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egNEW DELHI: Gautam Adani plans to acquire power plants with a total capacity of 5,000 mw, but he will avoid aggressive bids to ensure good returns, a source close to the tycoon said a day after Anil Ambani-led Reliance Group outbid him to buy 1,800 mw hydro power capacity from Jaypee Group.

 

Gautam Adani is directly involved in evaluating offers and negotiations, something he left to company executives in the past, the source said. The company is in talks with several power sector players, including GMR, Lanco, Indiabulls, Avantha Power and Athena, the source said.

 

Another person in the Adani Group said there are many sellers in the market, offering projects with a combined capacity of nearly 50,000 mw.

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ogMumbai: State-run Hindustan Petroleum Corporation Limited may go solo on its plans to build its second underground liquefied petroleum gas (LPG) storage facility in Mangalore.

 

The company which was planning to rope in Total SA of France, to build the cavern jointly, said Total is not interested at present and may join the company at a later stage.

 

“We see merit in the project and have decided to go ahead. We will commission the detailed feasibility report shortly and then call for tenders in the next four-six months,” said a senior HPCL official.

 

The cavern, will cost HPCL Rs 700 crore and will store 60,000 tonnes of LPG. HPCL and Total, through their equal joint venture, South Asi

defBangalore: Electronics production in the country’s Defence sector touched Rs. 13,800 crore during 2013-14 and is expected to grow over 15 per cent this year, said Electronic Industries Association of India (ELCINA) President Subhash Goyal.

 

The production of strategic electronics stood at Rs. 12,000 crore in 2012-13 and has been growing steadily from Rs. 5,700 crore in 2007-08 to Rs. 9,000 crore during 2010-11.

 

ELCINA has been holding the strategic electronics summit (SES) since 2010. This year it is being held in Bangalore on July 30 and 31.

 

The SES brings all stakeholders together on one platform to enable a better understanding of Defence requirements. The summit also aims to facilitate

defNew Delhi: The NDA government has deferred its decision on the procurement of 16 multi-role helicopters for the Indian Navy as one of the two companies in the race for the deal is linked with Finmeccannica– the parent organisation of the scam-tainted firm AgustaWestalnd.

 

The Defence Acquisition Council headed by Defence Minister Arun Jaitley put off its decision on the procurement of the helicopters for the Navy from vendors including American Sikorsky and European NH Industries, which has Finmeccannica as one of its partners, highly-placed sources said.

 

Finmeccannica is the parent firm of AgustaWestland firm, whose Rs 3,600 crore contract for supplying 12 VVIP choppers to the IAF has been scrapped by the

defBEIJING: In a sign of expanding military-to-military engagement between India and China, permanent representatives of the Indian Air Force (IAF) and the Navy have, for the first time, taken office in Beijing.

 

Group Captain Ashish Srivastava of the Indian Air Force and Captain Sushant Dam of the Indian Navy will begin their terms as the Air and Naval attachés in the Indian Embassy in Beijing on Friday.

 

Earlier, India only had a Defence attaché from the Indian Army, along with a Deputy Defence attaché, posted in Beijing.

 

The question of expanding India’s military representation had been discussed by both sides over several years, with China finally agreeing to the move this past year. Tr

defBANGALORE: Indigenous military projects such as missiles have shown consistently shorter development cycles over the years thanks to deft planning and handling of the projects, the former DRDO Director-General V.K. Saraswat said on Thursday.

 

Citing the bouquet of missiles that came out of the Integrated Guided Missile Development Programme through 2008, Dr. Saraswat said the later Agni III and V missiles had taken three to five years to develop compared to the earlier ones such as Prithvi that needed around a decade.

 

The former top military scientist was addressing members of the defence and aerospace industry at a conference organised by the SAE India and Project Management Institute.

 

inNEW DELHI: Rebutting the department of industrial policy and promotion’s (DIPP) contention that import surges due to bilateral free trade agreements (FTAs) harmed India’s manufacturing sector, the commerce department, part of the ministry to which the DIPP belongs, has said India needs to persist with the strategy of embracing such pacts to integrate itself more seamlessly to the world trade order.

 

In a letter to DIPP secretary Amitabh Kant, who has been vocal against FTAs and comprehensive economic partnership agreements (CEPAs), Rajeev Kher, his counterpart in the commerce department, said that instead of attacking (past) FTAs without any factual basis, it is better for the government to look ahead and use such partnerships for

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ogMUMBAI: The state-run oil marketing companies (OMCs) plan to revive branded petrol such as IndianOil’s XtraPremium and Bharat Petroleum’s Speed, backed by aggressive marketing, to make the most of a significant excise duty cut announced in the budget.

 

Sales of branded petrol, which contain additives that enhance automobile’s performance, had plummeted in recent years as they became Rs 7-10 per litre more expensive than the regular fuel, forcing companies such as Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation and Bharat Petroleum Corporation (BPCL) to pull out such products from most outlets. But with finance minister Arun Jaitley announcing a cut in central excise duty on branded petrol to Rs

ogNEW DELHI: The government plans to tweak the system of calculating fuel subsidies to make ONGC’s public offer more attractive for investors. It plans to make subsidy sharing more predictable and transparent so that analysts can properly assess the ONGC’s earnings outlook.

 

Currently they are unable to assess the amount and the timing of the huge subsidy payout. This diminishes the interest of top institutions in the stock.

 

The oil ministry may soon approach the Cabinet to overhaul the fuel pricing system to incorporate some of the observations of the Comptroller and Auditor General of India, which recently submitted a report on the matter.

 

The pricing system has a direct impact on O

DEFRussian-Indian international naval drills Indra-2014 ended in Russian far eastern city of Vladivostok. “Russian and Indian naval sailors fulfilled all tasks completely,” head of the press service of the Russian Pacific Fleet Captain First Rank Roman Martov told Itar-Tass on Sunday.

 

At the final meeting aboard the guards missile-carrying cruiser Varyag Assistant Commander of the Pacific Fleet Rear Admiral Andrey Ryabukhin noted that interoperability and trust between two fleets reached a very high level.

 

For his part, Commander of the Indian Eastern Fleet Rear Admiral Atul Kumar Jain said at this meeting that naval sailors had acquired a very good experience and were on the way back home with the posit

David Cameron could place himself at the head of a movement to halt the European Union steam-roller and turn it around  Photo: EPA Earthquake or not, British politics has certainly undergone a seismic change over the past few weeks. Familiar landmarks have vanished, fresh features emerged, and the outlook has fundamentally changed. Let’s start with an intrusion into private grief, and take a long look at the […]

Following a report this week about mistreatment of workers who built New York University’s new Abu Dhabi campus, N.Y.U. apologized and said it would work with its partner to investigate. The next day, the partner, the Abu Dhabi government, confirmed it would participate. N.Y.U. has declined to specify how such an investigation might proceed, or what remedies it might pursue. But experts on labor conditions in the […]

Some 10 days before the overthrow of Hosni Mubarak in Egypt in 2011, a small startup accelerator was born with grand ambitions to serve the region’s entrepreneurs. Those ambitions had to be put on hold for six months with the ensuing political turmoil in the country. But now, in less than three years, Cairo’s Flat6Labs has established a platform, and most notably a brand, across the Middle […]

London-based RiverCrossing Capital Partners, a new Islamic investment firm, has launched its first product, a U.S. real estate fund, as part of a plan to offer non-traditional asset classes to institutional investors in the Gulf. The firm will develop asset-based funds with a non-cyclical nature, a departure from other sharia-compliant real estate funds which have focused on more traditional commercial and residential properties that perform in line […]

While World Expo 2020 will be associated with some of the massive multibillion dollar real estate and hospitality projects, Smart City is determined to design and implement cutting edge technology solutions to plan and manage the day to day activities of the Emirate. Hence, it is significant that massive growth and development initiative in Dubai should be backed with a philosophy of sustainability, which can ensure wellbeing […]

|By TAP Staff| A private-public investment consortium has been formed to finance the establishment of the Ghana Commodity Exchange (GCX). Investment consortium partners include Ghana’s top tier financial institutions, Data Bank Agrifund Manager Ltd, Ecobank Ghana Ltd, UT Bank Ghana Ltd, as well as IFC, 8 Miles Fund and eleni, with minority stakeholding by the Government of Ghana. The consortium partners and the Government of Ghana have […]

Saudi Arabia’s drive to make Qatar abandon its embrace of the Muslim Brotherhood may founder because of the limited leverage the Saudis and their allies can exercise over the world’s richest country. Qatar traded more with Singapore in 2012 than it did with the three Gulf neighbors — Saudi Arabia, the United Arab Emirates and Bahrain — that withdrew their ambassadors from Doha last week to protest […]

|By TAP Staff|UAE’s leading home-grown building materials company Danube Buildmart has rebranded itself as Danube Home and announced former Miss India and Bollywood actress Juhi Chawla as the new brand ambassador. The company also unveiled a new logo and announced the addition of soft furnishing to its portfolio of products. Speaking on the occasion, Mr. Rizwan Sajan said that in much the same manner that Juhi has […]

Dubai has initiated a series of bold new measures and incentives including fee waivers and reduced approval timeline for three and four star hotel projects to further stimulate the growth of its vibrant hospitality sector. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, on Monday pronounced a string of directives to this […]

Iranian President Hassan Rouhani will court global business in Davos next week after winning an easing of some economic sanctions, but any trade bonanza depends on the long-term success of nuclear diplomacy. A U.S. stranglehold on Iran’s access to the international financial system, the uncertain future of talks on its nuclear program beyond a six-month initial deal, and vested interests in the Islamic Republic suspicious of Western […]

Indian budget airline SpiceJet has agreed to buy about 40 Boeing 737 jets worth over $4 billion at list prices, industry sources said, a move that could help the loss-making carrier as it seeks new investors. The deal includes a firm order for as many as 42 Boeing 737 MAX aircraft that offer fuel savings compared to SpiceJet’s existing fleet of current-generation Boeing 737s, the sources said. […]

Al Etihad Credit Bureau (AECB), a federal government company specialised in providing UAE-based credit reports and other financial information, has announced that it will be operational within the next three months. AECB, which is supported by the UAE federal government, has approached all UAE-based banks to sign agreements and provide credit information via a process which will be completed by the end of January 2014. Additionally, AECB […]

By Andy Mukherjee The sudden rise of India’s self-professed “anti-establishment” party is making seasoned politicians nervous. Investors, meanwhile, view the dramatic ascent of the Aam Aadmi – Common Man Party – with a mixture of awe and suspicion. The one-year old upstart staged a recent electoral upset in the state of Delhi, home to the nation’s capital, by forming a government with support from Sonia Gandhi’s Congress […]

The genetic testing for breast cancer made famous by Oscar winning Hollywood actress Angelina Jolie would now be locally available for UAE residents, thanks to the first genome testing lab set to open in Abu Dhabi. Angelina Jolie had rocked the Internet and the medical community earlier this year with a disclosure through New York Times that that she had tested positive for a faulty BRCA1 gene […]

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