Ruias will never be able to re-enter the oil refining and retailing sector in the country as they have signed a non-compete pact with buyers of Essar Oil, Rosneft and its partners.
Tata Power has installed its first electric vehicle charging station at Tata Power Receiving Station at Vikhroli, Mumbai, marking its foray into infrastructure development for battery-charged vehicles.
ONGC-HPCL merger plan moved a step ahead towards reality on Monday, with upstream major’s board granting approval to acquire the government’s 51.11 stake in the refining PSU.
Vikram Solar has opened a new office at Yan’an W Road HongQiao, Shanghai, China, to leverage the region’s technological talent pool for supporting the company’s growth strategy.
Reeling under debts, Ruias-promoted Essar Group intends to lower 67 per cent of its consolidated debt by using proceeds received from sale of 98.26 per cent stake in Essar Oil to Rosneft and its partners which was concluded on Monday
India needs to increase subsidy for battery-charged vehicles if it wants to achieve the goal of all-electric mobility by 2032, says a research report
Fitch Group’s Research Arm Raises Renewable Capacity Projection
IBC Solar has signed a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for 20 mw Odisha plant.
On the 12-member board, Rosneft would have four nominee directors and UCP two, including Fountain. Trafigura would have two nominee directors (CEO is not part of the board).
On a day Essar Oil’s ownership changed hands following conclusion of $12.9 billion stake sale, new promoters Rosneft and consortium Trafigura-UCP consortium moved fast to pack board and management with their own representatives, which led to resignation of chief executive officer Lalit K Gupta who has been holding the post six year.
Russia’s Rosneft, the new promoter of Essar Oil, plans to double throughput of the Vadinar refinery and create petrochemical facility in the long term, said a company spokesperson.