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New Delhi: Alstom T&D India and Alstom Grid UK Ltd recently won a €22.75 million (Rs1820 million) contract from Powergrid Corporation of India Ltd (PGCIL) to supply and refurbish 234 MVA and 400 kV high voltage direct current (HVDC) converter transformers. The scope of contract involves...

Mumbai: Owing to the prevalent economic concerns and uncertainties created by the 2014 election Barclays has slashed India’s GDP forecast for the FY14 period to 4.7%. The country’s economic growth had dropped to a record fall of 5% during the last period due to dip in the mining and...

New Delhi: Nitish Kumar’s assertion for a special state category for Bihar has been jeopardized by the former Chief Economic Advisor and Current RBI governor- Raghuram Rajan. The Rajan panel report has made a case for ending the ‘special category’ criteria for providing additional assistance to...

New Delhi: Contradicting the Greenpeace report, Coal India Ltd (CIL) ensures that its reserves won’t be depleted in another 17 years. Disclosing the information the CIL Chairman Narsing Rao said, “CIL will be raising its target to 25 billion tonne in the next three years.” Reasoning the...

New Delhi: The government is actively engaged in developing numerous infra favorable measures and will be promoting debt and equity investment in the sector, disclosed the Economic Affairs Secretary Arvind Mayaram. “Within the next 2-3 months, a greater deepening of the equity and bond markets...

Mumbai: Targeting to source funds from the multilateral agencies for financing infra projects, the government has decided to invest $4.3 billion in World Bank bonds. Disclosing the information, Manish Terwari, Information and Broadcasting Minister said, “The Reserve Bank of India will invest...

Mumbai: The Organisation for Economic Cooperation and Development (OECD) expressed that the near term growth prospects for India will remain weak. According to the Paris-based think-tank OECD, there are signs of growth stabilisation for China and a more positive outlook for the Philippines and...

New Delhi: Automobile giant, Tata Motors in a move to consolidate the prevailing economic scenario has started a three-day block closure in Tata Motors Jamshedpur plant. According to General Secretary of Telco Workers Union (TWU) Chandrabhan Singh said the economic slowdown and slump in demand...

Mumbai: Energy major Reliance Industries along with its UK-based partner British Petroleum have announced a new gas condensate discovery off the east coast in the Cauvery basin. According to the company, they have notified the government and the Directorate General of Hydrocarbons about the...

Kannur: Government has granted its permission for developing a Greenfield airport at Kannur in Kerala. The project which gained the ‘in-principle’ approval will be executed on a Build, Own and Operate (BOO) model. The Kerala Industrial Infrastructure Development Corporation (KINFRA) has been...

Jaipur: Leading renewable energy firm, Welspun Energy announced the commissioning of Asia’s largest solar project in the Jodhpur district of Rajasthan. The solar farm with a generation capacity of 55 mw has been completed ahead of planned schedule taking just five months. According to the...

Mumbai: Sameer Nagpal will lead Shalimar Paints as its Managing Director and CEO, and will be outlining new growth strategies for the company. “We are now looking at growing 3-4 times the market rate as the company has huge latent equity and a strong portfolio of brands whose potential is...

Kolkata: Aiming to ease the water transportation network, the Indian government will be developing two new major ports respectively at West Bengal and Andhra Pradesh. The port to be developed at Sagar in West Bengal is awarded to RITES involving an estimated capital cost of Rs7820 crore. The...

Mumbai: The Mumbai Metro Line-3 from Colaba-Bandra-SEEPZ corridor has gained green flag from the Union Cabinet to commence the construction process. The Cabinet has also permitted the conversion of the existing state level Special Purpose Vehicle (SPV) – Mumbai Metro Rail Corporation through a...

Jaipur: Pratibha Industries has won a contract worth Rs226.95 crore from PHED, Jaipur, Rajasthan for construction of regional water supply scheme. The company will be executing the order on a turnkey basis, i.e. design, build and one year defect liability and involves 10 years operation and...

Chandigarh: Aiming to enhance the state’s rail connectivity, the Haryana government has set aside 50% of its investment worth Rs2,515 crore for implementing three rail projects. The projects outlined are Delhi-Sohna-Nuh-Ferozpur Jhirka-Alwar (104 km), Hisar-Agroha-Fatehabad-Sirsa (93 km) and...

New Chandigarh: Omaxe, one of India’s leading real estate developer has outlined Rs200 crore investments to construct luxury hotel – Holiday Inn in its integrated township Omaxe New Chandigarh. Spread across approx 700 acres, Omaxe New Chandigarh is an integrated township in New Chandigarh...

Mumbai: Adding another benchmark in the premium excavator segment, construction equipment leader, JCB India launched the new JS205LC Tracked Excavator. The machine is particularly developed to cater the dynamic demands of India and the emerging markets. “Once again JCB raises the bar innovation...

Mumbai: Witnessing a major blow, state-run ONGC lost its hold over the Kashagan oilfield to the Chinese entity after Kazakhastan blocked its US$5 billion deal to buy stake at US major Conoco Phillips in the Caspian Sea Oilfield. As per the officially disclosed information, the Kazakh Oil and...

Mumbai: State run major, Coal India has missed its production target for the June period, and has produced just 32.5 million tonnes (MT) of coal instead of 35 MT. Further, the company’s offtake in June stood at 37 MT against the target of 39.8 MT. As per the officially disclosed data, the...