(BS) Adani Power Ltd (APL) has completed the ₹4,000-crore acquisition of Vidarbha Industries Power Ltd (VIPL), a 600 MW coal-based thermal project, the company said in an exchange filing on Tuesday. The deal follows approval of APL’s resolution plan by the Mumbai Bench of the National Company Law Tribunal (NCLT) on June 18. VIPL was undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The transaction was closed on July 7. Located in Butibori, Nagpur district of Maharashtra, VIPL comprises two 300 MW domestic coal-fired units. Following the acquisition, APL’s total operational capacity has risen to 18,150 MW. The…
Author: Aruna Sharma
Prime Minister Shri Narendra Modi is on a State Visit to Brasilia. He met today with the President of Brazil, H.E. Luiz Inácio Lula da Silva at Alvorada Palace in Brasilia. On arrival, he was warmly received by President Lula and accorded a warm and colourful ceremonial welcome. Prime Minister and President Lula held talks in restricted and delegation level formats and discussed all aspects of the multifaceted Strategic Partnership between India and Brazil. They reaffirmed the shared values that underpin the warm and friendly India-Brazil relations. The leaders discussed cooperation in the areas of trade and investment, defence and…
In a powerful stride toward building India’s digital future, NBCC (India) Limited, the country’s premier construction and project management giant, has entered into a Memorandum of Understanding with the Centre for Development of Telematics (C-DOT) for construction of Data Centre along with Residential and Non- Residential Buildings in their existing 40-acre campus in Mehrauli, New Delhi that promises to be nothing short of iconic. The project will be executed at an estimated cost of Rs 220 crore approximately. The MoU was formally signed by Dr. Rajkumar Upadhyay, CEO (C-DOT) and Shri Pradeep Sharma, ED (BD), NBCC (India) Ltd. The sprawling…
(HT) Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13% stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, people familiar with the matter said. Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India’s No.1 oil refiner as well as give a meaningful presence in the fuel marketing space. But the talks are at preliminary stage and there is no guarantee that they may lead to a definite deal…
(HT) Chief minister Yogi Adityanath on Sunday emphasised the crucial role of the mining sector in Uttar Pradesh’s journey towards achieving the trillion-dollar economy goal. He noted that the sector has evolved beyond just mineral extraction to become a key driver of economic growth, investment attraction and local employment generation. During a comprehensive review meeting of the department of geology and mining, he said U.P’s mining policy has now emerged as a model of transparency and technological efficiency. Highlighting the department’s performance, he noted that mineral revenue has recorded an average annual growth rate of 18.14% between FY 2021-22 and…
(AU) राष्ट्रपति द्रौपदी मुर्मू ने सोमवार को बरेली स्थित भारतीय पशु चिकित्सा अनुसंधान संस्थान (आईवीआरआई) के 11वें दीक्षांत समारोह में शामिल होकर मेधावियों को पदकों से सम्मानित किया। वह सुबह करीब 9:50 बजे भारतीय वायु सेना के विमान से त्रिशूल एयरबेस पर उतरीं। यहां उत्तर प्रदेश की राज्यपाल आनंदी बेन पटेल, मुख्यमंत्री योगी आदित्यनाथ ने उनका स्वागत किया। इस मौके पर झारखंड के राज्यपाल संतोष गंगवार, केंद्रीय कृषि मंत्री शिवराज सिंह चौहान, कृषि राज्यमंत्री भागीरथ चौधरी भी मौजूद रहे। इन मेधावियों को किया सम्मानित बारिश के बीच राष्ट्रपति का विमान त्रिशूल एयरबेस पर उतरा। यहां से वह सीधे आईवीआरआई परिसर…
(BS) Tata Steel Limited has been issued a show cause notice over alleged discrepancies in availing Input Tax Credit (ITC) totaling ₹1,007 crore during the period of the financial year 2018–19 to 2022–23. The steel major got the notice from the Office of the Commissioner (Audit), Central Tax, Ranchi. The notice, dated June 27 and received by the company on June 28, directs Tata Steel to explain why the Goods and Services Tax (GST) amount should not be demanded and recovered under Section 74(1) of the Central Goods and Services Tax (CGST) Act and the corresponding provisions of the State…
(BS) State-run Oil India (OIL) is evaluating critical mineral blocks in Latin America, preparing offers to acquire lithium-rich areas — key to India’s net-zero journey and a major supply choke point — industry sources told Business Standard. India is entirely import-dependent for lithium, making mineral security a critical pillar in the country’s energy transition plan. A team from OIL — the first state-run oil firm to set up a dedicated department for critical minerals — visited the so-called Lithium Triangle last month. The region, comprising Argentina, Bolivia, and Chile, is a global hotspot for lithium exploration. The team assessed assets…
(HT) The 24-hour ban on the Char Dham Yatra was lifted on Monday, officials said, a day after it was suspended due to heavy rain and a cloudburst that triggered a deadly landslide near Barkot in Uttarakhand. Garhwal Divisional Commissioner Vinay Shankar Pandey confirmed the development. “The 24-hour ban on Char Dham Yatra has been lifted,” he told ANI news agency. He added that District Magistrates along the yatra route have been asked to stop vehicles depending on the weather situation in their respective areas. The pilgrimage was halted on Sunday after the India Meteorological Department issued a heavy rain alert. A cloudburst followed soon…
(HBL) The finance ministry has asked public sector banks (PSBs) to look at monetising their investment in subsidiaries by listing them at bourses after further scaling up operations so that they realise good return. There are about 15 subsidiaries or joint ventures of PSBs lined up for initial public offering (IPO) or divestment in medium to long term, sources said. Wherever required banks should invest funds to scale up operations of their subsidiaries or joint ventures, sources said, adding, banks can look at unlocking value at an opportune time. As a precursor to monetisation, sources said, banks should improve governance, professional decision-making and bring…