The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
This is the first mission by the Indian Speace Research Organisation this year.
Government officials say a shareholding structure has been mandated to discourage non-serious bidders from accessing Air India's data room
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"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
'When you have a committee, there will not be any autocracy.' 'It means one person cannot take any decision on the temple.'
In a big relief for thousands of stranded Indian professionals in America due to the coronavirus pandemic, the US government has decided to allow applications by H-1B visa holders for an extended stay in the country. The US department of homeland security in a new notification has said it recognises that there are immigration-related challenges as a direct result of the coronavirus pandemic.
While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
Experts say a large part of the expenditure in April was spent on heads such as creating infrastructure for testing capacity and procuring testing kits, among other things.
The changes are in view of the requests received from interested bidders and the prevailing situation arising out of COVID-19.
The last date to submit bids is March 17 but the deadline could be extended if there are requests from potential bidders.
The only fuel that showed growth was LPG as the government dole of free cooking gas cylinders to poor households fired up consumption by 21 per cent during April 1 to 15.
The worst-case scenario is the two marquee names up for privatisation - Air India and Bharat Petroleum - may not happen this year, and what the Centre may get in divestment proceeds could just be a fraction of the target.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
It also comes ahead of a possible visit by President Donald Trump to India later this month. Trump is set to visit India on a two-day trip between February 23 and 26 and both sides are in the process of fine-tuning his schedule, according to sources in New Delhi.
Launched by the ministry of housing and urban affairs, the ease of living index (EoLI) is aimed at providing a holistic view of the country's cities. These will be done on parameters like services provided by local bodies, effectiveness of the administration, outcomes generated through those services in terms of liveability and citizens' perception of the outcomes.
According to the bid document, as part of the strategic disinvestment Air India would also sell 100 per cent stake in low cost airline Air India Express and 50 per cent shareholding in joint venture AISATS. The management control of the airline would also be transferred to the successful bidder.
A person in the know of the PIM details said an entity can put in bid for Air India on the "strength of its parent", which was not there before. A consortium can participate in the disinvestment process, provided each partner has at least 10 per cent stake as well as 10 per cent of the Rs 3,500 crore net worth requirement, according to the bid document. The lead member of a consortium should have at least 26 per cent stake. Individuals are allowed to bid as part of consortium.
South America-based Synergy Group, one of the suitors, has said slots at London's Heathrow airport are critical to the airline's operations and will decide on participating in the resolution only if it gets clarity. It also wants to form a new company with its assets, employees, and operating permit but minus all liabilities.
Synergy Group, the sole potential bidder for Jet Airways, had sought more time to take a decision on investing in the grounded airline.
16 Indians were missing after the incident that happened at Seela Ceramic Factory in Bahri area in Khartoum, the national capital, on Tuesday.
These 7 blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas.
Amid continuing uncertainty over the fate of the national carrier, an official said there is also need for funds to restart operations of 12 grounded narrow-body planes.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
It had submitted an EoI for Jet as it wanted to understand the business scenario for the company and the industry.
To provide a 'data lake' solution, the markets regulator had issued a notice in May, inviting expression of interest (EoI) from interested parties. The selected company will be responsible for designing, implementing and supporting a big data solution with analytical capabilities.
There are only three entities left in the fray now - Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.
"We're going to be signing an executive order in a little while... We've got to be keeping families together," Trump said, as he met lawmakers on the issue.
The Gupta family has relocated to Dubai amid corruption charges against them in South Africa.
The affected nurse is being treated and is recovering well, junior foreign minister V Muraleedharan said. Meanwhile, China has locked down five cities, including Wuhan, suspending all public transport in an unprecedented move to contain the coronavirus that has infected over 630 people and left 17 others dead.
Etihad said it declined to lodge an EoI to reinvest in Jet Airways because of unresolved issues concerning the airline's liabilities.
Agarwal submitted the express of interest through his family investment arm Volcan Investments before the close of the bid process on Saturday afternoon.
The possible date for bidders to submit a resolution plan to the adjudicating authority -- National Company Law Tribunal (NCLT) -- is September 27.
An employees' consortium has demanded that the Committee of Creditors should look at providing one month's salary as an interim financial assistance.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
The state police recently floated tenders for purchasing 50 PBLGs and two RoVs with water jet disruptors and weapon mounts for their use in security situation.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
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