The UAE central bank will then make payments in dirhams to Iran.
The three companies in separate presentations to the Kirit Parikh Committee on fuel pricing suggested immediate freeing of petrol and diesel prices from government control.
Market regulator SEBI on Wednesday imposed a penalty of Rs 17.5 lakh on Delhi-based broker Suresh Bharrat for alleged irregularities in trading of scrip of firms like Essar Oil, Suzlon and Tata Consultancy S in the future and options market.
Petronet India Ltd is likely to formally shelve the Rs 2,450 crore (Rs 24.5 billion) central India petroleum product pipeline project this month as its promoters are no longer keen on the project.\n\n\n\n
The overdues of Essar group as reported by ICICI, IDBI, IFCI and the RBI totaled Rs 1,039 crore, Minister of State for Finance and Company Affairs Anandrao Adsul said Tuesday.
Cross previous high of $72 billion in 2007 as Indian promoters overcome the selling taboo. Abhineet Kumar reports from Mumbai.
While some such as Hindalco, JSW Steel, India Cements, Essar Oil, Tata Steel and Jet Airways have already announced plans to raise a combined Rs 70,000 crore, there are many who are redrawing proposals to enter the market to raise money.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
The government freed diesel pricing last October, providing a level playing field to private companies like Reliance and Essar Oil.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Cairn India is 25th on the list with 22.2 per cent CGR.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
In November they had raised $2.19 billion from abroad, according to the Reserve Bank data released on Friday.
Union Transport Minister Nitin Gadkari was on Friday at the centre of a controversy over reports that he and his family spent two nights on a luxury yacht owned by Essar group.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
Huge oil and gas reserves have been discovered in four districts of Rajasthan, bordering Pakistan, the state government announced on Friday.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
Tehran plans to lift exports by 500,000 barrels per day
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
The dealers are protesting against the use of petrol pumps for government campaigns and seeking of personal data of over a million people working there
Iran has complained of irregular shipments
To be second Indian company after Essar to have a refinery abroad
They were shut when PSUs were selling heavily subsidised fuel; will reopen now, buoyed by diesel decontrol
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
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