India's first coal-to-liquid (CTL) project proposed in Odisha by Jindal Synfuels Ltd, a subsidiary of Jindal Steel & Power Ltd (JSPL), will have to comply with some fresh conditions imposed by the state government.The state has insisted that the original promoters must retain at least 51 per cent equity in the CTL project till three years of start of commercial operations."Besides, the company needs to achieve financial closure within a year of possession of two-thirds of allotted land. We also have to furnish status on project milestones every six months," said a senior JSPL executive.The CTL project envisages production of 80,000 barrels of petrol, diesel, kerosene and aviation fuel per day and it is proposed to come up at Durgapur in Angul district at an estimated cost of Rs 60,000 crore.The draft MoU to be signed with JSPL is ready. It has been decided that the MoU tenure shall be for nine years with a clause that after every three years, the project will be reviewed. The compa

New conditions imposed for JSPL's CTL project

Business Standard

Hyderabad-based GVK  Power & Infrastructure Limited has received environmental approval by the Coordinator-General for its $4.2-billion Kevin's Corner mine project in the Galilee Basin in western Queensland of Australia.The Kevin's Corner project, proposes a 30-million tonne per annum (mtpa) underground and open-cut coal mine and other associated infrastructure 65 kilometre north-west of the Alpha township.The project would rely on the railway infrastructure of the adjacent Alpha Coal project to transport coal to the Port of Abbot Point, Bowen."This development is yet another breakthrough towards our goal to be the premier and the most reliable coal supplier to the world. The progress in this project further strengthens our commitment to develop world-class projects in a timely and responsible manner," GVK chairman and managing director, GV Krishna Reddy, stated in a press release on Saturday.In May 2012, GVK's Alpha Coal Project received key environmental approval from Queensland

GVK Power gets 'green' signal for Kevin's Corner mine project

BS Reporter

Bangalore-based Snap Fitness India, the Indian master franchisee of Minneapolis, US-based fitness chain Snap Fitness, is in the process of raising a $10-million (approximately Rs 55 crore) growth fund to fuel its expansion in the country

Snap Fitness India to raise $10 million to fund expansion

Rs 350-crore expansion to create fitness centres in India, abroad on track

Country Club to acquire properties in US and UK

Minister of state for infrastructure development and information Santosh Lad said that he would seek legal opinion on the controversial allotment of land acquired for airport expansion in Hubli to private organisations before initiating any action

Karnataka may review land allotment for airport

The induction of M B Patil into the cabinet and allotment of the water resources portfolio to him has raised the hopes of people in North Karnataka

Water resources minister to find himself facing tough challenge

Main opposition Congress has demanded CBI inquiry into wheat procurement by state government

Demand CBI inquiry into wheat procurement

Main opposition Congress has challenged the recently announced slew of sops for labourers by chief minister Shivraj Singh Chouhan

MP Congress flays Chouhan over sops to labourers in election year

Congress today poked fun at BJP saying there was a "civil war" in the Opposition party over the issue of its prime ministerial candidate after L K Advani showered lavish praise on Madhya Pradesh Chief Minister Shivraj Singh Chouhan vis-a-vis Narendra Modi

Cong pokes fun at BJP on PM candidate

Press Trust of India

In a bid to assist the government in ensuring better participation of marginalised groups in higher education policy, the Indian Institute of Management, Ahmedabad (IIM-A) has come out with a working paper on the same

Reservation incentive for marginalised students to enter college, suggests IIM-A study

Idea is to seek development of khadi as a must-have product among youth

NID, Khadi Board in talks for khadi design studio

By-elections for two Lok Sabha and four assembly seat in Gujarat on Sunday saw low voter turnout, but remained peaceful, state elections officials said

Low voter turnout in state by-polls for  2 LS, 4 assembly seats

Shopping portals must work to enhance their digital listening capabilities to address negative feedback

Managing online perception

A management professor coined a term when studying the cases of the disk drive industry. He said that its rapid generational change is to the study of business what fruit flies are to the study of genetics. Name the professor and the term. Connect CEO of Honeywell-David M Cote, CEO of Boeing W. James McNerney, former CEO of Home Depot & Chrysler Robert Nardelli. Founded in 1930, this brand gets its name from its first acquirer, a colony of German Pietists (Lutherans) in the US, called the Ebenezer Society or the Community of True Inspiration. It manufactured the first upright freezer for homes and the first side-by-side refrigerator. Name this brand and its current owner. In the 1920s, the founder of this brand sent his son to study at the ESC business school in Marseille. The son went on to study bacterio-logy  and work for the Pasteur Institute in Paris. This company originated in Spain and is named after the son. Name it. Which company is using this baseline Bring on Tomorrow?

The strategist quiz (306)

A management professor coined a term when studying the cases of the disk drive industry. He said that its rapid generational change is to the study of business what fruit flies are to the study of genetics. Name the professor and the term.

Answers to last week's quiz (#306)

The highest bidder in an auction of plots does not acquire any vested interest merely by depositing a percentage of the amount and earnest money. The bid must be accepted by the authorities otherwise there is no concluded contract. The Supreme Court held so in its judgment, UP Avas Evam Vikas Parishad vs OP Sharma, while setting aside the order of the Allahabad High Court. The Supreme Court reiterated that while accepting or rejecting the highest bid, the authorities were exercising their executive power and the correctness of the decision cannot be subject to judicial review. In this case, auction was conducted for shops and cinema in Bareilly and the highest bidder deposited a percentage of the money. However, the housing commissioner rejected the bid and returned the money. This led to litigation in various courts since 1977. The high court held in favour of the bidder. But the Supreme Court ruled that the high court was wrong on law and facts.Just and fair compensationThe Supreme C

Highest bid can be rejected

In limine rejection of an appeal by the high courts or the Supreme Court on ground of a delay in filing is quite common. But in limine rejection on merit by the courts is nothing but an ignominy. It is a humiliation and discomfiture put together.  The case I am discussing here is an apt example of the above.  It also smacks of harassment to the assessee.The Uttarakhand High Court did not admit an appeal filed by the revenue and rejected it in limine on the ground that there was neither any question of law nor any question of fact  as reported in 2012 (285) ELT 497 (Uttarakhand). The facts are simple in this case.  A Central Excise Assessee submitted a declaration for the purpose of obtaining benefit of notification No.50/2003-C.E. The assessee should have written 50 but by mistake wrote 49.  It was a clerical error.The revenue even accepted that the wrong number of the notification was by mistake and the goods were covered by notification No 50. The commissioner in-charge of adjudicati

Infructuous appeal by revenue creates litigation jam

Irrespective of the difficulties, taxpayers have to comply with the transfer pricing regulations and determine the arm's length price

Insurance valuation: A good benchmark for transfer pricing

Multi-level marketing schemes are about taking informed greedy positions

Careful what you wish for in regulations

Developing the Chabahar port in Iran addresses India's geopolitical as well as economic challenges

Lynchpin Chabahar

The conference is being held from May 30 to June 1, 2013

IIMs meet up at Goa to discuss 'Emerging Issues in Management'

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