India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services sectors, the government data showed on Thursday. The gross domestic product (GDP) expanded by 6.2 per cent in the July-September quarter of 2022-23. India remained the fastest-growing major economy, as China posted a 4.9 per cent growth in July-September 2023.
Anil Ambani-promoted Reliance Power is likely to announce the financial closure of its 3,960-Mw Sasan ultra mega power project (UMPP) in a few weeks.
The Supreme Court had cancelled 204 such allotments.
Total foreign direct investment into India rose 2 per cent to the "highest ever" $83.57 billion in 2021-22 on account of various measures like policy reforms and ease of doing business taken by the government, the commerce and industry ministry said on Friday. Total FDI comprises equity inflows, reinvested earnings and other capital. In 2020-21, the inflow stood at $81.97 billion. It was $74.39 billion in 2019-20 and $62 billion in 2018-19. "India has recorded the highest ever annual FDI inflow of $83.57 billion in 2021-22," the ministry noted in a statement.
In a major blow to the corporate sector, the Supreme Court on Wednesday quashed allocation of 214 out of 218 coal blocks which were allotted to various companies since 1993 and in which it was claimed that around Rs 2 lakh crores were invested.
The mob went on a rampage, demanding immediate action against the security personnel involved in the killing of the 13 people, they said.
CBI has also named unknown officials of the union environment ministry in the PE.
A total of 1,792 coal miners died in 1,066 mishaps in China, the world's top coal producer and consumer, during the first half of this year.
The Coal India offering would follow a 5 percent stake sale in state-controlled Oil and Natural Gas Corp, worth $2.8 billion and slated for December.
The economy can't grow without increasing electrification, which requires more power plants, and given coal is the cheapest form of fuel and is abundant, it makes sense that India is looking to boost the use of the fuel.
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.
According to reports, public transport and banking services remain partly disrupted for the second day in some states.
With the recent arrest of two Bharatiya Janata Party activists who had taken part in the Ayodhya agitation back in 1992 snowballing into a controversy, Karnataka Chief Minister Siddaramaiah on Tuesday said a criminal is always a criminal unless acquitted by a court of law.
Richest Asian Gautam Adani's group on Tuesday said it will pay an additional Rs 48.65 a share to NDTV stockholders who tendered their shares in its open offer to help match what it had paid to buy out a stake of the news broadcaster's founders. Adani Enterprises in a stock exchange filing said it will pay an additional Rs 48.65 per NDTV share to investors, who had sold their shares in an open offer between November 22 and December 5, taking the payout to Rs 342.65 a share and matching what it paid to buy Prannoy Roy and Radhika Roy's stake. Adani Group first acquired Vishvapradhan Commercial Private Limited, a little-known company that had given Rs 403 crore of an interest-free loan to RRPR Holdings - a company founded by the Roys and bore their initials in its name - in 2009-10 in exchange for warrants that allowed it to buy a stake in the newsgroup at any time.
The government on Friday issued fresh show cause notices to prior allottees of coal blocks like JSPL, JSW and Tata Steel, asking reasons behind delays in mines development and warned of deduction in their bank guarantees if they failed to furnish replies.
China's coalmines are the world's deadliest, with explosions, floods and fires killing thousands of workers each year. Inadequate safety equipment and lax safety rules are often blamed for the accidents.
Jindal Steel has acquired mining rights in Chile for $52 million.
The Union Government on Thursday said that 5.9 million tonnes of lithium reserves have been found for the first time in the country in Jammu and Kashmir. Lithium is a non-ferrous metal and is one of the key components in EV batteries. "Geological Survey of India for the first time established Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu and Kashmir," the ministry of mines said on Thursday.
India's largest aluminium maker, the Aditya Birla group's Hindalco Industries Ltd, said on Friday it would buy copper mines in Australia from Straits Resources Ltd for A$79.80 million (US$47.11 million).\n\n\n\n
The top court also issued notices to the Centre, Nagaland government and others on two pleas filed by the wives of Army officers named in the case.
Over 65 Union ministers are likely to take oath, going by the visual of the meeting Modi held with his likely council of ministers.
Power major NTPC on Friday said it plans to foray into nuclear power generation.
Rescue workers pulled out all 41 workers trapped in Uttarakhand's Silkyara tunnel in a multi-agency rescue operation that hovered between hope and despair for 16 days.
The panel also recommended deduction of bank guarantee of four mines, including one given jointly to the world's largest steel producer ArcelorMittal and GVK Powers, an official statement said.
The government's high-level panel looking into the controversial coal block allocations for captive mining has decided against cancelling three blocks, given to Nagpur-based Shree Veerangana Steels.
The miners were working on night shift when the mine caved in at around 5.30 am.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
The Prime Minister said the parties who were alloted mines could not start production which could be 'partly due to cumbersome processes involved in getting statutory clearances. . . .'
Supreme Court says guidelines were breached, no criteria were followed while allocating the blocks.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
The Bharatiya Janata Party on Thursday accused the government of not cooperating with the Central Bureau of Investigation in the coal scam by dilly-dallying on sharing relevant files with the probe agency and demanded that the computers in the Prime Minister's Office, which store such information, should be seized for "data mining".
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
Growth in power demand remains in negative though it is picking up as coronavirus-related restrictions are eased.
The group plans Rs 30,000-cr oil refinery with IOC; buys Lanco's Udupi power plant for Rs 6,000 cr
Trade unions on Tuesday began a five-day coal industry strike, terming it as the biggest industrial action for any sector since 1977.
The Union cabinet had approved Coal India's IPO last month, to divest 10 per cent of the government's stake in the Navratna PSU.
Asthana was sent on a forced leave after the CBI registered a case of corruption against him. His plea to quash the FIR was rejected by the Delhi high court.
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