A committee appointed by the union government to recommend on the amount of royalty to be paid by iron ore miners to state governments would submit its report in the next few weeks, media reports indicate. According to source-based information, the committee would suggest the government to raise the royalty fees of iron ore miners by 50 percent
Author: admin (Infratructure Today)
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Odisha govt cancels license of Deepak Steel
Odisha government cancelled the trading licence of Deepak Steel and Power and also refused to renew the Memorandum of Understanding (MoU) signed with the firm earlier owing to irregularities committed by the firm. The MoU signed with the firm has already lapsed and the state government refused to renew it. The company has allegedly produced more iron ore than what was statutorily allowed from the from an adjacent plot in Uliburu mines. The adjacent plot was categorised as reserve forest
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51 mining leases cancelled by Karnataka govt
According to the order of the Supreme Court, the Karnataka government has cancelled 51 iron ore mining leases in Category C. Holders of these mines were charged of carrying out rampant mining illegally outside the lease area and hence the Supreme Court ordered for cancellation of the mining leases some months
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Govt hiked gas price to hit power, fertiliser firms
As the Union government hiked gas price on June 28 will benefit a lot the government-owned Oil and Natural Gas Corp (ONGC) and private major Reliance Industries (RIL), power and fertiliser companies will see their fuel costs shooting up substantially. As the power industry, a major consumer of natural gas, operates on the principle of pass-through of fuel costs to consumers, Indian consumers will have to shell out more for electricity, say analysts.
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Some MFIs plan foray into banking sector
Chandra Shekhar Ghosh, Chairman and Managing Director of Bandhan Financial Services said the microfinance company would apply for a banking license with the Reserve Bank of India (RBI). Consulting firm Deloitte will advise the Kolkata-based microfinance company (MFI) on the application formality. The MFI has 45 branches and a customer base of 2.6 million in unbanked rural areas
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Indian rupee hits record low against dollar
In a recent trading session, the Indian rupee depreciated beyond the Rs 60 per dollar level owing to strong demand from importers. The Indian currency is learnt to have declined to Rs 60.76 per dollar in a recent trading session. In the month of June, the currency weakened 7 percent against the US dollar and 12 percent since May 1. Some market expects expect rupee to fall to 61-62 against dollar in the short term. However, they expect the weakening of the rupee to be temporary because in longer
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ICICI Bank issues Chinese currency bonds
ICICI Bank raised Chinese Yuan (Renminbi) 650 million ($106 million) by issuing bonds in the currency at a coupon rate of 4 per cent. The bond, which will be listed on the Singapore exchange, have been issued under the bankĂâs $5 billion Medium Term Note (MTN) programme. ICICI Bank is the second domestic lender to sell bonds to offshore Chinese investors. Earlier, IDBI Bank had tapped this fund-raising route. Rating agency S&P has given a ĂâBBB
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Tata Group firms mull Rs 700 bn worth projects in 5 yrs
In the next five years, Tata Housing, Tata Realty and Tata Projects would implement projects worth at least Rs 70,000 crore, media reports indicate. In the coming years, various Tata Group companies would participate in sectors such as roads and highways, reports indicate. In 2013-14, these three firms are executing projects worth Rs 15,000-20,000 crore
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Rs 100 cr special grant to U’khand to rebuild tourism infra
To rebuild tourism infrastructure in Uttarakhand, in the aftermath of the recent devastation of floods in the state, the Union government has sanctioned a special financial package of Rs 100 crore. With the sum is meant for restoration and reconstruction of the affected Government tourist facilities in Uttarakhand. This will be in addition to the Central financial assistance of about Rs 95 crore already sanctioned during the current financial year for developing tourism infrastructure in the Sta
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Plea for attracting pvt investment in infra sector
Planning Commission deputy Chairman Montek Singh Ahluwalia asked Goa Chief Minister Manohar Parrikar to promote private participation in the development of physical infrastructure. Ahluwalia urged Goa to try and cover all urban areas with sewerage network using latest technology to achieve the goal of total sanitation in the state. He offered the Planning Commission's full support to Goa in solid waste management and to make Goa plastic free