Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
The Centre's push to sell Air India on priority has led to delays in other strategic divestment proposals, such as privatising United India Insurance, as well as ongoing transactions, such as Shipping Corporation of India (SCI) and Bharat Petroleum Corporation (BPCL), revealed multiple officials involved in the process. The Department of Investment and Public Asset Management (DIPAM) is yet to take new privatisation recommendations of the NITI Aayog to the core group of secretaries on disinvestment (CGD) headed by the Cabinet secretary, said one of the officials. The priority now is to ensure all approvals for Air India are in place since the government intends to hand over the national carrier as early as this month.
UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told PTI.
The missile successfully flew in its pre-set trajectory meeting its mission objectives
India will export its first warship later this month, a move that is seen as a big leap for the country's defence public sector units.
Navy chief Adm. Sunil Lanba said that by 2050, India will have 200 ships, 500 aircraft.
Gujarat reported 2,165 cases, Maharashtra 1,188, Uttar Pradesh 663, Madhya Pradesh 590, Haryana 339 and Andhra Pradesh 248 cases.
RIL, which has 26 oil and gas blocks, including the giant KG-D6 fields, has been applying to the Home Ministry for security clearance of the specialised expatriate technical personnel deployed on its offshore vessels, including seismic survey ships, drill ships, tug boats and supply vessels.
It is also felt that under the current market conditions, the building is unlikely to garner the kind of funds expected from a prime real estate at Nariman Point
The Centre is likely to privatise profit-making enterprises, reversing its previous position of first closing or merging loss-making state-run units. The NITI Aayog, which is in the process of selecting public sector units for privatisation, is likely to put out its first list, focusing on companies in non-strategic sectors, along with those that have got Cabinet approval for stake sale, or are in final stage of due diligence. "The shortlisted firms will be put out in three-four tranches, with the first list comprising non-strategic ones, followed by strategic sectors with a focus on privatisation and not divestment," said a senior government official privy to the plan. He said the first report was expected in early April. The think tank approach is in sync with the government's new strategies on privatisation and asset monetisation.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
A ferry flight will soon reach the national capital from Tehran with around 300 swab samples of Indians suspected of having coronavirus infection.
The GoM was apprised that as of now, the death rate is around 3.1 per cent while the recovery rate is more than 20 per cent, which is comparatively better than most of the countries and may be taken as a positive effect of the lockdown in the country, along with the cluster management and containment strategy.
'It seems unlikely that a recruit will make a useful contribution as member of a combat unit.'
The Tu-154 model plane, which belonged to the Russian defence ministry, crashed shortly after take-off from the southern city of Adler.
The schedule announcement comes amid fears that the coronavirus outbreak, labelled a pandemic by the WHO on Wednesday, could have a major impact on the Games.
'The F-21's capabilities far exceed all other torpedoes currently in service.'
Government sources said the ministers deliberated on various arrangements being made to deal with increasing cases of coronavirus cases as well as to ensure adequate supplies of medicine and essential commodities during the lockdown.
Among the various ways being considered by the central government to raise Rs 5,000 crore (Rs 50 billion) from tax-free bonds for shipping ports, one is to allow major ports to themselves issue these.
One of the biggest lessons for cities fighting the Covid-19 pandemic has been the criticality of access to data. Mumbai, which has shown significant success in managing the second wave of the pandemic, is a case in point, reports Shivani Shinde.
BrahMos Aerospace, an India-Russia joint venture, produces the supersonic cruise missile that can be launched from submarines, ships, aircraft, or from land platforms.
There's a need to train 40,000 pilots over the next year-and-a-half.
IMD has decided to increasingly use cutting-edge technology such as artificial intelligence (AI) and machine learning (ML) in forecasting, both to avoid such glitches and to counter the disruption of normal seasonal patterns as a result of climate change. It has formed various internal sub-groups of senior officials and meteorologists to decide on how best to use AI and ML in predicting cyclone intensity, and in making short-range weather forecasts (those valid for up to three hours) as well as long-range forecasts.
On an average, booking cruise holidays overseas witness 40% growth rate
Modi government expects cargo traffic at its ports to jump by two-thirds by 2021 as India ramps up exports of goods including cars and other machinery.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada's Quebec province, where Indian sovereign assets have been identified. It hasn't said what it might go after but assets could include Air India's planes, vessels belonging to the Shipping Corporation of India and property owned by state banks.
Expressing grave concern over a US nuclear-powered submarine sustaining damage in the disputed South China Sea, China on Friday demanded Washington to reveal the details and the location of the accident and blamed America's frequent air and naval sorties in the Indo-Pacific to assert the "freedom of navigation" as the "root cause" of the incident.
The navies of India, the US, Japan and Australia on Tuesday held a series of complex manoeuvres in the Bay of Bengal, kick-starting the four-day-long first phase of the Malabar naval exercise, seen as a prelude to future military cooperation among the member nations of the Quad or Quadrilateral Coalition.
The central government said the railways and civil aviation ministry must suspend all concessional travel on trains and flights, except for students, patients and disabled people.
This would provide a major boost to the indigenous design and construction capability of submarines in India.
Over a month after decommissioned Indian Naval Ship Vikrant was sold, it was on Wednesday moved out of the naval dock and taken to a ship breaking yard in south Mumbai. "The ship started from the naval dock at 9.40 am and reached the yard at around 2.30 pm," said a source in the Western Naval Command.
As Navy chief, Admiral Singh's immediate priority will be to expedite the long-delayed modernisation of the Indian Navy, including by inducting new warships, submarines and aircraft.
'Is China's intention not clear?' 'Do we still think that if we are nice to China, it will be good to us?'
Not one joke lands, not one tear is genuine in Sardar Ka Grandson, feels Sukanya Verma.
The ship will then be towed back to Mumbai where it will be decommissioned.
India is the second-largest technology hub for Amazon globally and its teams are powering innovations not only for customers in the country but globally as well, a top company executive said on Thursday. Speaking at Amazon India Career Day, Amazon global senior vice president and country head India Amit Agarwal said the e-commerce company employs over one lakh professionals in India across diverse areas from engineering, supply chain, content creation, marketing, video and others. "India is also the second-largest technology hub for Amazon globally, with some of the most talented software developers, product managers, machine learning scientists, and research scientists as part of the team," he said.
Each of the larger states may need less than Rs 10,000 crore each to finance the exercise.
Information and Broadcasting Minister Ambika Soni announced the transfer of the Vizag shipyard to the Defence Ministry for meeting 'national security requirements of building strategic vessels for the Indian Navy'.
Teams of the National Disaster Response Force started landing in Gujarat with the help of the Indian Air Force to undertake preventive evacuation of people living on the west coast, an IAF official said.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
