The race for acquiring India's third largest mobile services provider Hutch, has hotted up with Reliance Communications backed by an US equity funder
Arun Sarin is the chief executive officer of Vodafone Group Plc, the United Kingdom-based global mobile operator.
Reliance plans to shut two-third of its 1,400 petrol pumps in the country by next month as it is unable to match the fuel price offered by state-run retailers, who get compensated by the government for selling fuel below the cost. Reliance and Essar make huge losses on selling petrol and diesel at prices higher than Indian Oil, Bharat Petroleum and Hindustan Petroleum. On an average, fuel at private outlets is costlier by Rs 4 to 5 a litre than the PSU pumps.
Indian corporates have raised around $11.9 billion through overseas borrowing in the first five months of 2007-08, according to the Reserve Bank of India (RBI) data on external commercial borrowings (ECB).
The agreement, which will be reviewed at the end of five years, will boost profitability of the steel firms who had been buying expensive LNG or naphtha to meet feedstock shortage at their plants, a senior official said. The ministry of petroleum and natural gas had last week asked Reliance to sell natural gas to steel firms like Essar, Ispat and Vikarm Ispat to help the nation's most prolific gas field to produce at optimum level.
The ED, in its chargesheet, had alleged that Rs 200 crore was paid by Swan Telecom (P) Ltd promoters to DMK-run Kalaignar TV.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
"There are eight companies (who have put in expression of interest)... RNRL is one of them," said A K Ahuja, managing director, Ratnagiri Gas and Power Pvt Ltd, the company that operates the nation's biggest gas-fired power plant and the adjacent LNG import facility. Others in the fray include state power utility NTPC and GMR. Ahuja said RGPPL will frame the bidding criteria and call for financial bids by next month.
Their first target would be bulk buyers.
Prayas Jain has been arrested for allegedly buying secret documents.
Petroleum and Natural Gas Regulatory Board in its July 2 order imposed a cost of Rs 100,000 on the three private fuel retailers who filed a complaint against Indian Oil, Bharat Petroleum and Hindustan Petroleum for indulging in 'restrictive and unfair trade practices and cartelisation'.
Even if the Paytm fiasco does not mark the end of the bull run, at least some sanity will return to the wild IPO market, observes Debashis Basu.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
Gujarat has caught the fancy of a large number of corporate heavyweights.
The Delhi high court on Tuesday allowed the Central Bureau of Investigation and the Enforcement Directorate's pleas seeking an early hearing into the appeals challenging the acquittal of former telecom minister A Raja and others in the 2G spectrum allocation case.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
Anil Ambani-controlled Reliance Communications has entered into an agreement with GSM service providers Hutchison-Essar and the Aditya Birla-controlled Idea Cellular to share passive infrastructure for cell sites.
The CEOs, sources said, also discussed the steps to raise domestic production of coal.
The National Commodity and Derivatives Exchange Ltd plans to rope in oil companies like Indian Oil Corporation and Reliance Industries Ltd to boost Brent crude futures trading on the bourse.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
Gujarat and Karnataka are the "role models" of a competent and transparent government and a progressive leadership that can attract investors in the coming years, according to a leading US business forum representative.
Reliance Comm wants all of Hutch Essar at one go.
Firms to pay Rs 24,700 cr if spectrum formula is accepted.
The government has cleared 19 foreign direct investment projects worth Rs 4,340 crore, including that of Tata Steel and Future Ventures.
It is expected to take a similar stand at the Mumbai and Delhi high courts, where Welspun Maxsteel, Ispat Industries and Essar Steel have challenged the petroleum ministry's decision to divert KG-D6s supply from steel and petrochemicals to power and fertiliser.
Steel manufacturers on Wednesday hit out at 'unilateral' decision of the Oil Ministry to curb natural gas supplies from Reliance Industries' KG-D6 fields to non-core users, saying only a ministerial panel was empowered to take such decision.
Nine million subscribers opt for mobile number portability in first three months of its launch.
A Bench headed by Justice Altamas Kabir sought an reply from 11 repondents Telecom Regulatory Authority of India, Association of Unified Telecom Service Providers of India, Reliance Communications, Tata Teleservices, Vodafone Essar Mobile Services, Cellular Operators Association of India, Bharti Airtel, Idea Cellular, BPL Mobile Communications, HFCL Infotel, and Spice Communications -- as to why they should not pay ADC to BSNL.
Bharti Airtel on Thursday submitted its bid for 3G spectrum, auction for which starts from April 9.
The government will start allotting third generation (3G) spectrum from Wednesday to successful bidders, including Bharti Airtel, Reliance Communications and Vodafone Essar, among others. A senior DoT official, said the allotment of 3G spectrum will start on Wednesday.
Non-core sponge iron plants, petrochemicals units and oil refineries have cornered as much as 13.13 million cubic metres per day out of the 60.76 mmscmd of KG-D6 gas allocated.
Airtel, Vodafone-Essar favour delinking; Reliance, Tata oppose.
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
Oil ministry this week issued written instructions to the billionaire Mukesh Ambani-run firm to make a 'pro-rata' cut in gas supplies to all existing customers if the production from its KG-D6 field cannot support new customers, two sources with direct knowledge of the information have said.
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.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
After a long wait, Tata Teleservices on Thursday launched the premium Blackberry mobile services that offers customers e-mail, SMS messaging and Internet-based applications.
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