• Daily Newsletter Friday, July 05 , 2019        

WCL to sale Sands from Coal Project.

NAGPUR. WCL signed an MoU with MOIL for the supply of sand extracted from overburden of its open cast mine recently .The first consignment of sand from the overburden of Gondagaon project, Nagpur region in Western Coalfields Ltd (WCL) was flagged off to MOIL. WCL had observed that the overburden in its Nagpur region had a fair amount of sand which could be sold commercially

IndianOil Ranked 29th as 'A great place to work'.

Mumbai: IndianOil has been yet again voted a Great Place to Work for the year 2019. It has been recognized as one of India’s Best Workplaces and ranked 29th on the list featuring business, academia and government organisations in the country.

The Great Place to Work citation recognizes IndianOil 'for inspiring trust among your people, for instilling pride in them, for creating an environment with the workplace that promotes camaraderie and for many other reasons that make your organization one of India’s best companies to work for.'

Accepting the recognition on behalf of the IndianOil family in a function held recently at Mumbai, Shri Gurmeet Singh, Director (Marketing), IndianOil, said 'To be recognized yet again as a Great Place to Work, while energizing every corner of the country, stands true to the commitment and passion of IndianOilPeople.'

Mega Mock Drill exercise at IndianOil Northern Regional Office.

New Delhi: The main objective of disaster management is to always be ready to deal with any emergency situation and this objective can be achieved only through regular practice.

Moving in this direction, to review the preparations for dealing with a natural disaster like earthquake, a Mega Mock Drill was practised in IndianOil Northern Regional Office under leadership of DDMA (District Disaster Management Authority), South wherein various departments like Delhi Police, Medical Officers, Ambulance, National Civil Defence, Fire Service, Delhi Home Guard, Delhi Jal Board etc. took part.

The landscape was a collapse and a fire in IndianOil Bhawan. Many activities like safe removal of earthquake victims and others arising due to building collapse and fire were also practised in the drill.

Drill was very successful. Along with alerting everyone about the challenging conditions arising out of the fire and collapse of the building, people were also made aware of various steps taken in such critical situations.

Review of Drill was done by Shri Ranbir Singh (ACP), Delhi in presence of Shri V.K. Verma, General Manager (HSE), IndianOil and Shri Uma Shankar, General Manager (A & W).

AAI ready to develop Vizag airport: Chairman.

Visakhapatnam. Airports Authority of India (AAI) Chairman Guru Prasad Mahapatra has agreed to develop Visakhapatnam airport into a world-class facility, on the condition that land is given for the purpose at the existing airport or at Bhogapuram in Vizianagaram district.

He gave the assurance to Andhra Pradesh Air Travellers Association (APATA) vice-president O. Naresh Kumar who met him, along with AAI Independent Director Daggubati Purandeswari in New Delhi on Wednesday.

The Chairman said that the AAI was ready to develop the existing airport, if sufficient land was given by the Visakhapatnam Port Trust and Indian Navy.

“The AAI is ready to develop the airport proposed at Bhogapuram as well. It had bagged the tender earlier, but the tenders were cancelled and AAI was not allowed to bid in the second round on the ground that the airport developer must have experience in developing commercial real estate space,” Mr. Mahapartra said.

Solar scheme to assure Rs 1 lakh income for farmers.

New Delhi: The central government will launch a solar scheme for farmers that will ensure a minimum annual income of Rs 1 lakh.

Power Minister R.K. Singh on Thursday informed the Lok Sabha during Question Hour that farmers can use their land to install solar panels and the power generated will be bought by the government.

The farmers who don't have the capital can lease the land to developers to set up the solar panels. If given to the developers, the farmer will get at least 30-35 paise per unit to ensure an annual income of Rs 1 lakh.

The scheme is ready to be launched within 15-20 days. The Minister said the scheme is part of the government's target to double the income of farmers by 2022. NewsletterA A

Government dials wrong number in bailing out PSU telecom giants.

NEW DELHI.The tried, tested and failed strategy of bailing out sick public sector companies is likely to be used by the government once again. This time, the patients are the PSU telecom twins – BSNL and MTNL-- and the bill is going to be much higher than any seen till date.

Reports say the government is considering a Rs 74,000-crore bailout plan for the two telecom companies. Ironically most of the funds will not be going to build the company but to its employees.

A handsome exit package is likely to be announced to the two heavily overstaffed telecom giants. The report says that an additional 5 percent compensation (ex-gratia) is expected to be made to make the VRS (voluntary retirement scheme) attractive. The VRS will cost the exchequer a mind-boggling Rs 40,000 core. The residual funds will be used for buying 4G spectrum (Rs 20,000 crore) and other capital expenditure (Rs 13,000 crore).

Though it may look odd, the government as a promoter had no choice but to entice the employees to leave. Here are some numbers that highlight the mess in PSU telecom companies:

In the case of MTNL, consolidated employee cost as a percentage of turnover is 111 percent. In other words, the company does not even generate enough revenue to pay its employee salaries. In the case of BSNL, the employees account for 65 percent of the revenue on a consolidated level. As compared to these two PSUs, a loss-making private sector company – Vodafone Idea-- has an employee bill which is only 5.5 percent of its revenue. Despite it, the company is in losses.

GMR sells stake in Chhattisgarh power plant to Adani Power for Rs 3000 cr

NEW DELHI: GMR Infrastructure Ltd on Thursday announced signing of agreement with Adani PowerNSE -0.61 % Ltd for sale of entire stake of 47.62% in GMR Chhattisgarh Energy Ltd (GCEL) to Adani Power for an estimated value of Rs 3000 crore.

Bankers to the project had opted for change in management of the stressed plant held by GMR Generation Assets Ltd, a wholly owned subsidiary of GMR Infrastructure, an official statement said.

Lenders followed a detailed bidding process and selected APL as the final bidder. GCEL has received 100% approvals of all lenders for implementation of the resolution plan, it said.

"Implementation of the resolution plan will lead to a significant deleveraging for the GMR Group,"it added. GCEL had an outstanding debt of Rs 5,926 crore as on March 31, 2019. The statement said GIL’s profitability is expected to improve significantly considering the company's consolidated profit ..
Read more at: //economictimes.indiatimes.com/articleshow/70076011.cms

GAIL launched ‘Hawa Badle Hum’ campaign

New Delhi. ‘Hawa Badle Hum’ campaign was launched yesterday by Shri B. C. Tripathi, CMD, GAIL (India) Ltd. from Bhikaiji Cama Place, New Delhi. A squad of specially designed auto rickshaws fitted with live pollution meters will ply on the roads of Delhi NCR under this initiative. The autos, with planters and inspiring messaging will urge the passengers to take a pledge and participate in a digital contest by submitting their ideas on combating air pollution. People can play their part by taking a pledge through the websitewww.hawabadlehum.changetheair.org.

This unique initiative under Hawa Badlo movement is a campaign that complements the recently launched web series “Hawa Badle Hassu”. This series is heavily hinged on entertainment conveying the messages that stands for a crusade against air pollution and environment conservation. Hawa Badle Hassu is now available for public viewing on SonyLiv platforms.

GAIL (India) Limited has been spreading awareness by inducing behavioral changes to ensure a greener and cleaner tomorrow through its movement Hawa Badlo. This movement has been actively working towards educating the Indian masses against air pollution through events, short films, contests, raahgiri’s, pledges etc on advocacy against air pollution, problems caused due to air pollution & solutions for curbing it.

REC board to consider proposal to raise ?75,000 cr via bonds

NEW DELHI. REC Ltd said on Thursday that its board would consider a proposal next week to raise Rs 75,000 crore through bonds or debentures on a private placement basis in one or more tranches in the next one year.

“Board of directors of REC Ltd, in its meeting scheduled to be held on July 10, 2019, will inter alia consider a proposal for raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of ?75,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the ensuing annual general meeting (AGM) of the company,” a BSE filing said.

The funds will actually be raised, from time to time, during a period of one year from the date of passing of resolution by the shareholders in the ensuing AGM, with the approval of competent authority as per powers delegated in this regard, by the board of directors in the meeting, according to the statement.

Govt spent Rs 43.48 crore over 5 years to propagate of Hindi worldwide: MEA

New Delhi. The Union government has made "sustained efforts" to publicise Hindi and spent Rs 43.48 crore over the past five years to propagate the language worldwide through diplomatic missions and posts, the External Affairs Ministry said Thursday. Responding to a question in Rajya Sabha, Minister of State in the Ministry of External Affairs V Muraleedharan said the government has made sustained efforts for acceptance of Hindi as an official language of the United Nations and its propagation across the world.

According to UN's procedure, getting Hindi accepted as an official language involves adoption of a resolution by the General Assembly with at least two-thirds of its membership. Besides, the additional expenditure will have to be borne by all UN member-states. Moneycontrol

Amazon-like platform to sell MSME, khadi products, says Nitin Gadkari

New Delhi. The Union government will start an e-commerce platform on the lines of “Amazon and Alibaba" to sell products from micro, small and medium enterprises (MSMEs) and the Khadi and Village Industries Commission.

MSME minister Nitin Gadkari informed the Lok Sabha on Thursday, a day before the Union budget is presented, that his ministry is in the process of launching the online platform to popularize and give market access to such products.

Responding to a question from lawmaker Chandan Singh of the Lok Janshakti Party during Question Hour, Gadkari said he is serious about promoting the MSME sector globally. livemint

Divestment to make up for tax-revenue shortfall this year: CEA Subramanian

New Delhi. Just a day before the Union Budget 2019-20, Chief Economic Advisor Krishnamurthy Subramanian said asset monetisation and disinvestment were expected to make up for the expected shortfall in revenue. Subramanian, after presenting the Economic Survey 2018-19, told Arup Roychoudhury and Somesh Jha the topics not covered in the Survey, like banking sector reforms, would find place in the next Economic Survey seven months from now.

Excerpts: The Survey states the fiscal consolidation road map needs to be adhered to. But we also have a massive shortfall in direct and indirect . business-standard


NSIC to Encourage Bamboo Entrepreneurs in North East Region.

New Delhi: Shri Ram Mohan Mishra, AS&DC (MSME) & CMD, National Small Industries Corporation (NSIC) received the Letter from ABRPL appointing NSIC as Marketing Partner of ABRPL – Bio Ethanol Project on 03rd July 2019 at Guwahati. (North East), Guwahati has been appointed as Marketing Partner by Assam Bio Refinery Private Limited (ABRPL).

Under this project, Bamboo Chipping units will be paid for chipping of raw bamboo supplied by the bamboo growers as per their area of operations, wherein NSIC plays an important role by facilitating the selected Local Level Entrepreneurs to set up the necessary infrastructure for success of the mission/project. Expected total engagement of direct, indirect, contractual and new entrepreneurs will be approximately 6350 by September 2021 and another 15000 more engagement by 2026.

Retirement age set to rise due to higher life expectancy: Economic Survey

NEW DELHI. Retiring at 70 may be a reality. The possibility seems inevitable due to increase in life expectancy, says the Economic Survey. India's population is expected to grow under 0.5 per cent during 2031-41 due to decline in fertility rate and increase in life expectancy, the survey stated.

"Since an increase in the retirement age is perhaps inevitable, it may be worthwhile signalling this change well in advance – perhaps a decade before the anticipated shift – so that the workforce can be prepared for it," the Economic Survey for 2018-19, tabled in Parliament by Finance Minister Nirmala Sitharaman Thursday, said.

The survey pointed out that this will also help plan in advance for pensions and other retirement provisions.
Read more at: //economictimes.indiatimes.com/

Ratha Yatra Celebrated with traditional fervor in Ukkunagaram.

Visakhapatnam: Shri PK Rath, CMD, RINL-VSP accompanied by Smt. Sarada Rath, invited Lord Jagannath to the Chariot on the occasion of Ratha Yatra (Car festival). Donning the traditional costumes of the King, Shri Rath performed 'Chherapanhara, the sweeping of the Chariot with Golden Broom.

IRFC Signs an MoU with ALIMCO to Distribute Assistive Devices to Divyangjan.

New Delhi: Indian Railway Finance Corporation (IRFC) has signed an MoU with Artificial Limbs Manufacturing Corporation of India (ALIMCO) for Distribution of Aids and Assistive Devices to Divyangjan.

These Aids and Devices worth Rs. 3 Crores will be Distributed among Divyangjan in 6 locations across India. This MoU was signed in presence of Shri NH Kanan, GM (Finance), IRFC, Shri Ajay Chaudhary, DGM (CSR), ALIMCO and other officials of both organizations on 4th July 2019 at New Delhi.

Adani Group set to run Mangaluru airport for 50 years.

NEW DELHI: Airports in Mangaluru, Ahmedabad and Lucknow will now be run by the Adani Group in publicprivate partnership (PPP), like the airports in Mumbai and Delhi, for the next 50 years, a government statement said on Wednesday.

“The Union Cabinet on Wednesday approved the leasing out of (these) three airports of Airports Authority of India through PPP to the highest bidder — Adani Enterprises — for operation, management and development for a lease period of 50 years,” the statement said.

India to host one of the world’s largest renewable energy expansion programmes.

NEW DELHI. Ms Nirmala Sitharaman, the Minister for Finance and Corporate Affairs tabled the Economic Survey 2019 in parliament on Thursday. According to the Survey data, renewable energy sources are a strategical national resource. The report quotes “Harnessing these resources might play an important role in India’s vision to achieve social equity and energy transition with energy security and a stronger economy and climate and change mitigation.”

While providing abundant energy access is important, it is also significant that it cannot come at a high cost of environmental sacrifice and in the past, the advanced economies have done it successfully without threatening their environment, stated the survey.

Govt mulling ban on petrol, CNG two- and three-wheelers: Gadkari

New Delhi: The government is mulling a ban on all petrol and CNG-operated two and three wheelers by 2025 to promote electric vehicles. “NITI Aayog, in its meeting held on May 14, 2019 regarding national mission for transformative mobility and battery storage has formulated an action plan to run electric two-wheeler and three-wheeler vehicles and has proposed to ban all IC (internal combustion) engine powered two-wheelers and three-wheelers in India starting in 2025 for two-wheelers and in 2023 for three-wheelers,” road transport and highways minister Nitin Gadkari said in response to a question in Lok Sabha on Thursday.

Coal CEO to resign as part of company's bankruptcy deal

CHARLESTON: A federal judge has approved a $5 million lifeline to help one of the country's largest coal producers navigate bankruptcy on the condition that its CEO step down.

Court documents filed Wednesday said the financing from Riverstone Credit Partners will go toward providing security and personnel to extinguish fires at Blackjewel LLC's mines as it determines its next steps.
The agreement requires CEO Jeff Hoops to resign.

Swachh Bharat Mission improved health and nutrition: Economic Survey

New Delhi: Touting the Swachh Bharat Mission (SBM) as one of the largest cleanliness drives in the world, the Economic Survey 2018-19 released on Thursday said the programme has significantly reduced still births, diarrheal and malarial deaths.

The Survey tabled in Parliament by finance minister Nirmala Sitharaman, highlighted that even 67 years after India’s independence, in 2014, around 10 crore rural and about 1 crore urban households in India were without a sanitary toilet; over 56.4 crore, i.e. close to half the population, still practiced open defecation. SBM, one of the largest cleanliness drives in the world, has brought in a remarkable transformation and traceable health benefits.

After becoming Open Defecation Free (ODF), several villages have witnessed a reduction in deaths due to diarrhoea, malaria especially in under-five children, still births and newborns with weight less than 2.5 kg, thereby improved child health and nutrition, the survey report noted. Livemint

For Bank of Baroda, real test of merger would be from here on

New Delhi. Public sector lender Bank of Baroda’s (BoB’s) stock has risen nearly 8% in the past two trading sessions. While this seems to be a case of late reaction, investors appear to be celebrating the fact they didn’t find any nasty surprises from the bank’s combined balance sheet after the merger with Vijaya Bank and bad loan-ravaged Dena Bank. The new balance sheet was disclosed last week.

India’s third largest lender now, courtesy the merger, BoB detailed key metrics as on 1 April, the day the merger took effect. First, the good news. The lender’s bad loan ratio didn’t worsen after swallowing the two banks. In fact, it ramped up insurance to bring the other two to its own standards. Ergo, the provision coverage ratio was 77.72% for the merged entity, up from 67.6% for BoB, pre-merger. Livemint

India will need $250 bn in green energy funds from 2023 to 2030

NEW DELHI: India’s emerging green economy will require additional investments of around $80 billion till 2022, growing more than threefold to $250 billion during 2023-30, said the Economic Survey 2019, which was presented in Parliament on Thursday.

The investment estimates, which have been made at current prices, come at a time when India has become one of the top renewable producers globally with ambitious capacity expansion plans. The country has an installed renewable energy capacity of about 80 gigawatts (GW) and is running the world’s largest renewable energy programme with plans to achieve 175GW by 2022 and 500GW by 2030, as part of its climate commitments. Livmeint

Govt orders probe into grounded Jet Airways, SFIO summons Naresh Goyal

New Delhi. The government has ordered an investigation into grounded Jet Airways and its group companies for alleged diversion of funds, indulging in malpractices and other financial irregularities found during an inspection. The Ministry of Corporate Affairs has directed the Serious Fraud Investigation Office (SFIO) to probe the stressed company’s affairs and summon its founder Naresh Goyal next week, a senior official confirmed.

Jet, with more than Rs 8,000 crore of debt, flew for the last time on April 17 after it ran out of cash. Having failed to revive the airline, the lenders’ consortium, led by the State Bank of India (SBI), sent Jet to the bankruptcy court last month in a bid to recover the dues. business-standard

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