(FE) Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history. Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world’s most profitable company, seen as the kingdom’s crown jewel.…
Author: Aruna Sharma
(FE) Despite the apparent thrust being given to infrastructure spending, the finance ministry has rejected the road transport and highway ministry’s demand for hiking the budget outlay for it by Rs. 43,000 crore or 51% over the budget estimate.In the Budget for 2019-20, the ministry of road transport and highways (MoRTH) was allocated Rs. 83,016 crore for highway construction, up from Rs. 78,626 crore in 2018-19 and Rs. 61,015 crore in 2017-18. Of the total budgetary support for the current fiscal, MoRTH has already spent Rs. 51,798 crore or 62% by September end, as per the Controller General of Accounts…
(PTI) Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan has embarked on a three-day visit to UAE where he will discuss issues of bilateral hydrocarbon as well as steel sector engagement within the overall framework of India-UAE Strategic Partnership, an official statement said on Sunday. Pradhan, accompanied by an official and business delegation, is visiting UAE from November 10-12, the statement issued by the Ministry of Petroleum & Natural Gas said. The minister has been invited by UAE Minister of State and ADNOC CEO Dr. Sultan Ahmad Al Jaber to participate in the inaugural ministerial session of Abu…
(ET) Coal India has invited bids from developers for setting up a 100 MW solar power plant in Solar Power Developer and Operator mode in Chhattisgarh. It will cater to the green energy requirement of Coal India subsidiary of South Eastern Coalfields which consumes around 850 million units of power annually. This is part of Coal India’s plan to emerge a net-zero energy company – an entity that generates its own green power. The Proposed Solar Project will be established incapex mode. Coal India’s total annual Power requirement for coal production is around 4.5 billion units which would require setting up…
(LiveMint) Bharat Petroleum Corporation Ltd (BPCL) has not yet received any official communication from the government on its plan to sell its 53.3% stake in public sector oil marketing company, N Vijayagopal, director (finance) said on Friday. “The decision to privatise has to be taken at the level of the Cabinet Committee of Economic Affairs and, as far as I know, that is yet to happen,” Vijayagopal told reporters here. “The company has not changed any business decisions in anticipation of the stake sale. If the government decides to sell its stake, we (management of BPCL) will be part of the…
(FE) The Supreme Court is slated to deliver its verdict in the politically sensitive case of Ram Janmbhoomi-Babri Masjid land dispute in Ayodhya on Saturday. The judgment will be delivered by a five-judge Constitution bench, headed by Chief Justice Ranjan Gogoi. The court will pronounce the judgement at 10:30 AM. A five judge bench headed by the CJI and comprising Chief Justice-designate Justice SA Bobde, Justice Ashok Bhushan, Justice DY Chandrachud and Justice SA Nazeer, had reserved the judgement last month after 40 days of daily hearing. The hearing in the case had began on August 6 after the court’s…
(PTI) The Andhra Pradesh government and state owned mining major NMDC will soon sign an MoU for supply of iron ore, a critical raw material, for the proposed Kadapa steel plant plant, foundation for which is planned to be laid next month. Union Petroleum and Natural Gas Minister Dharmendra Pradhan held a meeting with Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy at the Secretariat here on Friday afternoon and discussed a host of issues, including the critical iron ore linkage for the steel plant. Jagan had on July 8 announced that a new steel plant would be set up in Kadapa…
(FE) Every state in the country is competing to attract business and investment, said Prime Minister Narendra Modi on Thursday in his rebuttal of the continuous harping by the opposition that the economic situation has been bad. “Earlier, investors` summit like these used to happen in just few cities in the country. The situation has changed today. Every state today is competing to attract business and investment,” donning Himachali cap Modi told a galaxy of business delegates and investors, comprising foreign nationals at Himachal Pradesh`s first two-day Global Investor Summit here. In his over half-an-hour speech in Hindi, the Prime Minister…
(FE) Barely 48 hours before the first batch of pilgrims, including former Prime Minister Manmohan Singh, takes the corridor to Kartarpur Sahib, Pakistan’s Army contradicted an offer made earlier by their Prime Minister Imran Khan that passports will not be required for Sikh devotees from India. Pakistan Army spokesperson Major General Asif Ghafoor said passports will be needed, and there will be “no compromise on security or sovereignty”. India had earlier asked the Pakistan government to clarify whether Khan’s offer, which he posted on his official Twitter account, has been operationalised. On Thursday, New Delhi pointed to the “conflicting reports”…
(TOI) The government wants to get out of the oil business andand bring in market competition for the benefit and convenience of consumers, oil minister Dharmendra Pradhan. “Oil (and) products are commodities and should be left tothe market and regulator to deal with. The government has to get out. The PM’s energy justice is based on four consumer parameters — affordability,accessibility, sustainability and supply security. These are the government’s priority and it is meeting the objectives through transparent, process-driven policy,” Pradhan said. This is the first categorical statement from the government on the guiding principle behind the proposed proposed sale of the country’s…