Projects worth over Rs 70,000 crore (Rs 700 billion) to upgrade technology have been kickstarted in the country.
According to a Cabinet minister, the UPA's focus during the remaining period of the Budget session will be on passing the Right to Education Bill. Apart from this, the government is planning to bring a Bill to amend the Rubber Act and the National Commission for Heritage Sites Bill. The government will be occupied till July 27 with the General Budget, as contained in the Finance Bill. It will actually not get more than seven days to deal with other legislative business.
India has managed to create ripples in the global commodities market with countries like the US and China set to follow its benchmark price for potash, a fertiliser widely used in the country. Breaking a well-entrenched global cartel, government-owned Indian Potash Ltd has managed to negotiate a potash deal with Russian company Silvinit at $460 a tonne
Development plan for K-G basin runs for 12 years, so can't supply to RNRL for 17 years, says RIL.
Anil Ambani's Reliance Natural Resources Ltd is laying claim (through a family agreement prior to the group's split) to gas from estranged brother Mukesh Ambani's Reliance Industries Ltd at a fixed price of $2.34 per mBtu
Investment by PEs into HLS sector dropped to $203 million in 2008-09 from $836 million in 2007-08, while the number of deals dropped 51 per cent to 21 from 43 deals. Similarly, VC investments also declined to $48 million from $80 million. In terms of deals, they dropped to 11 from 14.
Aviation companies are set to get a major relief from high aviation turbine fuel prices. Following a steep decline in crude oil prices, oil marketing companies are looking to cut ATF prices by 5-6 per cent, or Rs 2,000-2,500 a kl across various cities beginning Thursday, said industry sources.
The government is planning to relaunch the eighth phase of bidding for oil and gas blocks under the New Exploration and Licensing Policy (Nelp-VIII) in the second week of August.
The Union Cabinet is likely to review prices of petrol and diesel as crude oil price continue to move northward.
Indian Oil Corporation, the country's largest oil marketing company, has put on hold its plan to set up a 15-million tonne refinery at Haldia due to the economic downturn.
The gas price revision will add to the bottomline of the two public sector companies -- Oil and Natural Gas Corporation and Oil India Ltd -- and will also yield additional revenue for the central and state governments.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
International crude oil prices crossed the $60 a barrel mark yesterday--up from a record low of $32.40 in December last year--on the back of improved sentiment over the economic recovery, especially in China and Europe.
The former unit produces motor tyres and tubes, while the latter makes radial tyres. Union sources said employees also decided to boycott the coming Lok Sabha elections. A meeting on Monday between management and union heads saw no settlement.
The 17-day strike by workers at Hyundai Motor India's Sriperumbudur factory ended after a meeting of workers' representatives, the company management and the labour board in Chennai.
Around 800 workers at Hyundai Motor India's Sriperumbudur factory, who were on hunger strike, were arrested on Wednesday.
Most recession-hit clients, domestic and foreign, are asking for price cuts that large Indian IT firms are unable to offer due to high overheads. However, SMEs can afford to do so, since their employee costs are low. This is the right time to enter the domestic market, which is projected to expand five-fold by 2020 to $90-100 billion, including both technology and business outsourcing, said K Purushothaman, Nasscom's regional director for Tamil Nadu and Kerala.
Petronet LNG, which operates a recently expanded ten-million-tonne gas regassification plant in Dahej on the west coast, is exploring a swap option with the gas from the Krishna-Godavari field (K-G D6) on the east coast owned by Reliance Industries Ltd.
The ministry of petroleum has approached the finance ministry to seek permission to give additional bonds worth Rs 10,000 crore to the three public sector oil marketing companies --Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd--to help them close the last fiscal with a profit.
The Appellate Tribunal for Electricity has admitted the OMCs' plea challenging the Petroleum and Natural Gas Regulatory Board's power to adjudicate on the matter.
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