NEW DELHI: With KG-D6 output hitting an all- time low, Reliance Industries and its British partner BP plc have submitted to the government a revised field development plan for enhancing gas production from MA field in the block. RIL-BP propose to drill one gas production well on the MA...
LONDON: Oil and gold prices are likely to hit record highs later this year due to instability in the Middle East and recurring sovereign debt problems, a London-based fund manager said. Angelos Damaskos, the chief executive of Sector Investment Managers, said its Junior Oils fund has been up by...
DUBAI:Iran’s oil flows to Greece have stopped this month, depriving the Islamic Republic of one of its most loyal European customers and leaving Greece with its financing troubles struggling to buy elsewhere. The European Union will impose a full embargo on Iranian oil imports from July 1 as part...
SINGAPORE(Reuters) – A major Chinese ship insurer will halt indemnity cover for tankers carrying Iranian oil from July, dealing a blow that narrows the insurance options for Tehran’s main export already constricted by payment barriers caused by Western sanctions. With Western sanctions on Tehran increasing, sources at the China...
NEW DELHI: State-run BHEL is eligible to seek the Maharatna status, which would provide the power equipment maker with more financial autonomy, according to the Department of Public Enterprises. “The company meets the eligibility criteria for grant of Maharatna status,” a Department of Public Enterprises (DPE) official said. A...
NEW DELHI: Keen to shore up investor interest in its stake sale programme, the government for the first time is considering a proposal to disinvest equity in the state-owned Nuclear Power Corporation of India (NPCIL) as part of its disinvestment programme for 2012-13. Until now, the strategic area of...
MUMBAI: A race for the post of chairman of the Atomic Energy Commission (AEC) is on, as incumbent Srikumar Banerjee is scheduled to retire on April 30. Top contenders include Bhabha Atomic Energy Centre (BARC) Director Ratan Kumar Sinha, Department of Atomic Energy Director (strategic planning group) Ravi B...
BANGALORE: As revised estimates point to a two-fold increase in India’s potential for wind energy generation with the use of taller towers for wind turbines, the Centre for Wind Energy Technology (C-WET) is setting up 75 monitoring stations across the country to validate the prediction and also assess the...
KOLKATA: The Centre is considering a proposal to list six profit-making wholly-owned subsidiaries of Coal India Ltd. The move is part of a proposal to disinvest in 11 mini-Ratna central public sector undertakings — out of a total of 70 — in the first phase. The mining companies are...
NEW DELHI: Following furore over an initial CAG report that estimated huge losses to the exchequer in the allotment of mines, the government has said it is ready with the list of coal blocks to be bid and the auction process will kickstart by June. “The work of identification...
NEW DELHI: Coal India won’t discontinue the lucrative business of e-auctioning of the fuel in order to be able to comply with the presidential directive to sign fuel supply agreements (FSAs) with power companies to meet 80% of the latter’s needs. Despite a suggestion made by the power ministry...
NEW DELHI: Little over a year after he snapped up London’s iconic Grosvenor House hotel, Subroto Roy is about to do a similar deal across the Atlantic. The Sahara Group is in exclusive talks to acquire The Plaza, a 105-year-old landmark property in New York whose guests have included...
NEW DELHI: State lender India Infrastructure Finance Company (IIFCL) is set to announce a $1-billion infrastructure debt fund through mutual fund route on April 10. With the funding of R1,350 crore, IIFCL will own 26% stake in the fund while IDBI Bank will have 14% and Life Insurance Corporation...
NEW DELHI: The proposed India-European Union (EU) broad-based trade and investment agreement (BTIA) is expected to set new standards on issues related to investment, which has emerged as a bone of contention between both sides. While the EU has demanded the chapter on investment be negotiated before the trade...
Kolkata: Close to two months after Coal India Ltd (CIL) said it was not in the business of imports, the chairman designate of the world’s largest coal mining company is looking to revisit the option. S Narsing Rao, who takes charge as CMD in two weeks, will do what it...
NEW DELHI: After getting the approval of Attorney General Goolam E Vahanvati for seeking a Presidential Reference on the Supreme Court’s February 2 orders cancelling 122 mobile permits issued in 2008, the telecom department has moved a Cabinet note on the issue and sought the inputs from all ministries....
MUMBAI: The government’s move to defer the easing of foreign direct investment (FDI) in insurance will hit IPO plans of large companies and, possibly, push consolidation. TOI had on Tuesday reported that the proposal to increase FDI cap in insurance to 49%, introduced in the 2004-05 Budget, had been...
By Nantoo Banerjee Is the country’s national security in foreign hands? One would shudder to even imagine such a possibility. Yet, the unpalatable truth is: India’s defence forces are 70 per cent foreign dependent on armament supplies – from Russian nuclear subs, aircraft carriers, US and French fighters, Swedish...