The Cairn-ONGC-Videocon consortium had last month written to the petroleum ministry seeking a 57 per cent hike in the Ravva Satellite field gas price citing provision in the Production Sharing Contract for the field.
The markets have reacted negatively, for example, to recent news that Cairn India, of which the Anil Agarwal group company Vedanta owns 60 per cent, will give a $1.25-billion loan (about Rs 7,500 crore) on notably easy terms to Sesa Sterlite, another Anil Agarwal group company.
Even as the bilateral relationship between the two neighbouring countries remains hostile, there is growing coordination between India and Pakistan on one multilateral forum - the World Trade Organization (WTO). Both countries have made two joint submissions at the WTO as co-sponsors in the past two months. In June, Pakistan joined India, Cuba, and 44 African countries, seeking sufficient flexibility in intellectual property rights for developing countries to fight the Covid-19 pandemic.
India-focused mining conglomerate Vedanta Resources reported 49 per cent growth in its core profits to $2.562 billion for the half year ended September 30, 2012, buoyed by earnings from subsidiary Cairn India.
British energy firm Cairn Energy Plc will invest $100 to $150 million to start production in the recent oil discovery in the Thar desert in Rajasthan, billed as India's largest on-land oil discovery in two decades.
Database to contain taxable financial transactions and history of any tax-paying individual.
The opening day of the first Test between India and West Indies belonged to senior Indian off-spinner Ravichandran Ashwin.
Financial shares were among the top gainers with HDFC leading the gains.
First right of refusal may be limited to firms working under NELP, leaving out pre-NELP blocks run by big firms such as RIL and Cairn India.
Reliance Industries and Cairn India want to drill exploration wells in already producing oil and gas fields, but the ministry's technical arm DGH had previously opined that such activity in an area that is producing hydrocarbons is not permissible under Production-Sharing Contract.
Oil Ministry is referring the deal to the Cabinet for approval after a standoff between Cairn and Oil and Natural Gas Corporation over the state-owned firm's liability to pay royalty in excess of its 30 per cent share in Cairn's mainstay Rajasthan oilfields.
Cairn India and UK's BG Group too replied to audit observations.
The company is in talks with BG India and Italian E&P major, ENI.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
India Inc's merger and acquisition activity seems to be fading as the month of August was the leanest since September 2009 with total deal volume of $4.2 billion.
Though the Prime Minister's Office had earlier this month asked the ministry to decide on giving approvals to the $9.6-billion acquisition on merit, the Oil Ministry has slipped in 11 pre-conditions that are unlikely to be accepted by the London-listed firm.
The broader NSE index has fallen about 0.9% as investors wait for corporate results
India-born steel magnate LN Mittal met Prime Minister Manmohan Singh on December 8 to discuss his plans in the oil and gas sector in India. The meeting has led to reports that Mittal is interested in taking over Cairn India's assets, which includes prospective oil discovery in Rajasthan.
Cairn India is 25th on the list with 22.2 per cent CGR.
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Mayank Ashar talks about India's business environment.
It is also understood that scope of this audit will far exceed the normal course of audit by CAG and the prime objective may be to detect fraud, if any, by RIL allegedly in collusion with oil regulator DGH and Ministry of Petroleum and Natural Gas.
Fast bowler Trent Boult is in line to play his first one-day international in almost a year after being included in New Zealand's 15-man squad for a four-match series against England.
Prime Minister Dr Manmohan Singh on Saturday said that a needless controversy had been created over the Pokhran II nuclear tests that took place in May 1998.
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According to media reports, CBI is looking into the entire process at the then NDA government and has asked for information from the mines ministry.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
About 0.9 million standard cubic meters per day of gas produced from the fields lying in Bay of Bengal, off the Andhra Pradesh coast, is currently sold at $3.5 per million British thermal unit.
As Cairn India began to pump crude oil on Monday from its Mangala oilfield here.
The government will settle almost all the retrospective tax cases this month, closing a chapter that plagued India's reputation as an investment-friendly destination, a top official said on Friday. A 2012 amendment that gave taxmen powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, was used to raise Rs 1.1 lakh crore demand against multi-nationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn Energy Plc. Such demands brought uncertainty in the minds of investors.
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
Workaholic CEOs find their job appealing, but their subordinates find that appalling.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
India Inc can't trim salaries, but it can give shareholders a little more information on why senior executives are getting such fancy compensation packages.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
'If we want to ensure this isn't a once-in-four-decade phenomenon, then we have to produce 1,800 players all the time, create infrastructure, so that we are constantly challenging at the top of the ladder.'
The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
Poor disclosure among India-listed firms is a turnoff for foreign investors.
Sensex may remain under pressure this week due to weak global factors.
Participants are eagerly waiting for the key macrodata -- IIP and CPI numbers due to be released later today.
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