India is bolstering its readiness to handle potential oil spill disasters along its 7,500-km coastline. It wants to consolidate its oil spill handling equipment at a few major centres for better upkeep.
Rating agency Crisil on Thursday said the prolonged delay in resolution of payments by discoms of states like Andhra Pradesh and Telangana to renewable energy producers can weaken the credit outlook of the sector and moderate investor sentiment.
India’s Adani Enterprises has awarded a contract to an Australian rail company as the conglomerate steps up infrastructure spending to support its new thermal coal mine in Queensland state.
The government may look to reducing its stake in state-run power equipment maker Bharat Heavy Electricals (BHEL) and National Mineral Development Corporation (NMDC), according to a recent report by Moneycontrol.
Bankrupt infra major IL&FS on Thursday completed the sale of its 51 percent stake in seven wind power special purpose vehicles to Orix Corporation of Japan for Rs 4,800 crore. With this, Orix, which previously owned 49 percent in each of these seven projects, now has 100 percent ownership, the company said in a statement.
The Bombay High Court on Thursday quashed all Letters Rogatory (LRs) sent by the Directorate of Revenue Intelligence (DRI) to Singapore and other countries in its probe of Adani group firms for alleged overvaluation of Indonesian coal imports.
State-run power producer NTPC on Thursday said it plans to raise USD 100 million (around Rs 711 crore) from international markets to finance its capital expenditure. The plan also includes a green shoe option of up to USD 300 million (about Rs 2,135 crore), NTPC said in a statement.
Billionaire Gautam Adani-run Adani Group has forged a partnership with UAE’s oil firm Adnoc, German chemical giant BASF and Austria’s Borealis to study the feasibility of setting up a USD 4 billion chemical complex at Mundra in Gujarat by 2024.
The oil sector seems to be latest addition to the list of sectors facing stress due to the ongoing economic slowdown. For the first time in many months, both oil demand and imports have witnessed a sharp fall indicating that poor health of the economy has now begun impacting a sector where the country relies a lot on imports.
Private players may be brought in to boost production at 66 small oil and gas fields by state-run Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) by the end of this financial year. At least 23 companies had shown interests in a pre-bid meeting held on September 17.
