Under section 3 of the Competition Act, the Competition Commission of India (CCI) is probing an allegation that state-run oil marketing companies (OMCs) are indulging in cartelisation on fuel pricing. According to some media reports, these state-run OMCs may get notice from the panel on the allegation. The Petroleum and Natural Gas Regulatory Board earlie
Author: admin (Infratructure Today)
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CAG team resumes audit of RIL’s KG-D6 operation
Following assurance from the union petroleum ministry, the officials of the Comptroller and Auditor General of India (CAG) resumed audit of the KG-D6 gas field operated by Reliance Industries (RIL). Recently, the team of CAG arrived at the Mumbai officie of RIL for this purpose. The CAG received assurance from the oil ministry that the auditing team would have acce
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SAIL, KIOCL to set up coke oven plant, power unit
Reports indicate that state-run miners KIOCL and Steel Authority of India (SAIL) would jointly set up a coke oven plant, which converts coking coal into coke for use in the steel mills, at Mangalore. Both the companies are expected to begin ground work for the project in the next few months after signing an equal joint venture agreement
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Essar Steel to reduce interest cost by raising dollar debt
Dilip Oomen, Managing Director and Chief Executive of Essar Steel informed media persons that the company plans to replace its rupee debt with dollar debt in order to reduce interest cost. By September 2013, the firm plans to refinance its entire domestic debt of around Rs 20,000 crore into dollar terms
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Bandhan may launch banking venture
Agency report indicates that Bandhan Microfinance plans to foray into banking sector in order to cater to the un-banked and rural areas. The microfinance institution (MFI) feels that it meets all the criteria specified in the final guidelines released by the Reserve Bank of India (RBI
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RBI chief discusses license norms with house panel
Reserve Bank of India (RBI) Governor D Subbarao recently discussed the final guidelines on new bank licenses with the Parliamentary Standing Committee on Finance. The guidelines were issued by the central bank recently to allow corporate houses and public sector entities with Ăâsound credentials and a minimum track record of
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Utkarsh may get funding from existing investors
Utkarsh Micro Finance may receive capital infusion from its existing investors in order to support its business expansion plan in the low-income states of Uttar Pradesh and Bihar. International Finance Corporation (IFC), Aavishkaar Fund II and Norwegian Microfinance Initiative are the existing investors in the microfinance
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Shriram Transport to raise debt
Umesh Revankar, Managing Director and Chief Executive Officer of Shriram Transport Finance informed that the firm Rs 1,000 crore through non-convertible debentures before June 2013. The company may raise a major portion of this amount from small individual investors and the remaining will be raised from qualified institutional investors and institutional
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Foreign banks seek more time to adhere to norms
Reserve Bank of India (RBI) received a request from large foreign banks operating in the country to to extend the timeline for adhering to the new priority sector norms. It may be recalled that the new priority sector norms makes it mandatory for foreign banks with over 20 branches to allocate at least 40 percent of its credit to priori
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West Bengal’s land policy hits its wind project
West Bengal Chief Minister Mamata BanerjeeĂâs Ăâno land acquisitionĂâ policy has already impacted investment into West Bengal. Now, her policy to allocate State-held land through competitive bidding may prove to be a stumbling block in attracting investments in the Eastern regionĂâs largest wind-farm project.