New Delhi, Aug. 17: Consortium members of International Coal Ventures Ltd — SAIL, RINL and NMDC — will form a special purpose vehicle to buy Rio Tinto’s Mozambique coal mines as other partners NTPC and Coal India are not keen on taking part in ICVL’s maiden deal announced last month. ICVL reached an agreement on July 28 with global mining giant Rio Tinto to buy its three coal mines in the West African country for $50 million.
New Delhi, Aug. 17: The government is working out a package of tax and non-tax incentives to revive the special economic zones (SEZs) and a final view is expected to be taken shortly, a finance ministry official said.
New Delhi, Aug. 17: The department of telecom (DoT) is working on the modalities to merge BSNL and MTNL and also undertake organisational restructuring to revive the state-run companies.
New Delhi, Aug. 17: ONGC-Mittal Energy Ltd, the famed joint venture of ONGC and steel czar Lakshmi Mittal, has relinquished an oil block in Nigeria after the African nation refused to relieve it of a $6-billion downstream investment commitment.
New Delhi, Aug. 17: India’s ambitious plan to become a global hub for small car exports has taken a hit because of falling shipments to Europe, while unfavourable environment in the neighbourhood has led to lost opportunities amounting to $2 billion.