Reliance Industries (RIL) raised $487 million through external commercial borrowings (ECB), the highest amount among 81 companies which went for ECBs in June. RIL borrowed the amount for a tenure of 13 years and five months for import of capital goods. Besides, RIL, Uttam Galva Steels borrowed $180 million, the second largest amount, for refinancing of rupe
Tag: import
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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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IOC to import less oil from Iran
Petroleum Minister M Veerappa Moily informed in Rajya Sabha that Indian Oil Corp (IOC) agreed to import 1.2 million tonne crude oil from Iran in 2013-14 compared to 1.566 million tonne in the previous year. This represents a fall of over 23 per cent in crude oil import by IOC from the Persian Gulf nation. During April-June 2013, the firm imported 0.577 million tonne of oil from Iran. It may be noted that IOC is India's third
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Capacity utilisation in stainless steel sector declines
NC Mathur, President of the Indian Stainless Steel Development Association (ISSDA) informed that capacity utilisation by domestic stainless steelmakers declined because of poor demand, cheap imports and high raw material price. According to Mathur, domestic players reduced operating capacity by 20 percentage points so far this year. Thus, these players are operating at 45-50 per cen
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Govt wants to reduce oil import bill
Prime Minister Manmohan Singh has reportedly directed Petroleum Minister M Veerappa Moily to take steps for reducing crude oil import bill by $25 billion. Prime Minister wants to reduce import bill of crude oil given that the price of the fuel rose to around $105.61 a barrel after declining in
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India under US scanner for dumping steel pipes
India is under the scanner of the US Department of Commerce for alleged dumping of cheap steel pipes in the country thereby affecting the business of local manufacturers. The Commerce Department launched a probe against South Korea, India, Vietnam, the Philippines, Saudi Arabia, Taiwan, Thailand, Turkey, and Ukraine on alle
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GAIL wants Petronet to renegotiate price of Aussie gas
GAIL India wants Petronet LNG to renegotiate the pricing agreement it signed for importing LNG from Australia's Gorgon project. Petronet LNG signed the agreement in August 2009
and under this, the company would import 1.44 million tonne per annum of liquefied natural gas (LNG) at a
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Petronet plans to operationalise phase I of terminal project by Aug
According to media reports, Petronet LNG may operationalise its Phase-I of the natural gas terminal at Kochi by the end of August 2013. The company, which initially planned to commission the project during March 2013, faced several roadblocks.
Work on the project in the southern end of Vypin island
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RBI wants traders to export 20% of imported gold
In order to reduce the domestic consumption of gold, the Reserve Bank of India (RBI) mandated importers of the yellow metal to export 20 percent of the gold from the arrived consignment. Presently, a very small portion of gold is exported and the above move is expected to boost re-export of gold.
Of the 970 tonnes of gold imported last year, only 70 tonn
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RBI steps may not rein in rupee weakness: economists
Some analysts feel that the recent moves by Reserve Bank of India (RBI) to arrest rupee depreciation may not be effective. It may be recalled that the central bank further tightened rupee liquidity by restricting the borrowing of banks under the daily liquidity adjustment facility (LAF)
to 0.