Hyderabad-based construction and infrastructure company Gayatri Projects Limited (GPL) has said its subsidiary Thermal Powertech Corporation (India) Limited (TPCIL) had signed a multi-year contract with Indonesia-based PT Bayan Resources TBK (Bayan) to supply 1 million tonne of coal annually for over ten years.

Gayatri Project's arm inks pact with Indonesian firm

Business Standard

In what could give the finance ministry an option to narrow down the fiscal deficit in the Budget next month, a group of ministers on Friday cleared an investment policy for urea aimed at reducing the government's subsidy burden. However, analysts did not quantify the exact impact on the subsidy outgo of the government because of the policy, saying it would be clear once production from new investment began.

GoM clears new urea policy

While lenders are keen on diverting basic banking facilities from the traditional branch model to the automated electronic route, the area needs more attention in terms of efficiency, according to the annual report on the banking ombudsman released by the Reserve Bank of India (RBI). The report also said call centres set up by banks to address customer grievances are not able to fulfil their objective effectively.

Concerns on ATMs, credit & debit cards top complaints

Relaxing the rule on mergers and acquisitions to be vetted by it, the Competition Commission of India (CCI) has exempted acquisitions resulting in a cumulative control of up to 25 per cent of shareholding or voting rights from such scrutiny. The current practice sets the limit at 15 per cent.

No regulatory vetting of M&As involving up to 25% control

Vedanta group companies Sterlite Industries and Sesa Goa announced a merger of Sesa Goa and Sterlite on Saturday.

Sterlite and Sesa Goa to merge

An Aadhaar-based payment structure is likely to be outlined in this year&rsquo;s Budget. The electronic disbursal platform suggested by the task force, led by UIDAI chairman Nandan Nilekani, is slated to transform the entire subsidy and entitlement payments made through government schemes. It will help plug leakages, reach the intended beneficiaries quickly and reduce hassles and delivery cost. Here are some questions and their answers explaining the logic behind the creation of this mode, and how it will work.

All you need to know

The Andhra Pradesh Tourism Development Corporation (APTDC) and the state tourism commission have called for private-public participation for development of various projects to attract more international tourists. The state will mainly focus on three areas &mdash; rural, film and eco tourism.

AP tourism calls for private partnership

Owing to difficulties in sourcing fuel for its coal-fired electricity plants due to continued delays at government level on coal block clearances, Essar Energy may shelve plans for three power projects. The news comes even as weaker refining margins and depreciation of rupee in addition to the Supreme court ruling on a sales tax deferment scheme weighed heavily on Essar Energy Plc&rsquo;s full year full year financial results.

Essar Energy may shelve plan for three power plants

Public sector miner NMDC Limited has got an unforeseen domestic opportunity, especially in Karnataka, in the light of the final report on illegal iron ore mining submitted by the Central Empowered Committee (CEC) to the Supreme Court early this month.

NMDC eyes mines after panel suggests permit cancellation

Orissa tour operators and hoteliers will have a better opportunity to make few more business deals in the third edition of Destination East project this year, as about half of the 53 foreign delegates invited for this tourism mart are visiting the state, said eastern region chapter of Confederation of Indian Industry (CII).

Orissa tourism to gain from 'Destination East 2012': CII

Assuring the industrialists in the state, Saurabh Patel,&nbsp;Minister of State for&nbsp;industries and mines,&nbsp;Government of Gujarat said that the government would look to borrow additional Rs 4,000-5,000 crore during fiscal 2012-13.
Speaking at the interaction titled&nbsp;'Post State Budget 2012 &ndash; 13: Financial Insight', organised by the Gujarat Chapter of Confederation of Indian Industry (CII), Patel said that the state was already in a comfortable position with regards to

Gujarat govt to seek Rs 4K crore borrowings in FY'13

The Small and Medium Enterprises (SME) Exchange, promoted by the Bombay Stock Exchange (BSE), is expected to begin operation by March.

BSE  SME exchange by March

Orissa Cricket Association (OCA) has signed Rs 60 lakh contract with Deccan Chargers team for two matches of Indian Premium League 2012 that starts on April 4. The matches will be played on April 19 and 22 at Cuttack Barbati stadium.

OCA signs IPL contract for Rs 60 lakh

Worried over the slow pace of Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) work and the possibility of the Centre's flagship scheme missing its target for completion by March 2012, the Orissa government has sought intervention of the Union ministry of power to speed up project execution.

Orissa seeks Centre's intervention to speed up RGGVY work

Following Prime Minister Manmohan Singh&rsquo;s telephonic conversation with Intuc President Sanjeeva Reddy on Friday, the labour ministry on Sunday issued an appeal in all major dailies &ldquo;to desist from going on strike on February 28&rdquo;.

Anxious govt tries to dissuade labour leaders from going on strike

The state Department of Energy has asked independent power producers (IPPs) such as Sterlite Energy and Arati Steel to start contributing to the Environment Management Fund, which will be utilized in protecting environment and curbing carbon emission.

State asks Sterlite, Arati Steel to contribute to climate fund

With Kappatagudda in Gadag district facing serious threat from illegal mining lobby and frequent incidents of &lsquo;accidental&rsquo; fire, the need to protect the medicinal and aromatic plants is becoming crucial than ever. The state government had promised to transform Kappatagudda into a medicinal forest and keep constant vigil against the intruders. However, not much has been done to make the place a medicinal plant conservation area as proposed by the department of forest. The department had sent a proposal seeking declaration of the area as a medicinal plant conservation area when AN Yallappa Reddy was the conservator of forests (Canara and Research) and GV Sugur was Deputy Conservator of Forests (Research) 22 years ago.

Kappatagudda's medicinal forest ambition, long way ahead

Honda Siel Cars India Ltd (HSCI), a joint venture between Honda Motor Company of Japan and Siel Limited of India, which had seen a worst year in terms of production in India in 2011-12, is looking at doubling its sales for the year 2012-13. It is likely to close the current fiscal with sales of about 50,000 units, a decline of about 17 per cent over the last year.

Honda Siel aims to double car sales 

The Municipal Corporation of Vijayawada presented its 2012-13 annual budget for Rs 1084.72 crore as against Rs 1,903.66 crore in 2011-12. It projected Rs 639.72 crore from the central government through various schemes being implemented now.

Rs 1,084.72 cr budget for Vijayawada

Karnataka Vikas Grameena Bank (KVGB) reached another milestone by crossing a business level of Rs 10000 crore.

KVGB biz crosses Rs 10,000 crore

Vedanta Resources, the holding company of Sesa Goa and Sterlite Industries, has decided to merge the two companies in a bid to cut debt and improve cash flows. The merger, to be executed through an all-share transaction, will give birth to Sesa Sterlite, the world&rsquo;s seventh-largest diversified resources company.

BS Reporter