L&T, partners win mega KG basin deepwater project from ONGC

Larsen & Toubro said it, along with its consortium  partners Baker Hughes and McDermott International, has won the contract for constructing one of India’s largest deepwater oil and gas projects. The contract is for construction at ONGC’s KG DWN-98/2 basin that lies close to the KG-D6 block of Reliance Industries. “The integrated subsea package includes […]

Vedanta wins 41 oil exploration blocks in OALP for Rs 3,900 cr

Vedanta Limited, which operates the country’s largest on-shore petroleum mining facility, said it has emerged as the favored bidder to explore 41 oil and gas blocks in India at a cost of US$551 million (Rs 3,900 cr) over the next six years, including 8 offshore blocks. It is eligible to mine and sell the petroleum […]

Reliance Power wins Rs 390 cr arbitration against Indonesian coal group

Reliance Power said it has been awarded damages of $56 Million, or about Rs 390 cr, by an arbitration panel in Singapore in relation to the acquisition of three mines in Indonesia. Reliance Power, an Anil Ambani Group company, had signed an agreement with Indonesia’s Sugico Group eight years ago to acquire three coal mines. […]

Nalco says facing a ‘coal crisis’ due to govt’s supply prioritization

Government of India’s NALCO, or National Aluminium Company, said its primary Aluminium smelter plant at Angul in Orissa is facing a ‘crisis’ due to the the shortage of coal to produce power. Smelting of alumina into aluminium is one of the most power-hungry processes in industrial production. To supply power to the unit, NALCO had […]

23 GW of solar parks sanctioned in India, Gujarat No.1

Gujarat, Rajasthan and Andhra Pradesh are emerging as the top destinations for large, utility scale solar projects in India, according to numbers from the Minister of New and Renewable Energy. According to data for Government of India’s “Solar Parks and Ultra Mega Solar Power Projects” scheme, Gujarat ranked as the state with the highest number […]

Indian MPs question govt over stopping crude oil imports from Iran

Government of India has faced questions from members of parliament on reports that it has asked state-owned refiners to get ready to stop importing crude oil from Iran in the face of pressure from the United States. A question from Lok Sabha MPs Supriya Sule and Mullappally Ramachandran sought to know “whether the Government has […]

Reliance Industries 10 rupees away from $100 bln market cap, after TCS

Three months after Tata Consultancy Services became the first Indian company to achieve a market capitalization of $100 bln (Rs 6.85 lakh cr), Reliance Industries is close to the $100 bln mark as well. At present, there are only around 100 companies in the world whose shares are worth $100 bln or more, including the […]

BSES, partner suggest bill-based financing of rooftop solar projects

Households owning rooftop solar systems could save up to 95 per cent on their electricity bills, according to an independent study by Council on Energy, Environment and Water (CEEW) and BSES Yamuna Power Limited . Solar system costs have declined by 27 per cent, year-on-year, over the last three years, making rooftop solar a lucrative […]

Reliance Infra to turn cash surplus as MERC approves Mumbai op sale to Adani

Anil Ambani-led Reliance Infrastructure said it has won approval from the Maharashtra Electricity Regulatory Commission for the sale of its Mumbai power business to Adani Transmission Ltd. It said it now expects to close the Rs 18,800 cr transaction next month. Reliance Infrastructure will utilize the proceeds of the transaction entirely to reduce its debt, […]