Media reports suggest that the Board of Approval (BoA) for Special Economic Zone (SEZs) decided to give South Korean steel giant Posco one more year to start work on its proposed multi-product SEZ in Odisha. The company's proposed Rs 53,000 crore multi-product SEZ project in Odisha failed to take off as it is unable to acquire the required land in
Tag: approval
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PNB clears plan to issue preference shares worth Rs 12.5 bn
In a statement filed at Bombay Stock Exchange, Punjab National Bank (PNB) said it approved the issuance of preferential shares worth Rs 1,250 crore to the central government. Accordingly, the state-run bank would issue preference shares with face value of Rs 10 each. The proposed preferential allotment will be subject to necessary appr
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Cairn India awaits nod for exploration
The management committee that overseas the production of crude oil by Cairn India in the Rajasthan oilfields is expected to meet soon. Cairn India is awaiting the approval of the committee for exploration in the delineated area in the Rajasthan oil field so that it could raise oil production. Once approved, the company would be able to raise prod
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Board of Petronet clears Rs 50 bn terminal project
Petronet LNG, which proposes to set up a five million tonne per annum LNG terminal at Gangavaram, Andhra Pradesh at a cost of about Rs 5,000 crore, received final approval from its board for the investment. The firm, which expects to complete the project by end-2016, has finished several pre-project activities and it is working towards short-listing of potential cont
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NHBF seeks prior approval for highway projects
In a letter to NHAI, the National Highways Builders Federation (NHBF) recommended that highway projects should not be called for bids before securing requisite clearances, for land acquisition, environment, forest and wildlife. NHBF is a lobby body for highway developers and the letter is also addressed to the Highway Ministry and Finance Ministry on
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Govt clears 14 FDI proposals worth Rs 13 bn
Mumbai-based Hindustan Port received government approval to receive foreign funds worth Rs 440 crore for investment in downstream companies. The above plan is part of the 14 foreign direct investment (FDI) proposals worth about Rs 1,311.60 crore approved by the government recently based on the reco
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Ishar Gasoil loses oil and gas blocks
Ishar Gasoil, which bid for three oil and gas blocks under the ninth round of the New Exploration Licensing Policy (NELP), failed to secure these blocks as the Cabinet Committee on Economic Affairs (CCEA) rejected them. Owing to the companyÂ’s negative net worth, its bids for the blocks RJ-ONN-2010/1, GV-ONN-2012/1 and
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Cabinet clears proposal to inject Rs 125 bn into banks
Union cabinet cleared the proposal to inject Rs 12,517 crore capital into about ten state-run banks during 2012-13. The recapitalisation will help banks maintain their Tier-I capital at a comfortable level, and hence remain compliant with the stricter capital adequacy norms unde
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CCI to decide on clearing investment in blocks
Reports suggest that the Cabinet Committee on Investments would deliberate on giving approval to investment in several oil and gas blocks that are struck because of lack of statutory clearances. CCI would meet on January 15 to deliberate on stalled infrastructure projects. According to union oil ministry, around 47 oil and gas blocks require clear
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NHAI may sue environment ministry for delaying nod to projects
National Highways Authority of India (NHAI) is considering to drag union environment ministry to the court because of delay in granting environment clearance for road projects. It may be noted that recently road developer GMR Infrastructure withdrew from the contract to develop a meg