(ET) Adani Group is exploring acquisition of Vidarbha Industries Power (VIPL), a subsidiary of Reliance Power which supplies electricity to Adani Electricity Mumbai, two people aware of the development said. The talks between billionaire Gautam Adani-led group and Anil Ambani-led Reliance Power are at an early stage, the persons cited earlier told ET. Both groups declined to comment on the matter. VIPL operates two 300 megawatt (MW) units at Butibori in Maharashtra, but it has not been generating any power since mid-January after Coal India stopped supplying coal over an ongoing litigation which is in the Delhi High Court and issues relating to payment. VIPL had shut…
Author: Aruna Sharma
(HT) Officials from New Delhi and Washington are in touch to work out mutually convenient dates for US President Donald Trump’s visit to India on a standing invitation, a year after he expressed his inability to attend the Republic Day parade in the Indian capital, people aware of the developments said. According to a person familiar with the planning of the tour, the visit could take place as early as the second half of February. However, the timing will depend on the duration of the US Senate trial, expected to start this week, to determine if Trump should be removed…
(PTI) India’s flagship global conference on geopolitics and geo-economics Raisina Dialogue will begin today with Prime Minister Narendra Modi attending the inaugural session, where seven former heads of state will share their views on challenges facing the world.The fifth edition of the Raisina Dialogue, jointly organised by the Foreign Ministry and the Observer Research Foundation (ORF), will bring together 700 international participants from over 100 countries. The three-day conference will see participation of 12 foreign ministers, including from Russia, Iran, Australia, Maldives, South Africa, Estonia, Czech Republic, Denmark, Hungary, Latvia, Uzbekistan and the European Union (EU).Iran Foreign Minister Javed Zarif’s…
(BS) Indian Oil Corporation (IOC) will take a call on bidding for the government’s stake in Bharat Petroleum Corporation (BPCL) once it comes to the market, said IOC Chairman Sanjiv Singh. Singh said it was still not clearly stated what was being offered. “There are media reports that Numaligarh Refinery may be carved out. Let it come and then we will see.” He was speaking on the sidelines of the launch of Purvodaya, an integrated steel hub. He added it was internally discussed and there were advantages either way. If IOC bags it, there are advantages. In the event it doesn’t, there would still…
(PTI) NMDC has informed the steel ministry about the confusion being created that the state-owned miner is being disinvested, a government official said. Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested, which has created an atmosphere of confusion, its Chairman N Brijendra Kumar said last Friday. He also clarified that NMDC itself is just a stakeholder in Neelachal Ispat Nigam Ltd (NINL) Last week, the government gave in-principle approval for strategic sale of NINL by allowing PSU shareholders to sell their stake in the steel company.NMDC has apprised…
(TH) The Centre is committed to supporting backward communities through energy sector welfare schemes, according to Minister for Petroleum and Natural Gas, and Steel Dharmendra Pradhan. Speaking at the Special National Vendor Development Programme for SC-ST Entrepreneurs in the Petroleum and Steel sectors on Monday, Pradhan said, “We have a plan to set up 75,000 new petrol pumps, of which 20,000 petrol pumps have been earmarked for the Schedule Caste and Schedule Tribe communities. We have issued Letters of Intent for 17,117 petrol pumps till now of which 3,627 have been issued to members of the SC/ST community.” Pradhan also said…
(FE) At the insistence of Union steel minister Dharmendra Pradhan, state-run Steel Authority of India (SAIL) has introduced a scheme for sabbatical leave for all its regular employees who have completed 10 years in the company, primarily aimed at cost-cutting. The company, however, is hard selling the scheme to its eligible employees as an opportunity to hone up skills, write books or compose music, discharge familial and social obligations, pursue hobbies and entrepreneurial ventures, among others. As on January 1, SAIL had 72,246 employees. During the course of the sabbatical leave, which can be for a maximum of three years, executives opting…
HPCL has successfully commissioned Palanpur-Vadodara Pipeline (PVPL) and Vadodara Marketing Terminal as part of MDPL Capacity Expansion and PVPL Extension Project. The foundation stone of this prestigious Project was laid by Hon’ble Prime Minister Shri Narendra Modi on 22nd October, 2017 at Vadodara. The project has been commissioned within approved cost and scheduled period of completion. The 18-inch diameter, 235 km multi product pipeline with a system capacity of 8 MMTPA has many feathers in its cap and among these, the most notable is successful execution of India’s longest 18” Diameter Horizontal Directional Drilling (HDD) across river Sabarmati and ravines…
(ET) India is in talks with Mongolia for either acquiring stakes in coking coal assets or sourcing the fuel used in the steel and metallurgical industry, said petroleum and natural gas minister Dharmendra Pradhan. He also said that the Centre wants to offer piped natural gas in Kolkata in the next one year and sought Mamata Banerjee government’s continued support for the project. The minister said India needs to import high-quality coking coal. “India has been importing coal from Australia but high-quality coking coal is also available in Mongolia and it can be imported into India at reasonable prices. We are in talks with…
(ET) State-owned oil company Saudi Aramco said on Sunday it had exercised its “greenshoe option” to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion. Aramco initially raised a $25.6 billion, which was itself a record level, in its December IPO by selling 3 billion shares at 32 riyals ($8.53) a share. But it had indicated it could sell additional shares through the over-allotment of shares. Aramco shares were flat at 35 riyals shortly after the market opened, according to Refinitiv data. A greenshoe option, or over-allotment, allows companies to issue…