Gautam Adani, promoter of Adani Power Ltd, has a reason to relax, even as the power arm of his group of companies continues to make losses for an eighth straight quarter.
The Central Bureau of Investigation has found no criminality in the allocation of about 60 coal blocks, which are likely to be taken out of the purview of its ongoing probe after taking the Supreme Court's permission.
In an urgent need for its image makeover, the scam-tainted coal sector will require mammoth efforts in 2015 from the government and the corporates too.
The two companies have approached banks to raise up to Rs 8,000 crore as debt to fund their expansion plans.
Jindal's house was raided by the CBI on Tuesday.
The 30-share Sensex ended up 165 points at 29,044 and the 50-share Nifty gained 54 points to close at 8,834.
The government has a two-pronged strategy for e-auction of cancelled coal blocks.
R-Power had produced the test certificate claiming March 30, 2013, as the date of commissioning.
India's steel imports from China, the world's biggest producer of the alloy, doubled in April-September from a year ago though the country has enough capacity to meet its demand.
There was a sharp fall in power output on Thursday from a plant in Gujarat that left India more than 9,000 megawatts short of peak demand, according to two officials at the state grid operator.
Cleaning up India's grubby business climate is top of the agenda for both regulators and the government.
In the long run, the decision could bring clearer rules to a sector that has failed to provide India with enough power because it has been so hamstrung by confusion and scandals over concessions allegedly handed to government cronies.
It will be difficult for the AAP govt to maintain subsidies.
Will get Rs 830 cr, Rs 329 cr respectively to offset higher coal costs
The Rs 56,000-crore (Rs 560 billion) Adani Group on Monday received a major blow from the Gujarat High Court, which ordered a shutdown of 12 units in Adani Ports and Special Economic Zone (APSEZ), located in Mundra, Kutch district, with immediate effect.
It is hoped that the decision of India's apex court will send a signal to politicians and their cronies from the world of business that the rule of the law does eventually prevail, says Paranjoy Guha Thakurta.
But he is actively pursuing greenfield steel plants in Karnataka and Jharkhand; ultimately, only one of these might come up.
Few top honchos of India Inc did very well in 2014.
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