Mumbai: The beleaguered Gujarat Mineral Development Corporation (GMDC), which has seen its scrip fall sharply in September, is facing the dark shadow of Lehman Brothers over its power project in Chattisgarh. GMDC has a joint venture with KSK Energy to set up a 1800 MW coal-based power project at Korba. Almost 30% of equity in the Hyderabadbased KSK is held by the fallen US financial giant.

GANDHINAGAR: Vibrant Gujarat wants to dot some of state's major canal networks, including the Narmada main canal, with mini-micro-hydro power projects. And imagine whom does it propose to choose for this - a company called Krishna Kanhaiya Hydro Power Pvt Ltd, owned by a UK-based NRI Riyen Ramani.

Already, it has earned a contract worth Rs 18 crore to start building mini-microhydro power projects on the canal coming out of Karjan dam, lying dormant for nearly three decades.

GUJARAT State Petroleum Corporation has discovered another gas reserve in the hydrocarbon-rich Krishna Godavari (KG) basin, on the eastern coast. The company, however, is very tight lipped about the size of the discovery. The gas discovery was made in the new well of deepwater block of KG 22. The company recorded gas flow at the rate of 27.3 million cubic feet per day through a choke of 28/64 inches. GSPC managing director D J Pandian told ET, "We have again discovered gas. The flow rate is good. The size of the discovery could only be ascertained after the testing results.'

Cairn India on Wednesday said it will invest about $2 billion in the country over the next 18 months for developing oil fields and building a pipeline that will deliver oil from Barmer in Rajasthan to the coastal areas of Gujarat. "Out of the $2 billion investment, $1.8 billion will go in Rajasthan alone and the remaining will be used for other blocks in other parts of the country,' Cairn India chairman Bill Gammell said at the company's annual general meeting here. Cairn India is developing three fields in Rajasthan

Sharp interstate differences are starting to crop up between Gujarat and Rajasthan, one day ahead of the state government planned grand function in the border taluka of Tharad to supply Narmada canal