The Insurance Regulatory and Development Authority (IRDA) decided to exclude lending by insurance firms to housing finance companies as exposure to the finance sector. In a statement, the insurance regulatory body said these loans would be henceforth treated as funding to the hous
Author: admin (Infratructure Today)
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State-run banks asked to do due diligence themselves
State-run banks have been asked to conduct due diligence of their own on the company or projects it intends to lend instead of the existing practice of relying on lead banks. Union finance ministry asked state-run banks that sanctions loan to sign on the dotted line only when they are satisfied with the appraisal.
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Brahmaputra Cracker incurs cost overrun on Assam project
Brahmaputra Cracker and Polymer incurred a cost overrun of more than Rs 3,400 crore on its Assam Gas Cracker Project (AGCP) because of inefficient pre-project planning, the government the Comptroller and Auditor General (CAG) of India said. The CAG said this in a report tabled in Parliament. Brahmaputra Cracker and Polymer is a joint venture between GAIL (India), Numaligarh Refinery, Oil India, and the
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House panel suggests cap on gas pricing
A Parliamentary committee suggested the government to impose a cap on natural gas price once it is linked to the formula proposed by the Rangarajan panel from April 2014. The Parliamentary committee suggested the cap in order to avoid the potential for unlimited gains to local producers owing to an upswing in
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CAG finds fault with ONGC’s hiring of rig
A report by the Comptroller and Auditor General of India (CAG) found fault with ONGC for hiring a rig from Reliance Industries (RIL) in 2009 for six months at a cost of Rs 146.7 crore without bidding. While ONGC hired it in 2009 on grounds that it needed the equipment to drill three wells urgently, the CAG report suggests the rig was not necessary going by the
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State-run oil firms pay Rs 150 bn as subsidy for June quarter
The three state-run oil companies have paid Rs 15,000 crore as subsidy to public sector oil marketing companies (OMCs) for the Apr-Jun 2013 quarter. Of the Rs 15,000 crore, Oil and Natural Gas Corporation (ONGC) paid around Rs 12,300 crore, Oil India Rs 2,000 crore, and GAIL Rs 700 crore. It may be recalled that of the total under-recovery incurred by state-run OMCs, 40 percent is shared by the gov
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Adanis may buy Dhamra Port from Tata, L&T
To expand its presence in the country's east coast, India's biggest port operator Adani Ports is said to have clinched a deal to acquire Dhamra Port, an equal joint venture between Tatas and L&T. The deal is stated to be around Rs 5,000 crore. Sources concerned said that the deal has almost completed as the talks between Adanis and Tata Steel and Larsen & Toubro have reached to the stage of signing it formally.
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Kundapur ring road needs immediate repairs
In Karanataka's Kundapur, the ring road is in a bad shape despite spending Rs 1 crore on repairs. The ring road has turned into a nightmare to the motorists. Due to the plying of sand-laden trucks, the road has been dotted with potholes and the slushy stretch has put vehicle users in hardships. The area commuters and people's representatives have urged the government to immediately repair the ring road and asphalt it.
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Three roads in Delhi to be developed at Rs 41 cr
The Delhi government has cleared three road projects worth Rs 41 crore. The Chief Minister Sheila Dikshit sanctioned Rs 15.41 crore for strengthening of the road from Britania Chowk to Outer Ring Road in East Delhi. The road project will be completed within six months.
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BMC to try PMB technology to repair roads
The Brihanmumbai Municipal Corporation (BMC) is considering the Polymer Modified Bitumen (PMB) technology to repair the city roads. BMC, which faced immense flak for the non-motorable condition of the Western and Eastern Express Highways, is keeping its hopes on this technology to repair and maintain Mumbai roads. PMB technology has kept the Bandra-Worli Sea Link (BWSL) going without a crater for over four years.