Essar, Rosneft deal to close by next week

Essar, Rosneft deal to close by next week

The Ruias of Essar group are racing against time to close the $13-billion sale of its Gujarat-based refinery to Russian oil major, Rosneft by as early as next week. The group has already received $300-million from the Russian company its stake in Essar Oil and expects rest of the proceeds with the deal closure which would help it to retire debt.

Railways seek reimbursement for IRCTC service charge

Railways seek reimbursement for IRCTC service charge

With the finance ministry starting the process for listing of Indian Railway Catering and Tourism Corporation (IRCTC), Indian Railway Finance Corporation (IRFC) and Ircon International (Ircon), the loss of service charge for IRCTC has become a cause for concern for railway officials.

Jindal loses all three coal mines as Delhi HC rules in Govt’s favour

Jindal loses all three coal mines as Delhi HC rules in Govt’s favour

In a setback to Naveen Jindal-controlled Jindal Power Ltd, the Delhi High Court on Thursday declared the company as the unsuccessful bidder for two coal blocks. The order has come as a legal endorsement of the NDA government’s auctioning of coal mining rights. There were two other breakthrough orders associated with the coal block e-auction held in 2015-16

Bearish sentiment towards Coal India could reverse soon

Bearish sentiment towards Coal India could reverse soon

Coal India’s announcement of an interim dividend of Rs 18.75 per share for FY17 looks surprising if one looks at the stress on the company’s performance, and the fact that it has already utilised Rs 3,650 crore of cash to buy back shares in the past few months to reward shareholders.

Centre to mandate local steel use for infra projects

Centre to mandate local steel use for infra projects

India may soon mandate the use of local steel in government infrastructure projects worth billions of dollars, sources said, pitching it as a WTO-compliant protectionist measure aimed at further cutting cheap imports, mainly from China. The government expects the move to boost sales of local companies such as JSW Steel and Tata Steel, and eventually attract global steelmakers such as ArcelorMittal and Posco to invest in the country, five steel ministry sources told Reuters

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