Not aware of Vodafone Idea shutting down, says Govt

Ministry of Communications, Government of India today said that it was not aware of any speculations or reports about telecom operator Vodafone Idea shutting down its operations. This was stated by junior telecom minister Sanjay Dhotre when Member of Parliament Pratima Mondal sought government of India’s reaction to reports about the company being forced to […]

Natural gas price hike to boost margins at OIL, ONGC, GAIL – India Ratings

The recent gas price increase will improve the profitability of gas production operations of Oil India and ONGC, India Ratings said, while also benefiting transporter GAIL. “Although producers have been benefiting from lower rig and vessel rentals for renewed contracts due to soft crude prices, the operating cost remains close to realisations from its sale,” […]

India to acquire stake in Russian oil fields, to invest US $3.2 billion

Indian government approved the acquisition of stakes in two Russian oil fields for US $3.2 billion. A consortium of Oil India Limited, Indian Oil Corporation Limited and Bharat Petro Resources Limited (BPRL) will acquire 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from Rosneft Oil Company, the National Oil Company […]

Suzlon wins 52.4 MW project from Oil India, to power 28,000 households

Suzlon Group, a renewable energy solutions provider, said it has won its first project from Oil India Ltd (OIL) for 52.5 MW for two sites in Madhya Pradesh and Gujarat. The project will provide power to around 28,000 households and will reduce .11 million tonnes of CO2 emissions per annum, said the company. The project […]