June 15: View the news
June 15: View the news
Laborers work in a railway coal yard on the outskirts of Ahmedabad
Mundra Port, the country's largest private port, expects to import 40% more coal this year and open a liquefied natural gas terminal by 2015 to meet the growing power demands of Asia's third-largest economy.
Mundra will handle more than 20 million tonne of coal imports, up from 14 million tonne last year, to supply new power plants operated by its sister company Adani Power and utility firm Tata Power, said a Mundra port executive.
"Over 9,000 megawatts of power will be coming onstream over the next two years in Mundra ... and the only way to get coal to them is through our port," Unmesh Abhyankar, Mundra's chief operating officer, told reporters on the sidelines of an industry conference.
The company, a unit of Adani Enterprises, expects to handle more than 70 million tonne of cargo this year, up from 52 million in FY11.
Mundra imports mainly containers, coal and crud
Raghuram G Rajan speaks at the American Economic Association Conference in Atlanta, Georgia
The fallout from a Greek debt default can be contained if European leaders reached an agreement to let the restructuring take place in an orderly manner, former IMF chief economist Raghuram Rajan said on Wednesday.
Euro zone ministers failed on Tuesday to reach an agreement on how private holders of Greek debt should share the costs of a new bailout.
The lack of a deal pushed bond yields of Greece, Ireland and Portugal to their highest levels since the introduction of the euro in 1999, and Moody's on Wednesday placed France's top three banks on review for a possible downgrade, citing the banks' exposure to Greek debt.
"One of the advantages of this long drawn-out crisis resolution process is that many private sector entities that were exposed to Greece have reduced their exposure," Rajan told reporters on the sidelines of an investment conference in
A customer uses his card to withdraw money from an ATM in Jammu
ICICI Bank said on Wednesday it was not in talks with Nigeria's Spring Bank about any investment, denying a statement made a day earlier by the Nigerian lender.
"ICICI Bank is not in discussions with Spring Bank for any investment," a spokesman for the Indian bank said.
Spring Bank said in a statement on Tuesday it was in recapitalisation talks with several possible investors including ICICI and US-based private equity firm Cloudleap Partners.
A worker walks with a shovel during a lunch break at a coal yard in Jammu
Construction and energy conglomerate Lanco Infratech Ltd has dropped plans to bid for assets of Australia's Premier Coal, Executive Chairman L Madhusudhan Rao saidon Wednesday, sending the firm's shares tumbling.
The company had earlier said it was considering a bid for the Australian firm, owned by coal-to-retail conglomerate Wesfarmers.
However, Lanco is looking at foraying into power plant equipment manufacturing, Madhusudhan told reporters.
Lanco shares hit their lowest level since May 2009 falling to Rs 30.40 in a weak Mumbai market.
The Google logo is seen on a computer monitor at Google's Hong Kong office
Google Inc unveiled new features and technology to speed up Web searches and to make it easier for people to use its flagship search engine as they increasingly access the Internet from handheld mobile devices.
At a briefing in San Francisco on Tuesday, Google demonstrated a new feature called Instant Pages which allows certain Web pages to pop-up in a user's Web browser nearly instantaneously, as well as a revamped version of its website for mobile devices.
Google, the world's largest Internet search engine, said that traffic coming from mobile devices such as smartphones has increased by a factor of five during the past two years.
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