Banking on the phased deregulation of diesel pricing, the government proposes to cap subsidy on this fuel at R6 per litre in 2013-14 to insulate itself from volatility in global crude oil prices wh

Faced with stiff opposition from power utilities over the Centre’s move to introduce coal price pooling which could increase price of the fuel by R100 a tonne (5%) or more, the coal ministry may re

The first phase of Posco’s $12-billion Orissa project — India’s single-largest foreign direct investment — could start churning out steel by 2018, three persons with direct knowledge of the develop

The Centre has decided to tell the Supreme Court that it is legally empowered to allocate coal blocks and is marshalling facts to make a strong case before it, a senior official said.

In a bid to neutralise political opposition to planned fuel price hikes, the government is considering a two-step process: First, allow up to 12 subsidised domestic gas cylinders per year from the currently proposed nine and later, raise prices of LPG and diesel in a phased manner.

Sources told FE that a compromise is being worked out after some Cabinet ministers termed the six-cylinder cap and the proposed fuel price hike as “politically suicidal”. A section of the ruling coalition too feels these steps could cost the UPA at the hustings.

In an attempt to make power plants using imported coal viable, the government will recast its coal allocation policy to ensure that all such projects that have reached advanced levels of completion get up to 30% of their fuel requirements through indigenously produced coal.

The move would benefit six power projects of Adani Power, JSW Steel, Coastal Energen, DCW and Ind Barath Power. The total capacity of these projects is about 4,650 MW and their combined coal requirement is roughly six million tonne.

Govt keen on ensuring fuel security doesn’t come in way of growth revival plans

Concerned that fuel scarcity could hamper plans to revive economic growth, the government is planning to further relax green clearance norms for mining projects. Coal mining operations, which are stuck due to delays in forest clearance, may now get approvals on fast-track basis from the environment ministry even if less than 50% of the population of affected villages give their nod for the project.

In an attempt to fast-track coal production, the ministry of environment and forests (MoEF) has decided to allow companies with mining leases to expand production by 25% over the initially approved plan, without having to secure a fresh environment clearance (EC) from the ministry.

The move will help companies avoid the cumbersome process of getting EC approvals — which includes public hearings that may take up to three years — for their first expansion. For subsequent expansions, however, a new EC will be required.

The government is considering a proposal to allow debt restructuring for real estate projects that face delays due to sovereign clearances. It is also considering creating a sub-category of commercial real estate-housing to allow an extended repayment period to developers.

As per the current policy, any loan given to developers for non-infrastructure sectors turns into a non-performing asset (NPA) when the project gets delayed by more than six months after the date of commencement of commercial operations (DCCO) without any payment made to the lenders. The DCCO dates means the time when the developer actually commences construction after getting the necessary approvals. After this period, banks usually declare the loan as an NPA if repayments are not made for a period of 90 days.

New Delhi: Seeks halting of work on 1,980-MW plant in coal-bearing area of Jharkhand

The coal ministry has contested the suggestion made by a group of ministers (GoM) to allow NTPC to set up a 1,980-MW power plant in the coal-bearing area of North Karanpura in Jharkhand. Moving a Cabinet note, it has sought directions to the PSU to halt work on the project and move to a non-coal-bearing area in the state. The ministry has also approached the PMO for necessary directions.