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India plans ‘Sovereign Fund' to seek energy assets abroad • In an indication of India turning aggressive in its hunt for energy assets abroad, the government is drawing up ambitious plans to set up a ‘Sovereign Fund' that would help its state-run companies pursue acquisition of oil, gas, coal, LNG and other raw material in other countries in order to compete with China. • Oil and Natural Gas Corporation Videsh Limited (OVL) had been told to pursue at least one major oil and gas asset every year. • China, with $2.4 trillion of reserves and a $300-billion sovereign fund, has outpaced India in the global quest for resources to feed the world's fastestgrowing major economies. Chinese companies spent a record $32 billion last year buying oil, coal and metal assets abroad, while a $2.1-billion investment by OVL was India's sole energy acquisition. OVL last year bought Imperial Energy Plc for £1.4 billion ($2.1 billion) in India's biggest energy acquisition. Ericsson gets $1.3 b contract from Bharti • Bharti Airtel awarded a $1.3-billion network expansion contract to Ericsson that would help the mobile operator to deliver enhanced voice quality and faster data access to its subscribers. Ericsson will expand and upgrade Airtel's network in 15 of India's 22 telecom circles to put in place a converged network and expanded coverage in rural India. • As part of this contract, Ericsson will supply its industry-leading portfolio of energy efficient 2G/2.5G radio base stations, circuit and packet core, microwave transmission and Intelligent Network. In addition, Ericsson will ensure that Bharti Airtel's core and transport network is 3G-ready in order to reduce time to market and enable the fast rollout of 3G services at a later date. India Infra to invest in Karaikal Port • Karaikal Port Private Ltd (KPPL), a wholly-owned subsidiary of Marg, an infrastructure and real estate development company, has finalised its fund raising plans for its second phase of expansion. • It is a deep-water port at Karaikal district of Puducherry. It is to be developed over three phases with the final phase getting operational by 2016. Phase-I of the development, which is now operational comprises two berths. Phase-II now under implementation involves a capital expenditure of Rs. 1,500 crore and will become operational by September 2011. • India Infrastructure Fund (IIF), which is managed by IDFC Project Equity Company Limited, will be investing Rs. 150 crore into the equity capital of KPPL towards Phase-II expansion.
L&T partners Rolls-Royce for LWR • Larsen & Toubro Limited (L&T) and Rolls-Royce, the global power systems company, have signed a memorandum of understanding (MoU) for cooperation to effectively address the projected need for light water reactors (LWR) in India and internationally. LWR technology is in use in over 60 per cent of civil nuclear power plants operating worldwide. • The two companies have agreed to collaborate on areas including nuclear instrumentation and controls, engineered products and systems, reactor components, engineering services, in-service reactor support and waste management. Textile industries park to be opened soon • A comprehensive textile industries park being developed under the Textile Centre Infrastructure Development Scheme (TCIDS) of the Union government by Kerala Industrial Infrastructure Development Corporation (Kinfra) is ready for opening at Taliparamba. BoB life insurance venture to break-even by 2015 • State-owned Bank of Baroda (BoB) said that its insurance venture India First Life Insurance that became operational four months ago would break-even by 2015. • India First Life Insurance, the 23rd player in the life insurance space, is a three-way joint venture between Bank of Baroda, Andhra Bank and their British partner Legal & General. Dhanlaxmi Bank launches credit cards • Dhanlaxmi Bank, one of the fast growing private sector banks in India, has announced its foray into retail assets business with the launch of its credit cards business by introducing Dhanlaxmi Bank Platinum and Gold Credit Cards. Targeted at its premium customers, both categories of cards offer a host of innovative features and benefits. • Dhanlaxmi Bank, for the first time in India is introducing a ‘pay by transaction' billing mode for credit cards. Under the programme, instead of a monthly billing cycle, the interest-free credit period is considered for individual transactions from the day of purchase. The customer thus enjoys a 45-day interest-free credit period on each purchase and does not need to time the purchase based on the billing cycle. This feature also gives the customers the flexibility to decide their own re-payment cycles. Heartening rebound in world trade • The World Trade Organization, in a recent report, has said that global trade is set to rebound in 2010 by 9.5 per cent, after witnessing the sharpest decline in 70 years during 2009.
• Exports from developed countries are expected to increase by 7.5 per cent in volume terms over the rest of the year (2010). Exports from the rest of the world (including developing economies) will go up by 11 per cent. SAR Group to enter mobile handset market • After having set up strong pan-India marketing and sales network, SAR Group that manufactures Luminous brand of power and energy storage products is all set to enter the mobile handset market next month as a new entity, Wynn Telecom. ONGC gets CER from UN Agency • ONGC has taken another stride towards earning green revenue with issuance of first set of certified emission reduction (CER) from its first registered CDM (clean development mechanism) project, waste heat recovery project at Mumbai High. According to a release, the UN Agency UNFC & CC (UNFCCC) issued the CERs on March 18. With this, the deck is clear for ONGC to earn revenue from CDM projects. Godrej to acquire Megasari of Indonesia • Godrej Consumer Products Ltd (GCPL) entered into an agreement to acquire the PT Megasari Makmur Group and its distribution company in Indonesia for an undisclosed amount. • The Megasari Group manufactures and distributes a wide range of household products including household insecticides, wet tissues and air fresheners. Its products are category leaders in the Indonesian market. NPCIL-NTPC to build two nuclear plants • Nuclear Power Corporation of India Limited (NPCIL) and NTPC joint venture is likely to build two 700 MWe nuclear power plants at a site identified by the Department of Atomic Energy (DAE). • Under the agreement, the joint venture will have 51:49 shareholding between NPCIL and NTPC. • NPCIL plans to build indigenously developed pressurised heavy water reactors (PHWRS) of 700 MW capacity each at four locations across the country. While two plants each are expected to come up at Rawat Bhata in Rajasthan and Kakrapar in Gujarat, plans are afoot to finalise sites in Haryana and Madhya Pradesh for atomic power plants. Ruchi Group to form venture with Mitsui of Japan • Ruchi Group signed an agreement with Japanese conglomerate Mitsui to form a joint venture for setting up steel service centres across the country to cater to automotive, white goods and construction sector.
is now planning to invest between Rs. • The heads of Renault and Daimler estimated that they would achieve euro 2 billion ($2.000 crore and Rs.16. fuelefficient vehicles. • Gazprom owns licences for at least eight of the 11 gas fields discovered on the Yamal Peninsula. ONGC Chairman and Managing Director R.000 crore.500 crore for setting up a 300 MW power plant. Gazprom and Sistema for exploration and production possibilities. Nissan Motor Co.1 million vehicles last year.1 per cent stake in each of the other two.40.000 crore by selling its equity and issuing fresh shares to the public. • India had already demanded Russia that it should be given a stake in SakhalinIII project in Far East Russia and gas fields in East Siberia and Yamal Peninsula during talks with Mr. (SAIL) to mop up about Rs. which in turn will take a 3. symbolic stakes in each other. 1. Emami plans power plant in Ethiopia • The Emami Group. Indian. Sharma had stated that his company was in talks with Rosneft. Cabinet approval for big ticket disinvestment in SAIL • The Union Cabinet approved the big ticket disinvestment in Steel Authority of India Ltd. Director Aditya Agarwal said. . • OVL is also looking at Trebs and Titov exploration blocks for which an alliance with Rosneft is being looked at. The move will add to Renault and Nissan's existing 11-year-old alliance that has made it the world's fourth largest automotive group with sales of 6.55 per cent stake in Daimler. S. Putin.Renault-Nissan. Daimler in small-car alliance • Carmakers Renault SA. • The partnership comes amid a painful industry-wide slump and will be sealed with a cross-shareholding giving the three companies small.7 billion) in cost savings and additional sales from the new alliance over the first five years. 1. and Daimler AG unveiled a wideranging alliance to help them compete better in the market for small. • Renault and Nissan will each take on a 1. which has already marked its footprint in Ethiopia with a biofuel project. • SAIL will be first state-owned company to hit the capital market this fiscal as part of the government's ambitious disinvestment programme to raise the targeted Rs. OVL already has 20 per cent stake in Sakhalin-I project and is keen on an agreement with Russia's Rosneft to jointly bid for Sakhalin-III. Russian cos to jointly bid for Sakhalin-III oil fields • India has decided to join hands with major Russian oil and gas companies to jointly bid for the prosperous Sakhalin-III oil fields.
communication and technology (ICT) event in Asia.Pittsburgh.46 million tonnes annually. • SAIL is now undertaking a Rs. Singapore to host CommunicAsia • CommunicAsia2010.2 per cent. RIL to buy 40 % interest in Atlas Energy's Shale acreage • Reliance Industries Limited (RIL) said that its subsidiary. the most established information. SAIL will raise an additional 10 per cent of the paidup equity and the government.320 MW (2 x 660) power plant at Bhapur in Nayagarh district. Jet Airways to start daily flights to South Africa • Jet Airways announced that it would commence daily non-stop flights from Mumbai to Johannesburg. • “The net result will be. has executed definitive agreements to enter into a joint venture with U. Orissa. In fact. public shareholding in SAIL is 14. the government's shareholding will be about 69 per cent. Orissa Govt sign pact • BGR Energy Systems has signed a memorandum of understanding (MoU) with the Orissa Government for setting up a 1. BGR.based Atlas Energy. • The disinvestment is in line with the government policy. Public shareholding will be 31 per cent. This new international route marks the first time that Jet is adding destinations to Africa on its international route network. under which Reliance will acquire a 40 per cent interest in Atlas' core Marcellus Shale acreage position. sharing ownership of CPSEs with the public.'' Mr. Chidambaram said. Pennsylvania. the Jet service will be the first by a private airline between India and South Africa. will disinvest 10 per cent of its holding. BGR Energy Special Purpose Company would be free to sell the remaining power. will be held in Singapore from June 15 to 18 at the Singapore Expo.82 million tonnes to 23. Only South African Airways offers four flights weekly between India and South Africa. after both tranches are completed. • The Orissa Government is entitled to purchase 12-14 per cent of power generated from the plant at variable cost as determined by the Orissa Electricity Regulatory Commission.S. on its part.287 crore.which was approved by the Cabinet Committee on Economic Affairs (CCEA).• As part of the proposal. As of now. South Africa. 6.000-crore expansion programme to raise its installed production capacity from 13. at an investment of about Rs. from April 14. media and broadcasting industries and will . Reliance Marcellus LLC. The event brings comprehensive showcase of convergent technologies for the global infocomm. while also raising funds to finance its different social programmes.70.
in association with robo. the Delhi Metro project and the Indira Gandhi International Airport Project. Four PSUs pitch for Maharatna status • Four major public sector undertaking (PSU) companies — Indian Oil Corporation (IOC). a global major in the construction machinery industry. NTPC. says a release. • At present. and will continue till April 24. The first phase of this camp will be launched in Chennai on April 19 at Reliance World stores in Kilpauk and Parrys.000 crore but could stand enhanced to Rs. says a release. inaugurated its first manufacturing facility in India at Chakan near(PUNE). announced the launch of Robocamp. Mumbai International Airport expansion. a summer camp that aims to introduce school students in classes IV-XII to robotics. • NTPC and SAIL are hunting for captive coal blocks in foreign lands. • Officials said the Maharatna status would provide enhanced financial autonomy for PSUs for taking decisions relating to investments in joint venture companies and mergers and acquisitions. 5. ONGC's investment in any OVL project cannot exceed Rs. Planning Commission as well as the administrative ministries are represented on the IMC.feature new attractions for exhibitors and visitors from the region. • The group first entered India in 2003 and has since been involved in the supply of construction machinery to infrastructure projects including the Adani power plant. GAIL in talks with EIL for city gas distribution • GAIL (India) said that it had entered into talks with Engineers India Ltd (EIL) to set up a joint venture to sell CNG to automobiles and piped natural gas (PNG) to households in cities. . • Senior officials from the Department of Expenditure. Reliance World introduces robotics camp • Reliance World. a division of ThinkLABS. Steel Authority of India Limited (SAIL) and Oil and Natural Gas Corporation (ONGC) — are aiming for the ‘Maharatna' status paving way for their financial and boardroom freedom.in.000 crore if it acquires the Maharatna status. 1. Sany Group opens first plant in India • China-based Sany Group. Department of Public Enterprises. • The Union Cabinet had last year set out a criteria for seeking this status.
— for augmenting India's coal supplies. Coal India selects merchant bankers to acquire overseas assets • Bank of America-Merill Lynch. although rising price pressures present a challenge to policy-makers as they steer the economy's recovery. (PGCIL).2 per cent during 2010 even as rising prices would remain a concern and pose a challenge to policy-makers. Under the initial plan.ADB pegs GDP growth at 8.8 billion is expected to be made in these deals which may involve the world's single largest coal company.Merill Lynch (and its Indian arm DSP Merill Lynch) will help with the Australian proposals. • At present. SEBI moves apex court over ULIP . power generated from the plant will be evacuated to India through a transmission network to be developed by the Power Grid Corporation of India Ltd. • The possibility of setting up the plant which could be in the region of 5001.000 MW. with estimated growth of 8. Royal Bank of Scotland and Bank of Canada are the three merchant banks selected for helping the public sector Coal India Ltd (CIL) which is currently taking efforts to seal strategic partnership deals with coal companies in three countries — Australia. • NTPC and the Bangladesh Power Development Board will jointly develop the project. the official said. the ADB said: “India's rebound from the global crisis is set to accelerate in 2010.2 per cent. picking up shares in the overseas companies against assured supplies of coal.000 MW. While Bank of America. Bank of Canada will help conduct due diligence and evaluation of the proposals from the U.S.” NTPC plans plant in Bangladesh • NTPC will examine the feasibility of setting up a coal based power plant in Bangladesh as part of the enhanced bilateral cooperation between the two countries. • An investment of about $1.2 % in 2010 • The Asian Development Bank (ADB) projected the Indian economy to grow by 8. CIL. Indonesia and the U. of which 83 per cent is gas-based. • In its flagship annual publication ‘Asian Development Outlook 2010'. Bangladesh has a power generation capacity of 5.S. and Royal Bank of Scotland will help with Indonesia.
• This investment would help Deccan 360 increase the air and surface network coverage across the country and introduce world-class services and systems to express end-to-end supply chain logistics space in business-to-business and the retail sector. • The caveat comes a day after the government asked both regulators — SEBI and the IRDA — to move court immediately to resolve differences over who will have jurisdiction over ULIPs. • Later on April 14. NTPC plans two plants in Kazakhstan . says a release. G. Gopinath Kingfisher launches new international routes • Kingfisher Airlines has launched flights from Mumbai to Bangkok and from New Delhi to Bangkok. Pune. Mahindra Retail launches Mom & Me store • Mahindra Retail has launched the Mom & Me store in Chennai. Mom and Me has developed private labels in order to bring products like ethnic fashion for women. infant apparel and traditional Indian toys. Ahmedabad.• In the face of the Insurance Regulatory and Development Authority's (IRDA) decision of moving court to challenge a ban on unit linked insurance products (ULIPs) imposed by it.000 units. • On April 10. Mom & Me has stores at Delhi. • The joint venture was established in 2005 and the Logan is manufactured at Mahindra's plant in Nashik and sold through more than 100 Mahindra dealers. These new routes mark the fourth international route out of Mumbai and third out of New Delhi. RIL to invest in Deccan 360 • Reliance Industries Ltd (RIL) announced that the company would be investing an undisclosed amount in Capt. Ltd. the premium economy service. said Capt. (MRPL) — through which the Logan car is manufactured. It was commercially launched in India in July 2007 and has sold more than 44. Chandigarh and Vadodara. the Securities and Exchange Board of India (SEBI) moved the Supreme Court and some high courts to guard against any ex-parte decision. SEBI had banned 14 life insurance companies. Ludhiana. The flights on these routes will be operated using Kingfisher Airlines' modern fleet of Airbus A320 aircraft featuring a dualclass cabin with five-star luxury on Kingfisher First and Kingfisher Class. Gopinath-led Deccan 360.R. Mumbai. Renault sells stake to M&M in the joint venture • Mahindra and Renault announced the restructuring plans for their 51:49 joint venture — Mahindra Renault Pvt. SEBI came out with a second order that the exempted existing ULIP schemes of these 14 players from the ban. Bangalore.
Chairman and Managing Director. NTPC-NPCIL sign JV agreement • Nuclear Power Corporation of India Limited (NPCIL) and NTPC entered into a joint venture agreement (JVA) to set up nuclear power projects.047 km long Noida-Ballia Ganga Expressway project. of which the company is planning to import 14 million tonnes. and R. • The agreement was signed by S. Chairman and Managing Director. Mozambique and South Africa for the purpose. and has identified countries like Indonesia. • The company has appointed Australian firm Macquarie as consultant for the evaluation of Kalimantu coal mines in Indonesia.000 crore in the next five years to build the ambitious 1. NTPC. Kazakhstan has huge coal reserves. including global coal block acquisition.• NTPC announced that it was exploring the possibility of setting up two coalbased thermal power plants in Kazakhstan and looking at acquisition of coal assets abroad. K. • NTPC was looking at various options of sourcing the dry fuel. It also said that the Yamuna Expressway project would be completed two years ahead of schedule by March 2011. • NPCIL has comprehensive capability in all facets of nuclear power generation . is seeking India's support for harnessing its dry fuel reserves. Jaypee's huge outlay on Ganga Expressway project • The Jaypee Group of Industries announced that it would invest Rs. Sharma. • Kazakhstan. S. Jain. This will include detailing of the changes in the mandate of the various organisational units in the government that deal with allocation of public resources and the management of public expenditure. • It has also appointed merchant bankers and legal consultants for the due diligence of a mine in Mozambique. Rangarajan to recommend measures for efficient management of public expenditure. which is a coal rich country. Australia. 70. NPCIL. • NTPC's total coal requirement for the current financial year (2010-11) is about 145-150 million tonnes. Rangarajan to head panel on public expenditure • The Planning Commission announced the setting up of an 18-member expert committee headed by Prime Minister's Economic Advisory Council Chairman C. about 33 billion tonnes. • Among its terms of reference. the main brief of the high-level committee is to suggest an action plan for abolition of the present system of classifying public expenditure as Plan and non-Plan.
BHEL Chairman and Managing Director B. 7.7. design. with an installed capacity of 31. • NTPC. P. Singh. site selection. • NBPPL will be setting up manufacturing facilities in Andhra Pradesh. NBPPL has been jointly set up by NTPC and BHEL for capacity building in manufacturing of power plant equipment.000-crore in the current financial year. • This signing of MoU was a major initiative taken to ensure fast track growth of NBPPL by providing greater functional autonomy and empowerment in achieving the laid down objectives of the company. Sharma. namely. the largest power generation company. operation. • ICICI Bank had maintained that it continued to be an Indian bank as its management and board was Indian. NTPC-BHEL joint venture targets Rs. Rao and NBPPL Chairman and Managing Director C. It has already taken up EPC work for Namrup gas-based project of 100 MW in Assam and Palatana gas-based project of 726 MW in Tripura.704 MW has established itself in the field of development of thermal power projects and has proven track record in engineering. (NBPPL) signed an agreement with its equal joint venture partners NTPC and BHEL to meet the target of order bookings worth Rs. construction. they were certainly banks which were not owned by Indians. ICICI Bank and HDFC Bank have over 74 per cent foreign holding. S. contracts. including that of foreign banks and overseas institutional investors. P. • Going by the definition. setting at rest the debate generated over the nationality of the top two private sector lenders. an official statement said. HDFC Bank not Indian-owned: Centre • The Central Government said ICICI Bank and HDFC Bank could not be called Indian-owned banks. The MoU was signed by NTPC Chairman R. because equity of at least 74 per cent or around 74 per cent was from outside. Economy & Energy: May 2010 ICICI Bank. maintenance and life extension and has plans for significant capacity addition.000 crore orders • NTPC-BHEL Power Projects Ltd. . commissioning. will also take up execution of 500 MW Singrauli thermal power plant and 600 MW thermal power plant at Rayalseema of Andhra Pradesh Power Generation Corporation Ltd. It would also help the joint venture partners in achieving financial objectives set in the MoU for the various parameters.technology. project management and power generation and intends to enlarge the area of its operation by making a foray into nuclear power development. • However.
and three Delhi-based entities — Om Prakash Jindal. Upasana Jindal and SM Scientific Instruments Pvt. Greece woes only tip of the iceberg • After weeks of foot-dragging. ending January 11. Videocon barred from doing business with World Bank • Accusing Venugopal Dhoot-led Videocon of indulging in fraud and corrupt practices in dealings with it. The World Bank had taken a similar tough line with Satyam Computer months before the IT company's founder chairman confessed to an accounting fraud. 2013. the World Bank has blacklisted the Indian company for three years.SEBI issues norms for credit rating agencies • The Securities and Exchange Board of India (SEBI) has issued transparency and disclosure norms for credit rating agencies (CRAs) order to impart higher credibility to the processes and procedures associated with credit rating. • The list of debarred entities from India include two Kolkata-based firms B R & Sons and Hemant Tibrewal. • These five entities were debarred by the World Bank in January this year and the sanctions would be in place for three years till January 2013. . the half yearly and yearly disclosures stipulated would be made by the CRAs by June 30. telecom and media. would be made by the CRAs within days from the end of the half-year (March/September). The yearly disclosures stipulated would be made by the CRAs within 30 days from the end of the financial year. mutual contradiction and confusion. • The Videocon group is a conglomerate with interests in consumer electronics. Ltd. with the rest coming from the IMF. home appliances. • Videocon Industries has been barred from doing any business with the World Bank for violating “procurement guidelines”.and members of the European Union agreed to a euro 110-billion package to stave off Greek bankruptcy. for three years. a clear plan emerged . • The package has been decided upon jointly by the EU and the International Monetary Fund and the European body will be coughing up 80 billion of the 110 billion-deal. However for 2009-10 only. among others. oil & gas. a notification on the Bank's website said. beginning January 11. stipulated by the regulator. 2010. • The CRAs were asked to take necessary steps to implement this circular immediately and ensure its full compliance at the latest by June 30. • The half-yearly disclosures.
• Essar Energy Chairman Ravi Ruia. • The Minister said “the CDM (clean development mechanism) executive board has approved our ‘Bachat Lamp Yojana' under which incandescent bulbs are replaced by energy-efficient CFLs at a cost of Rs.080 MW was added against the target of 41. • “With best efforts. Essar Energy begins formal trading on London Stock Exchange • The shares of Essar Energy Plc. • During the X Plan. Focus turns to energy efficiency • Stating that rapid economic growth and industrialisation were the major challenges that need to be met head on.000 MW. • The Power Minister said the Government had put in place an overarching legal. Vice-Chairman Prashant Ruia and LSE Chairman Chris Gibson-Smith. The Plan panel had stated that “It is anticipated that additional power generation capacity of 45. the World Bank disclosed that it had banned three Indian firms — Satyam Computer Services.577 MW. were present at the opening trading ceremony. we would add about 12.000 MW in the current Five-Year Plan.000 MW of power. Shinde said at the ‘National campaign for energy efficiency and conservation' organised by Federation of Indian Chambers of Commerce and Industry (FICCI).577 MW. Union Power Minister Sushilkumar Shinde said power generation capacity addition during the XI Plan would be about 74.” The CDM is an international organisation for approval of carbon credit projects under the United Nations Framework Convention on Climate Change. almost close to the original target of 78.207 MW of capacity was added till December 31.3-billion pound public offer. The replacement of all incandescent bulbs in the country is expected to result in a saving of 6.000 MW power generation capacity over the likely addition of 62. began formally trading on the London Stock Exchange.374 MW for the current Plan period from the original 78. a part of the diversified Essar Group.000 MW near to the original target of electricity generation capacity of 78. noting that 19.234 MW can be commissioned during the remaining period of the XI Plan. among others.• In January 2009.000-13. This would be at 74. 2009.577 MW.” Mr. 21. Verdict can impact ADAG's power plans . the Planning Commission had reduced power generation capacity addition target by over 20 per cent to 62. 15 only.000 MW.” he added. after its 1. regulatory and policy framework to promote market-based energy efficiency. the biggest since December 2007. Wipro Technologies and Megasoft Consultants — from receiving direct contracts from the Bank group under its corporate procurement programme. • In its mid-term review.
• The Supreme Court ruled that the Ambani family MoU could not over-ride the Government's right to fix price and approve utilisation of gas and had asked the two firms to renegotiate fuel supply. • It also said that the tenure of gas supply would have to be drastically cut from 17 years as being sought by RNRL. so that the average cost of funds advanced as loans is lower than the rate at which it lends to banks. This differential rate will be the NEFC's margin or profit. particularly universities. Anil Ambani.20 per mBtu. • The Dadri project. • The Mukesh Ambani-owned Reliance Industries Limited (RIL) hinted that it might sell gas from its KG-D6 fields to RNRL at $4.000 MW. including the 7. • In the 2005 family MoU. will now most likely have to buy gas at the government approved price of $4. which are estimated at 8.• With the Supreme Court delivering its much awaited verdict on the gas dispute between the Ambani brothers. and projections by the ADAG would have to be re-drawn and re-done in the changed circumstances. the 2-1 verdict against the younger sibling.34 per mBtu. The gas was sought by RNRL to fire its proposed 7. This could have an impact on the long-term cost analysis on the power generation plans of its gas-based projects.800 MW power plant in Dadri. • The NEFC will use the educational cess released by the government. RIL was to supply 28 million standard cubic meters per day (mscmd) of gas to RNRL for 17 years at $2. The verdict has also rendered Reliance Natural Resources Limited (RNRL) as a shell company as it at present has little or no projects in hand.000 MW plus Dadri power project in Uttar Pradesh. • The proposed NEFC aims at refinancing student education loans and institutional loans at concessional rates with longer repayment. Set up loan guarantee authority for education loans' • The Planning Commission has suggested that the Human Resource Development Ministry examine the option of setting up a loan guarantee authority as a separate division within the purview of the proposed National Education Finance Corporation (NEFC). could have an adverse impact on the outcome of its power projects. Uttar Pradesh. hanging fire for years now. which will help expansion and new investments in the higher education sector. • There will be no impact of this verdict on its Ultra Mega Power Projects as they are all coalbased units and already half-way through with their implementation. Euro zone crisis: a global problem? . which is free of cost and also borrows from the market.20 per mBtu (million British thermal unit) as and when the Government makes any such allocation.
that will lead to $40 billion in investments in oil projects. Yet from its travails some messages relevant to other countries can be gleamed. the crisis worsened. Both the countries also launched the second review of the India-Singapore free trade and services agreement officially known as the Comprehensive Economic Cooperation Agreement (CECA). Its problems are primarily due to its perilous economy. The two countries also . • The government granted operating licences in February to Spain's Repsol. • India also asked Singapore to recognise its professionals.U. • India also signed a pact with Singapore for greater market access for its generic (off-patent) drugs in the Southeast Asian nation.6 per cent of the euro-zone's GDP. accountants and architects in Singapore. including from India. and Japan's Mitsubishi. • It has a budget deficit of 13. India. Singapore to double trade • Seeking to put the trade relations between the two countries on a fast track. • The companies involved recently won bidding to exploit the areas Carabobo 1 and 3 in the crude-rich Orinoco River basin in eastern Venezuela. A 110-billion euro ($147 billion) bailout package announced jointly by the IMF and the euro zone countries may not be enough and in any case may have come too late in the day to effectively contain the crisis within Greece or at the most in a few other European countries. Oil India Ltd (OIL) and Indian Petroleum Corp (IPCL). • The companies will be involved in joint companies controlled by the state oil company. As powerful euro zone members led by Germany dithered over a rescue package. India and Singapore decided to double their trade in the next five years from $16 billion to $32 billion. nurses. Inpex Corp and Japan Oil. At this stage it can neither loosen its fiscal policy nor spend its way out of trouble or export. Gas and Metals National Corp JOGMEC. Malaysia's Petronas. Spain and Ireland. as it will be) but also become a global problem. such as doctors. There is a sense of foreboding that what started as a major fiscal problem of Greece will not only morph into an European problem (bad enough.• The Greek debt crisis is spilling over to some other European countries such as Portugal. • Greece accounts for just 2.Oil and Natural Gas Corp (ONGC).S. Petroleos de Venezuela SA.-based Chevron Corp. • The Greek crisis has been in the making for at least six months. Venezuelan company Suelopetrol.6 per cent and debt equal to 115 per cent of GDP. Indian oil firms on Chavez list • Venezuelan President Hugo Chavez said his government will sign agreements with foreign oil companies.
CorporacionVenezolana del Petroleo. along with its partners. the Oil and Natural Gas Corporation Videsh Limited (OVL). Venezuela ink pact to develop $20-billion oil project • In a big-ticket investment aimed at giving a boost to its holding of oil and gas assets abroad.set new targets for their economic engagement in terms of further removing trade barriers and encouraging the flow of people from one country to the other. the Reserve Bank of India allowed infrastructure finance companies (IFCs) to raise money from overseas markets through the automatic route. ECBs beyond the half the size of their funds would require its approval. called PetroCarabobo SA. LIBOR (London Inter-Bank Offered Rate). up to 300 basis points if the debt is up to five years and 500 basis points if it is above five years. • Both contries agreed to work towards doubling bilateral trade from $16 billion to $32 billion by 2015. About half of the production from the joint venture. will be upgraded light crude oil for export. however. • Spain's Repsol-YPF SA. Azure to develop solar project • North America's largest solar energy services provider SunEdison announced its entry into the Indian market with the joint development of a 15-MW photovoltaic solar power plant in Gujarat in collaboration with domestic . • The project cost has been pegged at $15–20 billion. a unit of PdV. IOC and OilIndia Limited will each have 3.6 million tonnes of crude a year.5 per cent interest in the joint venture to develop the Carabobo 1 Norte and Carabobo 1 Centro blocks. IFCs can now raise external commercial borrowings (ECBs) up to 50 per cent of their owned funds automatically. located in the Orino Heavy Oil Belt. • The apex bank said. entered into an agreement with the Venezuelan government to develop a $20-billion oil project in that country. funds can be raised in overseas markets at a maximum rate of global benchmark interest rate . • The project is expected to give India 3. plus 200 basis points if the loan is for three years. • Created as a new category under the non-banking finance companies a few months back. Petroliam Nasional Bhd (Petronas) of Malaysia and OVL each hold a 11 per cent stake in the consortium that will produce 400. SunEdison. • Under the present ECB norms. will hold the remaining equity. India. Automatic route allowed for IFCs • To increase fund flow into the resource-starved core sector. OVL and its partners signed the agreement with Petroleos de Venezuela SA (PdV) for development and production of hydrocarbons from the Carabobo project in the Orinoco region.000 barrels of oil a day.
'' SunEdison Energy India Pvt. synthetic rubbers. low-cost procurement. CEO Pashupathy Gopalan said.” he said. SunEdison will participate in financing of the project and knowledge transfer of global technology expertise to Azure Power. operations.000 billion in the next 10 years from the present $177 billion. says a release. the federation said a concerted strategy needs to be devised by the Government to meet the challenge. • The Union Commerce and Industry Ministry aims to take exports to $1. media and utilities. • Gazprombank Group is the principle shareholder of SIBUR Holding JSC and owns more than 95 per cent of the company. RIL. and maintenance services. • “The Gujarat project is the latest example of SunEdison's focus on enabling the growth of global solar markets through strong capabilities in project financing. which acts as the holding company's sole executive body. • As part of the arrangement. It will also supply state-ofthe-art monitoring technologies to Azure for projects up to 25 MW. Russian firm sign MoU on butyl rubber production • Reliance Industries Limited (RIL) and SIBUR. Russia's leading petrochemical company. tyres and industrial rubber goods. FIEO President A.independent solar power producer Azure Power. IT. . • However. as well as the processing of plastics. Ltd. • IT and IT-enabled exports could increase to $250 billion by 2020. “The growth will come from new verticals such as healthcare. • As per the agreement. Sakthivel said. mineral fertilizers. • India's exports in 2009-10 were estimated at $177 billion. butyl rubber will be produced at Reliance's integrated petrochemical site in Jamnagar. have signed a Memorandum of Understanding (MoU) to set up a joint venture in India to produce butyl rubber. from gas processing to production of monomers and plastics.000 billion or 5 per cent of the global trade by 2020. system design and engineering. Power generation will begin by January 2011. • SIBUR operates across the entire petrochemical value chain. energy sectors can propel exports to $1 trillion by 2020 • The Federation of Indian Export Organisations (FIEO) said that IT and energy sectors had the potential to take Indian exports to $1. SIBUR Holding JSC is managed by SIBUR LLC.
ICICI Bank. one of the oldest private sector banks in the country. 2010.500 crore). to sell its domestic formulations business (also referred to as healthcare solutions business) for a total cash consideration of $3.12 billion on closing of the sale in the second half of 2010 and a further $400 million in each of the subsequent four years after the closing of the transaction.S. Mexico. • JSPL.17.” it added. Russia and Turkey — accounting for one-fifth of the global pharmaceutical sales.770 crore). announced the launch of its PSU Fund. The new fund offer opens on May 17 and would close on June 14.35 billion ( about Rs. Hindujas to acquire European bank • The Hinduja Group. “A definitive share purchase agreement (SPA) and other transaction documents have been signed at $464 million.3 trillion. the joint venture between State Bank of India. commencing in 2011. China. an open-ended equity scheme. The net asset value (NAV) would be disclosed on every business day.72 billion (around Rs. Jindal Steel buys Omani firm • In a strategic move aimed at extending the presence of the company overseas.8. • Abbot will pay $2. with the E7 — Brazil. announced that it would acquire European private bank KBL epb for euro 1. . India. • Bank of Rajasthan is a listed bank with its corporate office in Mumbai and registered office at Udaipur in Rajasthan. which will invest in stocks of the PSU companies.• By 2020. it said. Abbott buys Piramal's formulations business • Piramal Healthcare entered into a definitive agreement with Abbot Laboratories of Illinois. through its 100 per cent subsidiary Jindal Steel and Power (Mauritius) Ltd has decided to acquire Shadeed Iron & Steel Co (Shadeed). Bank of Rajasthan to merge with ICICI Bank • Bank of Rajasthan. and Societe Generale Asset Management (France). a diversified global business conglomerate. Indonesia. SBI Mutual launches PSU fund • SBI Funds. the pharmaceutical market is anticipated to more than double to $1. Naveen Jindalowned Jindal Steel and Power Limited (JSPL) announced the acquisition of Oman-based Shadeed Iron and Steel Co for $464 million.. U. announced that it would merge with the largest private sector bank. including the assumption of liabilities.
• The company announced investing up to $55 million in BrightSource Energy with an equity stake that positions Alstom as one of the main shareholders in the company. • However.S. To meet this demand. building and operating tower based solar thermal power plants with operations in the U.• KBL epb.. KBL epb had assets under management of euro 47 billion. a subsidiary of Belgium-based KBC Group. • This privately-owned company is a specialist in designing.600 MW with PG&E and Southern California Edison — California's two largest utilities. This operation takes place as part of a capital increase of $150 million organised by BrightSource. • BrightSource's technology employs thousands of mirrors to reflect sunlight onto a central receiver atop a tower to produce high temperature steam at the highest levels of solar efficiency.S. Maharatna status for 4 PSUs • Paving the way for more financial autonomy and freedom in decision making for big ticket investments in India and abroad. a joint statement said. Asltom. The closing of the transaction is subject to regulatory approvals and is expected to be completed in the third quarter of 2010. Alstom makes foray into solar energy • Global leader in equipment and services for power generation. while all four blue chip PSUs have been given the new status. Oil and Natural Gas Corporation (ONGC). the Hinduja Group will acquire KBC's entire interest in the subsidiary including all the private banking subsidiaries and life insurance businesses. the Central Government has granted ‘Maharatna' status to four giant public sector undertakings (PSUs) — NTPC. The steam is then piped to a steam turbine and generator which produce electricity. Israel and Australia. the company intends to build 14 solar power plants in the U. only NTPC would be able to exercise it as it has the requisite number of non-official directors on its board. with an investment of $55 million to enter the highgrowth solar energy market. southwest by 2016. announced joining hands with BrightSource Energy Inc. is one of the largest onshore private banking groups with affiliated local banks in 55 locations across ten European countries. BrightSource has contracts for a total of 2. Indian Oil Corporation (IOC) and Steel Authority of India Limited (SAIL). EU seizure of Indian drugs improper: WHO • India's complaint against the European Union on the unjust seizure of cheap generic drug consignments meant for Latin America and African nations has . • As part of the deal.
. Ballmer sees big role for India in ‘cloud services' • Microsoft Corporation said India would play an important role in its overall cloud services strategy. including NIIT. • Under the WHO dispute settlement provisions. If they fail to reach an agreement through Article 4 consultations. resulting results in reduced IT costs. exclusively for the bank customers. including a one-time fee for holding radio waves beyond 6. the WHO rapped the EU for seizing the Indian generic drugs in transit for patent violation. would be creating solutions and train manpower based on its cloud computing platform. the EU will have to enter into consultations with India and Brazil as a first step and amicably resolve the issue within two months. • The trio have been voicing their criticism of TRAI's recommendations and have asked the government to dump the report. • In a statement issued in Geneva. Oriental Insurance in pact with PNB • Oriental Insurance Company (OICL) and Punjab National Bank launched ‘PNBoriental Royal Mediclaim Policy'. Vodafone and Idea. with the World Health Organisation terming such action “misuse of rules” against counterfeit medicines. GSM operators move TDSAT • Three leading mobile operators have pre-empted a policy change by approaching the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) against the Telecom Regulatory Authority of India's (TRAI) recommendations on 2G spectrum. as they think it will restrict future growth prospects. The GSM operators are also critical of capping the spectrum at 8 MHz in all circles except Delhi and Mumbai where the limit is 10 MHz. which according to them is “retrograde” and “absurd”. the two countries can call for the establishment of a dispute settlement panel to adjudicate the alleged violations of trade rules by Brussels. • Many IT firms.2 Mhz. • The two countries raised the issue in 2008 also when Dutch customs authorities detained Indian generic drugs at the behest of leading Western pharmaceutical giants.received a boost. besides Bangalore-based Indian Institute of Science (IISc). • India and Brazil have asked the EU and the Netherlands to enter into dispute settlement consultations over the alleged violation of global rules. Cognizant and CDC Software. • Cloud computing refers to Internet-based computing where applications and software are accessed over the Internet. • The operators who have approached the telecom tribunal are: Bharti Airtel.
crossed the $7-billion mark in 2008-09. South Africa seeks $10 billion bilateral trade by 2012 • Visiting South Africa President Jacob Zuma sought a quantum jump in bilateral trade to $10 billion by 2012 between his country and India. the information technology giant’s hydraulics arm. he said India was South Africa's largest trading partner in South and Southeast Asia and among the top ten partners globally. raising the hopes of the lower and middle class families in the country of fulfilling the dream of owning a four-wheeler. rolled out of the assembly line at its new plant at Sanand.206. when the gates open at its sprawling new $ 5. 2.7 million facility in southern China. at Rs. Wipro targets $100 million from China’s new hydraulics plant • Wipro Infrastructure Engineering. • Addressing the launch of the India-South Africa CEOs Forum. Microsoft's cloud infrastructure supports over 100-crore customers and two-crore businesses globally.50 lakh cars per annum to be achieved in phases and was expandable up to 3. software and services.19 crore. Essar to acquire Avaya stake in AGC Networks • The Essar Group and Avaya. a global leader in enterprise communications systems.5 million.000 crore. valued at $1. Economy and Energy: June 2010 Nano rolls out of Sanand plant • Nano. • The company this week formally announced a deal with the local government in Changzhou to . • Bilateral trade. or Rs. near Ahmedabad. the global cloud computing market is expected to cross $70 billion by 2015. said they had entered into a definitive agreement under which the Essar Group would acquire Avaya's entire 59.13 per cent stake in BSE and NSE-listed AGC Networks (earlier Avaya Global Connect) for $44. additional three-lakh jobs related to cloud services are estimated to be created in India over the next five years.Today.3 billion in 2000-01.50 lakh cars a year. will in six months launch one of Indian industry’s most ambitious attempts to tap China’s fast-growing motor vehicle market. As a result of the growing demand for independent software vendors. • According to the study. claimed to be the world's smallest and cheapest car.245 a share subject to customary Indian regulatory requirements and completion of the mandatory open offer. • The Sanand plant set up at a cost of about Rs. while investments in 2008-09 were pegged at $9 billion. would have the capacity to produce 2. developers and system integrators.
the Central Government made it mandatory for companies listed on stock exchanges to raise public shareholding to 25 per cent over a five-year period by diluting at least five per cent each year. the G-20 meeting of finance ministers is unlikely to arrive at a consensus on this contentious issue. • The differences over the bank tax proposal have cropped up because the fallout of the global turmoil did not impact the financial systems of India. during President Pratibha Patil’s recent visit to Shanghai.com • At a meeting with Presidential Committee Chairman (for the G-20 meeting) Il Sakong at Busan (South Korea). a Finance Ministry statement said the relevant regulations stand amended to the effect that “the minimum threshold level of public holding will be 25 per cent for all listed companies.set up a manufacturing plant to make hydraulic cylinders to cater to the domestic truck market. including 35 public sector undertakings (PSUs). • In line with Finance Minister Pranab Mukherjee's budgetary promise of ensuring larger floating stocks of all listed entities.500 companies listed on the bourses. the levy on banks is aimed at sparing .K. Australia and Canada in the same way as it did in the U. there are more than 4.upscportal.upscportal. • With Australia and Canada also opposing the bank tax proposal which was put forward by the European Union and supported by the U. market analysts expect about 180 companies. In all. India opposed to EU plan on taxing banks • India has opposed levying any tax on banks to mop up funds for managing financial turmoils and organising bailouts in future. the likes of which were put in place by some of the developed economies in the wake of the global financial crisis.com www.S. India would prefer a regulatory mechanism as was in operation in the country. 25 % public holding mandatory for listing on bourses • In a significant step aimed at attracting a larger number of investors and checking manipulation in share prices. to enter the market for adhering to the 25 per cent public holding guidelines.S. Finance Minister Pranab Mukherjee made it clear that instead of a tax on banks. and the U. • With many of the European economies saddled with huge public debt owing to increased public spending during the crisis years of 2008 and 2009..” • Under the new norms notified by the Finance Ministry. and some of the EU countries. Downloaded from: http://www.
India and Australia to work jointly in energy sector • India expressed its willingness to work jointly with Australia in energy. can remit amounts that will be credited to account holders in India the same day. NRIs there. minerals and power generation sectors including tie-up for gas supply for new plants to be set up by both countries in India. the new pension system (NPS). • The major items of exports to South Africa are petroleum. drugs. the expenditure information network (EIN) and GST. pulp and waste paper. transport equipment. • Announcing the setting up of the Technology Advisory Group for Unique Projects (TAGUP). Bharti completes acquisition • In the largest-ever telecom takeover by an Indian firm.taxpayers from chipping in for bailouts in future. the new pension system and the proposed GST (Goods and Services Tax). non-ferrous metals. the National Treasury Management Agency (NTMA). coke.com Tweak rules to tap long term debt for infra fund' . Finance Ministry sets up technology advisory group • The Finance Ministry set up a seven-member committee headed byUIDAI Chairman Nandan Nilekani to advise the government on a host of IT initiatives in various areas such as income tax. electronic goods and machinery. • India now had the fifth largest electricity generation capacity in the world and the world's third largest transmission and distribution network. inorganic chemicals. Bharti Airtel completed a deal to buy out Kuwa Downloaded from: http://www. pharmaceuticals and fine chemicals. coal.upscportal. Andhra Bank ties up with UAE Exchange • Andhra Bank announced that it had tied up with the United Arab Emirates Exchange Centre at Kuwait in an arrangement under which the bank's customers. India-SACU to conclude PTA soon: Sharma • Union Commerce and Industry Minister Anand Sharma said that talks for inking the Preferential Trade Agreement (PTA) between India and South African Customs Union (SACU) were in the advanced stage and a pact on the issue would be concluded soon.upscportal. an official statement said that the group has been given a timeframe of six months to submit its report and make recommendations on the roadmap to roll out five projects – tax information network (TIN). The major items of imports from South Africa are gold.com www.
the Insurance Regulatory and Development Authority (IRDA). an expert panel headed by HDFC chief Deepak Parekh asked the government to change rules to allow funding by pension and insurance companies.• Recommending that a debt fund of Rs. • The report also said pension and insurance money should be permitted to be invested in the fund to provide long-term financing to infrastructure projects coming under the public-private partnership (PPP) model. • Besides. the report said. For this. and the Pension Fund Regulatory and Development Authority (PFRDA) — to weak their existing laws to enable market players to use the large amount of untapped insurance and pension funds. pension and sovereign funds be asked to invest in the proposed infra fund.000 crore be set up for financing infrastructure projects. the RBI will have to be approached to create a special window for these kinds of foreign debt with tenure of 10 years or more. the Parekh Committee further suggested that the proposed infrastructure fund with an initial corpus of Rs. only a part of VCF is allowed to be invested in debt. the report recommended that foreign insurance. • Such move would help reduce interest costs and hence cut user-charges since banks are not able to provide the required long-term funds for infrastructure projects. • The panel on the infrastructure debt fund has also urged the sectoral regulators — the Reserve Bank of India (RBI). the panel said. • For this purpose.50. • In its report submitted to the Planning Commission. L&T. the Securities and Exchange Board of India (SEBI). At present. Hindalco among six new SEZs • The Board of Approval (BoA) of the Commerce and Industry Ministry approved six new .50.000 crore be set up as venture capital fund (VCFs) to be managed and regulated by SEBI. • The recommendations of the Parekh Committee assume importance since infrastructure upgradation is required to sustain high economic growth and require $1 trillion during the XII Plan (2012-17). SEBI should be asked to amend its guidelines for VCFs to enable investment in the debt market. • Also. the multilateral agencies like the World Bank and the Asian Development Bank would be asked to invest in the fund. • The report suggested that the IRDA and the interim pension watchdog PFRDA be approached to modify the rules to enable these funds to invest in the infra fund.
• These include TCS. Sri Lanka consider energy cooperation • Sri Lanka President Mahinda Rajapaksa has proposed discussions on establishing a joint information mechanism on the possibility of oil and gasfields straddling the India-Sri Lanka maritime boundary.com Power Corporation of India and the Ceylon Electricity Board of Sri Lanka on a joint venture to build a 500-MW coal-fired power plant at Sampur in Trincomalee.upscportal. It also granted time extension to Mukesh Ambani-led Reliance Industries' (RIL) Haryana SEZ. Uttam Galva. • India agreed to assist in the rehabilitation of the Palaly Airport and the Kankesanthurai Harbour as also help in renovating the Duraiappah Stadium and constructing a cultural centre in Jaffna. • In a joint declaration. Prime Minister Manmohan Singh assured Mr. • Mr. Rajapaksa appreciated the credit facilities for about $800 million for railway projects in Sri Lanka. • UIDAI has envisioned the UID as a number that will make it possible for Indian residents to . India. incorporating environmentally friendly technologies. making it the first institution other than State governments to sign up with UIDAI. including proposals from L&T and Hindalco. Unitech Reality Projects Ltd and the Navi Mumbai SEZ. • Both leaders welcomed the proposal for the restoration of the Tiruketheeswaram temple at Mannar and witnessed the signing of the Programme for Cultural Cooperation for the period 2010-2013. • The two leaders were briefed on the progress in discussions between the National Thermal Downloaded from: http://www.special economic zones (SEZs).com www. Rajapaksa that this proposal would receive his government's attention and the matter could be discussed further between the two sides. LIC to act as registrar for UID project • Life Insurance Corporation of India (LIC) signed a memorandum of understanding with the Unique Identification Authority of India (UIDAI) to act as a registrar for the delivery of the unique 16-digit identity numbers to customers.upscportal. • Sri Lanka expressed its appreciation of India extending an additional concessionary line of credit of $200 million. • India and Sri Lanka agreed to resume ferry services between Colombo and Tuticorin and between Talaimannar and Rameswaram.
India investment fund mooted • Union Road Transport and Highways Minister Kamal Nath asserted that “a very positive sentiment” towards India was discernible now among foreign investors. Having first floated the proposal last October. also headed by the Prime Minister. were now at various stages of being utilised. • Mr.com American Capital forms venture with MSM Energy • Seeking to garner a share of the Jawaharlal Nehru Solar Mission 2020 initiative. that is.-based solar energy giant American Capital Energy announced joining hands with MSM Energy to float a 50:50 joint venture company ICE Solar to provide photovoltaic (PV) solar engineering. especially in its infrastructure domain. fingerprints (all ten fingers) and iris scan of an individual and hence prevents duplication. photograph.” India's roads and highways sector recorded $2-3 billion worth of foreign direct investment in the last 12 months. U. Downloaded from: http://www. including the U. • The company had already bagged a 5 MW solar power project in Gujarat in the private sector . Nath said he had suggested to Temasek.upscportal..upscportal. a Singapore-based investment firm with a wide reach.S. the country's highest policy making body. The UID number has been branded ‘Aadhaar' (foundation). It is to be based on demographic and biometric data.1 per cent during the five-year period as a consequence of the slowdown in the wake of the global financial crisis. • On a “conservative estimate. for final approval. • The MTA. he would now “raise” the subject again in follow-up talks.easily establish their identity to facilitate their interaction with various public and private agencies across the country.com www. which was endorsed by the full Planning Commission headed by Prime Minister Manmohan Singh at its meeting on March 23. Commitments of this order from various countries. procurement and construction to the Indian markets.S. to explore the possibility of setting up a dedicated India investment fund. will now be placed before the National Development Council (NDC). Mid-term appraisal of XI Plan gets Cabinet nod • The Union Cabinet approved the mid-term appraisal (MTA) of the Eleventh Plan (2007-12) projecting a scale-down in average growth from 9 per cent targeted initially to 8.
000crore worth orders by the end of this year. 4.16 crore as non-financial assistance by waiving government loan and interest of Burn Standard and assistance of Rs.7. • Post-investment. • NTPC BHEL Power Projects (NBPPL). procurement and construction (EPC) contracts for power projects as well as for manufacturing and supplying equipment in India and abroad to meet the needs of power equipment in the power sector expansion plans. 6. RIL will own 95 per cent of the equity and Infotel Broadband will become a subsidiary of RIL. Reliance Industries to acquire Infotel Broadband • Reliance Industries Ltd. has outlined a capital investment of Rs. • The Mukesh Ambani-led RIL and Reliance ADA Group companies owned by his younger brother Anil Ambani have agreed on May 23.139.000 MW of power equipment annually and hope to secure nearly Rs. 1. (RIL) entered into an agreement to acquire a substantial stake in Infotel Broadband Services (P) Ltd investing about Rs. Burn and Jessop Construction Company with BBUNL. NTPC-BHEL venture plans Rs. • The Cabinet Committee on Economic Affairs allowed the takeover of Burn Standard Company and Braithwaite and Company by the Railways and handed over the refractory unit of Burn Standard at Salem in Tamil Nadu to SAIL and merged Braithwaite. (BHEL) have finalised plans to manufacture nearly 5. which made a detailed presentation to the Ministry of Heavy Industries and Public Enterprises. to cancel all existing non-compete arrangements .000 crore to become a major player in the field of power generating equipment. it said.800 crore by way of subscription to fresh equity capital at par to be issued by Infotel Broadband to RIL. 14. Centre restructures Bharat Bhari • The Centre laid out a road map to revive the sick engineering PSU Bharat Bhari Udyog Nigam Limited (BBUNL) and its four subsidiaries through a process of financial restructuring and change in administrative control.6. • These transfers have been backed by a financial package involving an expenditure of Rs.50 crore to it.and had got solicitations from a number of players wanting to venture into solar energy. • NBPPL is a 50:50 joint venture company between NTPC and BHEL for carrying out engineering.000 cr capital investment • NTPC and Bharat Heavy Electrical Ltd.
6 per cent and 9. China • Forecasting a “considerable stronger growth rate for Asia. • Mr. RIL had agreed not to enter the gas-based power generation business for the period up to March 31.com the countries providing world-class 4G network and services. • Till now Cairn India shipped crude oil via road to the Gujarat coast for onward journey to Mangalore Refineries and Petrochemicals Ltd (MRPL) and RIL's Jamnagar refinery. Nag said that China's growth in 2010 and 2011 was forecast at 9. He put the overall growth rate of Asia at 7.7 per cent respectively. Nag.1 per cent respectively while India's growth was pegged at 8.upscportal. RCom to demerge Reliance Infratel • Reliance Communications (RCom) proposes to restructure ownersip of its subsidiary Reliance Infratel (RInfratel) through a demerger or other options. not owned or controlled by any telecom operator.which the two groups entered in January 2006 at the time of corporate demerger. said that India and China were expected to witness the strongest growth in the Asian continent. • RIL sees the broadband opportunity as a new frontier of knowledge economy in which it can take a leadership position and provide India with an opportunity to be in the forefront among Downloaded from: http://www. The boards of directors of RCom and RInfratel approved in-principle a proposal to restructure ownership of RInfratel to facilitate creation of the world's largest independent telecom infrastructure company.upscportal. The company has now completed the 590-km pipeline from Rajasthan to Salaya in Gujarat that has . • However. Managing Director General of Asian Development Bank Rajat M.3 per cent in 2011.2 per cent and 8. Cairn starts crude oil supplies through pipeline • Cairn India announced that it had started crude oil supply from its Mangala oilfield in Rajasthan to private sector Reliance Industries and Essar Oil through the newly built heated and insulated crude oil pipeline.com www. ADB forecasts stronger growth for India. with an exception made in respect of RIL's captive gasbased power plants.5 per cent this year and 7. He also emphasised on the need for boosting consumption rate in Asian countries. 2022. excluding Japan and Australia even though the global financial recovery rate is fragile”.
com • “Life insurance business shall include any ULIP or any such instruments. saying unit linked insurance products (ULIPs) will be regulated by the IRDA.com www. • Reliance and ADAG have annulled the earlier non-compete agreement and have signed a new non-compete agreement. spanning generation. the government said a high-level committee chaired by Finance Minister Pranab Mukherjee would sort out all issues of jurisdiction regarding hybrid products. This new agreement opens up the full range of power business for Reliance.upscportal.upscportal. • SEBI in April took the market by surprise when it banned 14 life insurance firms from issuing fresh ULIP schemes. • Besides. Downloaded from: http://www. the IRDA asked the life insurers to ignore the SEBI order and the matter then went to the Finance Ministry. • One of the important developments in these seven months (since the last AGM) has been the Supreme Court verdict in May 2010. said that the company would look forward for a constructive cooperation with younger brother Anil Ambani's ADA Group (ADAG). • Reliance is ready to seize the prospect of transforming the Indian electricity landscape. which advised them to move the court and in the meanwhile had asked them to matain status quo. on the oil and gas allocation and pricing issues with ADAG. RIL: power business a natural extension • Mukesh Ambani. except non-captive gas-based power plants until 2022. However. • The 14-million tonnes a year Vadinar refinery has contracted 30. • This paves the way for Reliance to participate in the whole value chain of the power business. transmission and distribution. This would set at rest all the issues regarding ULIPs between two financial regulators. .000 barrels a day (bpd) of Mangala crude oil. Chairman of Reliance Industries Ltd (RIL). ULIPs account for more than 50 per cent of the life insurance business and the money collected is invested in equities.enabled the sale of crude oil to Essar's Vadinar refinery in the State. IRDA will regulate ULIP schemes • The Central Government ended a two-month-long turf war between the Insurance Regulatory and Development Authority (IRDA) and the Securities and Exchange Board of India (SEBI).” the government said in a statement after promulgating an ordinance to make necessary changes in the law.
where the MDG target to halve extreme poverty has already been met. but feeds 17 per cent of the world population. the IRDA treats them as insurance instruments. the SEBI Act and the Securities Contracts Regulation Act to bring about clarity on regulation of ULIPs.9 million (about Rs. Piramal Healthcare to buy Canadian firm's assets • Piramal Healthcare announced the signing of a definitive agreement to acquire Canada's BioSyntech's assets for a consideration of Canadian $3. slashing the number of extremely poor by 188 million. according to a United Nations report on the Millennium Development Goals for 2010.65 crore). • The percentage of people living on less than $1. the Insurance Act.2 per cent owing to drought in 399 districts during last year's kharif. • India commands about 2. manufacturing and commercialisation of advanced biotherapeutic thermogels for regenerative medicine (tissue repair) and therapeutic delivery.3 per cent of the world's land area and about 4 per cent of the earth's fresh water resources. report • India is expected to reduce its poverty rate from 51 per cent in 1990 to 24 per cent in 2015.N. the government set a target of 4 per cent agriculture growth per annum in the 11th Five-Year Plan (2007-12). Manmohan: Double farm growth rate to ensure food security • Prime Minister Manmohan Singh said the agricultural growth rate must be doubled to 4 per cent to ensure food security for the growing population. As against this. • BioSyntech is a medical device company specialising in the development.• The ordinance promulgated by President Pratibha Patil amended the RBI Act. ULIPs are a hybrid instrument that combines both insurance and investment. while most of South Asia is in danger of missing it. While the Securities and Exchange Board of India saw ULIPs as investment products and hence asserted its right to regulate those products. But progress in the rest of South Asia is not sufficient to halve the level of poverty by that target date. • The sharpest reductions worldwide continue to be recorded in East and SouthEast Asia.25 a day in East Asia dropped from 60 in 1990 . India likely to halve poverty rate by 2015: U. 17. This puts tremendous pressure on our resources and makes the need for newer and better technologies even more critical. • Agriculture growth rate in 2009-10 was 0.
• Till date.3 billion • The World Bank's total financial commitment to India's development agenda is set to touch $9. • He Pointed that huge funding needs of India's fast growing economy such as the estimated requirement of $500 billion for infrastructure development alone during the current Plan period. • Pioneer and Newpek LLC.A. a whollyowned subsidiary of ALFA. The rate of poverty in China is expected to fall to around five per cent by 2015.S.based Pioneer Natural Resources Company. Spread across 25 new projects. Irving. while the remaining projects worth $1 billion were to be presented before the Bank's board over the next few days. de C. will simultaneously convey 45 per cent of their respective interests in Eagle Ford to Reliance.B. he said.3 billion by the end of its fiscal year ending June. both IBRD and IDA-aided projects with a total new commitment of $8.6 billion as interest-free credits from the International Development Association (IDA) and $6.to just 16 in 2005. .7 billion in the form of long-term.com World Bank aid to India to touch $9. • World Bank Country Director in India Roberto Zagha said the total expected lending this year (July-June 2010) would include $2. at present owns about 16 per cent nonoperated interest in Pioneer's core Eagle Ford Shale acreage. the loan assistance is aimed at helping the country sustain the much needed high growth to lift millions out of poverty. Pioneer's current partner in the Eagle Ford. Downloaded from: http://www. has executed definitive agreements to enter into a joint venture with U. the Nuclear Power Corporation of India Limited (NPCIL) and BHEL have entered into a tripartite agreement for supplying turbines for the 700-MWe pressurised heavy water reactors that will be built in four locations in India. low interest loans from the International Bank of Reconstruction and Development (IBRD). Reliance Eagleford Upstream LP. Texas..upscportal. S.3 billion had already been approved. Newpek. Alstom teams up with NPCIL and BHEL to supply reactor turbines • Alstom Power.com www. and from 39 to 19 in South-East Asia. under which.upscportal.V. RIL to acquire 45 % interest in Pioneer Natural's asset • Reliance Industries Limited (RIL) announced that its subsidiary. Reliance will acquire a 45 per cent interest in Pioneer's core Eagle Ford Shale acreage position in two separate transactions.
Turkey consortium. Downloaded from: http://www. • Under the deal.000-km fibre optic network and related assets. which bagged yet another international project to build. • According to a statement from the Reliance Communications.upscportal. modernise and expand the Male International Airport (MIA).50.• “We have been retained to provide turbines for the 700-MWe reactors for India's nuclear power programme. with two reactors for each State. the tower assets of Reliance Infratel will be merged with GTL Infrastructure. . leaders from the Group of Eight richest nations were meeting in an exclusive. remote hotel resort in Huntsville.000-crore ($11 billion) deal with GTL Infrastructure to create the world's largest independent telecom infrastructure company that will be neither owned nor controlled by a telecom operator. Thermal Products.50. Western Africa and the Middle East. France-TAV.000-crore deal • The Reliance Communications (RCom) and its subsidiary. which has the in-principle approval of the Board of Directors of all the three companies.com • GMR bagged the MIA project in a keenly contested international bid process participated by three parties: Aeroport De Paris. the company will continue to own Reliance Infratel's 200.com www. said. • Excavation is under way for building two reactors of 700 MWe each at Kakrapar. RCom. • GMR Infra is eyeing new projects in the SAARC region. amid calls to deliver on past promises and a brewing dispute on how to shore up fragile economic recovery.upscportal. India's largest optic fibre network. operate. Six more Pressurised Heavy Water Reactors of 700 MWe each will come up in Rajasthan. 80 km from Surat. Alstom Power. have entered into a Rs. GTL Infrastructure in Rs. Madhya Pradesh and Haryana. GMR bags Male airport project • GMR Infrastructure Limited (GIL). some 220 km north of Toronto. Senior Vice-President. Muskoka. The first order is for Kakrapar in Gujarat. Differences on economy set to play out in Toronto • World leaders were gathering in Canada for G8 talks on global security and development.” Guy Chardon. is looking at more opportunities to take its expertise in airport infrastructure outside the country. Zurich AirportGVK consortium and the GMR-MAHB consortium. • Under a tight security blanket. Reliance Infratel.
• With its induction as the 34th member-country of the global body that chalks out policies to counter financial frauds. and the U. an inter-governmental body responsible for setting global standards on anti-money laundering (AML) and combating financing of terrorism (CFT). while other . • Having gained ‘Observer' status at the FATF in November 2006. only eight received bids. gas contracts • Oil and Natural Gas Corporation (ONGC) along with its partners will sign contracts for half of the 34 oil and gas blocks awarded in the latest round of auction under the New Exploration Licensing Policy (NELP). companies bid for only 36 blocks. “assessing compliance with the international standards for combating money laundering and terrorist financing — the 40+9 Recommendations.• The quantum of cash infusion into the RCom and the share swap ratios for the RCom and Reliance Infratel minority shareholders will be finalised in due course with the help of independent valuers and advisors.” ONGC to sign 17 oil. while BHP Billiton Petroleum won three and Cairn Energy got a KG basin offshore block. The development marks a significant step towards tracing the source of terror financing and black money stashed away in tax havens abroad. Of the 70 blocks offered in NELP-VIII. • Among the 24 deep water blocks that the government had put on offer. four of which went to ONGC. while Cairn Energy of the U. India will have access to information on suspicious financial transactions in Switzerland. 13 received bids. India has finally become a full-fledged member of the Financial Action Task Force (FATF). The decision to grant it full-member status was taken during the FATF's plenary session held in Amsterdam during June 23-25. ONGC and its partner won 17 areas out of their bidding for a maximum of 25 blocks. bids were received for 15. • Similarly. the FATF discussed and adopted India's mutual evaluation report. India joins select club to counter financial frauds • After nearly a five-year wait. China.K. of the 28 shallow water blocks on offer. India has been working towards full-fledged membership.S. ONGC and partners bagged seven. along with those of Saudi Arabia and Brazil. According to an official statement. the U. all of which were single bids. got one block.K. ONGC got five of these as lead partner and one where Oil India Ltd (OIL) was the operator. • Of the 18 on-land blocks.
upscportal. House passes financial reform bill • The House of Representatives adopted legislation to revamp the nation's financial regulatory .com www. while investments of 26 per cent and above will require prior approval of the government. ONGC won 17 blocks — 14 as operator and three as non-operator. U.com successful bidders included Oil India. one as a joint operator with OIL and one with the BG Group of the U. HITS. IPTV. • ONGC's other partners in deep-water blocks included Gujarat State Petroleum Corp (GSPC). • TRAI also recommended that all foreign investment less than 26 per cent would be through the automatic route. as additional partners. • It also said the foreign investment limit for local cable operators.upscportal. which makes it the lifeline of the city. The existing limit for most of these services is 49 per cent. GAIL India. In 2006-07.3 billion passengers annually) travelled on the suburban railway. • ONGC also won seven deep-sea blocks. an estimated 6. as the operator.4 million passengers daily (2.K. Shallow water blocks had Indian Oil Corp and Adani Welspun Exploration Ltd. Esveegee Steel and Jubilant.upscportal. Teleport and MSOs. Mobile TV. five as the sole operator.Downloaded from: http://www.S.com Economy and Energy: July 2010 TRAI suggests 74 % FDI limit for broadcast carriage services • The Telecom Regulatory Authority of India (TRAI) recommended that the foreign investment limit for broadcast carriage services such as DTH. may be raised to 74 per cent. which are upgrading to digital and addressable environment.upscportal. NTPC. news and current affairs TV channels and FM radio be fixed at 26 per cent. World Bank approves $430 million to MUTP • The World Bank approved $430 million to finance the Mumbai Urban Transport Project (MUTP) 2A to improve the suburban railway system in the Mumbai Metropolitan Region – one of the world's largest urban centres with a population of 18 million in 2001. In all.com www. Downloaded from: http://www. NTPC and Andhra Pradesh Gas Infrastructure Corp. while there should be no restriction on FDI for uplinking and downlinking of TV channels other than news and current affairs TV channels.
com • The conservative estimates of in-place oil and gas in these fields are 8. The fields in the Western offshore are situated about 140 km from the West coast of Mumbai and 40 km south of the Mumbai High fields.com www.57 million tonnes and 11. • The measure restricts the ability of banks to invest and trade for their own accounts — a provision known as the Volcker Rule.024 billion cubic metres (bcm) respectively. • The ONGC board gave its approval to the proposal to develop a cluster of oil and gas fields WO-5.58 bcm of gas over their life. voting mostly along party lines as partisan acrimony impeded cooperation even on the shared goals of averting economic crises. The approval came at the meeting held on June 30. • The bill gives government regulators the authority to liquidate failing financial companies by breaking them apart. ONGC to intensify work on Western offshore fields • In a move aimed at giving a major impetus to boosting energy. • The legislation also vastly expands the regulatory powers of the Federal Reserve and establishes a systemic risk council of high-ranking officials. state-owned Oil and Natural Gas Corporation (ONGC) has given the green signal for development of a cluster of oil and gas fields in the Western Offshore holding large deposits. according to an official. WO-15. The fields will produce 2. • It creates a powerful new consumer financial protection bureau and widens the purview of the Securities and Exchange Commission to broaden regulation of hedge funds and credit rating agencies. Volcker — and creates a new regulatory framework for derivatives. for its proponent. led by the Treasury Secretary. the government has given approval for $5.83 million tonnes of oil and 8.upscportal. Sagar Samrat. Downloaded from: http://www. • On the other hand. of 1973 vintage. former Fed Chairman Paul A.upscportal.25 per million British thermal unit .system. the complex financial instruments that were at the heart of the 2008 crisis. • The statement said that ONGC planned an innovative methodology of converting its first drill ship. WO-16 and B-119/121 fields. to detect potential threats to the overall financial system. into a Mobile Offshore Production Unit (MOPU) and using the same for producing oil and gas from these fields. selling assets and forcing creditors and shareholders to take losses so that taxpayers do not pay the bill.
000-crore deal. they said.05 lakh barrels per day (bpd) and will reach the peak output of 1. U.1 million tonnes of auto fuels. • The agreement was signed by Mangalore Refinery and Petrochemical Limited (MRPL) Managing Director.70 lakh tonnes of jet fuel annually for three years beginning August 1. which will become a beneficiary of the gas deal signed with the Mukesh Ambani-led Reliance Industries.5 per mBtu but the Petroleum and Natural Gas Ministry approved a price of $5. ONGC had initially sought $5. • Cairn now sells oil to Reliance Industries' Jamnagar refinery in Gujarat and neighbouring Vadinar plant of Essar Oil. • Natural gas produced from C-Series fields is sold to GAIL which further markets it to endusers. RNRL to merge with Reliance Power • In a Rs. It was agreed that MRPL would export 1. Mauritius' Minister of Commerce and Industry Showkutally Soodhun invited MRPL and its parent firm Oil and Natural Gas Corporation for a 50:50 joint venture to set up the Island nation's maiden refinery.50 lakh tonnes of diesel and 2.25 lakh barrels later this month. Mangalore Refinery and Petrochemicals (MRPL).K. Basu and Mauritius State Trading Corporation General Manager Ranjit Singh Soomarooah. the Anil Ambani group announced the merger of Reliance Natural Resources Limited with Reliance Power. jet fuel and furnace oil annually for three years. Mr. Cairn's first customer. Mauritius would buy one lakh tonnes of petrol. 3. • The Mangala oilfields in Barmer district of Rajasthan is producing 1.174-km-long Mundra-Panipat pipeline for .50. MRPL to export products to Mauritius • India has signed a three-year agreement to export fuel worth $2 billion to Mauritius and also agreed to look into the possibility of setting up a refinery in the Island nation. has temporarily stopped taking the Mangala crude to study optimisation of the crude. Soomarooah said during the signing ceremony. • Mangala crude is being pumped into IOC's 1.(mBtu) as the price of gas produced from ONGC's C-Series fields in Mumbai offshore. Cairn's Mangala fields output crosses 1-lakh barrel-mark • Cairn India crossed the 1-lakh barrel-mark of crude oil production from Rajasthan after Indian Oil Corporation (IOC) began buying oil from this prolific oilfield. This record output was achieved after IOC began drawing oil from Cairn's newly constructed pipeline.25 per mBtu.
NMDC mulls joint ventures with Japanese steel majors • NMDC is in talks with Nippon Steel and Kobe Steel of Japan for partnership in two steel plant projects in Karnataka and Andhra Pradesh.3. • Bilateral trade between two countries grew at an average growth rate of 23. two-way trade hit $ 25 billion in the first five months Downloaded from: http://www. .7 billion.7 per cent between 2004 and 2008 and it reached as high of $10. Chinese imports rose 82 per cent in the first five months of this year. which grew several fold year-on-year.com of this year. • With an 80 per cent rise in Indian exports. trade declined by 29 per cent and has shown a positive growth in the first quarter of 2010-11. Easier access for Indian IT professionals in Malaysia • Malaysia assured India that it would ensure smooth and hassle-free movement of IT and other professionals from India and other parts of the world. The two countries now expect to beat their $ 60 billion target for the year. The only other significant contribution to India's export basket was cotton yarn and fabrics.5 billion in 2008 just before the worst effects of the global financial crisis.000 crore to set up a 12-million tonne per annum pipeline in Chhattisgarh to supply iron ore to its domestic steel customers. The state-owned firm will also be investing Rs.07 billion. Rebound in China's demand for iron ore • A resurgent demand from China's fast-rebounding economy for Indian iron ore and raw materials has helped revive trade between the two countries in the first half of 2010 after a poor performance last year caused by the financial crisis. officials said.4 billion — 63 per cent of India's net exports to China. largely driven by rising iron ore prices and a revival of Chinese industry following last year's slump. indicating enhanced levels of engagement. • Iron ore. Bharti to invest $600 m in Nigeria • India's largest cellular service company Bharti Airtel will invest $600 million in Nigeria's mobile market following its takeover of Zain Telecom's African business for around $10.com www.transportation to the refinery.upscportal. slag and ash accounted for $6.upscportal. accounting for $1. Both countries also set an ambitious bilateral trade target of $15 billion by 2015. However. in 2009.
” according to the IMF.7 billion. IMF raises global growth forecast • The International Monetary Fund has raised its world economic growth forecast from 4 per cent to 4. Sierra Leone. Ghana.com www.4 per cent for 2011. increased flexibility through server consolidation. Chad and Zambia. “A good sign for the future. emphasising that these low growth rates implied that high unemployment would remain a central issue. • In particular the IMF forecasted estimated for advanced countries at 2. Niger.4 per cent in 2011. which included an upward revision of 0. Congo. reflecting the positive impact of economic activity in the first half of the year as much as it did “strong clouds [that] have appeared on the horizon. In significant contrast however the Fund's growth projection for emerging and developing economies was 6. Europe. • Specifically the Fund was cheered by the fact that the world economy expanded at an annualized rate of over 5 per cent in the first quarter of 2010 and that growth was stronger than expected in most countries. Brazil. Downloaded from: http://www. The solution will also provide 24x7 technical support to manage scalability and deliver optimum performance.8 per cent in 2010 and 6. Tanzania. mid-sized organisations and professionals. Madagascar.5 per cent.5 per cent for 2010 and a downward revision of 0. was the finding that in most cases such growth reflected stronger private demand. reduced power and cooling. Kenya.upscportal.com HCL Info enters cloud computing • HCL Infosystems launched its end-to-end cloud-based computing solution service — O'zone — mainly aimed at enterprises. Japan. Malawi. • Meanwhile.upscportal. • HCL O'zone will deliver the benefits of reduced capital expenses. HCL Infosystems announced the acquisition of 60 per cent stake in Dubai-based NTS Group.1 per cent for 2011. including the United States. and India. Uganda.6 per cent for 2010 and 2.” according to an official statement. when it completed a transaction to buy Kuwait-based Zain Telecom's businesses in 15 African countries for $10.• Bharti Airtel embarked on the largest-ever telecom takeover by an Indian firm on June 8. • The Africa holdings include Burkina Faso. . increased data security. green computing and disaster recovery. Gabon.
600 MW). 2. among other things. • The estimated cost of the project is Rs.33 per kWh to Andhra Pradesh (1. . Maharashtra (800 MW).000 MW Krishnapatnam Ultra Mega Power Project (UMPP) being developed by Coastal Andhra Power Ltd. its whollyowned subsidiary. World Bank approves two loans • The Centre signed two agreements with the World Bank with latter agreeing to give $407 million loan to scale up microfinance services in unbanked areas and improve capacity to generate quality statistics. particularly in underserved areas of India through. investments • India's negotiations with ASEAN for a comprehensive services and investment agreement are progressing at a “painfully slow” pace and major member countries fear that a ‘deal with India' would lead to the services market being taken over by the former. has partnered leading enterprises in the region building customised solutions for a host of business needs.500 crore and is being financed at a 75:25 debt equity ratio. • The Krishnapatnam UMPP is the largest power project in South India and will supply power at a competitive tariff of Rs. (CAPL). • The objective of ‘Scaling up sustainable and responsible microfinance project' is to scale up access to sustainable microfinance services to the financially excluded. Tamil Nadu (800 MW) and Karnataka (800 MW).• NTS. the remaining $200 million is a loan from the International Bank for Reconstruction and Development. • The project will be implemented by the Small Industries Development Bank of India (SIDBI) over five years. $107 million has been granted for ‘India statistical strengthening project'. 17. RPower ties up funds for UMPP • Reliance Power announced financial closure of its 4. IDBI Bank is the lead arranger for the debt facility with Power Finance Corporation (PFC) acting as joint lead arranger. Slow progress in ASEAN talks on services. • While $300 million is for ‘Scaling up sustainable and responsible microfinance project'. the introduction of innovative financial products and fostering transparency and responsible finance. • While $100 million is a credit from World Bank's concessionary lending arm International Development Association. a ‘total solutions' provider ranging from IT hardware to software services and consulting.
followed by RIL at the 175th spot.. The list also features Citigroup. Tennessee. particularly movement of professionals. It is the world's biggest facility that will turn out steam turbines for nuclear and coal-fired electricity generating stations. ONGC and the State Bank of India (SBI). • The other Indian companies on the list are: Tata Steel. Tata Motors. Bharat Petroleum Corporation Limited . Alstom opens largest rotor balancing facility in Tennessee • Alstom's manufacturing and engineering facility on the banks of the Tennessee River at Chattanooga. • Tata Motors has made an entry into the list for the first time this year. 2010.S. Thailand.com • Under the proposed services and trade agreement. are also featured. . including Indian Oil Corporation (IOC) and Mukesh Ambani-led Reliance Industries Limited (RIL). • India had recently put in place a comprehensive agreement with South Korea and is in the advanced stage of negotiations with Japan. India is demanding liberalisation of trade in services and investments.upscportal. inauguration on June 24. have made the cut on the list of the world's 500 largest companies compiled by Fortune magazine. led by people with Indian roots.com www. Malaysia and Vietnam that they are rather opting for Free Trade Agreements (FTA) at the bilateral levels rather than rushing in to formalise a multi-lateral deal on services and investments. • The league of 500 elite companies for 2010 is topped by U. which were part of the list in the previous year. SBI (282). BPCL (307). gas turbines.S. while seven other Indian entities.upscportal. Pepsico and Motorola. Indian professionals will be able to increase their presence in ASEAN countries substantially. 8 Indian firms on Fortune 500 list • Eight Indian companies. ArcelorMittal. Once the pact is signed and implemented. Tata Steel (410). followed by Royal Dutch Shell and Exxon Mobil. HPCL (354). Hindustan Petroleum Corporation Limited (HPCL). in that order. U. ONGC (413) and Tata Motors (442). IOC has the highest rank of 125 among the featured Indian companies. The 27-nation European Union and India are also holding extensive talks to clinch a deal on FTA within this year. retailer Wal-Mart Stores. India has already signed the FTA on goods with ASEAN which came into effect from January 1. Downloaded from: http://www.• Such are the reservations among countries like Singapore.
000 MW from all sources of energy.com • Under the scheme. • NTPC. has entered into binding agreements for the acquisition of 100 per cent interest in Navabharat Power Pvt. (EPL).000 MW mega power project in Bundelkhand in Uttar Pardesh and instead has opted to put up the plant in Madhya Pradesh due to reported refusal of the Uttar Pradesh Government to cooperate in setting up the plant. 50 a cylinder.com www.250 MW coal-fuelled power plant being set up in Dhenkanal district.050 MW and Phase II of 1.S. ‘Preferred Time LPG Delivery Scheme.' which would allow professionals especially working men and women to get delivery of their LPG cylinder at their own preferred time for a small premium. “Arabelle. Ltd. • After the Three Mile Island accident of 1979 and the subsequent logjam that the U. for an undisclosed sum. • Essar said EPL will initially acquire 76 per cent of the existing equity with balance 24 per cent being acquired upon completion of certain project milestones. Essar Energy to buy Navabharat Power • Essar Power Ltd. • The factory will manufacture the world's largest nuclear steam turbine. New service for LPG refills • The Petroleum and Natural Gas Ministry launched.S.” that can yield 1. is 101.700-1. the installed nuclear power capacity from 104 operating reactors in the U. Orissa. The project is being implemented in two phases — Phase I of 1. gas turbine rotor and final assembly. • Navabharat Power is a 2. generator stator. found itself in. with 70 per cent of them more than 30 years old NTPC dumps Bundelkhand project • NTPC has dumped the proposed 4. The project includes the allocation . is planning to augment it to 50. which has power generation capacity of over 30.3 GWe.S.upscportal. it is now preparing to build 17 new nuclear power plants. the subsidiary of the India-focused integrated energy company Essar Energy plc. the customer would not have to wait to take delivery of the cylinder as it would be delivered at a time of his choice for a small premium of Rs.turbo generators.upscportal. Four units are partially built. The existing U. nuclear reactors are ageing. Downloaded from: http://www. • In 2010.S.200 MW — at a total estimated capital cost of $2 billion. accounting for 19 per cent of the total electricity generated in the U.800 MWe. • The scheme is completely optional and customers who do not opt for it will continue to get their refills as per the current schedule.000 MW by March 2012.
upscportal. fitted at the top of a syringe. the largest vaccine manufacturer in India. from April 1. the Union government proposed a three-tier tax structure. is to be sniffed once in each nostril making it a painless prevention mode. The single dose vaccine. Serum Institute offers H1N1 vaccine • Serum Institute of India (SRI).03 per cent in Southern Steel Berhad. to start with. Venu Srinivasan to head NIFT • The Union Textiles Ministry has reconstituted the Board of Governors for the National Institute of Fashion Technology with Chairman of TVS Motor Venu Srinivasan as the Chairman of the panel. World's largest aircraft makes first commercial landing in India • The first commercial landing of the Airbus A380 — the largest aircraft of the world — took place at the newly inaugurated Terminal 3 of the Indira Gandhi International Airport. the touchdown of flight EK-516 of the Emirates Airline from Dubai to Delhi was greeted by a water cannon salute at the airport.com • Finance Minister Pranab Mukherjee proposed the adoption of a dual rate structure for the GST.com www. Pranab proposes three-tier GST • In a bid to evolve a consensus with States on a unified single rate structure for the Goods and Services Tax (GST) over a three-year phase. two-aisle airliner. • A major feature of the new T3 is its A380-compatible runway and passenger boarding bridges. • Incidentally.7 million tonnes annually tapering coal linkage with Coal India Ltd. It has several prominent representatives of the textile industry as members. • The A380. . for a total consideration of around $72 million. for prevention of H1N1 (swine flu) infections. It offers better fuel economy per passenger mile than most hybrid passenger cars and also produces less noise. it was the Kingfisher Airlines which first flew in the A380 to India in 2007. 2011. Malaysia. Nasovac. has launched an indigenously developed intra-nasal vaccine.of the Rampia Coal block of 112 million tonnes and a 4. says a company release.upscportal. which is the world's only twin-deck. • Organised to commemorate the launch of Terminal 3. Tata Steel arm sells stake in Malaysian firm • Tata Steel said that its Singapore-based subsidiary NatSteel Holdings had sold 27. Downloaded from: http://www. is touted to be less polluting to the environment compared to other aircraft.
Mr Mukherjee announced that the Centre would fully compensate the States for the revenue loss on account of the CST (Central Sales Tax) reduction in 2009-10 and promised to “step up the amount of compensation recommended by 13th Finance Commission should the need arise. with its introduction from the next fiscal. one of the nine Ultra Mega Power Projects. • This mutually supportive approach. based on a mutually agreed formula” for any revenue loss incurred on account of GST adoption. would ensure a single rate for the CGST and the SGST in the range of 12 to 20 per cent in the first year of the GST's introduction. Green Power Express (U. essential items at a concessional 12 per cent and services at 16 per cent. • KPMG said The 4. Mundra and Indira Gandhi International Airport. goods will attract a combined GST at the standard rate of 20 per cent. Three Indian infrastructure projects on KPMG's top 100 global list • Three Indian projects have been featured in Global consultancy firm KPMG's infrastructure 100 global project report.S. Apache eventually emerged as a potential buyer. And it said it would speed up plans to sell $10 billion in assets. Canada and Egypt to Apache Corp. uses unfashionable coal. as well as on damage claims from Gulf businesses. making it the most energy efficient plants vital to India's continuing economic development. • BP has spent about $4 billion so far on containing and cleaning up the oil. for $7 billion to help pay the costs from the Gulf of Mexico oil spill. • Other global projects also featured in the report are: Venice MOSE Flood Barrier (Italy). Accordingly.000 MW Mundra plant.6 billion for this year. he said. Delhi. • Some or all of the proceeds will go towards a $20 billion fund that BP agreed to last month under pressure from the Obama administration. • At the meeting. Mthombo Oil Refinery (South Africa).both at the Central level (CGST) and at the State level (SGST). KPMG said. The fund will help pay cleanup costs and damages from the spill.. Incheon Tidal Power Project . • The three Indian projects are: KG-D6. • The company suspended dividend payments of about $10.S.). with the revenue so garnered to be shared equally. To unload assets worth $7 billion to Apache • BP has said it is selling assets in the U.
TAV high speed rail link (Brazil).upscportal. • The report also focuses on climate change and in particular the role of transnational corporations in supporting the transition of developing countries to a low-carbon economy. Mr.6 billion.(South Korea). • India is likely to be among the most promising investor-home countries in 2010-12 as well as the third highest economy for FDI in 2010-12. • India remained in the list of top ten countries in 2009 to have the highest FDIs in the world. “A quarter of the greenfield investments in alternative or renewable power generation were in the developing economies including India and Pakistan. with over 10 per cent increase in exports.” UNCTAD says in its World Investment Report 2010. India will be 3rd largest FDI recipient in 2010-12 • The United Nations Conference on Trade and Development (UNCTAD) said India would emerge as the third largest recipient of foreign direct investment (FDI) for the three-year period ending 2012. In three key low-carbon business areas alone. says.com 2009. • The UNCTAD report says the global FDI flows began to bottom out in the later half of 2009 and has shown a modest recovery in the first half of 2010 with South Asia being the first to bounce back from the recent downturn. says Pranab • Union Finance Minister Pranab Mukherjee expressed confidence that the proposed goods and services tax (GST). FDI flows are estimated to have been $90 billion in 2009. GST will make India a $2-trillion economy soon. King Abdullah University of Science & Technology (Saudi Arabia) and Greater Manchester Waste in the U. while the outward FDI was $14.5 per cent in the country's GDP (gross domestic product). the report.upscportal. CRCHUM P3 research centre (Canada). says UNCTAD. Mukherjee said: . would provide a trilliondollar boost and propel the economy to $2 trillion soon.com www. Low-carbon FDI is significant and its potential huge. the country received FDI worth $34.9 billion.” the report says. when successfully implemented. In Downloaded from: http://www. • Quoting estimates from the National Council of Applied Economic Research that the implementation of a well-designed GST would see an increase of 2-2.K.
would be to bring both GSTs to eight per cent each for goods and services by the third year.com Rangarajan lists priority initiatives for sustaining high growth • The Prime Minister's Economic Advisory Council (PMEAC) projected an economic expansion of 8. in association with Vietnam.upscportal. the possibilities of buying the stake of the British energy player. • Explaining why America needed this reform package desperately. in a gas project in the Southeast Asian country.” • Mr. 16 per cent for services and 12 per cent for essential items — the revenue is to be shared equally by the Centre and the States. • Accordingly. Obama signs historic Bill • President Barack Obama made sweeping reform of Wall Street institutions a reality. “In a phased manner. we will be able to achieve a single CGST and SGST rate for both goods and services. the peak Central GST and State GST would be 10 per cent each.com www.5 per cent for the current fiscal backed by a ‘substantial jump' in farm sector growth on the assumption of a normal monsoon and higher at 9 per cent in 2011-12 while cautioning that the high growth momentum would not be sustainable unless short and medium-term policy . Downloaded from: http://www. in the first year of implementation (2011-12). Therefore. Mukherjee said that under the three-tier GST rate structure — 20 per cent for goods. BP Plc. which would stand reduced to nine per cent in the second year. the successful implementation of GST would create win-win-win situations for the Centre-State.” he said. • India has evinced interest in the BP's stake in Nam Con Son gas project following reports that the British firm might sell some of its assets in Vietnam and elsewhere to fund the oil-spill clean-up operations in the Gulf of Mexico.upscportal. India. by signing into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. • The objective. provide students taking out college loans with clear and concise information about their obligations and supply more information to ordinary investors about the costs and risks of mutual funds and other investment products. the President said it would help crack down on abusive practices in the mortgage industry. Vietnam explore buying BP stake • India is exploring. industry and consumers.“The gain from GST will propel India from a $1-trillion economy to a $2-trillion economy in a short span of time.
which has remained a major source of concern in the economy for more than a year. • Brussels countered that the agreement did not apply since the products in question had taken on multiple functions. • Out of 5.3 per cent and services by 8. PMEAC Chairman C.000 MW by March 2012. it appears we would be lucky to get 62. needed to be tackled as a priority in the short-term. Rangarajan noted that inflation.5 per cent. low productivity in agriculture and the deficit in physical infrastructure. industry by 9. The failure to create physical infrastructure in time has not only been persistent. “In the power sector..5 per cent this fiscal and all these segments would account for the higher growth at 8. as against a planned target for creating 78. is receiving a spate of new orders recently.initiatives are in place to tackle high inflation.2 per cent growth. Japan and Taiwan in their complaint against EU duties on high-technology products. Suzlon Energy. • As on May 2010.740 MW. This rests on large capacities being commissioned in 2010-11 and 2011-12. • The plaintiffs had accused the European Union of violating the WTO's Information Technology Agreement by imposing duties on imports of products including television set-top boxes. he said. but has also been a significant contributor to lower competitiveness. • Releasing the Council's ‘Economic Outlook for 2010-11'.130 MW with domestic .S.5 per cent as compared to the earlier projection of 8. the EU maintains that the flat-panel computer monitors cited by the United States should properly be classified as video monitors because they can also be used with DVD players and thus fall out of the scope of the WTO agreement. Tamil Nadu accounted for 1.000 MW of capacity created by the company.500 MW.” the PMEAC said WTO rules against EU on hi-tech products' • The World Trade Organization has ruled in favour of the U. • The third area in which medium-term policy initiatives were necessary so as to maintain the growth momentum was the large gaps in physical infrastructure. flatscreen panels and printers with multiple functions. the order book of Suzlon Energy alone is around 1. the largest wind turbine company in India. which was submitted to the Prime Minister. • For example. Suzlon Energy to focus on emerging markets • With the wind energy industry showing signs of a pick-up. was expected to grow by 4. • The farm sector.
• JSW Steel Vice-Chairman and Managing Director Sajjan Jindal said the deal would result in a minimum accrual of Rs. one each has been bagged by Great Eastern Energy Corporation. Chhattisgarh. The agreement would enable JFE to appoint a non-executive director on the JSW Steel board. Madhya Pradesh.com www. BP has announced that its gaffe-prone British CEO. Japanese steel major JFE to take 14. UIDAI.99 % stake in JSW • JSW Steel announced that it would be making a preferential allotment for a 14. Arrow Energy (AS) Pte Ltd. The company is looking at promising new markets for improving its order book further. BP changes head amid huge loss • To save what is left of its reputation.upscportal.4. • While four blocks have gone to Essar Oil. oil marketing companies IOCL. • As per the MoU. which is primarily aimed at curbing pilferage of PDS kerosene and domestic LPG. and Arrow Energy (ST) Pte Ltd and Tata Power Company consortium. • The 16-digit unique number that the UIDAI will generate will be combined with the smart card project of the Ministry for distribution of PDS kerosene and domestic LPG through biometric . will be replaced by an American. • These seven blocks are in Assam. Petroleum Ministry sign MoU • The Ministry of Petroleum and Natural Gas signed a memorandum of understanding (MoU) with the Unique Identification Authority of India (UIDAI) to facilitate close coordination and cooperation on the latter's ambitious AADHAR project.5. BPCL and HPCL will act as registrars for the UIDAI on behalf of the Ministry for implementation of the project.800 crore and a ‘potential accrual' of Rs. and Oil India consortium.700 crore to the company. With the conclusion of the fourth round of CBM. Orissa and Tamil Nadu.upscportal.99 per cent stake Downloaded from: http://www. Jharkhand. the head of mop-up operations in the Gulf of Mexico Robert Dudley. the government has signed a total of 33 CBM contracts till date. Cos sign CBM contract for 7 blocks • The Centre signed contracts with companies for the seven blocks awarded under the fourth round of Coal Bed Methane (a natural gas) Policy-IV having a resource potential of 330 million cubic metres of gas which are expected to attract over $150 million investment. Tony Hayward.orders accounting for 230 MW.com to Japanese steel manufacturer JFE Steel Corporation.
• The legislation was brought with an idea to settle the dispute between two or more regulators after they failed to settle it bilaterally. 2010. only dollar-rupee contracts of size $1. At present. • Currency option is a derivative instrument that gives the owner the right. following which they would go live. the outstanding positions will be in dollar terms. • With this. dollar pairing with the rupee.000 will be allowed. • However.S. • According to the circular. he said replying to the debate on the ordinance replacement Bill — Securities and Insurance Laws (Amendment and Validation) Bill.5 crore LPG customers in the country and it is envisioned that by the year 2015. Downloaded from: http://www. a development that provides another alternative to corporates for hedging against currency fluctuations. “It . but not the obligation.” SEBI said in a circular.50 would be given to the oil companies for every enrolment done.com www. SEBI allows currency options in stock exchanges • The Securities and Exchange Board of India (SEBI) allowed exchanges to introduce currency options on the U. • “It has now been decided to permit introduction of options on U. • UIDAI chairman Nandan Nilekani said Rs.identification of beneficiaries. there would be 16 crore LPG customers.S..upscportal. to exchange money denominated in one currency into another currency at a preagreed exchange rate on a specified date. the Insurance Regulatory and Development Authority (IRDA). The available contracts will be: three serial monthly contracts followed by three quarterly contracts of the cycle March/June/September/ December. now exchanges like the National Stock Exchange and MCX (MultiCommodity Exchange) will have to seek regulatory approval. PFRDA.upscportal.com Economy and Energy: August 2010 Pranab: no move to create super regulator • Finance Minister Pranab Mukherjee allayed the apprehensions of some Opposition members that the government was trying to compromise the independence of regulators like the Securities and Exchange Board of India. dollarIndian rupee spot rate on the currency derivatives segment of stock exchanges. the Reserve Bank of India by setting up a joint committee headed by the Finance Minister as the authority to whom the dispute could be referred. there were more than 11.
IRDA had maintained that the companies could continue with the practice. is also scouting for overseas coal mines.000 MW by the end of 2013. the NHB is wholly-owned by the RBI. On the other hand. Of late. Adani buys Galilee coal block in Australia • Gautam Adani-led Adani Enterprises Ltd. the RBI holds a stake of about 72. the government plans to pick up the central bank's stake in the National Bank of Agriculture and Rural Development (Nabard) and housing finance regulator National Housing Bank (NHB). he said while SEBI had asked 14 insurance companies against investing in mutual funds without its approval.12.100 crore). the PSU consortium of Coal India.450 crore) to the Union Government at the holding cost of Rs.2.600 crore.1.900 crore for the acquisition of RBI's stake in both these institutions and the government has sought Parliament's approval for the purchase.5 billion (about Rs. • The royalty payments are estimated at A $2.500 crore). (AEL) entered into a pact with Australia's Linc Energy to buy the latter's coal assets for Australian dollar 500 million (about Rs.1. Centre to acquire RBI's stake in Nabard and National Housing Bank • After acquiring the Reserve Bank of India's stake in State Bank of India.5 per cent in Nabard and the remaining lies with the government. • At present. Adani has been focussing on its power business and it hopes to achieve generation capacity of more than 16. . • There would be a cash outgo of Rs. Essar Power bought a coal mine in Indonesia and ICVL.450 crore) and NHB (Rs. This will entail cash outgo.1.10. • This misunderstanding between the two regulators was on since January but the government issued ordinance in June. SAIL and NTPC among others. the Ordinance was issued.is not a case of dispute between the government and the regulator but between two or more regulators.900 crore. • “For making provision for transfer of RBI shareholding in Nabard (Rs. • In the recent past. taking the overall deal size to Rs. • Initially the two were asked to settle the matter among themselves but when it did not happen. • Referring to SEBI-IRDA spat. he said.” the first supplementary demands for grants tabled in Parliament said.” The joint committee would only function with the consent of Parliament which was the ultimate authority and there was no move from the government to create a super regulator.
• Upon completion of the transaction. • This would be followed by sale of 10 per cent government holding amounting to 19 crore shares to raise Rs.000 crore. SBI. RIL buys 60 % in Marcellus Shale • Reliance Industries Limited (RIL) said it would acquire a 60 per cent interest in Marcellus Shale acreage in Central and Northeast Pennsylvania for a total consideration of $392 million. Reliance will acquire 100 per cent of Avista's interest and 20 per cent of Carrizo's interests in the joint venture. IOC • Seeking to open the big ticket window of disinvestment. based Carrizo Oil and Gas. a subsidiary of RIL.S.600 crore.1. smallscale industries. handicrafts and other rural crafts.35.000 crore at the current market price of Rs.7. ONGC will disinvest 5 per cent stake to raise about Rs.500 crore for part-financing its capital expenditure programme estimated at Rs. for Rs. with a paid-up capital of Rs. has signed definitive transaction agreements to enter into a Marcellus Shale joint venture with U.000 crore. The shale acreage is now held by Carrizo and ACP II Marcellus LLC (an affiliate of Avista Capital Partners) in a 50:50 joint venture.2. the government acquired the 59.75. respectively.73 per cent stake held by the RBI in the country's largest bank.• Nabard. Reliance and Carrizo will own 60 per cent and 40 per cent interests. • In 2007. cottage and village industries.233 a share. Five-member panel to select Tata successor .14 per cent in the oil major which would come down to 69.13. Pursuant to the transaction. • It was the Narasimhan Committee that recommended the transfer of RBI's stake in State Bank of India.21.531.000 crore through the sale of 5 per cent government equity in Oil and Natural Gas Corporation (ONGC) and 10 per cent in Indian Oil Corporation (IOC) in the current fiscal. The government now holds 74. Nabard and NHB to the government to differentiate the central bank's role as the owner of banks and the sector regulator. in a newly formed joint venture between the companies. • Officials said IOC would be the first to be disinvested but only after it makes an initial public offer of 10 per cent to raise Rs. Centre plans to divest stake in ONGC. Similarly. LLC.14 per cent after disinvestment. • Reliance Marcellus II. the government has proposed to raise Rs.33 crore.9. was set up as an apex development bank with the mandate of facilitating credit flow for promotion and development of agriculture.
likely to be taken up in the House of Representatives next week. Cyrus Mistry and Lord Bhattacharya.• The board of Tata Sons has announced the names of the members constituting the selection committee set up to decide on a suitable successor to Ratan N. by $2. • In a statement. shall be increased by [$2. policy issues. Shirin Bharucha. transparency. a self-regulatory organisation of microfinance institutions (MFIs) in India. if more than 50 per cent of the applicant's employees are non-immigrants. we believe that the extra fees will produce negative consequences for both U. • The text of the bill for emergency supplemental appropriations for border security.” Panel suggests Credit Relief Plan for small farmers hit by natural calamity .S. While we understand the need for heightened border security. code of conduct. Soonawala.. Task forces to monitor microfinance institutions • Microfinance Institutions Network (MFIN). said the organisation had made significant progress in transparency and credit bureau initiatives U. R. said: “The money to pay for this increase would come primarily from raising fees on H-1B and L-1 visas for highly skilled workers. • Vijay Mahajan. a move that may seriously impact the operations of IT-focussed companies such as Infosys. product diversification and media relations. K.” • The National Association of Software and Services Companies (NASSCOM) sharply criticised the bill. Tata. Som Mittal. President of MFIN.000 depending on the profile of the company] for applicants that employ 50 or more employees in the U. president of NASSCOM. which includes N. estimating the impact on Indian companies could be as high as $200 million to $250 million per annum.. A.250 or $2.S. has decided to set up seven task forces to monitor and manage the MFIs and look into credit bureau. Senate hikes visa fees of Indian firms • The United States Senate has passed a border security bill that will raise the visa fees of Indian companies operating in the U. Wipro and the Tata Group. says that until September 2014. and Indian companies. “The filing fee and fraud prevention and detection fee required to be submitted with an application for admission as a non-immigrant.S. who is due to retire as Chairman of the Tata Group in December 2012. human resource development.000 or more. Krishnakumar.S. • The Tata Sons board has formed a five-member selection committee.
• The committee has suggested that the contingency plans for the 127 agroclimatic zones that are being worked out should be factored into the National Contingency Plan for facilitating microlevel implementation as and when the situation arises. floods and other such eventualities. For this the government must prepare a buffer of seeds not only with government agencies but also with individual farmers. “A National Seed Bank will go a long way in this direction. 2010. Controversial ordinance set to become law • On August 2. would not serve much purpose in the absence of authentic field data on soil fertility. the parliamentarians appreciated provision of mini fodder kits to farmers and the fact that government allowed Rashtriya Krishi Vikas Yojna funds to be utilised for purchase of fodder in the drought of 2009. chaired by Basudeb Acharia.• The Parliamentary Standing Committee on Agriculture has urged the Centre to come up with a Credit Relief Plan especially for small and marginal farmers affected by natural calamities like drought or floods. in the context of the alarming frequency with which the natural calamities were occurring due to climate change. a National Fodder Policy.'' the panel has recommended. The panel felt that the Diesel and Power Subsidy scheme that compensated farmers for higher use of diesel to pump out more underground water during drought last kharif should have been better handled. has urged the government to accelerate the Rainfed Area Development Programme. • Seeking implementation of the Soil Health Cards scheme for determining the health of a farmer's field. the panel noted that the nutrient-based fertiliser scheme that had become operational from April 1. set up a National Seed Bank. was . the Securities and Insurance Laws (Amendment and Validation) Bill. The plan should come into operation automatically in such eventualities. late of mid-sowing. and above all. • The committee. more so. a National Contingency Plan to meet situations occurring from drought. the Committee has said in its eleventh report tabled in Parliament. Yet it expressed concern over the shrinking of land area for cattle grazing. • The government must also be prepared with alternate varieties of seeds that are suitable for early. • Noting that lack of fodder was the first casualty in a drought situation.
when the world is so interconnected by the Internet. about 20 PSEs will not have to mandatorily bring down the Centre's equity holding in them.. NTPC. • A new statutory joint committee to be chaired by the Finance Minister will be set up. United Bank of India. These include SJVNL. PowerGrid Corp. PSEs exempt from 25 % public holding norm • In a major drawdown from its stringent listing norms for public sector enterprises (PSEs) announced in June this year. it is clear that the Finance Minister will have the last say. according to government figures released early. China passed Japan in the second quarter to become the world's second-largest economy behind the United States. • Ostensibly. Chop-shop' remark causes outrage • The United States-India Business Council has issued a statement of searing criticism against a Senator who described Indian IT major Infosys as a ‘chop-shop. . The Bill clearly demarcates the regulatory turf: the unit-linked insurance plans (ULIPs) will be regulated by the IRDA. • The RBI Governor will be the Vice-Chairman of the new committee.” China overtakes Japan to become No.passed in the Lok Sabha. Nalco. IOC. said “It is totally outrageous in this day in age. a step above other financial regulators.' • Ron Somers. the government is not allowing the controversial June 18 ordinance to lapse. However.. 2 economic power • After three decades of spectacular growth. SAIL. 2010 notified on June 4 is aimed at pre-empting a stampede of public offerings which would have resulted in extreme volatility in the stock markets.S. the Department of Economic Affairs (DEA) said: “Every listed public sector company shall maintain public shareholding of at least 10 per cent. head of the USIBC. Contrary to what many were hoping for. • In a fresh notification issued. the government scaled down the minimum public shareholding to 10 per cent from the 25 per cent mandated earlier to stay listed.a listed public sector company which has public shareholding below 10 per cent shall increase its public shareholding to at least 10 per cent”. Power Finance Corp. the changes made in the Securities Contracts (Regulation) (Amendment) Rules. among others. • With the new norms now in place. and Oil India. NHPC. It will settle all regulatory disputes over hybrid financial products. Congress that tar-brushes Indian companies as ‘chop shops'. that draconian measures would be floated by the U.
when Tokyo said that in the second quarter.• The milestone was reached. • The zinc. including the giant Rajasthan fields and seven exploration blocks.6 billion • London-listed Anil Aggarwal-led mining group Vedanta Resources announced its decision to acquire a majority of up to 60 per cent stake in Cairn India for $9. yen-rupee and pound-rupee from August 31. said it would launch its operations in currency futures on August 31.25 lakh barrels a day and have the potential to go up to 1. euro-rupee. • The exchange was promoted by 21 public sector banks and five private sector banks. Narayanasami. • For Japan. • The deal will give Vedanta Resources access to India's largest onshore oilfield. India's newest stock exchange for currency derivatives. Vedanta will pay $8.28 trillion. USE to launch trading in currency futures • United Stock Exchange (USE).48 billion to buy Edinburgh-based Cairn Energy's 51 per cent stake in the company.6 billion. said.50 lakh bpd. And during the 1980s. there was even talk about Japan's economy some day overtaking that of the United States. • “We are commencing operations in currency futures in four currency pairs — dollar-rupee. the Japanese economy was valued at about $1. • Vedanta's deal will be contingent on government approval. slightly below China's figure of $1. Japan has had the world's secondlargest economy for much of the past four decades. The gross domestic product of the United States was roughly $14 trillion in 2009. • USE had entered into a strategic partnership with the Bombay Stock Exchange (BSE). S. BSE's Managing Director & CEO Madhu Kannan. .said. to share infrastructure and technical platform. Vedanta to acquire 60 % in Cairn India for $9. • Vedanta Resources will acquire 31 to 40 per cent interest in Cairn India while the remaining 20 per cent would be taken by group firm Sesa Goa. copper and iron ore mining firm will get hold of Cairn India's Mangala oilfields in Rajasthan that are now producing 1.” Managing Director and Chief Executive Officer (CEO) T. which holds a 15 per cent stake. the two firms said in separate statements. as Cairn's three producing oil and gas assets. • Vedanta will be the second largest firm after BHP Billiton to diversify from mining into oil and gas.33 trillion. the figures reflect a decline in economic and political power. according to the World Bank. whose economy has been stagnating for more than a decade.
S. • The agreement follows from the discussions held between Prime Minister Manmohan Singh and President Barack Obama during the former's visit to Washington in November 2009. India indicated that it was readying to drag the U. India-U.• Apart from banks. 2010.S.000 acres additionally to flag off its $2. Department of Energy Daniel Poneman. Formally signed an agreement for cooperation on a joint Clean Energy Research Development Centre.S. industry welcome new trade policy initiatives • Exporters. to dramatically hike H-1B and L1 visa fee discriminatory and protectionist. a subsidiary of Jindal Steel and Power.S.” The agreement was signed by Indian Ambassador Meera Shankar and Deputy Secretary of Energy in the U.S. on increasing security along the U. clean energy research centre established • India and the U. Jaypee Capital. industry and business chambers hailed the new initiatives and sops worth Rs. to WTO • Terming the recent announcement of the U. Jindal Steel gets land for projects in Bolivia • Naveen Jindal-owned Jindal Steel.-Mexico border. • An official statement noted that priority initiatives under the MoU included the setting up of a joint research centre to “foster innovation and joint efforts to accelerate deployment of clean energy technologies. announced that it had got 3.000 for the next five years stating it would help it foot nearly $550 million. the U. • “The fee hike is expected to cost Indian companies. of the proposed expenditure of $650 million.S. India cannot keep quiet on an issue that hurts its commercial interests. MMTC and Indian Potash have also participated in the formation of the United Stock Exchange.S. 1052 crore announced in the annual supplement of the Foreign Trade Policy (FTP) stating that these steps would help India achieve the export target of $200 billion this fiscal. Exporters. to the World Trade Organisation (WTO) on the issue. mainly IT outsourcing firms. Visa fee hike: India may drag U. a bonus incentive (over and above the present benefits) of 2 per cent has been announced by Commerce and Industry Minister Anand Sharma to various . about $200 million annually.” Commerce Secretary Rahul Khullar said • Under the Emergency Border Security Supplemental Appropriations Act. • In order to give immediate relief.S.1-billion steel and power plant in Santa Cruz area of Bolivia. has hiked the fee for certain categories of H-1B and L1 visas by at least $2.
(CEIPL). off Andhra Pradesh coast. • SAIL Chairman C. India to fast track free trade agreements with EU. Cairn strikes oil in KG basin onshore • Cairn India said it had struck oil and gas at a block in the Krishna-Godavari basin. has notified the Directorate General of Hydrocarbons (DGH) of a discovery of oil and gas in the Nagayalanka-1z well. Verma inaugurated the second ladle furnace of steel melting shop-II of Rourkela Steel Plant.70. the operator of the block. • “We are happy that the sectors which were not doing well have been considered. CEIPL. Steel Authority of India Ltd (SAIL) commissioned a unit procured from Italy-based Danieli at its Rourkela Steel Plant. Japan and Malaysia and things were expected to fall in place . SAIL's new unit at Rourkela on stream • As part of its Rs. has a 49 per cent participating interest in the block and ONGC holds the balance 51 per cent participating interest. The extra sops are 2 per cent of the export value. • SAIL is undertaking an estimated Rs. • The Rourkela plant produces about two million tonnes of steel and is targeting to double its annual capacity in the next two years. a wholly owned subsidiary of Cairn India Ltd. 197. • The block is situated in the Krishna-Godavari basin and was awarded under the NELP V bidding round..000-crore capacity augmentation at all of its steel plants. located in the onshore block KG-ONN-2003/1.000-crore expansion programme.70. the company said in a statement. S. • “The ladle furnace is part of a Rs. European Union and Malaysia to expand its trade basket. India is proactively working on concluding Free Trade Agreements (FTAs) with Japan.66-crore scheme for simultaneous blowing in basic oxygen furnace (BOF) convertors of steel melting shop-II.sectors. • Cairn India has informed the Bombay Stock Exchange that Cairn Energy India Pty Ltd. The country's largest steel producer has targeted to install an annual production capacity of about 23 million tonnes against the present 14 million tonnes. • Union Commerce Minister Anand Sharma said that efforts were on to give a new push to FTA negotiations with European Union. Sakthivel said. Japan and Malaysia • With little or no progress in the Doha Round of World Trade Organisation (WTO) multilateral trade talks for the last more than one year.” Federation of Indian Export Organisations (FIEO) President A. Extension of the Duty Entitlement Pass Book (DEPB) Scheme and interest subvention are welcome steps.
Mr. • The Bill seeks to impose MAT at 20 per cent of the book profit as against 18 per cent being levied currently. • Apart from the fact that direct taxes is the sole prerogative of the Centre without any direct involvement of the States. • On the corporate tax front also. Direct Taxes Code only from April 2012 • In a surprise move and to the disappointment of taxpayers. 2011. India signed trade in goods agreement with the Association of SouthEast Asian Nations (ASEAN) last year. 20 per cent on income of Rs. Alongside. • At present. the just-in-time Cabinet nod for the DTC Bill has set in motion the procedure for the legislative process. income between Rs. Mukherjee indicated that the levy is sought to be retained at the existing level of 30 per cent. it had suggested tax on some of the long-term saving and investment avenues such as provident fund which currently enjoy tax relief even at the time of withdrawal. • Mr. the Direct Taxes Code (DTC) Bill is on course for implementation from April 1. 1. out of the ten nations that form ASEAN. • For one.within one year. Thailand and Malaysia — have operationalised the agreement so far. Sharma said before his departure to Vietnam to attend a two-day Ministerial Meeting of ASEAN Trade Ministers. 10-25 lakh and 30 per cent beyond that. • Under the Direct Taxes Code Bill. However. 2012. 2010 — tabled in the Lok Sabha by Finance Minister Pranab . 5-8 lakh bracket and 30 per cent for above Rs.60-10 lakh. 1. and sought to waive the preferential treatment to women in tax payment in the name of gender equity. the first draft had suggested 10 per cent tax on income of Rs. the government deferred the implementation of the Direct Taxes Code (DTC) by a year to April 1. is owing to the changes that had to be carried out on the issue of MAT (minimum alternate tax). but without any surcharge or cesses on it. only four — Vietnam. 5 lakh attracts 10 per cent tax. 8 lakh. however. evidently. Singapore.65 lakh and Rs. The agreement came into force from January 1 this year. DTC Bill on track for implementation • Unlike the Constitution Amendment Bill on the proposed Goods and Services Tax (GST) which remains mired in confusion and controversy owing to the delicate question of infringing on the fiscal autonomy of States in indirect taxation. This again. while the rate is 20 per cent for the Rs.
. • While senior citizens (above 65 years) will enjoy a higher exemption of Rs.320 MW in the neighbouring country. NTPC signs MoU with Bangladesh Power • NTPC signed a Memorandum of Understanding (MoU) with the Bangladesh Power Development Board (BPDB) to set up thermal power projects of 1.2. • His comments also followed in the wake of steps taken by the U.Mukherjee and referred to the Select Committee of Parliament for scrutiny — the government has sought to raise the income tax exemption limit from Rs. Senator Charles Schumer.1. Congress to hike the fees for H1-B and L visas. women taxpayers will have no additional relief as they have not been categorised separately.13.S. ECONOMY: September 2010 No tax breaks for firms creating jobs outside U.5 lakh.S. • The company's coal requirement is likely touch 165 million tonnes in 2011-12. • USEIB reportedly reversed an earlier decision to reject the financing request when its board of directors unanimously voted to approve the loan for the 3.200 crore. the levy will be at a flat rate of 30 per cent with no surcharges or cesses. operations.960 MW Sasan power plant in Madhya Pradesh. and had identified 2-3 such properties. The outlay on the coal-fired power plants to be set up at Chittagong and Khulna is estimated at Rs.6 lakh to Rs. President Barack Obama in his latest speech on the economy said that he would press for tax breaks only for companies that created jobs on U. • As for corporate taxes.S.2 lakh while retaining a host of incentives for individuals. Australia. U.S. • Persisting with the theme of protecting American jobs. Following the passage of this bill and comments by its sponsor. The minimum alternate tax (MAT) will be levied on book profits at 20 per cent. mostly requested by Indian companies with U. The plants are likely to be installed on a 50:50 equity basis. soil and not those that created jobs abroad.S. of which it may import 12-15 million tonnes • NTPC was looking at acquiring coal blocks in Queensland and North South Wales. Exim Bank clears loan for Reliance Power • Reliance Power has won a $917 million loan from the United States ExportImport Bank (USEIB) for the purpose of building a coal-fired power plant in India.
7 per cent a year ago.-based Carrizo. • Its subsidiary.000 crore by the end of this fiscal.400 crore by the end of 2011. “We plan to take our NRI deposit base to around Rs.” Indian companies and industry bodies such as National Association of Software and Service Companies (Nasscom) had warned of negative fallout of protectionism. released on Friday. Dhanlaxmi Bank to ramp up NRI deposit base • The Kerala-based Dhanlaxmi Bank will ramp up its Non-resident Indian (NRI) deposit base and devise a strategy to double its business (in the segment) to Rs.S. soared to 63 per cent from 1. The Index of Industrial Production (IIP) data for July.1. setting at rest doubts on economic expansion growth. showed that the output of capital goods. used by the manufacturing industry. Reliance acquired a 20 per cent . had signed a definitive transaction agreement to enter into a Marcellus Shale joint venture with the U.4 per cent a year ago.000 crore from the present Rs. The NRI deposit base was around 5 per cent of the total deposits RIL completes deal to buy 60% stake in U.5 per cent economic growth this fiscal.S.criticising companies such as Infosys for being “body shops. Industrial output doubled in July • Industrial output nearly doubled to 13.” Dhanlaxmi Bank branch banking & NRI business head Salil Datar said here recently. Concern over Ohio move • Union Minister for Commerce and Industry Anand Sharma expressed concern over the move by the State of Ohio in the United States to ban outsourcing of IT services. dispelling fears of a dip in demand and giving an impetus to achieving 8. • Carrizo Oil & Gas Inc announced that the company closed its previously announced joint venture transaction in the Marcellus Shale with a subsidiary of Reliance Industries Limited. • Joint venture-In connection with the joint venture.8 per cent in July. Reliance Marcellus II LLC. firm • Mukesh Ambani-led Reliance Industries Limited (RIL) announced the completion of its deal to acquire a 60 per cent stake in the United States-based Marcellus Shale gas asset for $392 million.1. • RIL had announced on August 5 that it would buy its third Shale gas asset in the United States. The manufacturing sector output grew 15 per cent in the month against 7.
S.000 for certain H-1B visas and $2. Congress enacted an Emergency Border Security Supplemental Appropriations Act. India has also criticised the U. Highlights of Direct Taxes Code Bill • The Federal Bank has announced that its ATM network has been linked to the IndiaPay National Financial Switch managed by National Payments Corporation of India (NPCI). visa fee hike issue' • India said it was trying to sort out the issue of the H-1B and L-1A visa fee hike and the outsourcing ban issues through bilateral means with the United States.S. which hiked the visa fees for short-term Indian IT services .4 million in cash to Carrizo at closing with $1. which India has termed as discriminatory and against the spirit of fair trade rules of the WTO. • The multilateral trade agreement under negotiations among 153 members of the WTO since 2001 was to be concluded in 2004. This is India's largest network of shared ATMs.upscportal. government recently increased visa fee by $2.S. State of Ohio's decision to forbid outsourcing of IT services by government departments.250 for L-1A and L-1B visas. Doha Round to miss deadlin • The contentious Doha Round of trade talks of the World trade Organization (WTO) will miss the 2010 deadline due to domestic compulsions of U.interest in approximately 52. Since then.S. it has missed several deadlines in the face of differences between developing and developed countries on giving commitments on market opening..200 ATMs across 44 banks all over India. which connects around 61. Khullar said.upscportal.Reliance Downloaded from: http://www.com www. • The U. that has made the agreement almost impossible.S.'' Mr. the U. No immediate plans to go to WTO court on U. • Speaking at a seminar organised by the Confederation of Indian Industry on the issue.com paid $11. and had no immediate plans to go to the World Trade Organisation (WTO) court. “The deal is not going to get done in 2010. Commerce Secretary Rahul Khullar said the global trade agreement would not happen this year as was originally envisaged in the Delhi declaration adopted in September last year. • Recently.200 net Carrizo acres in Pennsylvania considered highly prospective for Marcellus Shale natural gas at a purchase price of $65 million.7 million more expected later this year.
869 crore. a senior Commerce and Industry official said. Sembcorp is a wholly-owned subsidiary of Sembcorp Industries Ltd. Anand Sharma bestowed the award to HMIL. called “Indii. Gayatri ties up funds for power project • Gayatri Projects and Sembcorp Utilities Pte Ltd achieved financial closure for their 1. says a release. The company was executing the Phase-I of the project (2x660 MW) at a total outlay of Rs. and also aims to reach out to the Indian diaspora in different continents in the next 12 months. HMIL was awarded the Gold Trophy in the large enterprise category. “This would give better picture of the price variation..5 % in August under new WPI series • Switching over to a new series of Wholesale Price Index (WPI) with 2004-05 as the base .S.320 MW joint venture power project.” a senior official said. washing machine.upscportal. The new series of Wholesale Price Index (WPI) for August with additional 241 items and change in the base year from 1993-94 to 2004-05 will be released. gold and silver will be reflected in the new series of WPI inflation to be released. the WPI will measure a total of 676 items against the existing 435.upscportal. to launch the country's first global chain of Indian restaurants.com www. 100. at a function organised recently in Bangalore.providers. being set up at Krishnapatnam. says a release.” The Rs.6. Better picture • With these items. The Union Minister of Commerce & Industry. Hyundai Motor bags EEPC award • Hyundai Motor India has been conferred the ‘All India award for export excellence 2008-09' by the Engineering Export Promotion Council (EEPC). the U. Thermal Powertech Corporation India Ltd. Downloaded from: http://www.com Wholesale Price Index: new series comes into being • Consumer items widely used by the middle class like ice-cream. Sanjeev Kapoor. BVB to launch chain of restaurants • Better Value Brands (BVB) has joined hands with Master Chef and gourmet food expert. says a release. mineral water. Inflation slips to 8. is believed to be considering several more restrictive trade measures. flowers.In addition.crore joint venture plans to set up 70 Indii outlets across the country. microwave oven.
4 per cent stake.com Indian Hotels unveils ‘Vivanta by Taj' brand • The Tata Group's flagship in the hospitality segment. • “The joint venture between the two PSUs is mutually beneficial. a portfolio of 19 properties across the country in the “upper upscale” segment. • Since the two WPI series are not comparable in view of the vast difference in the basket of commodities and their weight in calculating inflation. for jointly setting up a railway wagon-making unit in Kulti in West Bengal at a cost of Rs.97 per cent in July under the old series. Downloaded from: http://www. S. announced on Tuesday the launch of its new brand. the government on Tuesday revealed that headline inflation in August stood pegged at a seven-month low of 8.upscportal. Tata Steel buys into Canadian iron ore mines • Tata Steel on Tuesday said it would acquire 80 per cent stake in an iron ore mining project in Canada for about Rs. RITES ink pact to float joint venture • Steel Authority of India Ltd.1 million tonnes of proven and probable mineral reserves. 120 crore.51 per cent as against 9.com www. • Under the new WPI series aimed at capturing the price movement in a more realistic way in keeping with the times. This 50:50 joint venture will help bridge the gap. Verma said. data on the old series released along with the new index also reflected a drop in the rate of price rise to 9. the decline in inflation was mainly on account of easing prices of food items such as vegetables. a move that will help the steel maker boost its raw material supply. in which Tata Steel holds 27.'' SAIL Chairman C. Vivanta by Taj. It will lead to many more such collaborations between them.5 per cent in August.000 wagons. The Indian Hotels Company Ltd (IHCL). . cereals and pulses. • The Direct Shipping Ore (DSO) project is owned by Canada-based New Millennium Capital Corp. • “This is a red-letter day in SAIL's history.year.'' Union Steel Minister Virbhadra Singh told reporters here after the signing ceremony.350 crore.upscportal. (SAIL) inked an agreement with RITES. The project contains 64. a subsidiary of the Indian Railways. as every year there is a shortfall of 6.1. SAIL.
” ABB India's Vice-Chairman and Managing Director Biplab Majumder said in a statement. Vishal Retail said the sale. Meanwhile. The bank will formulate a scheme for the take-over.” it said. Memon Cooperative Bank has 14 branches in Maharashtra and four in Gujarat. Downloaded from: http://www. seeking to further expand their cooperation. SAIL.000 units and it is expected to rise further once the dedicated freight corridors start coming up.upscportal. which has an annual production capacity of about 14 million tonnes. BoB to take over Memon co-op bank • Bank of Baroda (BoB) informed the Bombay Stock Exchange (BSE) said that it has decided to take over “specific assets and liabilities” of the Mumbai-based Memon Cooperative Bank Ltd. • The present wagon demand in the country is around 25.8. “Approvals of the Central Government and the Reserve Bank of India have been received for the purpose. for a combined value of Rs.com ABB to acquire Metsys Engineering • ABB India. .100 crore. a consortium of PSUs such as SAIL and Coal India has joined hands with RITES to prepare a feasibility report on the possible buyouts of coal blocks in Indonesia and Mozambique. Kolkata.50 crore. International Coal Ventures. In an announcement to the stock exchanges.“This acquisition will help us to further strengthening our strong position in the metals business and our portfolio in this growing sector.upscportal. • Railway Minister Mamata Banerjee had earlier said the tentative name of the factory would be the Bengal Wagon Industry. SAIL will provide its surplus land in Kulti. will also supply its specialised steel products to the proposed wagon-making unit. however. Vishal to sell retail.• For the project. “which will be subject to further approvals of the appropriate competent authorities.com www. The location of the plant would be near the Chittaranjan Locomotive Works. in West Bengal.” The RBI had restricted its operations in May 2009. and the wholesale division to the private equity firm TPG. announced the acquisition of Bangalore-based Metsys Engineering and Consultancy.The deal size is estimated at Rs. wholesale divisions • Discount retailer Vishal Retail has said that it would sell its retail trading business to Shriram Group. near Burnpur. does not include the firm's properties in Hubli.
The product ensures regular tax -free monthly benefit for 15 years. Shriram Group is a Chennai-based diversified group. “This is our second acquisition in about a week's time. says a company release. has announced a strategic tie-up with Bharat Sanchar Nigam Ltd.6 billion.20.14 crore. says a releas Olive Telecom ties up with BSNL • Olive Telecom.13. Downloaded from: http://www. • Billionaire Anil Agarwal-led Vedanta Group is buying Cairn Energy's 40-51 per cent stake in Cairn India and has made an open offer for an additional 20 per cent stake which will take the deal size to $9.com EPF interest hiked to 9.upscportal. which deals in property.5 per cent for 2010-11 for their savings in the Provident Fund account.S. KEC International said it was acquiring home-grown Jay Railway Signalling for close to Rs.-based SAE Towers Holdings.999. even as the target company formed a two-member panel to look into the offer made to minority shareholders.4 crore workers and employees of the public and private sectors in the country will receive an interest rate of 9. .96 crore. the Olive Zipbook is powered by Intel Pentium N450 processor and the users have the Windows 7 OS with Windows works. Priced at Rs.5 per cent instead of 8. The company has also launched two new unitlinked insurance producdts — Dhan Suraksha 3 and Dhan Suraksha 3 Premium — which comply with new IRDA regulations.” KEC MD & CEO Ramesh Chandak told. (BSNL) offering India's first 3G embedded Zipbook V-X108 bundled with BSNL 3G connectivity nationwide.upscportal. finance and insurance.5% • Over 4.Dehradun and Jabalpur.com www. Vedanta open offer for Cairn awaits SEBI nod • Market regulator Securities and Exchange Board of India (SEBI) has not yet approved the open offer made by Vedanta Group to Cairn India shareholders. Star Union Dai-ichi launches three products • Star Union Dai-ichi Life Insurance Company has come out with a new traditional endowment product ‘Defined benefit endowment plan'. a leading convergence solutions device developer. KEC acquires Jay Railway Signalling • A week after sealing the $95-million buyout of U. live and security essentials. We have signed a definitive share purchase agreement to acquire Jay Railway Signalling Pvt Ltd for Rs.
Srinivasan in the Supreme Court. argued senior counsel Rohinton Nariman.5 per cent at $16.upscportal. To cater to the different needs of customers. the Reserve Bank of India raised the indicative short-term lending (repo) rate by 25 basis points to 6 per cent from 5.6 per cent at $29.ICICI Bank. The card is powered by a uniquely rewarding miles programme coupled with exclusive travel and lifestyle privileges for discerning customers. Platinum and Titanium — according to a statement issued here. • The Treaty on Maritime Delimitation and Cooperation in the Barents Sea and the Arctic Ocean was signed in the Russian northern seaport of Murmansk by the Russian and Downloaded from: http://www.5 per cent with immediate effect.com www. In the Indian Premier League and its Managing Director N.com Norwegian Foreign Ministers in the presence of Russian President Dmitry Medvedev and Norwegian Prime Minister Jens Stoltenberg. • However. • “Things are going so far according to our plan and we should be able to reach our exports target of $200 billion.upscportal. ending a 40-year dispute over an energy-rich area in the Barents Sea. RBI hikes key policy rates to tame inflatio • In an aggressive move to tame inflation and inflationary pressure. the card is available in 3 variants — World.75 per cent and the borrowing (reverse repo) rate by 50 basis points to 5 per cent from 4. • The repo rate is the rate at which the RBI lends money to banks and the reverse repo . the renewed demand for Indian goods in western and European markets has given hope to policymakers of achieving the $200-billion export target for the current fiscal. Exports rise 23 % in August • Exports grew by 22.'' Commerce Secretary Rahul Khullar told reporters. Kingfisher launch credit card • ICICI Bank and Kingfisher Airlines announced the launch of ICICI Bank Kingfisher Airlines MasterCard Credit Card. Russia. No conflict of interest: Srinivasan's counsel 1. Norway sign Arctic border pact • Russia and Norway have signed an Arctic border pact.7 billion. appearing for Mr.64 billion in August on improved global demand and imports too jumped at a higher pace of 32.06 billion. leaving a worrisome trade gap of $13. Srinivasan being the Secretary of the Board of Control for Cricket in India (BCCI).
would “contain inflation and anchor inflationary expectations without disrupting growth and reduce the volatility in overnight call money rates and strengthen the monetary transmission mechanism.rate is the rate at which banks park their funds with the central bank.” The RBI said in its Mid-quarter Monetary Policy Review. cleared the draft mining bill.K. EU bans import of branded Indian honey • The European Union has banned the import of branded honey from India after laboratory . Videocon customers can stay connected to the real time information flow regardless of the location and can tweet by a single SMS said. Handique told journalists after the meeting. One more sitting of the GoM remains. • These measures. Downloaded from: http://www. as a regulator. At present it functions under the Department of Consumer Affairs. • The FC(R) Act. Videocon partners Twitter • Videocon Telecommunications has entered into an agreement with Twitter to serve the communication needs of Twitter users. Director of Business Development-Twitter. to become an autonomous body with powers to regulate the market on the lines of the Securities and Exchange Board of India. of profit for affected people • The Group of Ministers.com Mines: 26 p. and after which it will go to the Cabinet. that amends the Forward Contract (Regulation) Act and the Multi-State Cooperative Societies (Amendment) Bill.upscportal. which makes it mandatory for miners to share 26 per cent of their profits with the people affected by their projects. 2010. according to the central bank. 2010.” Union Minister for Mines B.c. • “It is largely approved.com www. Both Bills will be tabled in the next session of Parliament.Senior officials said the Union Ministry of Mines would work on the final draftof the bill. 1952. in a release. provides for the regulation of commodity futures markets and the establishment of the Forward Markets Commission (FMC).upscportal. Cabinet approves Bill to make FMC autonomous • The Union Cabinet approved for introduction in Parliament the Forward Contracts (Regulation) Amendment Bill. that seeks to improve the accountability of cooperatives. headed by Finance Minister Pranab Mukherjee. • This is the first mid-quarter policy review since the RBI said it would increase the frequency of its policy reviews to eight from four in a year. Whatever we have suggested has by and large been approved. Kevin Thau. • The proposed amendments will enable the FMC.
Bharat Heavy Electricals Ltd.com Essar Steel's retail initiative • The retail business of Essar Steel through hypermart and expressmart formats contributes in good measure to its revenues. Jivo Wellness opens second canola oil plant in Delhi • Jivo Wellness said it was aiming for Rs. District Mineral Foundation. With good monsoon. Downloaded from: http://www. Proposes a fund. Centre expects better grain output .upscportal. • Delivering his keynote address at a conference on ‘International cooperation in times of global crisis: Views from G-20 countries.tests showed a high level of lead and antibiotics in the samples.037-crore orders from clients in the private sector. for sourcing canola oil. company CEO Malay Mukherjee said. Bharti ropes in IBM for African operations • Bharti Airtel said it had tied up with technology major IBM for managing its computing technology and services for its African operations spanning 16 countries. The strategic partnership would enable Bharti Airtel to scale up its network and systems to cater to more than 10-crore African customers by 2012. according to Asit Tripathy.upscportal. India exhorts G-20 nations to coordinate policies • India exhorted the G-20 member countries to work together to support a wellfunctioning international economy by coordinating their policy actions in a manner that can ensure strong. • The company. which has tied up with Canada-based Richardson Oilseed Ltd. and the beneficiaries will be paid out of it.com www. chairman of the Agricultural and Processed Food Products Export Development Authority.100 crore sales over the next two years from its ‘ Jivo' canola edible oil brand. Finance Minister Pranab Mukherjee pointed out that the financial and economic crisis of 2007-09 had not only exposed the fragility of existing global financial and economic institutions and the limitations of existing macro-economic policy tools but had also provided an opportunity to the world for new thinking in the world of finance and globalisation. sustainable and balanced growth. BHEL secures major orders • Breaking the myth that the company was piggy bank ridding on the back of orders from public sector undertakings (PSUs). (BHEL) said it had secured 90 per cent of the Rs.59. opened its second bottling plant in the capital.
. President. Federal Bank and Fortis Insurance International. Two days earlier.47 million tonnes. The scheduled Mid-quarter Monetary Policy review took place. a unit of Aditya Birla Nuvo. Krishnamoorthy. Grain production during 2008-09 was 234. India emerging as a major outsourcing hub for engineering services • The automotive industry will start outsourcing 40 per cent of its engineering activities to the engineering service providers by 2015. the country expects the grain production during the 2010-11 crop year to touch. sports and some other items by up to 30 per cent. Textile Division. is obviously relevant to the RBI. plans to have 100 exclusive showrooms in two years to meet the surging demand for linen. the output is expected to be about 218 million tonnes Duty drawback rates slashed for exporters • The Central Board of Excise and Customs (CBEC) has decided to reduce duty drawbacks (tax refund) for exporters of leather. the premium brand from Jaya Shree Textiles. Nearly 15 per cent of the total outsourced automotive engineering services were catered to by subsidiaries of Indian original equipment manufacturers Monetary policy evokes renewed interest • Last week was eventful for the Reserve Bank of India and its monetary policy. Recently. according to S. • The connection between the two is fairly obvious. Aditya Birla group. The Monetary policy has traditionally been trying to balance its two key objectives of maintaining price stability and providing credit for the real sector. Change in name of insurance JV to help boost business • The recent change in the name of IDBI Fortis Life Insurance Company Ltd. • In its new notification. During 2009-10. The new measure. the last best level of 2008. textiles. claimed to capture the rate of price rise more accurately. to IDBI . the Centre announced a new series of Wholesale Price Index (WPI) to measure inflation. the CBEC has said the new rates will be effective from September 20. Shree Textiles opens Linen Club showroom • Linen Club. a joint venture floated by IDBI Bank.• With good monsoon this season. the focus of the policy has shifted towards controlling inflation at all costs. or even exceed.
an OVL subsidiary in Russia. • Edinburgh-based Cairn said its Alpha-1S1 well in the sea between Greenland and Canada . is expected to help boost the company's operations in Kerala.upscportal. • U..2.Federal Life Insurance Company Ltd. • OVL submitted its application through Nord Imperial.S.S. even as its proposed bidding partner. • The Indian company is the only foreign bidder competing for what has been described as a “jewel” among the Russian oil reserves. Federal Bank has a very strong presence in South India. Russia's No. TNK-BP. Cairn finds oil in Greenland • U. The offer was made by Abhay Oswal. Rosaiah during their meeting OVL bids for two new Russian oil fields • ONGC-Videsh Ltd. chairman and managing director of Oswal Chemicals and Fertilisers to Chief Minister K.K. and mid-sized firm Bashneft. OVL faces tough competition from five Russian rivals — LUKOIL. President Barack Obama speaks at a discussion on jobs and the economy hosted byCNBC in Washington. Kerala. which is part of Imperial Energy. • With its brand name coming into the title of the insurance company. (OVL) has bid for Russia's strategic Trebs and Titov oil fields. the National Bureau of Economic Research (NBER) said Private sector can help meet skilled workforce target • Finance Minister Pranab Mukherjee said India was faced with a major challenge of creating a skilled workforce of 150 million by 2022 and the National Skill Development Corporation (NSDC) had made a good beginning in this regard. Russia's natural gas monopoly. Russia's fourth-largest oil producer.upscportal. Surgutneftegaz. Federal Bank expects to grow its insurance business at a much faster pace in the State. has pulled out of the race.-based Cairn Energy announced that it had made its first oil discovery off the coast of Greenland.2 oil producer.000crore urea plant and Rs. Downloaded from: http://www. Proposal to set up fertilizer plants • The Oswal Chemicals and Fertilisers Limited has offered to set up Rs. hours before the bidding closed.000-crore di-ammonium phosphate plant in the State. exited recession in June 2009 • U. economy exited recession in June 2009. particularly in its home State. Rosneft. half-controlled by British Petroleum. Gazprom.com www.5.S.com • The U. its officials said.
• According to an official statement here.com offshoring space with the widest range of services. and customer diversity. Crisil to buy Pipal for $13 m • Crisil has signed an agreement to purchase the business of Pipal Research Corporation (Pipal). a leading player in the knowledge process outsourcing (KPO) industry for a consideration of $12.upscportal. In the five-year period 201015. has consistently been ranked as the leading financial services and investment KPO firm by the Datamonitor Black Book of Outsourcing.upscportal. have established a 51:49 joint venture to develop the Zegna brand in India. the government raised the cap on investment by foreign institutional investors (FIIs) in the country's debt and bond markets by $10 billion to $30 billion. FIIs will now be allowed to invest up to $5 billion more in both government bonds and corporate papers after they reach the existing cap of $5 billion and $15 billion in the two instruments. more than ten stores across six to seven cities will be opened. Irevna. The Irevna-Pipal combination will be uniquely positioned in the high-end analytical Downloaded from: http://www. respectively. clients and delivery locations are complementary to Irevna's. a part of the Reliance Group.found oil over a 400-metre section and encountered gas reserves. • Crisil's KPO division. Headquartered in Chicago. Valued at $62 million. a leader in luxury menswear and one of Italy's family-driven enterprises. Besides. geographic locations. the company said IBM to offer IT support services • IBM said it had signed a 10-year business transformation and information technology (IT) services agreement with Jet Airways.com www.75 million. FIIs are . FII investment cap raised by $10 b in debt markets • Aimed at bridging the financing gap in infrastructure business and ensuring India's growing attractiveness as an investment destination. and Reliance Brands. enabling the combine to strengthen its leadership in the KPO industry. Reliance Brands' venture with Italian firm • Ermenegildo Zegna Group. the agreement will help Jet Airways achieve significant growth by aligning the company's IT with business strategy. Pipal's services.
com .permitted to invest $5 billion in bonds of infrastructure companies and government bonds with a residual maturity of over five years.800 crore from JFE Holdings of Japan following a deal in July this year when JSW sold a 14.4. India is just one of several countries that have demanded access to encrypted data over concerns about security and cultural sensitivities. Union Commerce and Industry Minister Anand Sharma said that bilateral trade between India and Canada will triple to $15 billion in the next five years. exploration and production. Taj unveils new brand in Sri Lanka • Taj Hotels Resorts and Palaces announced ‘brand new architecture' for its existing chain in Sri Lanka and said that it would look for more sites to expand in the post-war island nation.800 crore from Japanese firm • JSW Steel has received Rs. who is currently on a visit to Canada with a high power business delegation. The company anticipates that the delisting of its ADRs from the NYSE would be effective on or about October 14. Mahindra Satyam to delist ADRs • Satyam Computer Services Limited (Mahindra Satyam) announced that it has notified the New York Stock Exchange (NYSE) of its intent to delist its American Depositary Receipts (ADRs). power Downloaded from: http://www. JSW Steel gets Rs. Securities and Exchange Commission (SEC).S. in accordance with the rules and regulations of the U. • A release said. on India's determination to gain access to BlackBerry corporate e-mails and its threat to ban RIM (Research-In-Motion) if it is denied that access. Efforts on to expand trade with Canada • Seeking further strengthening of the strategic partnership between the two countries. BPCL to diversify into gas. power • Bharat Petroleum Corporation Ltd (BPCL) has chalked out a five-year strategy to diversify its business into other core areas like gas. also held discussions with the Canadian International Trade Minister. the company intends to file Form 25 (Notification of removal from listing) on or about October 4. Currently the group has three properties in Sri Lanka.99 per cent stake to JFE. • Mr. and a four-star hotel at Seeduwa near the international airport.4.upscportal. Sharma. Five-star hotels in Colombo and Bentota. a coastal town 65 km south of the Capital. Peter Van Loan at Ottawa.
The scheme is applicable to all citizens in the unorganised sector who join the New Pension Scheme (NPS). Unilever to buy Alberto Culver • Consumer goods major Unilever said it would acquire U. a top company official said.com generation.400 crore. which was recently accorded the infrastructure finance company status by the Reserve Bank of India. Kuwait evinces interest in acquiring stake in Indian Oil Corporation • Eyeing the disinvestment lined up by the UPA-II in Indian Oil Corporation (IOC). Reliance Capital plans to enter banking • Reliance Capital plans to enter the banking sector once the Reserve Bank of India (RBI) is ready with its final guidelines for new banking licence.-based Alberto Culver Company for $3. IDFC launches infra bonds • Infrastructure Development Finance Company (IDFC). • The Income-tax Department had raised a demand for Rs.000 crore.12. increasing its market share and refining capacity. Mukherjee in his budget speech for 2010-11. a move that would help in strengthening its global position in both hair care and skin care categories. subject to their meeting the eligibility criteria. • The Centre has already approved the operational guidelines for the scheme which was announced by Mr.000 crore as tax on the 2007 deal. which has challenged the Bombay High Court order allowing the government to tax the company's $11-billion deal with Hutch. ADB upgrades India's growth forecast . launched the country's first tax-free infrastructure bonds to raise Rs. The scheme is to be funded by grants from the Centre. Pranab to launch LIC's Swavalamban scheme today • Finance Minister Pranab Mukherjee is scheduled to formally launch the ‘Swavalamban Scheme' of Life Insurance Corporation (LIC) at Murshidabad in West Bengal.S. Kuwait's Petroleum Minister Sheikh Ahmad al-Abdullah al-Sabah expressed the desire of his Government to pick up a stake in state-run IOC if the Government opts for strategic sale Supreme Court refuses stay for Vodafone • The Supreme Court refused to offer any immediate relief to Vodafone.55.7 billion in an all cash deal.www.upscportal.3. an official statement said here. worth about Rs.
representing net flow of income out of the country barring capital movements. however. a 50:50-joint venture between U. providing online interactive healthcare in real-time basis by utilising modern technology and telecommunications. surged three-fold to $13.com International coir fair in Alappuzha in November • The State Coir Development Department.-based Tyco Electronics (TE) and RPG Enterprises. expressed concern over persistent high inflation and rising value of rupee that could undermine future economic expansion. in association with various departments and agencies.6 billion Cairn-Vedanta deal which has run into trouble with the authorities. Downloaded from: http://www.S.upscportal. will organise an international coir fair from November 25 to 30 in Alappuzha.upscportal. Aircel to offer Apollo healthcare services • Aircel launched the first tele-healthcare delivery on mobile in association with the Apollo Hospitals Group.5 per cent from 8. Tyco to merge Indian energy business into Raychem RPG • Raychem RPG Ltd.com www.• Asian Development Bank (ADB) upgraded India's growth forecast for the current fiscal to 8. (RRL). Three-fold rise in current account deficit • India' current account deficit. Centre rejects GST's alternative model • The Centre has rejected the alternative model of Goods and Services Tax (GST) suggested by the empowered panel of State Finance Ministers and a few BJPruled States.7 billion in the April-June quarter over the same period last year. which was suggested as a strategy to obviate the need for amendment to the Constitution. creating a single entity. • The increase in current account deficit (CAD) during the quarter is due to higher imports because of economic recovery and larger payments overseas for certain . announced that TE would integrate its energy business in India into RRL. ONGC seeks legal opinion on Cairn-Vedanta deal • State-owned Oil and Natural Gas Corporation (ONGC) is learnt to have sought legal opinion from the Solicitor General of India on its right and legal position in the $9. It. ‘Aircel Apollo Mobile HealthCare' will address the healthcare needs of the masses through tele-medicine.2 per cent in April this year. thereby measures.
the deposit rates for 15-45 days and 46-80 days would remain at the current level of 4 per cent.. food inflation surged further to 16.. Downloaded from: http://www. to IDBI Federal Life Insurance Company Ltd.46 in the previous week.44 per cent for the week ended September 18 from 15. C. The proposal is now under consideration of the Ministry of Corporate Affairs. according to the data on Balance of Payments (BOP) released by the Reserve Bank of India (RBI) Food inflation surges to 16. Federal Bank has a very strong presence in South India.com • Continuing its march for the fifth straight week. with India's High Commissioner T. a joint venture floated by IDBI Bank. is expected to help boost the company's operations in Kerala. shareholders also approved the board recommendation for final dividend payment of 17 per cent on paid-up equity. particularly in its home State. This takes the total dividend payment for 2009-10 to 33 per cent. ICICI Bank opens branch in Singapore • ICICI Bank opened a retail branch in Singapore. 1956.services. Kerala. Raghavan symbolically signing the first account. effective October 1. Change in name of insurance JV to help boost business • The recent change in the name of IDBI Fortis Life Insurance Company Ltd. (SAIL) approved the scheme of merger of Maharashtra Elektrosmelt Ltd.391-394 of the Companies Act.upscportal. apart from the interim dividend of 16 per cent already paid earlier this year. • At the SAIL's 38th annual general meeting. Shareholders approve SAIL-MEL merger • Shareholders of Steel Authority of India Ltd. Further the rate for deposits of 181 days to less than one year would be the same at 6 per cent. . Federal Bank and Fortis Insurance International. • However.com www. mainly driven by higher prices of essentials following supply disruptions on account of heavy rains and floods SBI hikes deposit rates • State Bank of India (SBI) revised upwards its deposit rates by 25-75 basis points for various maturities.upscportal. (MEL) with the ‘Maharatna' company under Sec. A.44 per cent measures.
In August.measures. Imports grew by 33.com ECONOMY Exports surge 23 % to $16. Hailing the 22. the trade deficit widened to $13.upscportal.62 billion.5 per cent to $16. Federation of Indian Export Organisations (FIEO).28 billion logged in the same period a year earlier. Downloaded from: http://www.27 billion on a year-on-year basis.89 billion. India's exports rose more than 30 per cent each month between November and June.03 billion as compared to the year-ago period.5 per cent growth. imports also jumped by 32.1 per cent to $141.2 per cent year-on-year to $29.upscportal. outstripping the deficit of $40.6 per cent to $85. • The government is aiming for around 15 per cent export growth in the current fiscal year to March 2011 after a drop of nearly 5 per cent in the previous year and is confident that it will be able to touch the $200-billion export target set for 2010-11. • The trade deficit for the period stood at $56.com www. exports posted a growth rate of 28. according to the government data released.64 billion in August as compared to the same period last fiscal.64 b in August • India's exports continued to surge for the tenth successive month growing by 22. • However. IDBI Bank to finance MSMEs with SIDBI . Shakthivel said it reiterated FIEO's view that India's exporters were on our course to realise the export target or even surpass it to reach $210 billion.67 billion in August. • During April-August this fiscal. President A.
including joint-financing of micro. Downloaded from: http://www. the official said Mercedes to enter financing business • Mercedes-Benz said it was planning to enter the financing services business in India.• IDBI Bank announced a number of new initiatives. M.com IDBI Bank Chairman and Managing Director R. Mumbai. but due to the foreign exchange crisis of the 1990s. small and medium enterprises (MSMEs) with Small Industries Development Bank of India (SIDBI). Deora to pitch for India buying BP's Vietnam assets • India will seek to “seal the deal'' for buying BP plc's stake in Vietnam gas fields when the British energy firm's newly appointed Chief Executive Officer Robert Dudley visits India next week. • The bank will also offer extended banking hours from 8 am to 8 pm in these five cities with a view to providing convenience to its customers.upscportal.46 million. Mr.3-billion Nam Con Son gas project in Vietnam. a move aimed to further boost the sales of German luxury carmaker. Deora is likely to pitch for India buying BP's Vietnam assets. it had to farm-out some of its stake to BP. “We are in the preparation phase for a Daimler Financial Services operation in India to support all the . • With IDBI Bank's increasing focus towards the MSME sector. Malla said. Chennai. OVL has roped in Vietnam's PetroVietnam for buying BP's stake in two offshore gas fields.com www. • ONGC Videsh (OVL) wants to buy BP's 35 per cent stake in the $1.upscportal. • OVL has so far invested $217 million on the gas fields and has government approval to invest up to $377. it has entered into a special partnership with SIDBI for joint financing of MSME clients across the country. Delhi. • Block 06. where the Lan Tay and Lan To fields currently produce about 14 million cubic metres of gas a day. a pipeline and power project — together referred to as Nam Con Son. was originally allocated to OVL. Pune and Bangalore. Lan To is now under development. that is. products and services on its 7th Foundation Day. • IDBI Bank has extended 7-day banking services to customers in select branches in five cities. A specifically designed ‘Women International Debit card' is also being launched for its ‘Super Shakti' account holders. while elaborating on the Foundation Day initiatives.1.
Aircel is now planning to launch the advanced third generation mobile services early next year.up.com grow manifold in the coming years. Patil. Chairman and Managing Director Mukesh Jha said.Daimler commercial vehicle and passenger car brands in the market.com www. Minister of Shipping G. expected to Downloaded from: http://www. lay emphasis on technology and meet the country's growing requirements. • While congratulating the Navratna public sector undertaking (PSU) on completing 50 years and establishing the country as a strong maritime nation. . Madhya Pradesh. Patil hoped that the SCI would play a crucial role in meeting the country's energy requirements. • He said that orders for 28 vessels had been placed. Bridge & Roof in talks with BHEL for tie-up • Public sector Bridge and Roof Company (B&R) has begun talks with Bharat Heavy Electricals Ltd (BHEL) for a tie. Kerala. • Aircel. • Aircel has won 3G spectrum for 13 circles – Delhi. eight of which would be inducted into the SCI fleet by the end of the current financial year. gas and coal. Punjab. underlining that India was dependent on import of oil. UP (West) and UP (East). Ms. Andhra Pradesh. Vasan announced the acquisition of 118 new vessels by 2020. Karnataka. a joint venture between Malaysia's Maxis Communications and India's Apollo Hospital Enterprise. Aircel to invest $500 m in 3G • After bagging 3G spectrum for 13 telecom circles. Gujarat. Much in tune with the exhortation of Ms. where the former holds a majority stake of 74 per cent.K.upscportal. The SCI will be acquiring 50 more vessels by 2015 and 40 more by 2020. She urged the SCI to gear up.upscportal. which will be utilised in the pre-tender stage. Maharashtra and Goa. Mumbai.” said Mercedes Benz India Managing Director and CEO Wilfried Aulbur. Rajasthan. Haryana. • The President was speaking at the golden jubilee celebrations of the SCI. is betting big on 3G services for which it has already started upgrading infrastructure and is also chalking out unique bouquet of services for its subscribers. without revealing when the operations will begin Pratibha Patil calls for expanding the SCI fleet • President Pratibha Patil called upon the Shipping Corporation of India (SCI) to expand its fleet within a timeframe.
fertilizers. power projects including nuclear power projects. if it takes place. chemicals. • India has 27 public sector banks.• He said the tie-up. probably for the first time in its history of formulating five-year plans. 22 private sector banks. • B&R offers civil. would bring benefits in the form of reduction in project cost and execution time.” but the latter's continued refusal to do so led to the . • It had sought feedbacks on the paper. steel plants and railways. Website launched for feedback on XII Plan • Seeking feedback from the general public. 31 state cooperative banks. with a view to promoting financial inclusion. • In August. 86 regional rural banks.721 urban cooperative banks.upscportal. attributing the move to the American entity's refusal to engage in ‘constructive discussions'. It operates in various industrial sectors including hydrocarbon.com Sanofi makes hostile bid for Genzyme • French drug-maker Sanofi-aventis made a $18. BHEL is one of B&R's major clients and the company is now implementing nearly Rs. 31 foreign banks. and 371 district central co-operative banks. as also the business model for new banks by September 30. Downloaded from: http://www. the government said it was in favour of more banks coming up in the country. structural and mechanical construction services as well as EPC and turnkey packages for oil terminals. although the granting of new licences should be linked to the criterion of having branches in unbanked areas. when it had also hinted at the possibility of an unfriendly takeover attempt.1.300-crore worth project for BHEL.upscportal. Sanofi-aventis said it tried to engage in “constructive discussions with Genzyme. the RBI came out with a discussion paper on new banking licences and regulations to foster greater competition in the sector. • The French firm had gone public with its offer to buy Genzyme in August. Centre in favour of more banks • In line with the Reserve Bank of India's plans to open up the banking sector.5-billion hostile takeover offer for Genzyme Corp.com www. the Planning Commission launched a website to elicit suggestions on the ‘Approach Paper' to the XII Plan (2012-17) so as to make the final document more inclusive and effective. four local area banks. 1.
New director for Cisco Services India • Cisco Services.upscportal. body care and cosmetic manufacturing company.11 crore • Tata Motors said it had acquired 80 per cent stake in Trilix Srl. has entered into an in-licensing agreement with Japan's leading advanced skincare.com www.000 people and indirect employment to another 5.11.29 crore).hostile offer. The transaction is valued at about $18. part of the Rs. POLA Chemical Industries of POLA-ORBIS group. Cisco Services India. . Both companies have in the past worked together on several projects. an Italian design and engineering firm. for euro 1. • The New York-based company has opened a state-of-art India Technology Centre at Hyderabad Mahindra & Mahindra to set up tractor unit in Telangana • Giving a major fillip to industrialisation in the backward Telangana region. Elder Health Care ties up with Japanese firm • Elder Health Care.300 crore on the tractor manufacturing facility over the next three years that will provide direct employment to about 2.50 billion. Mahindra and Mahindra (M&M) will soon set up a tractor manufacturing unit at its Zaheerabad facility in Medak district of Andhra Pradesh. a leading IT management software and solutions company. • M&M has proposed to invest Rs.800-crore Elder group.000 persons.85 million (Rs. has announced that Srivalsan Ponnachath has joined as director. CA Technologies opens centre in Hyderabad • CA Technologies. A meeting between the two companies' CEOs on September 20 on the proposed deal had failed. allowing disinvestment of 10 per cent of its stake in Shipping Corporation of India (SCI) and allowing it to raise additional equity of like quantum. to introduce POLA's skincare and cosmetic products in India.com Cabinet approves 10 % divestment in SCI • The Centre embarked on a two-pronged strategy. Tata Motors buys Italian design house for Rs. Tata Motors said in a statemen Downloaded from: http://www.upscportal. the consulting and technical support arm of Cisco Systems. has decided to spend $600 million on R&D (research and development) during the current year with focus on becoming one of the top companies in cloud computing and virtualisation management segments.
• He is heading India's high-level delegation of industry to Germany steered by the Federation of Indian Chambers of Commerce and Industry of India (FICCI). says a release. but downside risks remain elevated and the global financial system is the Achilles' heel of this recovery.7 per cent stake in the company signed this June. It is headquartered in Gurgaon. • In releasing two key documents on the state of the global economy — the October 2010 World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR) — the IMF provided a cautious outlook that comprised both gradual improvements in economic conditions and significant uncertainty in Western economies.91. in SpiceJet as part of deal • Kalanithi Maran promoted KAL Airways has bought 5 per cent equity in lowcost air carrier SpiceJet for Rs. Commerce and Industry Minister Anand Sharma said. • India had started negotiations with its largest trading partner in June. as part of the deal to acquire 37. Maran buys 5 p. which were to conclude by the end of 2008. 2007. bogged down the talks. • This was an off-market transaction. 203 core) in BMW Financial Services in India.52 crore.• The Cabinet Committee on Economic Affairs approved the continuation of 30 per cent reservation quota of the requirement of Bharat Sanchar Nigam and Mahanagar Telephone Nigam for procurement of equipment from debt-ridden ITI. • India and the EU had bilateral merchandise trade worth $75 billion in 2009-10. according to the International Monetary Fund (IMF). India-EU trade agreement by December: Sharma • The much delayed India-EU Free Trade Agreement for opening up trade. BMW launches financial services arm • The BMW Group launched BMW Financial Services as a new business entity in India. Global recovery at a sluggish pace: IMF • The economic recovery under way has been proceeding broadly as expected. The group will invest $50 million (Rs. differences on the inclusion of items.c. investment and services is likely to be signed by December as bilateral negotiations have been put on the fast track. following which the Chennai-based industrialist's direct stake . It will offer solutions for retail automobile financing for BMW and multi-make customers and financing for fleet owners. which Indian negotiators described as non-trade issues. Bangalore-based public sector undertaking under the Ministry of Communication and IT. However.
com www.in SpiceJet has now increased to 17. The JiyoFit card will also serve as an identity card at Bajaj Allianz network hospitals. provides secure and elastic. voice and video chat. with on-demand ease of use and pricing.com • The airline. • Instant data centre infrastructure. as well as office document applications which are accessible to businesses when and where they need them.K. yet to be approved by the Centre. was agreed to at a recent meeting of the . as and when they need them. The JiyoFit program will provide Bajaj Allianz customers additional benefits of the association with Yes Bank and Visa. • The proposal. unveiled its Horlicks brand in a new avatar.upscportal. Horlicks gets new brand identity • GlaxoSmithKline Consumer Healthcare (GSKCH).72 per cent. pay-as-you-use IT application and data centre infrastructure services.upscportal. a leading player in the health food drinks industry and an associate of GlaxoSmithKline of the U. • InstaOffice (powered by Google Apps) brings global Internet-based collaboration and office tools to Indian companies. $1-billion innovation fund mooted for inclusive growth • A $1-billion fund to facilitate innovations for inclusive economic growth in India has been proposed. This marks the company's expansion in to the cloud space to deliver self-service. India's second largest low-cost carrier. Computing and storage is based in India. Tata Communications expands into cloud computing space • Tata Communications launched InstaCompute and InstaOffice to offer productivity enhancing services to Indian businesses. the company said in a filing to the Bombay Stock Exchange. instant messaging. on-demand computing and storage resources to businesses over the network. says a release. Downloaded from: http://www.. Bajaj Allianz launches JiyoFit initiative • Bajaj Allianz has launched a new initiative ‘JiyoFit' that helps customers maintain a healthy lifestyle and incentivises them in adopting healthy practices and being fit. InstaOffice tools include email and calendar. InstaCompute. accessed through the Internet. can be paid for in Rupees or global currencies and provides the user with governance and cost controls.
Kharif acreage up by 6. he said.1 billion. • Reliance Industries' Dhirubhai—1 and 3 gas finds in the D6 block in Krishna Godavari basin off the east coast has been the biggest success of NELP. “Therefore there is no question of putting any cap. • NELP-IX will be announced on October 15 and the first road show will be held in Mumbai on October 18. Oil Minister Murli Deora said.com www. Strauss-Kahn said in remarks to the annual meetings of the 187-nation IMF and its sister lending organisation.” Mr. Mr. including eight in deep-sea. • “We are gathering at a pivotal moment facing a very uncertain future. Pranab rules out cap on FDI • Finance Minister Pranab Mukherjee ruled out any cap on foreign direct investment in India.National Innovation Council . the World Bank. he said. Adviser to Prime Minister Manmohan Singh on Information Infrastructure and Innovations. NELPVIII. Mukherjee added that while it was the responsibility of the Reserve Bank of India to “watch the situation and as and when it is necessary to intervene appropriately. Downloaded from: http://www.upscportal. he said. according to Sam Pitroda.” he did not believe that the inflow of FII or FDI had distorted market sentiments.9% this year . • The NELP rounds have secured $14 billion investment. • IMF Managing Director Dominique Strauss-Kahn said that the global economy was continuing to struggle as it tries to emerge from the worst recession since the end of World War II. 34 blocks on offer under NELP-IX • The government will offer 34 areas.upscportal. adding that the last round.com IMF warns countries against currency wars • The head of the International Monetary Fund warned global finance ministers that they should not use the value of their currencies as an economic weapon. • Addressing the Woodrow Wilson Center here. attracted investment commitment of $1. The block is currently producing 60 million standard cubic meters of gas per day. The last date for bidding is March 18. which has increased the domestic gas production by about 72 per cent over that of 2008—09. for exploration of oil and gas in the ninth round of auction under the New Exploration Licensing Policy (NELP).” on such flows.
Bridgestone to invest Rs.5 million hectares this year compared to 17.75 million hectares last year.91 per cent at 21. • Its open offer itself failed to take off in the absence of clearance from the Securities and Exchange Board of India.upscportal. • The area under sugarcane is higher by 20. Downloaded from: http://www. its suitor Vedanta ruled out raising the open offer price for minority stakeholders. • As per the official data released by the Ministry of Agriculture. No change in open offer price for Cairn: Vedanta • In the wake of Cairn Energy forming a panel to secure the interest of minority shareholders in the sale of its Indian interest. paddy had been sown in 35.8 million hectares more than that in the corresponding period last year.7 million hectares over the same period.2 million hectares against 20.9 per cent and jute acreage went up by 9.com • The cultivation of oilseeds has shown a marginal increase of 0.48 billion for 40-51 per cent stake in Cairn India that operates the country's largest oilfields. • There has been a major enhancement in the cultivation of pulses that have been sown in 11.4 per cent.6 million hectares sown last year.600 cr • Japanese tyre major Bridgestone is planning to produce truck and bus radial tyres at its facility in .59 million hectares this year. Last year. and its group firm Sesa Goa was to make an open offer for an additional 20 per cent stake at Rs.355 a share to minority shareholders of the target firm.14 million hectares in the corresponding period last year.8 million hectares till October 7.4 million hectares sown last year. • The area under coarse cereals is also higher by 2. the area under rice cultivation this kharif season has gone up by 6. This is 1.9 per cent. 2. while the area under cotton increased by 8. showing an increase of 2. compared to 33.41 per cent. • Kharif crops have been sown in 102.32 per cent. registering an increase of 6.19 million hectare area as against in 95. • Vedanta is paying up to $8.upscportal.• Thanks to good monsoon.com www. paddy cultivation had suffered owing to drought in 399 districts during the same period. The oilseeds acreage is 17.68 per cent over last year.
said the total investment in both the facilities would be of the order of Rs.100 crore of profit. Balanced and Bond — says a release.600 crore. Punjab National Bank and UCO Bank for takeout financing. The company is also planning to set up a new factory at Chakan near Pune to increase the capacity of PSR (passenger car radials) and truck tyres. near Indore in Madhya Pradesh. The product. a procedure under which loans made by banks to infrastructure firms are sold to other institutions so that the banks recover their much-needed funds ahead of the payment schedule under the loan agreement. 2. Downloaded from: http://www. • Addressing presspersons. Equity. he added. SBI Life launches Saral Maha Anand • SBI Life Insurance launched its new unit-linked insurance plan. IIFCL to buy Rs.1.25.com www. the government sought to allay the apprehensions of the Reserve Bank . The product is exempted from medical examination and offers four fund options — Index.000 crore over three years. • Mr. • This is done to address the asset-liability mismatch.25. • The company would do takeout financing of Rs. Goel said memorandums of understanding had also been signed with Allahabad Bank. Indian Bank.” he said. Saral Maha Anand. we can expect Rs. Hiromi Tanigawa.com • “Out of the Rs. The premium can be paid monthly. 15. because loans are made to infrastructure projects on a long.1. • This is the first-ever major agreement on ‘takeout' financing in the country. (IIFCL) inked a pact to buy loans worth Rs.Kheda. quarterly. whereas deposits of banks are generally of a short or medium tenor. Managing Director.upscportal. Bridgestone India.000-crore takeout financing. RBI chief to head FSDC sub-panel • Even as the Financial Stability and Development Council (FSDC) is to be headed by the Finance Minister.500 cr loans from Union Bank • State-owned infrastructure lender India Infrastructure Finance Company Ltd. half-yearly or annually.000.500 crore from Union Bank of India (UBI) so that the state-run bank can utilise the funds for other projects in the crucial sector. has been designed to cater to investment and protection needs of the middle and low-income segments. with a minimum annual premium of Rs.term basis. Investors in the 18-55 age group can invest in the product.upscportal.
of India (RBI) over the autonomy of regulators by appointing the apex bank's Governor as the head of a sub-committee of the body being set up to maintain financial stability. • “It [formation of FSDC] will be announced shortly,” Finance Minister Pranab Mukherjee said after his meeting with various regulators in the financial sector, namely, the RBI, SEBI (for markets), IRDA (for insurance) and PFRDA (for pensions) on the proposed FSDC. • “The Council would have one sub-committee which would be headed by RBI Governor,” a Finance Ministry statement later said. • Following the turf war between SEBI and the IRDA over the jurisdiction on mutual funds, the RBI Governor's position was elevated in a recently formed joint panel that was set up to resolve the controversy. • The apex bank's Governor was made Vice-Chairman of the committee, a higher position from the earlier status of just being a member. Industrial growth slumps to 5.6% • To the disappointment of the government and concern of India Inc., the growth in industrial production plummeted to 5.6 per cent in August — the lowest in 15 months — from 10.6 per cent in the year-ago period, mainly owing to negative growth in capital goods stemming from a slump in manufacturing output. The official data on the Index of Downloaded from: http://www.upscportal.com www.upscportal.com Industrial Production released revealed that the manufacturing sector, which accounts for nearly 80 per cent of the IIP numbers, witnessed a sharp dip in growth to 5.9 per cent during the month from 10.6 per cent in August 2009. Worse still, the capital goods segment strayed into negative territory and slipped by 2.6 per cent as compared to a robust growth of 9.2 per cent posted in the same month last year. • The lowest growth in factory output in previous months was in May last year at 2.7 per cent. The slump in August this year, however, may be viewed as a one-off aberration as economic analysts had earlier projected a likely dip in industrial growth to single digit owing to the high base effect of August 2009. Moreover, the marginal growth of 3.7 per cent posted by the six infrastructure industries during August this year was also seen as a
signal of lower overall industrial output growth for the month. India explores joint venture with Russia for silicon wafers • India will be seeking Russia's assistance in setting up a national disaster management centre modelled on a Russian facility, Union IT and Communications Minister A. Raja said. • The Minister was ‘highly impressed' by the high-tech National Emergency Management Centre he visited. The centre gathers online information about natural and manmade disasters all over Russia and coordinates relief and mitigation efforts. • The two sides agreed to explore the possibility of setting up a joint venture in India to produce silicon chips and telecom equipment. The idea came up during the Minister's visit to the Moscowbased Micron Company, which boasts an integrated chip-making facility. Priority areas:• “We are looking to Russia, which is among the few countries manufacturing 3G and WiMax chips, to assist India in achieving self-sufficiency in this field. Vodafone selects Nokia Siemens, Ericsson for 3G • Telecom service provider Vodafone Essar announced that it had finalised equipment maker Nokia Siemens Networks (NSN) and Ericsson for deploying and managing its countrywide 3G network infrastructure. • According to the contract, the two vendors will enable swift 3G deployment, create synergy between GSM and 3G networks and maintain high speed packet access (HSPA) networks in the circles where Vodafone had bagged 3G spectrum, Vodafone said in a statement. • Vodafone has spectrum to offer 3G services in nine circles across the country, including in Delhi and Mumbai. While Ericsson has been selected to provide exclusive 3G services in Mumbai, Delhi and Kolkata, NSN will implement and manage its 3G network in the balance six circles of Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh (East), rest of Bengal and Haryana. • Vodafone will utilise this latest HSPA technology to deliver services such as video telephony, mobile broadband, mobile TV and others. Downloaded from: http://www.upscportal.com www.upscportal.com RBI divests stake in Nabard • Amid debate over whether the Reserve Bank of India should hold stake in lending institutions or only be a regulator, the central bank has sold almost all its holding in the
National Bank for Agriculture and Rural Development (Nabard), to the Central Government. • “The RBI divested its stake amounting to Rs.1,430 crore in Nabard on October 13. With this, the RBI's holding in Nabard has come down to one per cent of shareholding in the bank. The Central Government now holds 99 per cent of the stake,” the central bank said in a statement. • The move comes more than three years after the central bank sold its entire stake in the country's largest lender State Bank of India to the government. Cabinet nod:• The RBI held 72.5 per cent of equity in Nabard, amounting to Rs 1,450 crore. The remaining shareholding worth Rs.550 crore was with the Centre. • Now, the only major institution where the RBI holds a stake is the National Housing Bank (NHB). The central bank holds 100 per cent stake in the housing finance regulator. • Nabard is the apex rural and farm development bank, whose role is to promote credit growth in these areas. • The move was in line with the Narasimham Committee II report which held that it was inconsistent with the principles of effective supervision that the regulator was also an owner of a bank. Tata Aria launched • Tata Motors has launched Tata Aria, a luxury car having features of a ‘sedan' and SUV (sports utility vehicle), in Kerala. It has in-dash GPS-based navigation system, which offers guidance to find the destination, and traction control system to maintain stability under situations of sudden acceleration. Other features include height-adjustable driver's seat, anti-lock braking system, automatic climate control system, darkness sensing lights and rain sensing wipers. India launches IX round of oil, gas assets auction • India kicked off the IX round of auctioning under the New Exploration Licensing Policy (NELP), offering 34 oil and gas blocks, including eight deep water ones, sans tax exemptions to investors. • “The New Exploration licensing Policy round IX is being launched in the background of positive economic conditions, including revision of the administered price mechanism (APM) gas price and market determination for price of petrol,'' Petroleum and Natural Gas Minister Murli Deora
would apply to all production sharing contracts in the future including under NELP IX. Till it does. Of the 36 areas bid for. which closed on October 12. Downloaded from: http://www. The first roadshow for NELP IX will be held in Mumbai on October 18.'' Mr.34 billion for 36 blocks that received offers. are also eligible for the same level of incentive. he added. once in force.com www. Under NELP VIII.'' Petroleum Secretary S.com • “Investors basically want clarity in NELP IX. RBI panel to study functioning of MFIs • The Reserve Bank of India announced constitution of a sub-committee to look into the functioning of micro finance institutions (MFIs). Refineries.told reporters at the launch programme. companies that started crude oil production before April 1. the government had awarded 33 blocks to successful bidders. which started operations after October 1. as they have drawn flak for using strong-arm tactics to recover loans. which include 15 recycled blocks.807 sq. 70 areas or blocks for exploration were offered. except for the gas that is to be produced under NELP VIII blocks and the four coal bed methane (CBM) blocks. attracted investment commitment of $1. no tax breaks are given to natural gas finds. • However. the production sharing contracts will be governed by the existing income-tax laws. The DTC. The previous eight rounds of NELP in 235 blocks have fetched an investment of around $14 billion. Deora said. 2012. Sundareshan. 2011. The 34 blocks. The deadline for making a bid for the blocks is March 18. The position is absolutely clear. are exempted from paying taxes on profits for seven years. “The discoveries made under the NELP have resulted in in-place hydrocarbon reserve accretion of a staggering 642 million tonnes of oil and oil equivalent gas.upscportal. and before March 2012. 2009. • The MFI tactics have even prompted the Andhra Pradesh Cabinet to approve an . km. the biggest licensing round in India. • The IX round of auction comes amid indications that the government is doing away with tax incentives under the new Direct Tax Code (DTC) proposed to be implemented from April 1. • Under the current Income-tax Act.upscportal. cover a sedimentary basin area of 88. • The VIII round. 1997. 1980.
the world's largest. including jewellery. the complex is designed to house around 2. This is the first such project by a Nippon subsidiary in India. and provide all support and service facilities to eventually make India an international trading centre for gems and jewellery. is a subsidiary of Nippon Steel of Japan. Subbarao told reporters after the meeting of the central bank board. banks and other service providers who will cater for the gem and jewellery trade.000 crore. (RIICO).. which would increase to 25. in 2009-2010.com • The annual installed capacity of the unit would be 10. the export of diamonds in this industry from Mumbai is Rs. Ltd. • Nippon Pipe is a subsidiary of Siam Nippon Steel Pipe Company India Ltd. Mumbai gets world's largest diamond bourse • The Bharat Diamond Bourse (BDB).500 small and large diamond traders in addition to a Custom House. was inaugurated by Union Commerce and Industry Minister Anand Sharma. in turn.upscportal. Policy on shale gas before the end of 2011 . this bourse will achieve a turnover of over Rs. 61. • The Japanese Zone has been developed by the Rajasthan State Industrial Development and Investment Corporation Ltd.000 crore and I am hopeful that within a year. In the Neemrana's Japanese Zone.upscportal. • “We have constituted a sub-committee to look into the functioning of the MFIs sector and what bearing they have on RBI policy to take further action.” RBI Governor D. the largest gift received by the institute from an international donor in its 102-year-old history. Nippon Pipe to set up unit in Rajasthan • Nippon Pipe India Pvt.000 tonnes in 2012. of the Nippon group will set up a steel tube components project for automobiles and motorcycles in the Japanese Zone at Majrakath in Neemrana in Rajasthan. • “As on today. which. 22 companies (including Nippon) have been allotted 303 acres. Tata gifts $50 m to Harvard Business School • India's Tata Group has given a huge $50 million to the prestigious Harvard Business School (HBS) to fund a new academic and residential building on its campus. • Spread over a 20-acre plot.000 tonnes in 2015. Downloaded from: http://www. • The BDB has been set up to establish infrastructure for promotion of diamond export.00.com www.ordinance to rein them in. Thailand. 1.” he said.
“Y. So far. Sub-panel to submit report on MFIs in three months • Amid growing criticism over the use of coercive ways of micro finance institutions (MFIs) to recover loans.upscportal. in the area of technology related to extraction of shale gas during the forthcoming visit of President Barack Obama to India.777-crore Paradip refinery in Orissa would be commissioned by March 2012 and cater more to the domestic market rather than exports due to rise in domestic fuel demand. • The RBI has set up a sub-committee of the Central Board of Directors of the central bank to study the issues and concerns of the microfinance sector. • “The sub-committee will submit its report in three months. the Reserve Bank of India said its sub-panel looking into the functioning of such lenders would submit its report in three months. including interest rates charged by the lenders in this area.” the central bank said in a statement. Malegam. India has inked BIPA with 79 countries of which 68 are already in force. • According to an official statement. . • “The refinery will start producing fuel by March 2012 when it will commission the primary units like the crude distillation unit. will chair the sub-committee.S.upscportal. BIPA with Sudan comes into effect • The Bilateral Investment Promotion and Protection Agreement (BIPA) between India and Sudan came into effect with the exchange of instruments of ratification (IoR) between the two countries. BIPA seeks to promote and protect investments from one country in the other country. • The 1.100-km pipeline will carry fuel produced in the unit to consumers in Orissa.29.• The Union Petroleum and Natural Gas Ministry is likely to sign a memorandum of understanding with the U.com IOC to commission Paradip refinery by early 2012 • Indian Oil Corporation (IOC) said its Rs.com www. Sudan is the 69th nation with which the provisions of the agreement have now come in to effect. Such agreements facilitate bilateral investment flows and grant benefits of national treatment (NT) and most favoured nation (MFN).” the statement added. H. Downloaded from: http://www. a senior member on the Central Board of Directors of the Reserve Bank of India.
Reddy's to launch Lansoprazole in U. Reddy's Laboratories (DRL) will be launching Lansoprazole delayed-release capsules (15 mg and 30 mg).'' Executive Vice-President (Commerical Helicopters) Joseph Saporito told a news conference. • “The Indian helicopter sector has been growing at an annual rate of 20 per cent and our ambition is to become the country's number one supplier for the civilian. has decided to take an aggressive plunge. Launch preparations are complete and shipments will commence shortly. EC145 and AS350 Ecureuil for medical emergency and law enforcement duties including in naxal-affected areas. its AS365 Dauphin was serving for off-shore. • At present. a private builder.com LIC. Chhattisgarh and Madhya Pradesh. It hopes to expand its market share from the current 30 per cent to 50 per cent by 2015.upscportal.S. Dr. market.upscportal. sensing a huge business potential and aiming to capture 50 per cent of the market share in helicopters. para-public and government transport. says a release. a bio-equivalent generic version of Prevacid delayed-release capsules. • A Rs. • Dr. • Eurocopter is also competing for the Indian Army/Air Force bid to procure 197 light utility helicopters. adds the release.Jharkhand. in the U. 760-crore bailout package given by the Delhi Development Authority (DDA) to EmaarMGF. Eurocopter India Private Ltd. Eurocopter forms subsidiary • Eurocopter. Eurocopter said. as the Enforcement Directorate prepared to question top officials of the Organising Committee for alleged foreign exchange violations.183-crore bank guarantee furnished by Commonwealth Games Village builder EmaarMGF was on Wednesday ordered to be confiscated on charges of irregularities. SBI among largest bidders for CIL pie • Government-owned companies in the banking and insurance segments have together put . announced the setting up of a new subsidiary in India.S. while it offered the EC135. government and para-public markets. Emaar-MGF bank guarantee ordered to be confiscated • The Rs. which belongs to European consortium EADS. Downloaded from: http://www.com www. • Established as the 25th worldwide subsidiary and 10th in Asia. also came under the scanner.
com .upscportal. Rs. U.217.500 crore.55.com www. Downloaded from: http://www. for failure to deduct tax as required under Sec. Vodafone Essar to launch 3G by early 2011 • Third-largest mobile carrier Vodafone Essar will launch third-generation (3G) services in the January-March quarter of 2011 and plans to spend up to $500 million over the next few years on its 3G network. 1961.1. closes on October 21. announced the launch of first phase of The School of Financial Technology.217.50 lakh crore against the targeted amount of Rs. with the Essar group holding the balance. whose response has taken everyone by surprise. a leading financial technology company. The allotment will be on a proportional basis.11.15. • The issue was subscribed 10 times generating over Rs. headquartered in Seattle. 201(1) of the Incometax Act.upscportal. principal shareholder of CSL being Catalytic Software. according to Managing Director Martin Pieters. The issue is set to get listed on November 4.” an official statement said. with the acquisition of a 50-acre facility owned by Catalytic Software Ltd. • “The IT department issued an order raising a tax demand of Rs.076 billion (around Rs. (CSL) Hyderabad. The IPO.S. • Vodafone is the second mobile operator to announce specific plans for 3G after Tata Teleservices.. 195 of the Act before making a payment of $11. treating it as an assessee in default under Sec. which closed for qualified institutional buyers (QIBs) after getting a 22 per cent oversubscription for this segment.95 crore in taxes within a month for the acquisition of Hutchison's stake in its telecom joint venture with Essar in India in 2007.95 crore on Vodafone International Holdings BV. The Essar group has an option to sell its entire stake to Vodafone for $5 billion by May 2011. 11. which earlier announced plans to launch the service on November 5.000 crores in the initial offer of Coal India. Polaris launches learning centre School of Financial Technology facility in Hyderabad. The tax demand is to be paid within 30 days of the receipt of the notice of demand.218 cr tax notice slapped on Vodafone • The Income-tax department asked telecom major Vodafone to pay Rs. (the Act).11.in bids worth nearly Rs.30.000 crore) to Hutchinson Telecommunications International Ltd. • Polaris Software Lab. • Vodafone owns 67 per cent of Vodafone Essar. a day ahead of Diwali.
26 billion in the year-ago period.33 billion in August this year from $3. • The new scheme has several features allowing customers to maximise their returns even while having adequate protection.38 billion.” Exports at 2-year high • Reaching a two-year high. an ING Group company. The FDI in the first two months of this fiscal. while the massive rise in imports raised concerns over widening of the trade gap. this is the lowest FDI inflow in this fiscal.88 billion from $13. the inflows declined by 35 per cent to $8.30 billion. construction activities and computer software and hardware. exports registered a jump of 23.FDI dips to $1. telecommunication.33 billion in August • Foreign direct investment (FDI) dipped by almost 60 per cent to $1.76 billion in the same period last year. • Industry Department data reveal that in the first five months of 2010-11. says the latest government data. has announced the launch of its new unit linked insurance product.78 billion. exports aggregated $103. New ULIP from ING Life • ING Life India. April and May was $2. • The overseas investment in June was at $1. a recent UNCTAD survey projected India as the second most important FDI destination only after China for multinational corporations.02 billion in September compared to the same month last year. the sectors which attracted higher inflows were services. a 27.17 billion and $2. Significantly. though there was a smart recovery in the domestic economy and exports. while that in July was $1. inflow of overseas investment has been on the decline since June. and quashed a criminal complaint against the company for having provided drinks “unfit for human consumption. Tata Steel forms venture with NML • Tata Steel has incorporated a joint venture company in accordance with the terms of a . ING Prospering Life. • As per the data. Notably. Interestingly.21 billion respectively.6 per cent increase compared to last year. Pepsico India Holding Limited. Union Commerce and Industry Minister Anand Sharma said that during the April-September period of this fiscal. It has a variety of fund options and fund strategies providing customers the convenience and control to maximise their returns. Pepsico granted relief • The Gujarat high court has granted relief to the soft drink manufacturing company. • Asserting that India was on track to surpass the $200-billion exports target.2 per cent at $18.
• In a statement to the stock exchanges TGB (erstwhile Tata Tea) said the subsidiary had an option to increase its stake in the next 12 months. • The joint venture company (JVC) — Tata Steel Minerals Canada Ltd. Ltd.K. says Zhang • China's Ambassador to India Zhang Yan on Wednesday asserted that trade between Indian and China was set to achieve the $60 billion target fixed by the two sides by the end of this year. ONGC interests will be protected in Cairn deal' • Union Petroleum and Natural Gas Minister Murli Deora on Wednesday asserted that interests of Oil and Natural Gas Corporation (ONGC) would be fully protected while considering the .S. which holds the world's largest undeveloped magnetic iron ore deposits. has partnered Bank of India (BoI). India-China trade set to reach $60 billion target. a U.-based subsidiary has acquired a minority stake in the equity of ‘Activate'.-based performance beverage and bottled-water company.upscportal. BoI's customers with savings/current accounts along with depository participant account either with NSDL/CDSL could avail themselves online trading account from Karvy. Bank of India ties up with Karvy • Karvy Stock Broking Ltd.upscportal. • NML controls the emerging Millennium Iron Range. for providing state-of-the-art online trading services to the bank's customers enabling them to make investments in equities anytime. anywhere. Tata buys into U. beverage firm • Tata Global Beverages has said that a U. located in the Province of Newfoundland and Labrador and in the Province of Quebec. At closing. Tata Steel will own 80 per cent of the joint venture and NML the balance.S. a 50 per cent increase compared to the same period last year. • Tata Steel had entered into the agreement through its wholly-owned subsidiary Tata Steel Global Minerals Holdings Pte. — will acquire all the direct shipping ore (DSO) mining claims and related assets and carry out detailed Downloaded from: http://www.com www.com engineering and construction of facilities and will be responsible for the operations of the DSO project.joint venture agreement it had signed with New Millennium Capital Corp (NML) of Canada in November last. • Trade between the two Asian giants had already reached $45 billion in the first nine months of 2010.
• The Petroleum Ministry has maintained that Cairn Energy.upscportal. The facility.com Biocon to invest $161 m in Malaysia • India's biotechnology major Biocon announced an investment of $161 million in Malaysia for setting up of a bio-manufacturing and research and development facility. the sports car will reach the top speed of 407 km an hour and speed of 360 km an hour with the roof off. Centre's fiscal position shows improvement in April-August • The Centre's fiscal position has improved in the first five months of the current fiscal. Cairn Energy had in mid-September applied for specific approvals in seven exploration blocks it had won under the New Exploration Licensing Round (NELP) since 1999 and sought an overarching consent in the case of its three pre-NELP producing properties including the giant Rajasthan fields as contracts for them do not have specific prior-approval clause.application for acquisition of Cairn India by Anil Aggarwal-owned Vedanta Group. • The facility will be established in Bio-XCell. Singh and Malaysian Prime Minister Mohd Najib bin Tun Abdul Razak. • On its part. Packed with many exclusive safety and luxury features. The documents between the two parties were exchanged in the presence of Dr. a biotechnology park in Iskandar.com www.upscportal.48 billion.4 Grand Sport'. according to the decision announced during the visit of Prime Minister Manmohan Singh.16 crore onwards. Downloaded from: http://www. has to seek specific approval for transfer of control in each of the ten properties it has in India. targeted to be operational by 2014. would focus on research and development and production. mainly owing to buoyant revenue collections coupled with a sharp increase in non-tax through sale of 3G spectrum. through a strategic partnership with Malaysian Biotechnology Corporation. marking the biggest foreign direct investment in this sector in the country. The most expensive car Bugatti Veyron is here • Volkswagen Group company Bugatti Automobiles launched its super premium sports car ‘Veyron 16. the most expensive car in India so far with a price tag of Rs. • In its quarterly report on ‘Public debt management' for the July-September period this . which had on August 16 announced the sale of 40 to 51 per cent stake in Cairn India to Vedanta for $8.
PFC to help NPCIL set up nuclear plants .” • The report said that while the increase in non-tax revenue was mainly on account of telecom receipts.” • It may be recalled that the government mopped up a whopping Rs.1. the Reserve Bank had appointed a sub-panel. that provides machinery and technology for rice.3 per cent during April-August 2010.” the RBI said in a notification.000 crore. way higher as compared to the target of Rs. Downloaded from: http://www. Buhler. • Earlier this month. to look into the functioning of MFIs. pulses and wheat processing industry in India. to identify trends that impinge on borrowers' interest. plans to set up an academy near Bangalore to upgrade skills and offer world-class training in food grain management sector. • “To examine the prevalent practices of MFIs regarding interest rates. Swiss firm to set up grain management academy • Swiss grain processor company.000 crore by 2014.fiscal released.100 crore in an integrated manufacturing unit and other expansion projects in the next four years as part of its plans to achieve a turnover of Rs. indirect tax collection also turned buoyant.com www. the Finance Ministry said: “The fiscal position of the government during April-August 2010 showed improved performance in terms of key deficit indicators due to buoyant revenue collections. MFIs charge up to 34 per cent interest rate a year on loans. • The company. Alongside. amid criticism of these lenders charging exorbitant loans rates and using strong arm tactics for recovery. is to invest in India Rs.com RBI to examine recovery mechanism of MFIs • The Reserve Bank of India appointed sub-committee will examine the recovery mechanism of microfinance institutions and their interest rate practices.08 lakh crore from the sale of 3G spectrum and broadband wireless access (BWA). The RBI will examine the conditions under which loans to MFIs could be classified as priority sector lending and give appropriate recommendations. which is celebrating its 150th anniversary. • At present. under the Chairmanship of Y.1. H. with the revival in consumer demand and increase in excise duty by way of stimulus withdrawal. Malegam. lending and recovery practices. 35.upscportal. “tax revenue was added by buoyancy in excise collections which showed a growth of 43. The committee will submit its report in three months.upscportal.
upscportal. says a press release from NPCIL. equity financing and consultancy services to NPCIL to facilitate the latter's large capacity addition programme. They are two units of 1. Singh said while speaking at the 8th India-ASEAN summit in Hanoi.580 MWe by 2017.000 MWe each from Russia under construction at Kudankulam in Tamil Nadu and an indigenous pressurised heavy water reactor (PHWR) of 220 MWe at Kaiga in Karnataka. Three reactors.88. two each at Kakrapar in Gujarat and Rawatbhatta in Rajasthan.000 MWe by 2032.com Economy & Energy: November 2010 Services.• The Power Finance Corporation (PFC) and the Nuclear Corporation of India Ltd.220 MWe.056 crore.upscportal.932 crore and Rs.000 MWe by 2020 and 60. NPCIL is the only player operating nuclear power reactors in the country. • PFC's asset base. Rs. • NPCIL now operates 19 nuclear electricity reactors in the country with an installed capacity of 4. “This would be an important step in our goal of comprehensive economic cooperation. PFC plans to offer debt financing.560 MWe. • Under the MoU. cumulative loan sanctions and disbursements as on June 30. The MoU was signed in New Delhi by PFC Chairman and Managing Director Satnam Singh and NPCIL Chairman and Managing Director S.2. are in an advanced stage of construction. investment the next step: Manmohan • Prime Minister Manmohan Singh expressed the hope that early completion of formalities for implementing the India-ASEAN Trade in Goods Agreement would ensure that work would begin on finalising the other two pillars of an FTA — services and investment.com www. While PFC is a leading financier in the electricity sector. The NPCIL's installed capacity will reach 9. says the release. • Dr. In addition.1. Singh commended officials for developing a Plan of Action to implement the ASEAN-India Partnership for Peace. 2010 stand at Rs. with a total capacity of 2.85. 20.597 crore. Jain.47. excavation is under way for 700 MWe indigenous PHWRs.” Dr. (NPCIL) have entered into a memorandum of understanding (MoU) to facilitate NPCIL to set up nuclear power projects. respectively. K. Downloaded from: http://www. Progress and Shared Prosperity for 20102015 (This .
OVL eyeing Exxon Mobil's stake in Angola • ONGC Videsh Ltd.upscportal.upscportal. • The South Pars Phase-12 (SP-12) project will produce 3 billion cubic feet a day of gas from 2014. Vietnam.S. which is building a $5 billion plant at Tombak Port by 2011 to turn it into liquid state so that it can be shipped in cryogenic vessels.000 barrels per day of condensate and other products like LPG and ethane. Iran gave ONGC-Hinduja consortium three-month deadline to take a final call on its participation in the $7. he said the 82 action points reflected the potential and the desire to develop a multi-faceted IndiaASEAN relationship. 2011. which is “well below potential. Singh said he was looking forward to the first-ever India-ASEAN Summit in India in 2012 and hoped the Eminent Persons Group would be set up quickly to formulate a vision statement for the meet. energy major Exxon Mobil's 25 per cent stake . Terming it an ambitious road map. • He invited ASEAN Secretary-General Surin Pitsuwan to visit India to review the mechanisms and procedures to speed up the pace of implementing the agreed projects.5-billion gas field in the Persian Gulf. two-thirds of which will be converted into liquefied natural gas for exports. The gas from the project will be taken by IranLNG. SP-12 will also produce 120. • Dr. the Philippines and Laos from January 1. • He reiterated his formulation that ASEAN is the core around which the process of economic integration of the Asia-Pacific region should be built. • In order to step up people-to-people contacts.com www. Iran sets deadline for ONGC-Hinduja consortium to decide on gas field project • Seeking to put an end to uncertainty. (OVL) is eyeing U. • The remaining one billion cubic feet a day will be for domestic consumption in Iran.” the Prime Minister announced visa on arrival facility to people from Cambodia. (OVL) and the Hinduja group 40 per cent stake in the development of Phase-12 of the giant South Pars gas field.has been completed with China). Downloaded from: http://www. Petropars had offered ONGC Videsh Ltd.com • Besides. • The Iranian oil company — Petropars — has set a year-end deadline for giving a final shape to the project.
the RBI has proposed that the LTV ratio for housing loans hereafter should not exceed 80 per cent.” . • At present. a sharp rise in asset prices in such a short time causes concern.in a deep-sea block in Angola. Gold prices are ruling at an all-time high level. the Reserve Bank of India (RBI) resorted to forestall a housing bubble by hiking the risk weightage for housing loans above Rs. • Signalling a clear commitment to target the high inflation as well as the persisting inflationary expectations. the move would prevail upon banks to increase lending rates across the board. Butola said OVL. Butola told on the sidelines of Petrotech 2010. • Mr. British energy major BP is the operator of ultra deep-sea Block 31 where 19 oil discoveries have been made. Residential property prices in metropolitan cities have gone beyond the pre-crisis peak level. there is no regulatory ceiling on the loan to value (LTV) ratio in respect of banks' housing loan exposures. It was too early to say if bidding would happen. especially of housing loans. Reserve Bank tightens norms for home loans • While taming inflation and inflationary pressure by increasing the policy shortterm indicative rates by 25 basis points. he added • Angola Oil Minister said his country would favour a joint approach by OVL with the African nation's state-owned firm Sonangol. In order to prevent excessive leveraging. 75 lakh to 125 per cent. • “The equity market is close to its previous all-time peak level. We keep receiving proposals and we are examining one such opportunity. Subbarao warning of an asset bubble. Sonangol is the concessionaire of Block 31. • “We have been making efforts to acquire interest in upstream opportunities in Angola since 2002.” said RBI Governor D. • The RBI also increased the standard asset provisioning by commercial banks for all housing loans with teaser rates to two per cent “in view of the higher risk associated with such loans. Although the income levels of households and earnings of corporates in India have continued to rise. which had in 2003 unsuccessfully bid for 45 per cent stake in the giant Akpo oilfield in Angola. S. would certainly be interested in opportunities such as Exxon's stake in Block 31.'' OVL Managing Director R.
The committee. will also have representation from two financial institutions and would be put in place.Downloaded from: http://www. • Mr. ONGC plans $10-b investment in new gas discoveries • Oil and Natural Gas Corporation (ONGC) announced mega plans to invest over $10 billion in the new gas discoveries off the East Coast to bring them to production. . It has been observed that many banks at the time of initial loan appraisal do not take into account the repaying capacity of the borrower at normal lending rates. • “This practice raises concern. after which the rates are reset at higher levels . Chaturvedi.Planning Commission Deputy Chairman Montek Singh Ahluwalia told on the sidelines of a conference on PPP in transmission projects organised by the Commission. • However. the major push would come from development of finds in and around block KG-DWN-98/2. K.' wherein the loans are offered at a comparatively lower rate of interest in the first few years. on facilitation of public private partnership (PPP) in power distribution. next to Reliance Industries' KG-D6 block. • Speaking on the sidelines of the Petrotech 2010 conference in New delhi ONGC Director (Exploration) D.5 billion.upscportal. Pande said the block now had ten gas discoveries and ONGC planned to tie-up nine of these with six gas finds in neighbouring 1G block to produce 20-25 msmcd from 201415.'' he added. • The G-1 and G-15 fields would produce 2 mscmd of natural gas from 2011 while S-1 and Vasistha deep-water project would produce 5 mscmd. Pande said the corporation was aiming to develop finds in the KG basin through four different projects.'' he said.” the RBI said. as some borrowers may find it difficult to service the loans once the normal interest rate. which would include chief secretaries and power secretaries of States.com Teaser rates :• It has been observed that some banks are sanctioning housing loans at ‘teaser rates.com www. the Planning Commission announced constitution of an expert group headed by B. “This development will cost $4.upscportal. Panel to study PPP model in power distribution • Seeking to give a new push to reforms in the power sector. which is higher than the rate applicable in the initial years. “We are targeting 25-30 million standard cubic metres a day (mscmd) of natural gas production by 2014-15. becomes effective. K. who looks after the power sector.
Eni of Italy and ConocoPhillips hold 17 per cent stake each. • India's energy demand is expected to increase by over 40 per cent during the next decade but supply from its ageing oil-fields is expected to increase by around 12 per cent necessitating higher import of oil and gas assets abroad. the GSM arm of Tata Teleservices. he said. ONGC was in talks with energy majors BP. will become the first private operator to launch its 3G services in the country by simultaneously rolling out the service across nine circles this Diwali. Idea Cellular ties up with Indian Railways • Idea Cellular has tied up with Indian Railways to promote its ‘Idea Language Helpline' to help passengers travelling to other parts of the country.com www. • State-run Nigeria National Petroleum Corp has a 49 per cent stake in the Brass project. ONGC planned to produce 10. he took up the issue of GAIL (India) and Petronet LNG picking up stake in the $8-billion LNG project at Brass in the Niger delta. Tata DOCOMO's 3G gift for Diwali • Tata DOCOMO. Downloaded from: http://www. gas from Nigeria • Union Minister for Petroleum and Natural Gas Murli Deora said Africa's largest crude oil and gas producer — Nigeria — was willing to increase oil exports to India besides liquefied natural gas (LNG). Tata DOCOMO's 3G services will change the way consumers use their mobile phones. . Idea's new campaign aims at offering a simple solution to millions of Indians who need to communicate with people talking different languages. Deora said that during a meeting.upscportal. • Mr.'' a statement said. This discovery would be developed at a later date. • “Powered with cutting-edge technology support from its partner NTT DOCOMO of Japan.com • Besides. applications and services.upscportal.000-20. French energy major Total. India seeks more oil. riding on the back of game-changing products.000 barrels of oil a day from G4-6. Exxon Mobil. the BG Group and Eni for a strategic tie-up for developing the KG basin discoveries.• Another $5 billion would be needed to develop the ultra-deep sea UD-1 discovery in the KG-DWN-98/2. As part of this programme. the helpline will be promoted across Indian Railways network for a week. GS29-1 and G-4-5 by 2012-13.
000 jobs back in the U. • Taking India-U. according to a report by the Confederation of Indian Industry (CII). $10-b infra debt fund to be created • Seeking to give a massive push to investments in the infrastructure sector.S. India imports around 13 million tonnes of crude oil from Nigeria annually. CEOs Forum is co-chaired by Tata Group chief Ratan Tata and and Head .S. civilian aircraft and infrastructure equipment alone from the United States can create nearly seven lakh jobs there over the next decade. • It could help India get resources to finance its $514 billion infrastructure investment plans.8 billion from Boeing and the Anil Dhirubhai Ambani Group purchased power equipment for 2.S.000 crore) have been reached between India and the U. U. “India can be U. • Union Commerce and Industry Minister Anand Sharma said the proposal for such a fund had been mooted by the India-U. • The India-U.upscportal. President Barack Obama announced that deals worth $10 billion (nearly Rs.upscportal.S.S.7 million barrels a day by 2012.S.S.com www. are actively considering setting up a $10 billion infrastructure debt fund under the public-private partnership (PPP) model for this purpose.'s largest trade partner instead of 12th”. Downloaded from: http://www.com • Among the deals. and not just information technology and IT-Enabled Services.S. ‘India-A Growth Partner in the Indian Economy.: CII • Sourcing by India of military and nuclear hardware.S.S. • President Obama said. Nigerian crude oil is light and sweet and commands a premium in the international market due to its quality.400 MW plants from GE for $2 billion. India and the U.44. CEOs Forum that comprises 12 corporate leaders from each side. • The report.S. says Indian business is now engaged across a wide spectrum of sectors in the U. • Nigeria is the largest crude oil producer in Africa.S. for creating more than 50. which plans to raise its production to 4 million barrels from 2.' which the CII released after conducting a survey of member firms that have operations in the U. India signs $10-billion worth deals with U. SpiceJet has purchased 30 737-800 aircraft with a total cost of $2. trade relations to new territory.• India wants to increase its crude oil import from Nigeria.. Indian deals will create 7 lakh jobs in U.
exports are projected under this pact.S. an unconventional gas trapped in sedimentary rocks and the U. the other agreements include U. to help in shale gas technology • Union Petroleum and Natural Gas Minister Murli Deora said India had inked an agreement with the U.S.S. India intends to join a boom in shale gas exploration that has fuelled more than $39 billion of acquisitions in the U. Around 35 U. • Almost 30 per cent of this investment is envisaged to come from private sources.S.-based Ascent Solar and The Energy and Resources Institute (India) have entered into a memorandum of understanding (MoU) to collaborate on off-grid solar charging solutions for rural electrification using Ascent solar modules.of Honeywell Corporation Dave Cote.S. inked an agreement to establish a bilateral energy cooperation programme to promote clean and energy-efficient businesses. companies inked joint venture deals worth $175 million in the renewable energy sector. is a pioneer in the field. Nearly $15-30 million in U.com • India is targeting the first round of auction of shale gas areas for exploration before the end of 2011. Downloaded from: http://www.upscportal. Bhatt. U.S. • India provides biggest opportunities in the renewable energy sector and the Jawaharlal Nehru Solar Mission 2020 is an initiative which the U. • India does not have technology to exploit shale gas.S. India has emerged as an attractive global investment destination as its infrastructure sector alone requires investment of $514 billion for the XI Plan (2007-08 to 2011-12). by companies including Reliance Industries Ltd. • Similarly. HDFC chief Deepak Parekh and State Bank of India Chairman O.upscportal. $175-m worth deals on clean energy signed • Even as India and the U. • U. Indian and U. Bharti group chief Sunil Bharti Mittal.S. The Indian CEOs include ICICI Bank CEO and MD Chanda Kochhar. for cooperation in shale gas technology that would help it exploit vast untapped unconventional resource.S.com www.S. companies recently participated in the Delhi Renewable Energy Conference and exhibited their technology and products.-based Team Sustain and UB Engineering Limited (India) signing an MoU to collaborate setting up large grid tie solar photovoltaic . P.S. companies would like to be part of.
The 50:50 joint venture by the telecom major Bharti Enterprises and the Philippinesbased Del Monte Pacific is located on a sprawling 21.S. Minister of Mines. exports. India.S. a deal which could generate around $24 million of U.upscportal. Afghanistan in talks with Indian companies for investment in mining • Keen to exploit its mineral reserves. • Wahidullah Shahrani.4 acre plot. • Azure Power (U. Afghanistan is holding talks with Indian companies for investing in its mines. Japan to sign CEPA soon • India and Japan will ink a comprehensive market opening pact within a month. Culinary products such as ketchups.) and the Gujarat Energy Development Agency (India) have announced an investment of $40 million for a 15 MW solar power plant in Gujarat.S. On the other hand.upscportal. • Ice Solar (U. exports. Energy Cooperation Programme will mobilise private sector expertise and resources.com www. sauces. amid indications that both sides had sorted out differences on contentious issues.S. FieldFresh Foods unit on stream • A fully automated food processing and beverages unit was unveiled in HOSUR . mustard sauce and mayonnaise will be turned out in the factory. The treaty that was slated to be signed during Prime Minister Manmohan Singh's visit to Tokyo last month but the formal singing could not take place as both sides were not able to sort out their differences on some issues. which stood at around $11 billion in 2009-10.S. the India-U. • The free trade agreement is likely to boost bilateral trade. even as it was holding road shows in New York and London to attract investment. the Tatas and also Mittals and Vedanta.com • Union Commerce and Industry Minister Anand Sharma said this would be a move in the right direction for enhancing trade ties and reduce/eliminate tariffs on over 90 per cent of the goods traded between the two countries. . said that his government was in talks with Indian companies like Ispat. Downloaded from: http://www.S.power plants in India which could generate business to around $84 million in U.) and Race Power (India) have signed an MoU to collaborate on setting up a solar photovoltaic project in Rajasthan which could generate business worth $15 million in U. • The unit aims to create new benchmarks. Islamic Republic of Afghanistan. Essar. exports.
is adding two more units each with 500 MW by investing around Rs. of land area and this ratio was worse for rural areas and for the Northeastern region. • The country's mineral potential was valued at $3 trillion and included deposits of iron ore.upscportal. gold. . oil and gas. • The power generated from the second phase would be supplied to Andhra Pradesh.000 had commercial bank branches. gemstones and copper.” • As per RBI data. Karnataka. • The banking sector. the first shore-based power plant. was now on and would attract investments of $6 billion. Simhadri. Andhra Pradesh will get 35 per cent of the power.000 MW would be completed by the end of 2011-12. Banks asked to improve asset quality to support 9% growth • Finance Minister Pranab Mukherjee asked banks to improve the quality of assets as their support would be necessary to maintain the higher growth momentum of 9 per cent or more in the coming years. on an average. needed to support this growth momentum as “India with growth trajectory heading towards 9 per cent or more in the coming years is placed at a critical juncture.694 MW through 15 coal.5. • Two units of 500 MW each in the first phase were synchronised in 2002.• While the bidding process for a 2 billion tonne iron ore mine. Kerala and Puducherry. km. there were less than three bank branches per 100 sq. seven gas and five joint venture power stations. • Thus.com • Regional Executive Director (South) Ambarish Nath Dave said that the expansion work taken up to double the capacity of the project to 2.000 crore. he said NTPC to commission first unit of Stage-II at Simhadri by March • NTPC will commission the first unit of Stage-II expansion project of Simhadri Super Thermal Power Station by March 2011. only about 30. which he said was the world's largest undeveloped mine.com www. with an installed capacity of 32. of the six lakh habitations in India. Downloaded from: http://www. The company is gradually diversifying its present fuel mix.upscportal. Tamil Nadu. • NTPC. he said. As per the memorandum of understanding signed with the Ministry of Power.
6-billion Cairn-Vedanta deal.28 lakh MW by 2032.'' Oilex Managing Director Bruce McCarthy said of these reserves.upscportal.upscportal. inclusive growth and protectionism.160 km south of Ahmedabad in Gujarat.000 MW is now being added through new and existing plants. 10 per cent or at least 1. Special role for reserve currency countries' • In words that would be music to Chinese ears. Downloaded from: http://www.com www. in what is being dubbed as a big discovery after Reliance Industries' gas find in the KG basin and Cairn India's discovery in Rajasthan. is 16-21 trillion cubic feet (tcf). Vedanta plans to list Sterlite Energy • Metal and mining major Vedanta Resources Plc said it was considering listing of its energy arm Sterlite Energy and the Zambian copper unit to unlock value for stakeholders and raise funds. Oilex stepped in upon exit of Niko.000 MW by 2017 and 1. rising up to 50 mscfd by 201213.6 tcf are recoverable. the group was on track to obtain all regulatory approvals by the first half of 2011. NTPC was making efforts to increase its capacity to 75. • “In-place reserves in the Cambay Basin block near Khambat town. . • The Cambay field is a pre-New Exploration Licensing Policy (NELP) block that was originally awarded to the Gujarat State Petroleum Corporation (GPSC) and Canada's Niko Resources. Initial gas production could be five million standard cubic feet a day.• Nearly 17.com • On the $9. Oilex strikes gas in Cambay Basin • Oilex of Australia has announced that it has struck huge reserves of natural gas in the Cambay Basin in Gujarat. beginning November 14 in New delhi witness the assembly of over 700 top national and international corporate honchos along with stalwarts of the UPA-II regime and focus on the Indian economy and deal with issues like infrastructure.S. a newly assertive Manmohan Singh squarely and unexpectedly took on the U. Oilex holds 45 per cent interest in the Cambay field while GSPC holds the balance. India Economic Summit to focus on infrastructure • The three-day India Economic Summit. in his speech at the G-20 Plenary in Seoul. organised by the Geneva-based World Economic Forum (WEF).
” • On reforming the IMF he acknowledged the progress made so far in the redistribution of quotas but insisted that “Further moves are necessary in this direction and we welcome the decision to comprehensively review the quota formula by 2013 to reflect the growing economic weight of the emerging market countries.” This was aimed at China. • Just a few moments earlier.upscportal.” • He thus underlined the need for balancing capital flows but stressed the need of the developing countries which badly needed investment in infrastructure. he said.com . This means that fiscal correction need not be frontloaded everywhere. and said “advanced deficit countries must follow policies of fiscal consolidation. he had also not spared the surplus countries.S.S. “In other words. it must be offset by reducing current account surpluses elsewhere. dollar is the main reserve currency country. • He added that recycling surplus savings into investment in thus way would help to address developmental imbalances. has begun. it is designed to accommodate future expansion. The new plant will produce engines for small passenger cars of the company in India and has come up in under two years.K. he said “reserve currency countries have a special responsibility to ensure that their monetary policies do not lead to destabilising capital flows. which has unwarrantedly large surpluses. • The facility represents investment in excess of $230 million and while it has an initial annual production capacity of 1. Downloaded from: http://www. • He reverted to the responsibilities of the major global fiscal profligates like the U. we should leverage imbalances of one kind to redress imbalances of the other kind. This is GM's first powertrain plant in the world that enables both petrol and diesel engines to be manufactured simultaneously. Possibly referring to efforts at deficit reduction of the type the U.” The U. consistent with their individual circumstances so as to ensure debt sustainability over the medium term. “If this (deficit reduction) is not to have a contractionary impact on the world economy.60 lakh engines.” GM's Talegaon engine plant on stream • General Motors India (GM) inaugurated its new flexible-engine facility at Talegaon near Pune.• Refusing to apportion blame on just one country or the other. which can put pressure on emerging markets.
• Foreign currency assets expressed in U. in a select group of countries such as China.www. Japan and Taiwan that have forex reserves exceeding $300 billion. grew at slower rate of 4. witnessed in the pre-crisis period. which was introduced in India in 2003. the pound and the yen. • India's foreign exchange reserves had earlier touched $300 billion in March 2008. before the setting-in of the global slowdown in September that year. it produces Captiva.21 billion puts India. Aveo UVA. After the global financial crisis. it is reasonable to expect that the economy will go back to the robust growth path of around 9 per cent average that it was on before the global crisis slowed [it] down in 2008. dollar terms include the effect of appreciation or depreciation of non-U. Cruze. industry performed poorly in September. which has attracted $35 billion of foreign fund flows in capital markets alone this fiscal.92 per cent the previous month.5 per cent in September. comprising almost 80 per cent of the Index of Industrial Production (IIP). • “In the short term.2 billion last week (November 5) on the back of a healthy rise in foreign currency.4 per cent in September. The rise to $300. even as industrial growth plunged to a 16 month-low of 4. Economy will revert to 9% growth: Pranab • Union Finance Minister Pranab Mukherjee exuded confidence that the economy would soon revert to 9 per cent growth.S. the apex bank said. In addition to the Chevrolet Spark and Beat. • The manufacturing sector. Optra.3 per cent a year ago.S. currencies. against 8. Forex reserves cross $300 billion • The country's foreign exchange reserves breached the $300-billion mark for the first time since 2008 with an addition of $2. and Tavera.com • General Motors India has completed 14 years of operation and today offers a range of products under the Chevrolet brand. • For the second consecutive month this fiscal. Mukherjee said at the India Economic Summit. it slowed down to an average growth of 7 per cent between 2008-09 and 2009-10.4 per cent after 6. held in the reserves.upscportal.” Mr. Its growth plummeted to 4. • The economy grew at an average rate of 9 per cent per annum from 2004-05 to 2007-08. Aveo. Coca-Cola India launches NESTEA . such as the euro.
• Coca-Cola India launched ready-to-drink iced tea brand. ONGC and NTPC • The Centre formally conferred the coveted Maharatna status on Oil and Natural Gas Corporation (ONGC). to be manufactured at the Hindustan Coca-Cola bottling plant at Atmakuru in Guntur.S. appeared to have been acting as a front company for ADAG's Reliance Telecom was . the fact that Swan Telecom (now Etisalat DB Telecom). Indian Oil Corporation (IOC) and NTPC.upscportal. • Minister for Heavy Industry and Public Enterprises Vilasrao Deshmukh gave away certificate conferring the Maharatna status to the heads of ONGC. Downloaded from: http://www. NESTEA. Anil Ambani group got undue benefits: CAG report • The report of the Comptroller and Auditor-General of India on the 2G spectrum allocation indicates that it was the Anil Dhirubhai Ambani Group (ADAG) that benefited the most from the arbitrary and unfair manner in which licences were given in 2008.upscportal. a global brand licensed to Beverage Partners Worldwide (BPW).S. • The CAG has found that Mr. Healing Hair Laboratories International. joined the exclusive club of Navratna companies. the corporate entity of Visakhapatnam Steel Plant.com Dabur buys U.. Ambani's companies were given undue advantage over other players in at least three ways: • first. IOC and NTPC at a function here. Andhra Pradesh.. Maharatna status for IOC. a joint venture company of The CocaCola and Nestle. • The product. and Urban Laboratories International — along with its South African arm for $100 million. is being made available initially in Mumbai through select outlets followed by a pan India launch next year.” said Dabur India Chairman Anand Burman in a statement. firm • Dabur India acquired 100 per cent equity in U. one of the 2G beneficiaries.S. • The Maharatna status to select PSEs ensures more empowerment in decision making and encourages becoming globally competitive • Navratna for RINL • Rashtriya Ispat Nigam Ltd.5-billion ethnic hair care products market in the U.com www.-based Namaste Laboratories and its three subsidiaries — Hair Rejuvenation and Revitalization Nigeria. Europe and Africa. • “This acquisition marks our entry into the fast growing $1.
Ltd (later changed to Videocon Telecommunications Ltd. (later changed to Loop Telecom). Downloaded from: http://www. • And third. institutional equities. it got the spectrum before others in the queue. • The other companies identified by the CAG as having benefited from the unfair and arbitrary award of spectrum were the Unitech group (brand name Uninor). • The panel will assess the investments required to be made by the Central and State governments. India is aiming to double its investment in infrastructure to about $1 trillion during the XII Plan (2012-17) from an estimated $500 . retail equities and related businesses such as distribution of financial products. Ltd.com • Axis Bank. Axis Bank will also demerge its investment banking business into the wholly-owned subsidiary.upscportal.upscportal. Shipping Stop Dot Com (India) Pvt.2.067 crore • “It is proposed that Enam Securities will demerge its investment banking. • The committee.ignored by the Department of Telecom. Centre sets up panel on financing infrastructure • Days after Prime Minister Manmohan Singh announced that India needed $1 trillion for developing the country's infrastructure. NBFC and the like to a wholly-owned subsidiary of Axis Bank pursuant to a scheme of arrangement. the Centre announced setting up of a high-level committee on financing of infrastructure. to be headed by former Reserve Bank of India Deputy Governor Rakesh Mohan. announced the acquisition of the investment banking arm of Enam Securities for around Rs. public sector undertakings (PSUs) and the private sector in ten major physical infrastructure sector projects.” • The proposed scheme is subject to approvals from the respective shareholders and approval from the authorities such as the Reserve Bank of India.com www. Reliance Communications was favoured in the spectrum allocation while getting access to a dual technology licence for offering both CDMA and GSM services. the third largest private sector bank.) and S Tel Ltd. • second. Datacom Solutions Pvt. the Securities and Exchange Board of India and the high courts of Gujarat and Mumbai. The committee would suggest steps for improving capital markets for garnering long-term savings and facilitating foreign investment flow. will submit its report within 18 months.
A free trade agreement will help us get there. • Turning to the challenge of developing world-class infrastructure. India's largest wind turbine manufacturer. found difficult to enter.2. he said. the Finance Minister said the Ministry had decided to establish the Financial Stability and Development Council (FSDC) and a discussion paper had been circulated in coordination with the Reserve Bank of India (RBI). so far. • “Both governments have set a target of increasing the mutual bilateral merchandise trade to $15 billion in the next five years. said Canadian Minister of International Trade Peter Van Loan.com • Union Finance Minister Pranab Mukherjee on Friday asked banks to focus and reach out to the weaker sections of society as a high economic growth without according benefits to the poor would not achieve the national goal of inclusive growth.com www. so that it could be in tune with the prevailing condition.2 billion last year.Bilateral trade was close to $4.” he said.upscportal. “Another important legislation which we are going to have for which we have set up a committee. Mukherjee pointed out that there would be an estimated gap of 30 per cent in the $1 trillion investment pegged for infrastructure during the XII Plan (2012-17). is [the] Financial Legislative Reforms Commission (FLRC). a Canadian Minister said. • The panel will also identify the regulatory or legal impediments constraining private investment in infrastructure and make specific recommendations to facilitate their removal.067 crore Downloaded from: http://www.upscportal. For better coordination among regulators in this regard. FTA with Canada will help boost bilateral trade • The Free trade agreement (FTA) between India and Canada will help push bilateral trade to $15 billion in five years. The objective was to update various financial sector related legislation. The XII Plan envisages investment of around Rs. “We have to breach that gap. It is expected that half of the investment target would come from the private sector and the balance from PSUs. .” Axis Bank acquires Enam's arm for Rs.” he said.41 lakh crore for the infrastructure sector. Suzlon goes local in tough China market • Suzlon Energy. Mr. part of a wider strategy to localise for a market it has.billion in the current Plan. appointed a new Chinese CEO.
who have cornered around 80 per cent of the wind power market. has now a 3. a back-of-the-envelope calculation for India suggested that on the basis of .Mr. which has invested more than $300 million in China over the past five years.'' he remarked.upscportal. including the giant Rajasthan oilfields.4 per cent market share. Cairn should seek Centre's consent for all properties • Acting tough after having secured legal opinions from the Law Ministry and the Solicitor General of India. Petroleum Ministry indicated that the $8.48-billion CairnVedanta deal would only be considered for approval if Cairn Energy sought government consent for all the properties and not selective ones.upscportal. and Western firms like Vestas and GE. • Seeking to harden its stand on the issue and virtually rejecting Cairn Energy's stand. • Delivering a special address on ‘WTO and Doha negotiations: closing the gaps and moving ahead. It will trigger tit-for-tat protectionism. Lamy said resorting to trade restricting measures to address the challenge of reducing unsustainable and socially unacceptable unemployment levels was not the right path. • Mr.com Industry (FICCI) .• Suzlon. “The macro-economic imbalances do not originate in trade. It has struggled to compete with bigger Chinese players. Addressing them through trade restricting measures will not work. The Suzlon Group is now ranked eighth in the fast-growing wind sector here. Lamy said recent studies for India showed that nearly 14 million jobs were created directly or indirectly as a result of increased exports between 2003 and 2008. Furthermore.com www. Trade curbs will only lead to protectionism — Lamy • World Trade Organization (WTO) Director General Pascal Lamy warned WTO member states against taking trade restrictive measures and asserted that it would only lead to tit for tat protectionism. • Cairn's current application seeking government nod for the deal has left out the three producing properties. the Petroleum Ministry has maintained that U.K.' organised by the Federation of Indian Chambers of Commerce and Banks asked to reach out to weaker sections Downloaded from: http://www.-based Cairn Energy will have to file a revised application for formal transfer of control of all its 10 properties in the country.
and of the lessons it offered. • Aircel joined hands with U.-based Blyk to offer interactive. Y.V.com www. mobile subscribers will get a variety of products and services.. Recession and Uneven Recovery. • London-listed Vedanta Resources planned stake acquisition in Cairn India. which was announced in August. Reddy's book launched • The Reserve Bank of India (RBI) Governor D. former RBI Governor .upscportal. progression and impact of the financial crisis.. Aircel ties up with Blyk of U. is worth as much as $8.” Vedanta Chairman Anil Agarwal said. • “The financing announced provides the group with funding flexibility.the average pre-crisis growth in real merchandise exports. an average of 7. Reddy. • The book is a sequel to Dr. Vedanta arranges $6 b funding for Cairn deal • Vedanta Resources plc said it had entered into financing agreements with a consortium of banks for $6 billion to fund its proposed buyout of up to 60 per cent stake in Cairn India. Subbarao launched the book..K. written at a time of multiple challenges for the Indian economy. The present book. by Y. Downloaded from: http://www.upscportal.K. We are delighted to announce $6 billion of commitments from leading international banks. . Reddy's best-selling work. youth-focused mobile service. provides a thinker and experienced policymakers' understanding of the genesis. Through ‘Blyk on Aircel'. • The international conference is aimed at drawing the attention of policy makers in other countries to the Kerala experience.com M&M acquires 70 % in Ssangyong for $463 m • Mahindra & Mahindra (M&M) and Ssangyong Motor Company Limited (SYMC) of Korea signed a definitive agreement in Seoul for M&M to acquire a 70 per cent stake in SYMC. India and the global financial crisis: managing money and finance. Kerala to host global meet on public sector • The Department of Industries and Commerce is organising an international conference at Kovalam on December 10 and 11 to discuss the relevance of State owned enterprises (SOEs). he pointed out. Global Crisis.5 billion. V.5 million jobs might be created from exports each year.
and its plea for trading in equity and other segments has already been rejected by SEBI on non-compliance with shareholding and other norms. if accepted. lower than the permissible limit of 49 per cent. which is allowed to trade only in currency futures. Japanese firm • State-run largest power generation company NTPC on inked a pact with Asian Development Bank and Japan's Kyuden International Corporation to jointly develop 500 MW of renewable energy projects across India over the next three years.com www. • Under the joint venture agreement.100 crore for the stock exchanges and allowing only banks and public financial institutions as the anchor or main investors.000 crore net worth. the committee has suggested a minimum Rs. also said that disclosure and corporate governance norms for market institutions should be the same as that applicable for listed entities.upscportal.1. NTPC inks pact with ADB. • For anchor investors also. • The panel suggested a minimum net worth of Rs. NTPC and its partners will set up a new company to develop wind power and small hydro-electric power projects.• A statement from M&M said the total cost of acquisition is $463 million with $378 million in new stock and $85 million in corporate bonds.com . Foreign investors hold 30 % in BSE • Foreign investors now hold 30 per cent stake in BSE. a Securities and Exchange Board of India committee recommended that only banks and public financial institutions could be anchor investors in bourses and stopping them from listing or making huge profits.upscportal. • The Jalan committee. the recommendations would make things difficult for FTIL group-founded new bourse MCX-SX. These anchor investors would need to be identified in the application itself by any entity seeking permission. • The recommendation of the Bimal Jalan Committee. • According to industry sources. would derail the plans of the country's two premier bourses — the BSE and the NSE — to go public. which submitted its proposals after months of deliberations. NTPC will be the leader of Downloaded from: http://www. SEBI panel suggests tougher rules for new bourses • In a move that could make it difficult for corporate entities to set up stock exchanges.
the joint venture with a 50 per cent stake, while ADB and Kyuden International will contribute 25 per cent each towards the equity share capital of the company. The initial authorised share capital of the company will be Rs.6.50 crore and the paid-up share capital will be Rs.1 crore. • NTPC has set a target for developing at least 1,000 MW of renewable energy . Reliance communications ties up with Twitter • Reliance Communications has tied up with Twitter to make the popular information network available on SMS. Customers can now enjoy Twitter on SMS free till November 30. Meanwhile, based on a tie-up with mobile messaging leader Bubble Motion, Reliance has launched a social voice blogging service making it fun and easy to become a follower of some of India's favourite stars, getting text and voice updates directly from the celebrities with updates on their day-to-day lives, says a release. Huge investment opportunities in infrastructure • President Pratibha Patil discussed investment opportunities in India and the UAE with Sheikh Mohammed bin Rashid Al Makhtoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai and Sheikh Mansour Bin Zayed Al Nahayan, the Deputy Prime Minister of the UAE and the Minister of Presidential Affairs in Abu Dhabi. • The President said India was looking at $1 trillion in investments in the infrastructure over the next five years and that the government was planning to disinvest up to $8.7 billion in public sector undertakings. • Sheikh Mansour will be visiting India soon to discuss investment opportunities — interestingly, he also heads the International Petroleum Investment Company, an entity of the Abu Dhabi Government responsible for all foreign investments in the oil and petrochemical sector, Chairman of the Emirates Investment Authority, a leading Sovereign Wealth Funds in the UAE and a board member of the Abu Dhabi Investment Authority that is considered to be the largest Sovereign Wealth Funds in the world. Nuclear Power to commission 220 MW Kaiga-4 unit today • Nuclear Power Corporation of India Ltd. (NPCIL) will commission the 220-MW nuclear power plant Kaiga stage 4 project. • The entire power will be supplied to the Southern Grid. Speaking at the India Energy Forum in New delhi,NPCIL Associate Director N. Nagaich said the commissioning of the project would be done by NPCIL Chairman and Managing Director S. K. Jain.
• Mr. Jain said NPCIL would stop making nuclear power with capacity of 220 MW and 540 MW with the commissioning of the 220-MW of Kaiga unit. Downloaded from: http://www.upscportal.com www.upscportal.com • The new 500-MW Unit-VII of NTPC's Korba project in Chhattisgarh has been synchronised with the grid. The Korba project is already having three units of 200 MW each in Stage-I and another three units of 500 MW each in Stage-II. 20 km road a day turning out to be a pipe dream • Construction of National Highways has been far from satisfactory during the current fiscal, shattering the dream of building 20 km of road each day. • Against the target of constructing 952.79 km under various phases of the National Highway Development Programme (NHDP) by September 2010, only 680 km has been built, about a 70 percent achievement. FDI inflows drop 26 % in January-September • Even as global recovery continues to be fragile, foreign direct investment (FDI) inflows into India stood at just $15.97 billion during the January-September period, down 26 per cent as compared to the same period last year. According to the official data of Department of Industrial Policy and Promotion (DIPP), in January-September, 2009, the country attracted FDI worth $21.44 billion. • The countries that pumped the maximum foreign capital into the Indian economy during the nine-month period were Mauritius, Singapore, the U.S., the Netherlands, Cyprus, Japan, Germany and France. • The sectors that attracted the maximum foreign inflows include services (financial and non-financial), computer software and hardware, telecommunications, housing, real estate, power and automobiles. • According to the data released by the Reserve Bank of India (RBI) in its latest bulletin, FDI flows shrunk by over 23 per cent during the first-half of the current financial year to $13.50 billion from $17.55 billion a year ago. • In contrast to FDI, FII (foreign institutional investment) inflows have surged due to better returns that are on offer in emerging markets such as India. During the first-half of the financial year, FII's had invested $22.3 billion in Indian stocks and bonds as compared to $15.27 billion during April-September 2009, an increase of over 46 per cent. CEA efforts to renovate power projects
• With the country struggling to meet targets for capacity addition, the Central Electricity Authority (CEA) has chalked out a major “National enhanced efficiency renovation and modernisation programme” for around 4,900 MW of power projects in the public sector during the XI and XII Plans. • Under this major national initiative, the CEA has recommended that the Power Ministry should undertake renovation and modernisation of about 19,000 MW capacity, life extension of about 7,300 MW during the XI Plan. Apart from this, it has also outlined NTPC synchronises 500 MW unit at Korba Downloaded from: http://www.upscportal.com www.upscportal.com that renovation and modernisation of about 5,000 MW and life extension of about 16,500 MW should be done during the XII Plan. • The Power Ministry is also gearing up to launch the National Mission for Enhanced Energy Efficiency (NMEEE) which is part of the National Action Plan of Climate Change. The objective of the mission is to devise efficient and cost-effective strategies through demand-side management, initiatives and market transformation. RIL among world's largest chemical firms • Reliance Industries Limited (RIL) has been ranked globally at the 20th position on the ICIS Top 100 Chemicals Companies list. German major BASF topped the list. • The companies were ranked on the basis of their annual sales figures in the annual list released by ICIS Chemical Business magazine. The ICIS is a global information provider for the chemical and energy industries. • While RIL is the only Indian company in the top 20, another Indian company, Tata Chemical, has been ranked at 115th in a separate list of companies — titled ‘Bubbling Under' — that did not make it into the Top 100. • The RIL has been also named as the 8th biggest gainer in terms of operating profits. • The RIL was ranked 20th on the basis of sales worth $12.3 billion last year, while top-ranked BASF had sales of $72.7 billion. I-T Department introduces new number for taxpayers • Taxpayers will now have to procure a new number for filing returns and making any communication with the Income Tax Department. • The unique Document Identification Number (DIN), on the lines of numbers like PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number), will be
com .com www. ‘Decision on Cairn-Vedanta deal by February' • The Petroleum and Natural Gas Ministry will take a final view on granting approval to the $9.6-billion Cairn-Vedanta deal by February-end. it is still controlled by the government. including its price and movement. claiming refunds and other communication with the department by the assesses. • With the introduction of the nutrient based subsidy scheme.upscportal. Decision on freeing urea sector before this fiscal • The Union Fertiliser Ministry said decision on decontrolling the urea sector would be taken within the current financial year.” Fertiliser Secretary Sutanu Behuria said.quoted on “every” income tax-related communication. • However. Petroleum Secretary S. for error-free filing of tax returns. I expect. • “The DIN will be generated by the I-T Department and will be useful. Downloaded from: http://www.” a senior Finance Ministry official said. It had maintained that the consent of the government was not Downloaded from: http://www. but chose to be selective in approaching government for approval of the deal. • “The Cabinet is yet to consider decontrolling the urea sector. • The fertilizer industry has been pressing the government to decontrol the urea sector in line with the potassic and phosphetic fertilizers. in relation to urea. it will be taken before the current financial year. Cairn Energy was forced to retrace its earlier stand. essentially. Sundareshan said.upscportal. including the returns to be filed next year for the financial year 2010-11. the government has already freed potassic and phosphetic fertilizers.com required for transfer of control in a company holding interest in the three blocks that were awarded prior to advent of the New Exploration Licensing Policy (NELP).com www.upscportal. with the Petroleum Ministry acting tough. However. whatever the decision will be. • Urea constitutes almost 50 per cent of India's fertilizer consumption. • Cairn Energy had on August 16 announced sale of 40-51 per cent stake in its Indian unit to London-listed Vedanta. with effect from April this year.upscportal.