(ET) Plans are afoot for Prime Minister Narendra Modi to visit Egypt next week, his first visit to the Arab world in 2020, aiming to expand strategic ties with a partner that has stood by India in times of crisis in recent years. Modi is expected to visit Cairo on March 14-15 following the India-EU Summit in Brussels, ET has learnt. This visit will also mark India’s commitment to Africa ahead of the fourth edition of India-Africa Summit in India later this year. Egypt, a key voice in the Arab world for decades, has de-hyphenated its ties with India and Pakistan.…
Author: Aruna Sharma
(PTI) Indian Railway Finance Corporation (IRFC) has got markets regulator Sebi’s approval for its initial public offer (IPO). The IPO comprises fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India. The observation letter was issued on February 25, 2020, according to an update on the regulator’s website. The Securities and Exchange Board of India’s (Sebi) observations are necessary for any company to launch public issue. The net proceeds are proposed to be utilised towards augmenting the company’s equity capital base to meet future capital requirements arising out of growth…
(PTI) Infrastructure company Larsen & Toubro on Tuesday said the power transmission and distribution business of L&T Construction has bagged significant orders in India and overseas. In Bangladesh, the business has won a turnkey order for design, supply, installation and commissioning of power transmission infrastructure for the 800 MW Rupsha power plant, it said in a statement.An order to build 220kV substations in Nepal has been received, it said, adding that an order to establish 380kV and 230kV transmission line corridors in the Kingdom of Saudi Arabia has also been bagged. On the domestic front, the business has won an order to design and construct a 50 MW Solar Photovoltaic Plant in…
(ET) The global health emergency posed by the spread of the novel coronavirus, is coming to country’s advantage, at least, in the oil sector. India’s oil imports bill is expected to fall by a sharper 10 per cent in FY20 as the increasing spread of coronavirus has depressed the crude oil prices to below $50 a barrel now against a high of over $70 a barrel in September and again in January this year. According to the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC), the country’s oil imports are projected to fall to 225 million tonnes (mt) in FY 20 against 227 mt in…
(ET) Coal India is likely to produce 600-610 million tonnes and sell 590-600 million tonnes this year, about the same as last year, company executives said. The company needs to raise output by 400 million tonnes to meet its target of 1 billion tonnes by 2024. This requires its compounded annual growth rate to accelerate to 14 per cent from the much slower 3.1 per cent it achieved in the past four years. “This would be a mammoth task, requiring extensive planning and synchronisation by Coal India and various central and state departments including railways. The company will also require speedy environment and forest…
(ET) LONGi Group, China’s solar power major, is looking at the possibility of setting up a production facility in India for which it has already carried out some preliminary preparations, the company’s director told. At present, the solar technology firm has a branch in India, which is mainly engaged in the sales of the module. It has also been in cooperation with companies such as Sumant Sinha-led ReNew Power. “LONGi has been comprehensively assessing the possibility of setting up a production base in India, with some preliminary preparations done. As for further development, we need to think of the international trade context and the domestic market…
(LiveMint) Central and state governments collected Rs.1.05 trillion in Goods and Services Tax (GST) revenue in February, a tad lower than the Rs 1.1 trillion mopped up in the previous month, official data showed. Collections in February represents an 8.3% growth over receipts in the same time a year ago. This is the fourth consecutive month of GST receipts remaining above the ₹1 trillion mark this financial year after collections had shown a contraction in October and November from the comparable period a year ago. The improvement in GST receipts comes in the wake of efforts by Central and state government…
(ET) Indian Oil Corporation Limited is ready to launch BS6 fuel across the nation, especially in Tamil Nadu, from April 1, said chairman Sanjiv Singh. Speaking to the media on the sidelines of the LPG conclave in the city, Singh allayed fears of the price hike expected during the launch of the less polluting fuel. While he did not specify the quantum of the hike, he said the hike would be marginal. “There will be an increase in retail prices of fuel from April 1. The price is expected it to increase by 1% to 1.5%,” he said.Indian Oil officials said with the new…
(PTI) Reliance Industries on Saturday said it has acquired 37.7 per cent stake in textile manufacturer Alok Industries Ltd for Rs 250 crore. Reliance had jointly with JM Financial Asset Reconstruction Co Ltd bid for acquiring Alok Industries that was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans. The Ahmedabad bench of the National Company Law Tribunal (NCLT) had last year approved the joint bid. “Please note that in accordance with the approved Resolution Plan, ALOK has today allotted 83.33 crore equity shares of Re 1 each at a premium of Rs 2 per equity…
(ET) Himachal Pradesh Chief Minister Jai Ram Thakur on Sunday met Union Minister Dharmendra Pradhan and held a discussion regarding the development of Himachal Pradesh.”Met Union Minister for Petroleum and Natural Gas in Delhi today. I discussed with him the topics related to the development of Himachal and looked forward to the cooperation. He has assured all possible help from the Centre,” Thakur tweeted earlier today (roughly translated from Hindi). Pradhan also took to Twitter and wrote that both of them held talks regarding various ongoing oil and gas projects in Himachal Pradesh. “I have assured Chief Minister of all possible efforts towards the all-round development of Himachal Pradesh on behalf…