The heavy industries ministry has virtually consented to finance ministry's suggestion for part divestment of government equity in blue-chip PSU Bharat Heavy Electricals Ltd and auto joint venture Maruti Udyog in the current financial year.
India and China together account for 32 of the 50 companies in Forbes' sixth annual 'Asia's Fabulous 50 listed companies'.
China National Machinery and Equipment Import and Export Company has struck a deal with the Chhattisgarh government to build two power plants with a capacity of 600 Mw in Korba district of the state.
Fourteen people were injured when a portion of the women's ward at a hospital in Bhopal collapsed on Friday evening.
The company has withdrawn the draft red herring prospectus (DHRP) for a follow-on public offering (FPO) filed with the Securities and Exchange Board of India in September for the disinvestment of the government's five per cent stake in the company.
The 7,480 MW project will be the largest gas-fired power project at a single location in the world and will cost about Rs 20,000-25,000 crore (Rs 200-250 billion). Mukesh Ambani-controlled RIL for the supply of gas from the Krishna Godavari basin, where RIL is developing the largest gas reserves in the world. The matter is currently under litigation in the Bombay HC and a decision is expected soon.
The joint venture agreement is likely to be signed before the end of the current year and once that is done, tendering for the plant and machinery will follow, he said, adding this might take place before the end of the current fiscal.
The domestic solar equipment industry is grappling with tough market conditions, mainly on account of cheaper imports from China.
Houses in low lying areas of Kerala were flooded in the heavy rains, while the accompanying strong winds uprooted trees, damaged homes and caused power disruptions, throwing normal way of life into disarray across the state.
Oil and Natural Gas Corporation has been adjudged the greenest company in the country, while Reliance Industries has been ranked second in a survey conducted by Business Today-ACNielsen ORG-MARG.
Medak district police in Andhra Pradesh arrested six persons in connection with some local people beating up 'outsiders', including some Tamil youth who had come for job interviews at the Bharat Heavy Electrical Ltd at Ramachandrapuram near Hyderabad.
State-run banking giant SBI has said it temporarily exceeded RBI-prescribed credit exposure limit for the fourth year in a row in 2011-12 with regard to loans given to Mukesh Ambani-led Reliance Industries (RIL).
Shravan Kumar Gupta, managing director of Haridwar-based Asian Ferro Alloys Limited, was arrested on Wednesday.
Bharat Heavy Electricals is exploring opportunities for an acquisition or a joint venture partnership with companies from the United States and Europe.
There is a flicker of hope for Tata Motors' abandoned Singur site. A team from government-owned Bharat Heavy Electricals Ltd (BHEL) visited the place, along with state government officials, for a possible project with the West Bengal Power Development Corporation.
UK's civil nuclear energy companies are looking for tie-ups with Indian counterparts.
Bharat Heavy Electricals Ltd on Monday said it has achieved its biggest ever breakthrough in overseas markets with a turnkey contract worth $457 million for setting up a 500 MW steam power plant in Sudan.
The government will offload a portion of its equity in Bharat Heavy Electricals Ltd and Maruti Udyog in the market by the end of this fiscal to mop up over Rs 2000 crore (Rs 20 billion).
Left parties on Sunday decided to suspend participation in the United Progressive Alliance-Left coordination committee\nmeetings to protest against the government's decision to go ahead with disinvestment .
Sources said the company had already applied for a licence to produce defence products.
B Prasada Rao, chairman and managing director of state-owned Bharat Heavy Electricals Ltd, tells Kanika Datta it's possible to counter the problem with better-performing products.
Bharat Heavy Electricals, the country's largest power equipment manufacturer, is working on low margins when bidding to supply super-critical equipment for the upcoming ultra mega power projects as it has to import a substantial amount of components from Europe.
From zero presence in the Indian power equipment market a couple of years ago, Chinese companies are likely to supply as much as 30 per cent of the equipment required to meet the Eleventh Plan capacity addition target of 78,000 Mw.Chinese companies are also bagging large orders from private power companies in India, despite the perception of "suspect quality".
BHEL's first gas turbine in Libya commissioned
Power equipment supplier Bharat Heavy Electricals Ltd plans five joint ventures in the nuclear sector and locomotive manufacturing. The company has decided to invest Rs 1,000 crore in a castings and forgings joint venture, Chairman and Managing Director K Ravi Kumar said.
Oil and Natural Gas Corporation, Indian Oil Corporation, Bharat Heavy Electricals Ltd, HMT and Maruti Udyog Ltd are among the corporates that defaulted in remitting their provident fund share to the Employees Provident Fund Organisation
The UPA has decided not to sell its shares in BHEL.
The state-owned National Thermal Power Corporation on Thursday said it is considering setting up a 300 MW power plant in Sri Lanka.
Adani Group has commissioned India's first off-grid 5 megawatt green hydrogen pilot plant in Kutch, Gujarat, the conglomerate said.
Companies such as Larsen & Toubro and Bharat Heavy Electricals Ltd believe the undervalued renminbi (yuan) gives Chinese goods an unfair advantage in Indian markets.
Bhel Chairman and Managing Director Ashok Kumar Puri tells Business Standard that the problem lies in the balance-of-plant equipment rather than in the boiler-turbine-generator sets which the company manufactures.
This is part of the government's plan to raise Rs 40,000 crore (Rs 400 billion) from disinvestment in the current financial year.
Government currently holds 67.72 per cent equity in BHEL.
Over 54,000 public sector employees opted for voluntary retirement scheme in 2001-02, Rajya Sabha was informed on Monday.
