At a recent board meeting, the state-run energy explorer ONGC decided to invest over Rs 4,050 crore to upgrade Western offshore facilities (on the Arabian Sea) through two major projects. The first project includes revamp of Unmanned Platforms Phase Ćā II in Mumbai High and Neelam & Heera Asset. The total revamp job is expected to be completed by pre-monsoon 2016
Tag: investment
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Minister may hold meeting with PSUs to review investment
Between March 22 and April 22 Finance Minister P Chidambaram may hold a meeting with heads of public sector undertakings (PSUs) to review their capital expenditure plan, reports suggest. During the meeting, the minister may discuss capital expenditure plans of PSUs for the coming financial year and also to prod the private sector to invest more
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RBI suggests steps to increase returns from foreign investment
In order to increase the size of returns from huge investments made abroad by Indian firms, the Reserve Bank of India (RBI) some tax exemptions on such returns. RBI wants to increase the size of such returns, which form part of the current account of the Balance of Payment, in order to address the rising deficit in the acco
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Maritime board revokes nod for Rs 20 bn project
Media reports indicate that Tamil Nadu Maritime Board revoked the approval given to Goodearth Shipbuilding for its proposed Rs 2,000 crore shipyard and captive port project at Silambimangalam in Cuddalore district. The board also cancelled the relevant agreements entered into with the company to develop a captive shipyard within Silambimangalam shipyard port limits in Cud
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CSL to spend Rs 490 cr to develop ship repair facility
Cochin Shipyard (CSL) would spend around Rs 490 crore to develop an international ship repair facility on a 41 acre land in the western side of Willingdon Island facing the Mattancherry channel. In September 2012, the Cochin Port Trust awarded the project to the Cochin Shipyard. The facility will enable ships visiting Kochi port undertake both floating and docking repairs
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AP govt takes steps to expedite project at Gangavaram Port
Andhra Pradesh government is taking steps to evolve a time-bound action plan to implement the Rs 4,500-crore LNG terminal project at Gangavaram Port. The proposed terminal, which is being jointly set up by the Gangavaram Port, and the Petronet LNG, will have an initial capacity of 5 million tonne per year. Work on th
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JSPL to invest in NewCo
According to an agreement with the Australian firm Apollo Minerals, Jindal Steel and Power (JSPL) would invest A$10 million in NewCo, which is a new company to be formed from the demerger of Apollo's business. Apollo Minerals is a diverse iron ore, base and precious metals exploration company. As part of the demerger, all iron ore assets will be transferred to New
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IDBI Bank issues long-term bonds worth $500 mn
Reports suggest that response for the latest long-term bond issue by the state-run IDBI Bank was robust with subscription five times the issue size. HSBC and Standard Chartered Bank were arrangers for the offering. Initially the indicative yield for bonds with tenure of five years and 10 months, was US treasury plus 315 basis points. Finally, it was fixed at T plus
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Performance indicators of banks deteriorate
A survey by industry body Confederation of Indian Industry (CII) shows that key performance indicators of banks like credit growth, net interest income deteriorated in 2012-13. The survey, in which 5 public sector banks (PSBs), 3 private sector banks and 7 foreign banks participated, showed that growth in profit after tax (PAT) and return on equity also deteriorated in the current financial
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Court allows SKS Microfin to resume business in AP
In an interim order, the Supreme Court allowed SKS Microfinance to resume microlending operations in Andhra Pradesh without securing a no-objection certificate from the state government. MFI operations in the state, by and large, came to a standstill after the state government introduced the Andhra Pradesh Micro Finance Institution (Regulation of Money Lending) Ordinance 2010