By Swaraj Singh Dhanjal Sembcorp India is expected to file its draft IPO papers with Sebi in February, Credit Suisse and Axis Bank are lead investment banks for the share sale
By Sudarshan Varadhan India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022, says government official
Indian Oil Corporation (IOC), the nation’s largest refiner and fossil fuel retailer, is in talks with Bangladesh and Myanmar to enhance trade of petroleum products and offer its expertise to set up oil infrastructure in the two countries.
This month, IndianOil will open offices in Bangladesh and Myanmar, with a plan to closely pursue business opportunities in the two countries.
“For the neighbouring countries, we are not only looking for business, we are looking for association beyond business. Because these countries are also facing similar problems which we have encountered in past, we will be happy to share our experience with them and help them in solving whatever problems they are facing,” IndianOil chairman Sanjiv Singh told ET.
The first thing that may materialise in a month or so is a deal for liquefied petroleum gas (LPG), or cooking gas, under which Bangladesh would export LPG to India’s northeastern states. “We are working on concepts that their trucks can come to India and give us LPG. Rather than we trying to feed those parts of North-East, all along from Haldia, it makes tremendous sense (to depend on Bangladesh trucks for supply),” Singh said.
Bangladesh imports all LPG it needs, and the plan is to augment import for supply to north-eastern states. Read More…
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State-run Energy Efficiency Services Ltd (EESL) has invited a bid for 2,000 electric vehicle chargers for the second phase of its EV programme, which will see the rollout of 9,500 electric vehicles across different states.
“We have invited the bid for 2,000 electric vehicle chargers. We will need more chargers, of course, but we want to do it in phases,” Saurabh Kumar, managing director at EESL, told ET.
EESL, which is a joint venture of PSUs under the power ministry, had floated a global tender for 10,000 electric vehicles to replace the government fleet. The tender was split in two parts, where 500 vehicles were to be procured in phase one, while the remaining would be procured in the second phase.
The roll out of the first 500 cars has already begun in Delhi, and the second phase will see 9,500 electric cars being leased to government authorities on a pan-India basis.
While the previously announced tender for 4,000 electric chargers was scrapped by EESL, they floated a pilot tender of about a 100 chargers for the first phase and the results have been satisfactory, Kumar said, adding, “Now, we have tested these (chargers) and everything is in place. Therefore we now feel that these specifications can work on the ground.” Read More…
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Inadequate maintenance, infrastructure problems including ill-equipped offshore helidecks, lax regulation and lack of proper crew training at operators such as state-run Pawan Hans Helicopters bog down chopper operations in India.
The issues have been brought to the fore again by the weekend’s helicopter crash. The aircraft, belonging to Oil & Natural Gas Corp and operated by Pawan Hans, crashed 30 nautical miles off Mumbai’s coast, killing five ONGC officials and two crew members on board.
While the final jury is out on the incident, sources ET spoke to primarily blamed poor maintenance of aircraft for such accidents.
“This aircraft which crashed had just returned from routine inspection and was doing its first revenue flight,” said a person in the know.
The pilot was experienced and the plane was new, made in 2010 and with just 7,000 hours of flying, he said. That would evidently leave poor maintenance as the reason, he added. Read More…
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Japanese steel and engineering companies are in the driver’s seat to bag major supply contracts for a $17 billion Indian bullet train, several sources said, undermining a key component of Prime Minister Narendra Modi’s economic policy – a push to ‘Make in India’.
Japan is funding most of the project, and Japanese companies are likely to supply at least 70 percent of the core components of the rail line, said five sources in New Delhi with direct knowledge of the matter.
A spokesman for Modi’s office declined comment.
A Japanese transport ministry official involved in the project said the two countries were still working out a strategy for the supply of key components, and would unveil a plan for procurements around July. The official spoke on condition of anonymity.
The September 2017 agreement between Japan and India for the bullet train project included two clauses – the promotion of ‘Make in India’ and ‘Transfer of Technology’ – through which New Delhi had hoped to set up manufacturing facilities in the country, generate jobs and get a toehold in Japanese technology. Modi faces a general election in 2019 and is under pressure to provide more jobs to millions of unemployed in India. Critics also say the bullet train is wasteful and that the money could be better used elsewhere. Read More…
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India will begin the auction of 55 oil and gas exploration blocks from Thursday under new rules, the country’s first licensing round after eight years, as it seeks to unlock its vast hydrocarbon resources, the upstream regulator said.
The world’s third biggest oil importer last year eased rules and allowed companies to carve out areas where they want to drill to attract greater interest and quickly monetise as much as 220 billion barrels of oil and gas resources.
The identified blocks, spread over a 59,000 sq. km area, will now go under the hammer with some advantages given to companies that first identified the area.
“We are now putting up the blocks for bidding to ensure transparency and greater participation,” Atanu Chakraborty, head of India’s Directorate General of Hydrocarbons, told Reuters.
India imports nearly three-quarters of its energy requirements but Prime Minister Narendra Modi has set a target of cutting the country’s fuel import dependency to two-thirds by 2022 and to half by 2030.
In previous licensing rounds, India had muted response from global oil firms but Chakraborty is hopeful of getting a good response as oil prices are moving up.
“With oil prices now looking up, we anticipate good interest and more people would come in for exploration,” he said.
The last date to submit bids is on April 3 and the contracts are expected to be signed by the end of July, he said.
“This is the biggest offering (of blocks) in the last decade and we are offering a high-quality area, as the companies themselves have chosen it,” he said.
About 65 percent of the 55 blocks are on land and mostly in the northeastern state of Assam and western states of Gujarat and Rajasthan.
India is estimated to hold 42 billion tonnes or 315 billion barrels of oil and gas resources, he said.
“Of this, 220 billion barrels are yet to be recovered,” he said. Read More
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Nothing like a film poster to drive a message home! Railway Minister Piyush Goyal has been sharing Bollywood-themed posters on Twitter, with the hashtag Railway Ke Zharokhe Se and they have been quite a hit. One poster points out that being late is better than being in a life-threatening accident. It shows that classic image of Simran running along the platform to join her lover Raj who holds out his hand to her from the moving train.
This epic scene from Dilwale Dulhania Le Jayenge actually had patriarch Amrish Puri finally consenting to his daughter Kajol’s love, and urging her, “Ja Simran ja, jee le apni zindagi.” The public service poster however tweaks the line to read, “Na Simran na.’
Another poster shows three children walking along the railway tracks, bottle of water in hand. It advises against defecation on the tracks, pointing out that it spreads filth and disease. The title: “Neele gagan ke tale.”
A third is captioned “Ghar aaja pardesi tera des bulaye re…” The image shows a young girl sitting on a platform, her luggage around her, as she chats on the phone. The message implies that it is the Indian Railways that reach you home to your family for every festival, increasing happiness several times over. Read More
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By Aditi Singh Delhi HC judge noted that policy-making by government was a ‘unilateral’ act, which if applied to the production sharing contracts would enable it to change the terms of the contract unilaterally