NEW DELHI/KOLKATA: The government issued a presidential decree to force Coal India to guarantee long-term fuel supply to private power firms, as it used its discretionary authority to trump independent directors who resisted pressure from the Prime Minister’s Office and said such pacts would harm the company. The rare...
NEW DELHI: In a move towards greater capital account convertibility, the finance ministry has signalled its intent to sell sovereign bonds to foreign investors. For the first time ever, finance minister Pranab Mukherjee has outlined the option of selling sovereign bonds overseas in the Budget 2012-13 papers. Saleof government...
New Delhi: The Prime Minister has agreed to the demand of the chief ministers of several states for a separate meeting on National Counter Terrorism Centre (NCTC). There will be no decision on NCTC before the meeting of the chief ministers on May 5. This came after pressure, not...
MUMBAI (Reuters) – Indian shares headed for a third consecutive session of gains led by blue chip BHEL after the power equipment maker posted positive provisional earnings, raising optimism about profits in the capital goods sector. Banks such as State Bank of India and ICICI also gained, with each up...
India today welcomed the US announcement of a bounty of USD 10 million on Pakistan-based Jamaat-ud-Dawa chief Hafiz Saeed, the mastermind of the 26/11 Mumbai attacks, saying it sends a strong signal to Lashker-e- Toiba and its patrons. “India welcomes US notification under the Rewards for Justice Programme. (It)...
CHENNAI: Under attack from political parties for the steep hike in power tariff, Tamil Nadu Chief Minister Jayalalithaa on Tuesday announced subsidising part of the increase for domestic consumers. Making a suo motu statement in the state assembly, Ms. Jayalalithaa said the present move will benefit 1.5 crore families...
NEW DELHI: India on Monday allowed foreign vendors to use transfer of technology to fulfil their offset credits, easing the policy aimed at developing the indigenous industry. The government also increased the time for bank offset credits to seven years, from the present two-year limit within which foreign vendors...
India on Monday approved the crucial five-year and 15-year modernisation plans of the armed forces beginning 2012, after almost a year-long delay. The Defence Acquisition Council (DAC), at a meeting chaired by Defence Minister A.K. Antony, gave it’s nod for the 15-year Long-Term Integrated Perspective Plan (LTIPP) that will...
CHENNAI/HYDERABAD: US-based chopper manufacturer Sikorsky Aircraft Corporation, part of United Technologies Corp, and Tata Advanced Systems Limited (TASL) have applied for a defence licence to manufacture components and assemble helicopters for use by the Indian Navy, according to Steve Estill, vice-president (strategic partnerships), Sikorsky. “The licence will pave the...
CHENNAI/BANGALORE: The BEML Limited, a defence public sector undertaking, is moving forward in the aerospace vertical as part of the expansion of its defence business. In this regard, BEML has begun work on an aerospace manufacturing division at SEZ near the Bangalore International Airport, Devanahalli. The ground breaking for...
CHENNAI/BANGALORE: Navratna defence PSU Bharat Electronics Limited (BEL) has recorded a profit before tax of Rs 975 crore while recording a turnover of Rs 5,710 crores (provisional) for the fiscal year 2011-12. A release from the company said, BEL had also seen exports of $38.45 million. The turnover per...
To ensure continuous coverage of it’s oceanic frontiers, the Indian navy would need six to eight Northrop Grumman MQ-4C Broad Area Maritime Surveillance (BAMS) unmanned air systems (UAS). This number would allow India to keep a BAMS airborne all day, every day for 365 days a year, says a...
Government clears five-year plan, issues new guidelines on transfer of technology policy NEW DELHI: Amid a spate of controversies involving the defence establishment, the Defence Ministry today cleared the long-term integrated perspective plan (LTIPP) for 2012-2027 and the five-year defence plan (2012-2017) besides effecting a key change in the...
The civil-military confrontation shows that integrating the defence ministry and reforming procurement are overdue The disgraceful civil-military crisis India has witnessed denotes complete failure of leadership on the part of the army chief and the defence minister. Rather than try and paper over the cracks, both should go. The...
It is for the government — through FDI caps and licensing — to nurture Indian defence players rather than exposing them to a brutal marketplace In a timely article on this page, Nitin Pai has addressed the vital question of how to equip India’s military, without delays and with...
Even as Central Bureau of Investigation detectives have begun questioning Ravi Rishi, the London-based millionaire businessman at the heart of the showdown between the Defence Ministry and Chief of the Army Staff V.K. Singh, fresh details have begun to emerge of the truck deal that precipitated the crisis. Rajan...
MUMBAI: Oil and Natural Gas Corp has declined to participate in the stake sale of the pipelines company owned by Mukesh Ambani and other promoters of Reliance Industries Ltd but other state firms such as OilIndia and Gail India are evaluating the prospect. The company, Reliance Gas Transportation Infrastructure...
New Delhi: India has rejected the price that Qatar is seeking for supplying additional 5 million tonne a year of liquefied natural gas, saying that domestic consumers cannot afford the rate the world’s largest LNG exporter is asking for. Qatar wants at least 14.5% of the prevailing brent crude...