A solution to the troubled Dabhol Power project appears to be in sight with IDBI-led financial institutions eager to thrash out their disputes with offshore lenders at the forthcoming meet on May 12 in London.\n\n\n\n
Finance Minister P Chidambaram on Wednesday said public sector banks plan to hire 50,000 persons and open 10,000 branches in the current fiscal.
NMDC chairman Rana Som has left for the Panna reserves to assess the production and commercial operations of the mine and understand the commercial viability of the project to come out with a definite date for resuming mining in the area. Last month, the steel ministry had said the reopening of the mine will be a top priority for the government.
In a major boost to the Indian scientific community, the Mars Orbiter Mission (Mangalyaan), on its maiden tryst with the red planet, has completed 300 days of its journey in space and is just 23 days away from reaching its intended orbit.
However, a Serie A recommendation that similar cuts be made at all top flight clubs has been rejected by the players' union which argues that those at smaller clubs are less able to afford reductions.
'The real estate sector has been badly bruised because it has become too reliant on funding from NBFCs, including housing finance companies. 'When the NBFC industry was rocked late last year by a large default, the real estate sector was hit hard. 'An intricate web of links between rural incomes, construction activity and shadow banks are fuelling the economic slowdown', says Pranjul Bhandari.
As the second wave of the Covid-19 pandemic abates, India's automakers are hopeful of a quick recovery in sales volumes, led by better rural sentiment, low interest rates, improved availability of finance and a gradual uptick in business and economic activity. In fact, companies have started to ramp up production already, encouraged by high order books and the growing preference for private transport in both rural and urban areas as a means to avoid infections. In early April, the industry had been bullish as the sales trend for March showed that the effects of the Covid-19 pandemic had been left behind. The total vehicle sales had grown by 77 per cent, albeit on a lower base, and for the past few months, sales had consistently touched 300,000 units per month.
The plant started operations after Supreme Court vacated a stay granted by Gujarat High Court on pooling of LNG prices to make fuel affordable to the power plant.
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In the first two months of the current fiscal, Indian exports of finished steel reportedly grew by almost 76 per cent on a YoY basis and China alone accounted for close to 60 per cent of the increase.
Decks have been cleared to restart the controversial Dabhol Power Project in Maharasthra as the company's US promoters withdrew all legal proceedings against the state and the central government before the arbitration panel in London.
Maharashtra government has agreed to buy electricity from the Dabhol power project at Rs 5.01 per unit and the plant is likely to be re-started by the middle of next month.
The summit probably fulfilled the expectations on both sides, but the bar of expectations was intentionally kept low, observes Ambassador M K Bhadrakumar.
US energy major Enron Corp's original contractors for the $2.96-billion Dabhol power project will complete the unfinished LNG terminal to restart the stalled 2,184 MW plant by next year.
Nanjing Automobile Corporation, the Chinese owner of the failed British MG Rover torque, is set to revive the famous brand in China with the government approving the package, the state media reported on Monday.
The proposal to hive off the LNG terminal at the revived Dabhol power plant in Maharashtra is likely to be scrapped, with promoters and financiers agreeing to pump in Rs 24 billion to restart construction work at the plant.
The bus service was first started in February 1999 but suspended after the 2001 Parliament attack. It was restarted in July 2003.
UID project was launched by the UPA government in 2009.
The government on Friday decided to stand guarantee to domestic financial institutions to settle foreign debts of Dabhol Power Project as part of its efforts to settle the issue and restart the power company.
Electricity from Dabhol project in Maharasthra, which is being targeted to restart from July 2006, may cost over Rs 3 a unit as LNG suppliers quote twice the price of gas than the previous estimates.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
The trouble-torn 2,184 MW Dabhol power project is all set to be restarted with General Electric, one of the major equity holders, slated to reach an agreement with Indian financial institutions by this month end.
The Bombay high court has given its go ahead for transfer of assets of the 2,184 MW Dabhol power plant to Ratnagiri Gas and Power Pvt Ltd, paving the way for restarting the plant before the end of 2006.
'At a time when the economy is depressed, a pandemic is raging, and the Chinese are making noises on the border, the NRC could be resuscitated.'
The Empowered Group of Ministers looking into the Dabhol power project fiasco is likely to meet on Friday to discuss ways to restart the plant that has been lying idle for over three years.
US-based General Electric, which along with Bechtel controls 85 per cent stake in the beleaguered 2,184-MW Dabhol Power Company, is open to sell its equity but wants its claims to be settled first.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
Restarting Dabhol Power could face fresh hurdles with its two stakeholders, Bechtel and GE, demanding full recovery of their investment in the project, lying idle for more than 24 months now.
The Industrial Development Bank of India-led consortium may get the government's backing for taking over the outstanding dues of foreign lenders, as part of efforts to restart the troubled Dabhol Power project at the earliest.
Power Ministry on Tuesday held discussions with National Thermal Power Corporation and financial institutions, including IDBI, as part of efforts to restart power generation at the idle Enron-promoted Dabhol Power project.
Participating in a video conference along with chief ministers of other states, Kumar spoke about many states having arranged for return of students from the Rajasthan town, and also made an oblique reference to the pressure from opposition parties that his government has been facing on the issue.
