The 56-year-old German quit the Mumbai-based company after 18 months on the job, citing personal reasons.
The sale of branded petrol and diesel, considered to be more efficient, has dipped by 27 and 50 per cent, respectively, in 2010-11 over the previous year (see chart), despite OMCs selling the products at a thin margin of less than a rupee.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
With the Nano's sales stuck in a low gear, firm drives hope on product variants and the base of hopefully satisfied customers.
Global product prices have declined on apprehension of a fall in consumption in the US after a rating downgrade recently.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
Oil marketing companies to lose 10 paise on petrol and Rs 6 per litre on diesel from next month.
The Rs 4,000-crore (Rs 40-billion) Ranjangaon facility near Pune, which makes cars, engines and transmissions for both Tata Motors and Fiat, adopted aggressive cost cutting measures as part of a renewed attempt by both companies, especially Tata Motors, to put the JV back on track.
The Delhi-based car maker stopped production of the current generation of Swift last week to make way for the new model.
Two years after IHCL - one of Asia's biggest hotel chains which runs the Taj chain of hotels and resorts in addition to three other brands - had clinched the deal and subsequently demolished the multi-storey 434-room Hotel Sea Rock, it is now awaiting clearance to start construction.
Oil companies begin pilot testing work on direct LPG subsidy.
ONGC's return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.
In a move that will give the better and cleaner environment agenda a boost, the reach of Euro-IV fuel (diesel and petrol) will be expanded to seven more cities in the current financial year. This less polluting fuel was launched about a year ago in 13 cities.
The decision was taken at a meeting last month chaired by additional secretary Sudhir Bhargava and attended by representatives of GAIL and the three OMCs - Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Getting compensated for at least 90 per cent of losses without government subsidy appears difficult.
The government indecisiveness on petroleum price rise, coupled with late release of cash subsidy, has sent the borrowings of three government-controlled oil marketing companies to an all-time high of around Rs 118,000 crore (Rs 1,180 billion).
The company has begun discussions with foreign players besides Petronet LNG Ltd for jointly developing the Rs 4,500-crore (Rs 45-billion) terminal.
With the finance ministry facing the risk of missing its tax collection target this year, it has turned down a proposal to reduce duties on petroleum products to reduce the impact of rising crude prices on profitability of oil companies.
When Modi Rubber closed an agreement with German tyre manufacturer Continental for outright sale of Modi Tyre Company Ltd (MTCL) last month, the exit led to speculation of the group foregoing interests in the segment.
The launch of two much-awaited compact cars of Honda and Toyota, scheduled to hit showrooms in a few months, may get reviewed as the two companies struggle with component supplies.
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