.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
The consumption of petroleum products in India is growing at a rate much lower than the conservative projection of 4.58 per cent made for this year by the Petroleum Products Planning and Analysis Cell (PPAC), a wing of the petroleum ministry.
Link loan disbursals with firming up of steady supply of raw material.
Seeks deferred payments for domestic purchases, dollar window.
SpiceJet, the low-cost air carrier, on Thursday got its shareholders' approval to issue additional equity shares to promoter Kalanithi Maran, who in turn will infuse Rs 130 crore (Rs 1.3 billion) into the airline. Maran's equity holding would go up from 38 per cent to 43 per cent of the company's shares.
Days after a Rs 3 per litre rise in petrol prices, it is the turn of compressed natural gas. Indraprastha Gas (IGL), monopoly marketer of CNG in and around this metropolis, is looking at raising the price by up to six or seven per cent (Rs 2 per kg) sometime next week, due to higher cost on account of a weakening rupee.
With the government preparing to restrict the number of subsidised cooking cylinders, oil marketing companies have launched a 'transparency' portal that allows customers to keep an eye on the number of cylinders sold in their account by the dealer.
Following decontrol of its price, the consumption of petrol is rising at a much slower rate than used to be the case.
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