State-run power equipment maker Bhel today said it has commissioned first unit of 110 MW of the Kishanganga hydro-electric project (HEP) of NHPC in Jammu and Kashmir. Located on the river Kishanganga, a tributary of the Jhelum in Bandipora district, all the three units of the 340 MW project will generate 1,350 million units (MU) of clean electricity annually, a Bhel statement said.

NEW DELHI: State-owned Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) may buy 26 per cent stake each in gas utility GAIL India Ltd, paying the government over Rs 20,000 crore each to become integrated energy firms.

Following Finance Minister Arun Jaitley's February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government's 54.89 per cent stake in India's biggest gas marketing and transportation firm, GAIL.

MUMBAI: In an unusually strong-worded order, the Securities Appellate Tribunal (SAT) has charged a member of the Insurance Regulatory and Development Authority of India (IRDAI) of “virtually aiding and abetting corruption”.

The strong words were used against member (nonlife) P J Joseph for disposing of a complaint of bribery without investigating the evidence. The order was issued by SAT presiding officer Justice J P Devadhar in an appeal filed by UK-based insurance broker Atkins Special Risks.

BENGALURU: Amazon is tweaking its seller policy, which will be effective from April 19. These changes will see a reduction in various fees that Amazon charges from sellers on its marketplace. The e-commerce major will also hike the fee it levies on sellers in select categories as competition with Flipkart heats up.

New Delhi: The National Highways Authority of India (NHAI) is working on an equity-funding model for its upcoming expressway and economic corridor projects, auctioning them before they are built. The idea, a first for the state-run authority, comes after the success of the authority’s toll-operate-transfer (ToT) model.

The model will be tried for NHAI’s greenfield expressway projects under the Rs5.35 trillion-Bharatmala programme where 34,800km of national highways will be developed.

The market regulator is weighing tighter oversight to check leakage of privileged company information in the wake of unpublished financial results finding their way into WhatsApp groups, two people aware of the development said.

Mumbai: Reliance Industries Ltd (RIL), Essar Oil Ltd, Oil and Natural Gas Corp. Ltd (ONGC) and Torrent Power Ltd are among companies planning to bid for the ninth round of city gas distribution (CGD), two people aware of the matter said. The Petroleum and Natural Gas Regulatory Board (PNGRB) will offer compressed natural gas retailing licences in 100 cities shortly.

The Petroleum and Natural Gas Regulatory Board (PNGRB) will offer compressed natural gas retailing licences in 100 cities shortly.

The benchmark BSE Sensex turned choppy in early trade today amid weak global cues and a widened current account deficit, which rose to 2 % of the GDP at $ 13.5 billion in the December quarter.

The 30-share index rebounded by 99.79 points in opening deals only to turn choppy thereafter. The gauge was trading 32.96 points, or 0.10 %, lower at 33,143.04. It had lost 741.94 points in the previous four sessions.

MUMBAI: Lenders led by State Bank of India are likely to seek another round of bids for Essar Steel after the resolution professional (RP) concluded that both offers — by ArcelorMittal and Numetal — may not be valid under the current Insolvency and Bankruptcy Code (IBC), said two senior bank officials who did not want to be named.

“The committee of creditors (CoC) will meet on Wednesday to discuss the option of going for a second round of bidding for Essar Steel,” said one of them. In all likelihood, lenders will set April 2 as the last date for submitting binding bids afresh.

Mahindra & Mahindra (M&M) and Ford India are likely to formalise a memorandum of understanding that they signed six months ago and establish a partnership in the coming week to 10 days, according to several people with knowledge of the matter.

They are likely to share vehicle architecture, electric powertrains, common sourcing and leverage each other’s distribution network in the first phase, they said.

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