Buyout drill for insurers

NEW DELHI: Taking cue from the ONGC buyout of HPCL, the government may look at replicating the same in the insurance sector by asking a cash rich PSU general insurer to buy out the smaller ones. A finance ministry official said apart from a buy-out by cash-rich general insurers, a share-swap could also be considered for the smaller insurers. The official said if an insurer buys stake in another, the government will get some money in return of its stake. PTI

Spectrum auction

• Barcelona (Spain): Telecom regulator Trai expects to finalise the recommendation for the country's largest ever spectrum auction within a quarter, a top official said. "We have completed the consultation process (for spectrum auction) and are drafting the recommendations," Trai chairman R.S. Sharma said. PTI

GMR airport

• Hyderabad: The GMR-Megawide consortium that manages the Mactan-Cebu international airport in the Philippines has submitted a $3-billion proposal to decongest and redevelop the Ninoy Aquino international airport in Manila. PTI

IOC move

• NEW DELHI: State-owned Indian Oil Corp (IOC) has bid for a stake in Vietnam's Binh Son Refining and Petrochemical Company as it looks at the South Eastern nation to expand business beyond Indian shores. PTI

ONGC under fire

• NEW DELHI: Proxy advisory firm IiAS has questioned state-owned ONGC seeking exemption from taking shareholders' nod for acquisition of the government's stake in HPCL, saying such leniency with regard to public votes is not warranted. PTI

Essar Power

• NEW DELHI: Stating that the performance of Essar Power has not been up to the mark with regard to making operational a coal mine in Jharkhand, a senior official said the government may cancel the coal block allotted to the firm once the court stay on the mine is vacated. PTI