Gautam Adani-owned Adani Power has withdrawn its offer to acquire the KSK Mahanadi project in Chhattisgarh, stating that the acquisition is unviable as Uttar Pradesh Power Corporation (UPPCL), one of its key customers, has decided to reduce tariffs for the procurement of electricity.
Power plants have quoted high tariff in the latest round of auctions of electricity supply contracts, casting doubt on acceptability of the price by state distribution companies.
Stranded power-generating projects will now have to bear the cost of abandoning the allied transmission system. In its latest order, the Central Electricity Regulatory Commission (CERC) directed power-generating companies
Surge in coal imports has now forced Coal India Ltd (CIL) to start meeting power producers individually from today and find ways to help them reduce their dependence on imports.
As the Brent crude oil price continues its uptrend and is now trading close to its 2019 highs, the share price of India’s largest crude oil producer, Oil and Natural Gas Corporation (ONGC), too, has gained more than 20 per cent from its February lows.
Mukesh Ambani’s Reliance Industries is reportedly in talks to sell a 25% stake in its refinery and petrochem business to Saudi Aramco for an estimated $10-15 billion. Details of the deal aren’t known yet, but it could be a gateway to India for the Saudi state-owned company that boasts of the world’s biggest crude oil reserves
Oil futures held steady on Thursday as a drop in crude exports from OPEC’s de facto leader, Saudi Arabia, and a draw in U.S. oil inventories supported prices, while a strengthening dollar kept futures in check.
The Competition Commission Thursday said it has given approval to Schneider’s acquisition of Larsen & Toubro’s electrical and automation business in a Rs 14,000-crore deal. However, the deal is subject to compliance of certain modifications, the Competition Commission of India (CCI) said.
Mukesh Ambani-led Reliance Industries (RIL) today reported a 9.8 per cent increase in net profit for the quarter ended March to Rs 10,362 crore primarily on account of strong operating performance in Petrochemicals, Retail and Digital services.
The upward trend in Asian liquefied natural gas (LNG) prices reversed this week as ample offers of cargoes saturated a market where demand was limited.