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State-run OMC under-recovery set to fall in FY14

State-run OMC under-recovery set to fall in FY14

RS Butola, Chairman of Indian Oil Corp (IOC) informed reporters that the under-recoveries incurred by state-run oil marketing companies (OMCs) on the sale of diesel, LPG and kerosene may fall to Rs 112,000 crore from the earlier estimate of Rs 130,000 crore. The under-recoveries may decline because of the fall in the international crude oil price. But he said the estim

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Carlyle Group to expand presence in India

Carlyle Group to expand presence in India

US private equity fund (PE) Carlyle Group plans to expand its presence in India and is looking at innovative ways to deepen its India focus, Edward Mathias, Managing Director and a board member of the group, said. As part of this plan, the PE investor would set up a non-banking finance company (NBFC) lend to Indian corporates. The PE fund also plans to raise a fund in India in order to invest across sectors, including retail, defence and i

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OMCs reduce petrol price by 85 paise a litre

OMCs reduce petrol price by 85 paise a litre

State-run Oil Marketing Companies (OMCs) reduced price of petrol twice in a span of 15 days since March 16. While they reduced petrol price by Rs 2 per litre (excluding VAT) on March 16, they again cut the price by 85 paise per litre from April 1. The OMCs also reduced the prices of non-subsidised domestic cooking gas by Rs 3 a litre. A 14.2-kg non-subs

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Rs 1.14 trillion budget passed in Gujarat Assembly

Rs 1.14 trillion budget passed in Gujarat Assembly

The Rs 114,450 crore budget of Gujarat government for the year 2013-14 was recently passed at the state assembly with majority voice vote. The budget levies new taxes of Rs 289 crore, while it gives tax relief of Rs 245 crore in different sectors. The budget proposes to generate surplus of Rs 840.45 crore. The state government presented the budget on February 12, 2013. The budget focuses on development of so

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Govt may spare LPG from export-parity pricing

Govt may spare LPG from export-parity pricing

Media reports indicate that the government may spare domestic cooking gas from the trade-parity pricing methodology that it proposes to adopt for calculating under-recoveries on fuel products. Thus, the government would calculate under-recoveries incurred by state-run oil marketing companies (OMCs) based on export parity price for diese

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Delhi govt to spend Rs 374 bn in 2013-14

Delhi govt to spend Rs 374 bn in 2013-14

Delhi Chief Minister Sheila Dikshit presented the budget for 2013-14 which pegged the overall outlay for the financial year at Rs 37,450 crore. While the state government allocated Rs 16,000 crore for plan expenditure, the total non plan expenditure has been proposed at Rs 21,000 crore

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Court directs OMCs not to open new outlets

Court directs OMCs not to open new outlets

Karnataka high court directed all state-run oil marketing companies (OMCs) not to open new retail outlets till it completes the heading of a petition filed by an dealers association. The Karnataka State Petroleum Dealers Welfare Association filed a petition with the court after OMCs kept

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Ministry aims to add 30 gw renewable energy capacity in 12th Plan

Ministry aims to add 30 gw renewable energy capacity in 12th Plan

The Ministry of New and Renewable Energy aims to add 30,000 mw capacity during the 12th Plan period (2012-17) from various renewable energy sources. This information was given by Minister for New & Renewable Energy, Farooq Abdullah in Rajya Sabha recently. About 27,000 mw renewable power generation capacity has been installed in the country from various rene

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Industry welcomes removal of duty

Industry welcomes removal of duty

Anil Devli, Chief Executive Officer of Indian National Ship Owners Association informed that the removal of excise and countervailing duty (CVD) is a big boost to the shipbuilders. He said the move would see more ships being built in India now. The Rs 300-crore subsidy will increase the cash flow, Dhananjay Datar, group Chief Financial officer, ABG Shipyard, said