NEW DELHI, Feb 23: Reliance Industries Ltd has opposed supplying its Krishna-Godavari basin gas to NTPC as its legal dispute with the nation’s largest power generator, previously cited by the state-owned firm to block the sale of KG-D6 gas, is still pending at the Bombay High Court.
The Power Ministry has identified NTPC plants to take nearly half of the 18 million standard cubic metres per day of KG-D6 gas earmarked for the power sector.
This prompted RIL to question the logic of supplying gas to the state-owned firm that cited the court case not only to refuse participation in the process of discovering the price of KG-D6 gas but also blocked moves to sell the fuel to the Dabhol power plant.
"In the backdrop of continuing litigation it is completely inappropriate for the Government to require Reliance to enter into commitments for sale of gas with NTPC," Reliance wrote to the Petroleum Ministry earlier this month.
Reliance had in 2007 offered gas from its KG-D6 fields to Ratnagiri Gas & Power Pvt Ltd (earlier Dabhol) but NTPC, which is half owner of the country's largest gas-fired unit, blocked the move even though this gas is cheaper than imported-LNG being used to fire the plant.
The Government has now decided that KG-D6 gas, priced at a cap of USD 4.20 per million British thermal unit, will meet the entire fuel requirement of Dabhol. (PTI)
Tuesday, February 24, 2009
Reliance opposes gas supply to NTPC
Hinduja Group prefers taking 51% stake in Satyam: CFO
NEW DELHI: The Hinduja Group, one of the interested parties in acquiring a stake in Satyam Computer, today said it would prefer taking 51% in the IT major.
"It will be preferred if somebody can get 51%. Suppose the open offer does not come to 20%, then it will be less than 51%. Also, till the time proper restated account is available or crystallisation of liability is happened, no bidder can really put a value on that company," Hinduja Group CFO Prabal Banerjee said.
Last week, the board of Satyam approved the stake sale process as directed by the Company Law Board and said it would release the process of the sale after getting due approvals.
Earlier, another suitor Spice Group's chairman B K Modi had said that his company would be interested in Satyam only if the entire 51% stake is offered through the preferential route.
"The entire money should go into Satyam. The CLB has already laid down the broad framework of the process to be followed. They have also recognised that any strategic investor would like to have adequate equity shareholding, which would enable the investor to constitute its own board," Modi had said.
L&T, the 12% stakeholder in Satyam has already said it needs to know the details of the stake sale process before commenting.
Soruce:http://timesofindia.indiatimes.com/Business/Hinduja-eyes-51-stake-in-Satyam/articleshow/4183410.cms
"It will be preferred if somebody can get 51%. Suppose the open offer does not come to 20%, then it will be less than 51%. Also, till the time proper restated account is available or crystallisation of liability is happened, no bidder can really put a value on that company," Hinduja Group CFO Prabal Banerjee said.
Last week, the board of Satyam approved the stake sale process as directed by the Company Law Board and said it would release the process of the sale after getting due approvals.
Earlier, another suitor Spice Group's chairman B K Modi had said that his company would be interested in Satyam only if the entire 51% stake is offered through the preferential route.
"The entire money should go into Satyam. The CLB has already laid down the broad framework of the process to be followed. They have also recognised that any strategic investor would like to have adequate equity shareholding, which would enable the investor to constitute its own board," Modi had said.
L&T, the 12% stakeholder in Satyam has already said it needs to know the details of the stake sale process before commenting.
Soruce:http://timesofindia.indiatimes.com/Business/Hinduja-eyes-51-stake-in-Satyam/articleshow/4183410.cms
Bihar gets Rs 16k crore from the Planning Commission
Date : Feb-24-2009 12:41
The Planning Commission on Monday approved its annual plan outlay worth Rs 15,900 crore for the fiscal year 2009-10. For the year 2008-09 the plan size was Rs 13,500 crore. The new plan also includes Central assistance of Rs 4,798.96 crore out of which Rs 110 crore will be used to fund the special projects of the state. The new grant was approved between Planning Commission deputy chairman Montek Singh Ahluwalia and chief minister Nitish Kumar at Vikas Bhavan in New Delhi.
Montek Singh Ahluwalia however has complimented Bihar for the plan aimed at accelerating infrastructure development. He has also stressed the need for better plan realisation and provision of land for power sector infrastructure.
The planning commission panel has also advised the Bihar Chief Minister to engage financial institutions in skill development and avail itself of the benefits on offer under the Jawaharlal Nehru Urban Renewal Mission for upgradation of civic amenities.
The Bihar Chief Minister however said that since Bihar is a development deficit state, it needs higher plan size. He also said that the state has plans for private investment at different stages in the sugarcane and thermal power sectors. "We have created an investment-friendly climate. Four sugar mills will be opened soon, and they include two by HPCL," he said, adding Bihar expects to spend 24% of the allocated amount on basic infrastructure, including roads and bridges.
The Planning Commission on Monday approved its annual plan outlay worth Rs 15,900 crore for the fiscal year 2009-10. For the year 2008-09 the plan size was Rs 13,500 crore. The new plan also includes Central assistance of Rs 4,798.96 crore out of which Rs 110 crore will be used to fund the special projects of the state. The new grant was approved between Planning Commission deputy chairman Montek Singh Ahluwalia and chief minister Nitish Kumar at Vikas Bhavan in New Delhi.
Montek Singh Ahluwalia however has complimented Bihar for the plan aimed at accelerating infrastructure development. He has also stressed the need for better plan realisation and provision of land for power sector infrastructure.
The planning commission panel has also advised the Bihar Chief Minister to engage financial institutions in skill development and avail itself of the benefits on offer under the Jawaharlal Nehru Urban Renewal Mission for upgradation of civic amenities.
The Bihar Chief Minister however said that since Bihar is a development deficit state, it needs higher plan size. He also said that the state has plans for private investment at different stages in the sugarcane and thermal power sectors. "We have created an investment-friendly climate. Four sugar mills will be opened soon, and they include two by HPCL," he said, adding Bihar expects to spend 24% of the allocated amount on basic infrastructure, including roads and bridges.
Bharti AXA MF extends NFO closing date
Date : Feb-23-2009
Bharti AXA Mutual Fund has published corrigendum to notice mentioned that closing date of New Fund Offer (NFO) period of Bharti AXA Regular Return Fund. The new issue will close for subscription on February 26, 2009 instead of February 27, 2009. The NFO was opened for subscription on January 28, 2009.
Bharti AXA Mutual Fund has published corrigendum to notice mentioned that closing date of New Fund Offer (NFO) period of Bharti AXA Regular Return Fund. The new issue will close for subscription on February 26, 2009 instead of February 27, 2009. The NFO was opened for subscription on January 28, 2009.
Bharti AXA Regular Return Fund, an open-ended income scheme that seeks to generate regular income through investments in fixed income securities as well as to generate long term capital appreciation by investing a portion in equity as well as equity related instruments.
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