Top headlines: GAIL to begin asset monetisation; states cut vaccine wastage

From GAIL set to kick off asset monetisation in oil sector by end of 2021-22 to centre targetting global majors for semiconductor fabrication plants, here are top headlines this morning

GAIL set to kick off asset monetisation in oil sector by end of 2021-22

The first oil-sector infrastructure investment trust (InvIT) is expected to be floated by GAIL (India) by the end of 2021-22. According to a top petroleum ministry official, Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL), and GAIL (India) will be going for three separate InvITs as part of the central government’s asset monetisation plan. “GAIL (India) will be the first to float the InvIT. Read More

Centre targets global majors for semiconductor fabrication plants

In an ambitious move, the government is targeting global leaders for setting up semiconductor fabrication (fab) plants in the country. The Ministry of Electronics and Information Technology (MeitY) is coordinating the effort and has drawn up a target list of potential companies. They include Taiwanese majors Taiwan Semiconductor Manufacturing Company, VIA Technologies Inc., and United Microelectronics Corporation, US giants Intel, Micron Technology, Inc., NXP Semiconductors, and Texas Instruments, Japanese players Fuji Electric Co. and Panasonic.Read More

Govt considers blocking IP addresses of cryptocurrency exchanges

The government is considering the blocking of internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India’s own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Read More

States on overdrive to reduce vaccine wastage as Covid-19 cases rise

As India witnesses a ‘second wave’ of the Covid-19 pandemic, the demand for vaccination has increased manifold. Hence, every step is being taken to reduce vaccine wastage. For example, the number of doses in a pack of Covaxin has been halved — from a 20-dose pack, Bharat Biotech’s vaccine now contains 10 doses. Covishield, manufactured by the Serum Institute of India, also comes in 10-dose packs. Read More

Edelweiss arm looks to launch new credit funds in 2021 to tap demand 

Edelweiss Alternative Asset Advisors (EAAA), part of the Edelweiss group, is looking to launch a short-duration credit fund and a distressed fund this year to tap the demand for credit in the country. The short-duration credit fund, which will be an alternative investment fund, targets to raise Rs 2,000 crore. The fund has an investment cycle of 24-36 months compared to 36-60 months in its previous funds. The fund manager is looking to launch it soon, said Hemant Daga, chief executive at Edelweiss Asset Management. Read More

Reliance affiliate picks 3/4th of gas from own CBM block at $6 price

Reliance Industries Ltd has sold three-fourth of the gas from coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 at current oil prices. India Gas Solutions Private Limited, a 50: 50 joint venture of RIL and UK's bp, bought 0.62 million standard cubic meters per day out of 0.82 mmscmd gas bid out in an auction last week, three people with knowledge of the matter said. Read More

Foreign trade policy 2021-26 to focus on MSMEs, new export potential

The central government is devising a mechanism to step up screening imports to protect domestic manufacturers. The details of the online monitoring system may find mention in the foreign trade policy 2021-26, which will kick in next month. The online system will make the data available to the government as well as industry about the countries from where the goods are being imported, and their quantity and quality. The data can help domestic producers analyse the market potential for such goods, said a senior government official. Read More

NHAI turns down NITI Aayog's request to expand monetisation portfolio

The National Highways Authority of India (NHAI) has turned down NITI Aayog’s request to expand its monetisation portfolio, as the authority intends to leave that decision to an investment manager. NITI Aayog and the department of investment and public asset management (DIPAM) had asked the NHAI to proactively identify assets, and the mode for monetisation, after the authority showed reservation on the number of projects it could monetise. Read More