The Allahabad High Court ruled that a power company can’t be taken to bankruptcy court for not repaying loans unless it has been declared a wilful defaulter, recognising the stress that the sector is under. It also directed the finance secretary to meet power producers in June to discuss their financial woes.
Lakhs of citizens were inconvenienced in Mumbai, Thane and Navi Mumbai due to massive power outage on Friday following the tripping of two transformers at MSETCL (Maharashtra State Electricity Transmission Co. Ltd) in Kalwa during the early hours of the day.
The owner of the nation’s oldest nuclear power plant says it will cost $1.4 billion and take 60 years to shut down a site due to close in October.
Mahindra group’s e-vehicle arm Mahindra Electric today said it has extended its partnership with car rental firm firm Zoomcar to the city, wherein the former’s 50 e2oPlus vehicles will be deployed on the latter’s platform here.
Citing national security concerns, US President Donald Trump’s administration is working on a fresh plan to subsidize coaland nuclear plants, a move critics say is unnecessary and will drive up energy costs.
Last fiscal, global crude oil prices rose 18% on average. Another 22% increase this fiscal is expected, taking the average price of the Indian basket to $70-72 a barrel. The first two months have seen prices average $74 a barrel — even hitting $80, the highest since November 2014 — fuelled by geopolitics.
Union MinisterNitin Gadkari today said the Centre is making efforts to find long-term solutions to tackle the increase in petrol and diesel prices and suggested that India should move to “alternative” fuels.
Hindustan Petroleum Corp. Ltd (HPCL) and Mangalore Refinery and Petrochemicals (MRPL), the two firms controlled by Oil and Natural Gas Corp., will take at least a year to merge, ONGC chairman Shashi Shanker said.
Petroleo Brasileiro SA’s chief executive quit on Friday in a surprise move that wiped some $12 billion off the state-controlled oil producer’s market valuation, after Brazil’s government responded to a trucking strike by intervening in the company’s fuel pricing policy.
Defence minister Nirmala Sitharaman on Friday said the state governments have still not given their consent to bring petrol and diesel under GST, but Union minister of petroleum, Dharmendra Pradhan, is holding discussions with the oil companies to chalk out alternative ways to bring down fuel prices.