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.
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.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
The changes are in view of the requests received from interested bidders and the prevailing situation arising out of COVID-19.
This is the first mission by the Indian Speace Research Organisation this year.
The last date to submit bids is March 17 but the deadline could be extended if there are requests from potential bidders.
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.
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.
"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.'
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.
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.
Good news for economically-weaker sections (EOS) in Delhi. The city government Wednesday decided to built around 35,000 flats for them which are likely to be ready in two years.
Synergy Group, the sole potential bidder for Jet Airways, had sought more time to take a decision on investing in the grounded airline.
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
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.
Scrapping of the EoU status to petroleum refineries was one of the demands of the Samajwadi Party after it decided to support the United Progressive Alliance government, which is set to face a trust motion in the Lok Sabha. "Amar Singh had met me, but there were no discussions on the EoU issue," said the commerce minister. Nath said everyone has the right to demand changes but it did not mean that the government would act on it.
16 Indians were missing after the incident that happened at Seela Ceramic Factory in Bahri area in Khartoum, the national capital, on Tuesday.
It had submitted an EoI for Jet as it wanted to understand the business scenario for the company and the industry.
The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
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.
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.
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.
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.
In a big-ticket measure, the direct tax benefits to 100 per cent export-oriented units (EoUs) have been extended till March 31, 2010. These benefits, available under Section 10 B of the Income Tax Act, were to expire on March 31, 2009.
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.
Even as Finance Minister P Chidambaram said that a final decision on expiry of tax benefits to export-oriented units and Software Technology Parks of India had not been taken yet, government sources indicated that an extension of the concessions was unlikely.
Finance ministry opposed to exemptions in principle: Official.
An employees' consortium has demanded that the Committee of Creditors should look at providing one month's salary as an interim financial assistance.
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.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
The move to extend the income tax benefits enjoyed by units covered by the Software Technology Parks of India Act and those set up in export oriented units by another year -- up to March 31, 2011 will benefit around 6,000 STPI units and 2,486 EoUs. In its budget-related wish list, the commerce ministry had recommended a three-year extension of the scheme, while the industry has been asking for five.
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