Aided by the $57.8-billion merger of HDFC Bank and HDFC, India Inc reported its highest ever mergers and acquisitions in calendar 2022 at $171 billion as against deals worth $145 billion announced last year. The acquisition by the Adani group across cement, media and ports dominated the headlines with the conglomerate making its foray into the cement sector by buying Swiss materials firm Holcim's stake in Ambuja Cements for $6.5 billion. The Adani family's additional $4-billion open offer for Ambuja did not get a response because shareholders preferred to stay invested with the new owner.
There were multiple claimants for 15 bodies and the DNA reports were received from the central laboratory in Delhi after about 20 days, officials said.
The system moved north-northeastwards at 20 kmph in the last six hours and is over west-central Bay of Bengal, 90 km from Gopalpur, 120 km from Puri and 210 km from Paradip, the weather office said in its 11.30 am bulletin.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
Even as cyclone Fani made landfall on Friday morning near Puri in Odisha, various states took measures on a war footing to mitigate the suffering caused to the common man. Here's a photo essay on how states tackled the most powerful cyclone to hit India in 20 years.
Every week, we bring you fascinating videos, chosen by you, through your likes.
The protocol is being maintained with all help in case of fever or sickness to those on board.
These mega projects, worth about Rs 1 trillion, would boost the economy, ensure smooth supply of petroleum products across the nation and also provide the much-needed relief to people looking to get back to work after the lockdown.
The maximum sustained wind speed is 55 knots gusting to 65 knots around system centre. Sea condition is rough to very rough, it stated.
'Yaas' is likely to cross the Odisha-West Bengal coasts between Paradip and Sagar Islands around noon on May 26 as a very severe cyclonic storm with wind speeds of 155-165 kmph, Kolkata's Regional Meteorological Centre Deputy Director Sanjib Bandopadhyay said.
Seven workers were on Monday injured after Central Industrial Security Force personnel opened fire to prevent labourers without valid passes from entering an oil refinery at Paradip in Odisha.
Rejecting Orissa government's formula of excluding 300 acres of private land from the proposed Posco site area near Paradip, the Communist Party of India (CPI) on Friday demanded that the entire site be shifted elsewhere and an official statement made about its overall impact on the state.
Cyclonic storm Yaas is very likely to make landfall near Balasore in north Odisha with a speed of 155 kmph to 165 kmph, gusting to 185 kmph, around noon on May 26, the Met department said.
The IMD has also issued a red-coded warning alert to the Odisha and West Bengal coasts.
In a bid to win over angry villagers at the proposed plant site area near Orissa's Paradip, Posco-India plans alternative engagement for landless people of the area, company sources said.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
The finance ministry has restricted tax holidays to only new refineries run by public sector firms and has barred units under construction by private sector companies like Essar Oil from the benefit.
State Revenue and Disaster Minister S N Patro said the men jumped from the trawlers and swam to safety at Ersama in Jagatsinghpur district.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
Indian Oil Corporation on Friday offered a stake to Kuwaiti companies in its upcoming petrochemical plant at Panipat and the proposed refinery at Paradip.
Indian Oil Corporation plans to invest about Rs 25,000 crore (Rs 250 billion) for setting up a new 15 million tonnes refinery and petrochemicals complex at Ennore in Tamil Nadu to maintain its position as India's largest refiner.
Altogether 51 gram panchayats in 14 blocks of eight districts had been affected by the recent heavy rains and floods caused under the influence of the cyclonic storm.\n\n
IMD Director General Dr Mrutyunjay Mohapatra said that 'Yaas' is likely to intensify into a Very Severe Cyclonic Storm by Tuesday evening and Chandbali is likely to witness the maximum damage caused by it.
Sidestepping objections from several opposition parties, the Orissa government is all set to sign a memorandum of understanding with the South Korean steel major Posco in Bhubaneswar on Wednesday for the establishment of a Rs 52,000 crore (Rs 520 bil
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Monday said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore. The sale of Numaligarh Refinery Ltd clears the way for privatisation of India's second-largest fuel retailer. In keeping with the Assam Peace Accord, the government had decided to keep Numaligarh Refinery Ltd (NRL) in the public sector. As part of this, BPCL was to sell its entire 61.65 per cent stake to state-owned firms.
The cover provided under the Centre's Pradhan Mantri Suraksha Bima Yojana, which is a vital safety net for them, ended almost a year back on May 31, 2020. Ever since, there hasn't been much progress on the higher insurance coverage of Rs 5 lakh promised under the newly launched Pradhan Mantri Matsya Sampada Yojana, reports Sanjeeb Mukherjee.
The National Disaster Response Force (NDRF) has directed its rescue teams to ensure that the country's major medical oxygen generation plants based in Odisha and West Bengal are 'running and alive' during Cyclone Yaas that is developing in the Bay of Bengal, a senior officer said.
With development of the Vadhavan port, India will break into the countries with top 10 container ports in the world.
After remaining stationary for several hours over the sea, the cyclonic storm 'Phailin' on Thursday intensified, moving slightly northwest and lay centered at about 850 km southeast of Paradip.
Resentment is also brewing over the fact that instead of employing locals, peripheral development work has been entrusted to outsiders.
RSS-aligned Bharatiya Mazdoor Sangh (BMS) on Monday expressed disappointment over the government's budget proposals with regard to divestment and foreign direct investment, especially in the insurance sector. The BMS, however, lauded the government for its current efforts on the massive vaccination programme, a special scheme for tea workers in West Bengal and Assam, labour oriented push on infrastructure projects in construction sector and development of five major fishing harbours viz. Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat as hubs for economic activities etc. On other Budget proposals, it said in a statement that "mixing the beautiful concept of Aatmanirbhar Bharat with FDI and disinvestment in the Union Budget is disappointing for the employees".
The surface-to-surface missile, a naval variant of the indigenously-developed 'Prithvi' missile, was test-fired from the ship positioned near Paradip in the Bay of Bengal at around 10.52 am, the officials said.
So how are tropical cyclones formed? How destructive can they be? How are their names chosen? Find out the answers to these and other questions in our cyclone FAQ.
About 250 acres of land had been acquired during four days of acquisition drive undertaken last month.
A large part of this investment, about Rs 5,000 crore (Rs 50 billion), would go to the Paradip refinery
The cyclonic storm 'Mahasen' created over southeast Bay of Bengal has weakened and moved slightly towards the northwest, the local Met office said on Sunday.
The state presently has 17 airstrips and 16 helipads.
Carrying their baggage, thousands of people are leaving the port town of Paradip to escape the wrath of the severe cyclonic storm 'Phailin' which is expected to make landfall in Odisha in less than 24 hours.
Rain and thundershower are likely to lash many parts of coastal Odisha and some other areas under the impact of the cyclonic storm 'Mahasen', centered about 760 km south of Paradip on Tuesday, the meteorological centre in Bhubaneswar said.
Of 3,719 acres of land required for Posco project, the minister said the state government had already acquired 2,000 acres in the illegal possession of the people in Gadakujang and Nuagaon gram panchayats.
