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New Delhi: The government proposes to offer deallocated captive coal blocks of private sector companies to Coal India in a bid to accelerate coal production. This would enable the PSU to meet all its fuel commitments to the power sector. The coal ministry, which has so far cancelled allocation...
NEW DELHI: In an unprecedented move, the government on Tuesday issued a presidential directive forcing state-owned miner Coal India Ltd (CIL) to supply at least 80 per cent of the quantity committed to power companies. However, the directive gave the company freedom to relax the penalty that would be...
NEW DELHI: Country’s biggest coal producer CIL has missed its revised production target as it achieved only 435.84 million tonnes (MT) for 2011-12 against 447 MT, adding to the worries of power producers who are already facing supply crunch. The public sector unit said there were a number of...
MUMBAI: Bajaj Auto, India’s second-largest two-wheeler maker, has tightened its hold on KTM Power Sports by buying another 6.3%, taking it stake in the Austrian motorcycle to a little over 47%. ET learnt that the company purchased this stake from one of the key stake holders through an open...
NEW DELHI: Foreign institutional investors based in Mauritius will not be required to pay capital gains inIndiaif they have ‘substantial commercial interest’ in the island nation, a finance ministry official has clarified. The official said the proposed General Anti Avoidance Rules, or GAAR, are very clear and there is...
NEW DELHI: The infrastructure sector could soon have a steady supply of long-term funds if the finance ministry is successful in its bid to get a part of the retirement savings of workers invested in dedicated sector funds. The finance ministry has written to the Employees’ Provident Fund Organisation,...
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...