India’s plan to ask Power Finance Corporation Ltd. to buy the government’s 52 percent stake in state-run peer REC Ltd. will help it narrow the budget gap. But that will also bring the PFC’s mandatory capital buffers below the regulatory level.
The cabinet approved the sale of government’s entire 52.63 percent in power sector financier REC Ltd. to state-run peer Power Finance Corporation Ltd. as it looks to mop up funds through such a deal for the second straight year to meet its divestment target.
China’s dramatic increase in liquefied natural gas imports over the past two years may have hogged the headlines, but India may well emulate its neighbor in switching to the cleanest and fastest-growing fossil fuel.
India’s effort to spur its own solar power equipment industry seems to be failing, with only one company so far bidding for the nation’s tender to set up a factory.
The Delhi High Court rejected Vedanta Ltd.’s plea to allow it to export crude oil from its Barmer field in Rajasthan, saying “there was no merit in the appeal”.
India’s power sector, the private players in particular, are stressed from lingering debt and the unavailability of coal to expand capacity. That’s according to Bharat Rohra, the chief executive officer of Jindal Steel & Power Ltd.’s power business.
India’s Shapoorji Pallonji Group plans to seek about $1 billion by bringing outside investors into its solar unit, as it embarks on a series of asset sales across the 153-year-old conglomerate to reduce debt.
Billionaire Mukesh Ambani-owned Reliance Industries Ltd. is considering a plan to boost its oil-refining capacity by about half, people with knowledge of the matter said.
The cool off in crude oil prices is a positive surprise but the Achilles’ heel for Indian stocks has been earnings growth, according to Manishi Raychaudhuri, equity strategist (Asia-Pacific) at BNP Paribas.
India’s coal imports rose 7.9 percent year-on-year to 134.46 million tonnes in the first seven months of the ongoing financial year, according to mjunction services.