With the privatisation of BPCL appearing inevitable, there are worries that the new promoter would soon move to lower wages.
Bharat Aluminium Company Ltd on Monday signed a MoU with the Chhattisgarh government to set up a Rs 5,000 crore (Rs 50 billion), 1,200 MW coal-based power project in the state.
After devoting years to the difficult pursuit of perfection, some fall wayward.
Venkataraman Krishnamurthy, who is considered as the turnaround man of several Indian corporate houses like BHEL, Maruti Udyog, SAIL and Gail (India), passed away on Sunday at the age of 97. Krishnamurthy is considered as "the father of public sector undertakings in India" by many in India Inc. Born in the temple town of Tamil Nadu's Karuveli, he started his career as an airfield technician during the Second World War.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
V N Khare and S P Bharucha, both once Chief Justices of India, have been appointed to the arbitration panel to resolve the issue of sale of the government's residual 49 per cent stake in Bharat Aluminium Company to Sterlite Industries.
The bauxite-rich Gandhamardan hill in Orissa is likely to become the centre of an environmental and cultural controversy again after two decades. In 1986, India's third-largest alumunium producer Balco had applied for a mining lease in the area when it was a government company. This year, the hill is being sought by Balco again, but this time as a private company owned by London-based commodities entrepreneur Anil Agarwal's Vedanta group.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Arun Jaitley will aim for jumps in other revenue streams for the government.
In its order on an RTI query filed by advocate Arjun Harkauli on the issue, the Central Information Commission observed, "In response to therequest for information relating to disinvestment of government's 51 per cent stake BALCO, the Chief Public Information Officers of the respondents have stated that they have made attempts to search and trace the desired documents but to no avail."
The former world 100 metres record holder was banned for doping offences related to the BALCO laboratory in California.
A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
Court says no evidence of cartel in low bids for coal blocks.
Bids for eight coal blocks were sent for re-examination.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
The US Anti-Doping Agency has accused him of serious doping violations after a federal investigation into the BALCO laboratory in California.
IOC set up a disciplinary commission to investigate allegations made against US sprinter Marion Jones by BALCO chief Victor Conte.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
The American sprinter wants any samples obtained from the BALCO investigation to be tested for DNA first to ensure they belong to her.
The government is planning divestments in at least 5 public sector undertakings including Maruti, Balco, Bhel, Oil India and Powergrid in the next few months as part of efforts to raise Rs 5,000-7,000 crore (Rs 50-70 billion) in 2005-06.
Several athletes testified before a grand jury investigating the BALCO lab, which is suspected of producing steroids.
Ten central trade unions except Bharatiya Mazdoor Sangh are observing one-day general strike on Thursday to protest against various government policies.
The court issued notice to the ministry and directed it to file its response in two days.
Jindal Power bagged 2 coal mines in Chhattisgarh.
Modelled loosely around the National Highway System of the US, he in 2001 launched the Golden Quadrilateral and the North-South & East-West Corridor projects to build 4/6 lane highways between four top metropolitan cities of Delhi, Mumbai, Chennai and Kolkata as well as from Srinagar to Kanyakumari and Porbandar to Silchar.
UK-based metals major Vedanta Resources came under more pressure as it was revealed on Tuesday that one of its group companies, Balco, is a supplier of refined aluminum to the Indian defence sector. This information is now being used by human rights campaigners to urge investors like the Church of England to divest from Vedanta Resources to keep in line with the church's policy of not investing in companies that are involved in any way in armament production.
Tata Power, Sesa Sterlite and Hindustan Zinc likely to be hit.
Jindal Steel and Balco emerged as the top bidders.
Committed to keep fiscal deficit under check, Prime Minister Manmohan Singh has convened a high-level meeting on Tuesday to push forward the disinvestment programme with a view to achieve the budgetary target of Rs 40,000 crore (Rs 400 billion) in the current fiscal.
The Comptroller and Auditor General of India on Friday criticised the previous National Democratic Alliance government for undervaluation of a number of public sector units, including Balco and VSNL, where equity was divested.\n\n
Prime Minister Narendra Modi, who won a landslide election victory in May largely on a promise of economic growth, is expected to speed up divestments to bolster revenue generation.
Her ex-husband C.J. Hunter says he saw Jones injecting herself with drugs at the residence they shared in Australia.
The government has divested stakes in 33 units including 22 hotels of ITC and Hotel Corporation of India since 1999-2000, and there has been an improvement in the performance of most public sector undertakings after divestment.\n\n\n\n
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances