MUMBAI: The power ministry has proposed a slew of amendments to the Electricity Act, 2003, in a bid to remove anomalies in its implementation. The ministry has proposed amendments to Section 11 to curb its alleged misuse by state governments and prohibit the sale of surplus power from generating...
NEW DELHI: Reliance Industries Ltd (RIL) and the government are set for a legal showdown, as the petroleum ministry today disallowed the company’s $1.2-billion cost recovery from its investment in the KG-D6 field. The country’s largest company has already taken the government to the Supreme Court over its failure...
NEW DELHI: The Left Front has started mobilising the support of non-NDA and non-UPA parties to garner support against the Congress-led UPA government’s move to push its economic reforms agenda with three much-delayed financial sector legislations. The Left Front will reach out to regional parties, including AIADMK, Samajwadi Party,...
NEW DELHI: After seeking 400 days to carry out spectrum auctions, the telecom department (DoT) has made a U-turn and said it can complete the sale process well within the August 31 deadline given by the Supreme Court. The DoT has sent a fresh auction timetable for approval to...
NEW DELHI: The finance ministry may defer the implementation of the controversial General Anti Avoidance Rule (GAAR) by a year, as investors have demanded more time for compliance. “There is a strong demand from investors to defer GAAR. We are trying to address their concerns,” said a finance ministry...
By Nantoo Banerjee It is a situation India wished it were never got itself in. The retroactive tax liability provisions in the country’s 2012-13 annual budget have already caused enough universal embarrassment to the government. The country’s proposed tax laws with regard to mergers and acquisitions (M&A) have been...
From L.S. Herdenia BHOPAL: Can the government of Madhya Pradesh, whose annual budget is Rs 80,000 crores and which is in the debt of Rs 85,000 crore, fulfill all the commitments made by it to the people of the State? Some time back, the Chief Minister Shivraj Singh Chauhan...
By Narendra Sharma NEW DELHI: The labour movement in India is at a crossroads. This became obvious when 11 CTUOs met on April 26 in the INTUC Delhi office to plan their future course of action. This was the first joint meeting of all the CTUOs after the February...
NEW DELHI: Days ahead of the 60-day deadline for approving its gas sale price expired, the Oil Ministry has sought some clarifications from Reliance Industries on the gas it plans to produce from coal seams (CBM), thereby pushing back the approval clock by another two months. The Ministry had...
NEW DELHI: The power ministry will allow producers to raise tariffs if fuel costs of new projects rise, and will not oppose a hike in domestic gas prices. The move would hurt consumers but rescue large private investments that are threatened by uncertainty over fuel and tariffs. Linking tariffs...
NEW DELHI: The government today said it has removed restriction on urea imports fromIranand has asked State Trading Corporation to modify the global tender, which restricts bids by suppliers of Iranian origin. The restriction was imposed by STC in view ofIran’s decision to ban urea exports and also due...
GANDHINAGAR: A consortium led by the State-promoted Gujarat State Petronet Ltd (GSPL), a subsidiary of the GSPC Ltd, plans to invest nearly Rs 12,000 crore over the next three years. The investment is to create three cross-country natural gas transmission pipeline totalling around 4,000-km in length. A joint venture...
HYDERABAD: Petronet LNG,India’s biggest liquefied natural gas (LNG) importer, on Wednesday signed an agreement to invest Rs 4,500 crore in building a five-million-tonne import terminal atGangavaramPorton the Andhra coast. This will be the country’s fifth LNG terminal after Dahej, Dahbol, Hazira andKochi. Gangavaram will be Petronet’s third LNG import...
CHENNAI: Nagarjuna Oil Corporation will start work on the Rs 12,000-crore expansion of its oil refinery in 2014. The expansion will take the annual refining capacity of the six-million-tonne refinery coming up in Cuddalore, Tamil Nadu, to 15 million tonnes. The expansion will be completed in 2016. The refinery...
NEW DELHI: CairnIndiahas pegged its Krishna Godavari (KG-ONN-2003/1) block at about 550 million barrels equivalent of in-place oil and gas. Sources said that these are CairnIndianumbers and the prospects have been reviewed independently, not by the Directorate General of Hydrocarbons (DGH). If proven, this would be higher than Ravva...
NEW DELHI: GMR Power Corporation (GPC) has dragged the Tamil Nadu Electricity Board (TNEB) to the Supreme Court over non-payment of tariff invoices to the tune of around R600 crore, saying that such delay has adversely impacted its other contractual obligations. It has also challenged a part of the...
NEW DELHI: Delhiites will have to pay more for power from this month, particularly in the areas under the BRPL and the BYPL, and this hike is independent of the new tariff structure that is still being worked out. The Delhi Electricity Regulatory Commission on Wednesday agreed to a...
NEW DELHI: Under pressure from the international community to cut emissions and support the fight against climate change,Indiais focusing on implementation of energy efficiency measures in a big way. The country has targeted to save as much as 12,000 mw of electricity by increasing energy efficiency standards of power...