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Coal import cuts may save Rs.40,000 crore this fiscal
June 2016
The government is aiming to save Rs.40,000 crore in foreign exchange on account of lower coal imports this fiscal. Last year (fiscal), we did saving of Rs.28,000 crore in foreign exchange. This year we are targeting Rs.40,000 crore, Coal and Power Minister Piyush Goyal said recently.
WCL cuts e-auction price
June 2016
In a first of its kind move, Western Coalfields Limited (WCL) has slashed the rates for E acution, having scaled up its production and left with as much as eight million tonne (MT) of coal lying unused at the mines pitheads, Till now the reserve price for auction was fixed at 20 per cent above the notified price. Now, the notified rates itself will be the reserve price.
MOEF And CC panel defers clearance to CIL unit´s proposal
June 2016
An environment ministry (EM) panel has deferred a proposal of IB-Valley washery of Coal India Ltds (CIL) arm Mahanadi Coalfields Ltd (MCL).
Lenders rejig Rajahmundry Energy project debt
June 2016
GMR Rajahmundry Energy Ltd has announced its strategic debt restructure with lenders taking 55 per cent of the equity as per the RBI norms. As per the scheme, of the total outstanding debt, including overdue interest of Rs.3,780 crore, debt of Rs.1,414 crore has been converted into equity by which the consortium of lenders would have 55 per cent shareholding.
India seeks to pay $6.5 bn to Iran for oil imports
June 2016
India has approached Turkeys Halkbank to facilitate the payment of $6.5 billion (about Rs.43,400 crore) it owed to Iran for the crude oil imported when western sanctions were in place on Tehran.
GMR divests 30percent in energy assets
June 2016
Bengaluru based GMR Group will disinvest 30 per cent in its 10 energy assets to a Malaysian power utility for $300 million (Rs.2,000 crore).
Panel for tax-free bonds, multilateral funds for hydro power
June 2016
The government should issue tax-free bonds and arrange funds from multilateral agencies like Asian Development Bank (ADB) to provide long-term finance to hydro projects, a Parliamentary panel has said.
Govt to issue notice to Essar Power over dues
June 2016
The government will issue notices to Essar Power for not paying dues to Jharkhand over the Tokisud North coal block. The company has not been able to pay to the Jharkhand government to get the mining lease for Tokisud coal block executed in its name.
Adani Power raises Rs.330 cr through NCDs
June 2016
Adani Power said that it has raised Rs.330 crore by allotments of non convertible debentures (NCDs) on a private placement basis. The company raised Rs.330 crore on May 10, 2016, by allotment of 3,300 rated, listed, redeemable, zero coupon, non-convertible debentures (NCDs) of the face value of Rs.10,00,000 each on a private placement basis, Adani Power said in a BSE filing.
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