India's Reliance to Restart All Fuel Pump Outlets
Indian conglomerate Reliance Industries Ltd plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, a report on the company website shows. The stations were closed in 2008 when global oil prices urged towards $150 a barrel and the government's subsidy to state fuel retailers knocked privately-owned retailers out of the market.
Indian Police Arrest Five for Theft, Sale of Oil Ministry Papers
Police have arrested five people on charges of stealing official documents from India's petroleum and natural gas ministry and selling them to energy consultants and companies, the Delhi Police said on Thursday. The police said in a statement they were tipped off that some people were "trespassing" into ministry offices to steal the documents. "Investigations…
Sun Pharma Founder to Invest $290 mln in Turbine Maker Suzlon
The founder of India's Sun Pharmaceutical Industries Inc, Dilip Sanghvi, has agreed to buy a 23 percent stake in Indian wind turbine maker Suzlon Energy Ltd for about $290 million, the company said late on Friday. Sanghvi, India's second-richest man, will pay 18 billion rupees through Dilip Sanghvi Family and Associates (DSA) for 1 billion new shares in Suzlon, issued by way of a preferential allotment.
India's Lanco in Talks to Sell Stake in Griffin Coal Mine
Lanco, which has been negotiating with lenders to restructure its debts since last year, has been seeking to sell assets to return to profitability and repay net debt which stood at about 360 billion rupees ($5.9 billion) at the end of March. It said last month it would sell power projects to raise $825 million to pay down debt. The company, which acquired Griffin Coal Mining Co for about $760 million in 2011…
JSW Energy to Buy Hydropower Plants From Jaiprakash Power
India's JSW Energy Ltd has agreed to buy three hydropower plants from Jaiprakash Power Ventures Ltd, two local television channels reported on Thursday. Financial terms of the deal were not mentioned. The companies will now apply for regulatory approvals for the deal, the channels reported. The reported deal comes a day after Jaiprakash said its deal…
India's Financial Hub Mumbai Hit by Power Cuts
Power cuts hit large areas of Indian financial capital Mumbai on Tuesday following a technical glitch at an electricity generation unit, but back-up generators at banks and brokerages ensured that financial business was largely unaffected. Tata Power Company Ltd said the cuts, which began at 0945 IST in Mumbai, were caused by a technical fault at one of its units and forced it to switch off power to some areas of the city…
Indian Coal Imports Expected to Jump in 2015
India's largest power producer, NTPC Ltd, will import about two-thirds more coal this fiscal year, its chairman said, as it looks to meet the country's growing power needs amid an acute shortage of coal in a sector hamstrung by scandals. The state-run company's total coal requirement for the financial year ending March 2015 is estimated at 177 million metric tonnes (MMT)…
Reliance to Source Ethane from US
India's Reliance Industries Ltd said it will source 1.5 million metric tons of ethane a year from the United States as feedstock for its crackers in India. The company has executed storage and capacity agreements for liquefaction and export of ethane with a North American terminal, which is expected to commence operations in the second half of 2016, the company said in a statement on Monday.
Lanco Infra Sells Power Plant to Adani
Adani Power, led by billionaire Gautam Adani, will take on existing debt of about 40 billion rupees as part of the deal, Lanco said in a statement late on Wednesday.
ONGC Profits Lag on High Exploration Costs
India's Oil and Natural Gas Corp (ONGC) posted a 19 percent jump in first-quarter profit, but missed estimates, hurt by higher exploration related write-offs. India's largest oil and gas exploration company posted a net profit of 47.82 billion rupees ($781.2 million) for the quarter ended June 30, up from 40.16 billion rupees last year. Sales rose 13.5 percent to 218.13 billion rupees.
India's IOC: Crude Processing at Paradip in December
Indian Oil Corp Ltd, the country's biggest oil refiner, aims to start crude processing at its 300,000-barrels-per-day (bpd) Paradip refinery in the eastern Indian state of Odisha in December, an executive said on Tuesday. Start-up of the Paradip plant has been delayed several times. The latest deadline to commission the plant was in August/September.
Jindal Hopes to Resolve Iron, Coal Shortages Soon
India's Jindal Steel and Power Ltd hopes to resolve raw material shortages that have hurt production at its steel plants in the "next couple of weeks", Chief Executive Ravi Uppal said on Wednesday. The steel major is facing iron ore shortages after a Supreme Court order in May forced the closure of nearly half the mines in top producing state Odisha, where the company mines and sources iron ore.
India Invites Banks' Bids for ONGC Share Sale
The Indian government on Wednesday invited bids from investment banks to manage the sale of a 5 percent stake in state oil firm Oil and Natural Gas Corp , a deal that could raise as much as $3 billion. The government, which has a 68.94 percent stake in ONGC, is considering divesting about 427.8 million shares through an auction, the finance ministry's divestment department said in a notice on its website.
