Ahmadabad based Adani Group plans to sign a pact with the Odisha government soon for setting up of a 2500 Mw rejected coal based power plant in Angul district."We are looking at couple of sites and the exact location will be finalized within few months. The investment in the project will be close to Rs 12500 crore", Rajesh Jha, CEO, Adani Mining & Power told media persons on the sidelines of an event here.Within few months, a memorandum of understanding (MoU) would be signed with the state government in this regard, he added. The power plant will source raw material (coal washery rejects) from the Machhakata and Chhendipada coal blocks. The group's flagship company, Adani Enterprises Limited (AEL) has won the rights to develop and operate the coal blocks.The Chhendipada block with a mining capacity of 40 million tonne per annum (mtpa) is allocated to UCM Coal Company, jointly promoted by Maharashtra State Power Generation Corporation Ltd (Mahagenco), Uttar Pradesh Rajya Vidyut Utpadan

Adani to sign pact for 2,500 Mw power plant soon

BS Reporter

CBI has arrested a tea garden owner and influential businessman Sandhir Agarwal in Kolkata for his alleged role in the Saradha chit fund scam after exhaustively questioning him with company Chairman Sudipta Sen and East Bengal club official Debabrata Sarkar.CBI sources said Agarwal, a prominent businessman well connected in political and business circles, was taken into custody late last evening.They said his arrest assumes significance as he is alleged to have protected Sen from the action of regulatory bodies like Securities and Exchange Board of India (Sebi) using his connections. Agarwal is suspected to have acted as middleman with Sebi and other regulatory bodies and saved Sen from their action, CBI sources said. Sen is believed is have told CBI that Agarwal had allegedly taken a substantial fee in crores of rupees for helping him keeping off Sebi and other regulatory bodies from acting against him, they said.CBI sources said it was felt during the probe that Agarwal's custody was

Businessman held in Saradha scam case

Press Trust of India

Several coal consumers who previously expressed interest in receiving imported coal from Coal India have gradually pulled out, sources said."Many of the coal consumers including some power producers who earlier expressed interest to get imported coal through CIL arrangement have decided not to go ahead," Coal India sources told PTI."The coal import tender that will be floated by MMTC in a week's time will be of quality less than 'one million tonne' as many consumers have moved out from our arrangement," he said. According to the fuel supply agreements entered between the coal major and consumers in 2012, CIL proposed to meet 15 per cent of the needs through import on a cost-plus basis to meet 80 per cent of the coal requirement for a power plant.State-owned trading house MMTC was the sole bidder for the contract for Coal India. Initially, interest shown by at least 50 consumers totalled around 5 million tonnes (MT) of coal.Coal India sought expression of interest from agencies to handl

Lukewarm interest for coal imports from CIL

The state has emerged as the biggest beneficiary with its 12 districts set to get piped gas

Jagdishpur-Phulpur-Haldia pipeline proj to spur dev in Bihar

Finance Minister Arun Jaitley at the ICSI National Awards function in Kolkata on August 24, 2014. Photo: Subrata Majumder

Comments come at a time when doubts have been raised over the governance standards in India's public sector banks

Adopt global best practices to improve governance: Jaitley

South-bound trains to be first to have them

Railways to install work stations in Rajdhani trains

About 2.8 mn tonnes of sugar is required for PDS

Centre mulls freedom for states to fix PDS sugar rate

Fertilisers ad Chemicals Travancore (FACT) has signed an MoU with  Trinity AgroImpex Pvt Ltd, Mumbai, for marketing imported agro input products under the brand name 'Penergetic'.

FACT,Trinity Agro tie up

The income tax department will extend the advance ruling facility to resident tax payers from the current year, KV Chowdary, chairman of the Central Board of Direct Taxes (CBDT), said here on Friday.Till now this facility was available only to non-resident tax payers.The scheme of advance rulings was introduced by the Finance Act, 1993. Under the scheme, the power of giving advance rulings has been entrusted to an independent adjudicatory body. Accordingly, a high-level body headed by a retired judge of the Supreme Court has been set up. This institution is empowered to issue rulings, which are binding both on the income-tax department and the applicant.With the advance ruling facility, the applicant can have an idea of the possible tax liability before entering into a particular transaction, according to Chowdary.Responding to a question on important areas where tax evasion was high, the newly-appointed CBDT chairman said tax evasion had been high in the real estate sector in boom and

'Advance ruling facility to resident tax payers'

BS Reporter (K Rajani Kanth)Email.Biz, a Punjab-based premium and personalised email services provider and the country's biggest .biz domain investor, is expecting its mail service to touch 10 million users, from the present 200,000, by 2016, said its managing director Anshul Goyal.Launched a year ago, the Email.Biz mail service offers a completely light user interface built in-house, provides the standard 20 GB storage space besides an attachment size of 500 MB, as compared to 25 MB offered by Gmail, according to him.Speaking to mediapersons on the sidelines of World Domain Day India 2014 here on Sunday, Goyal said the company was focusing on promoting the email service and the monetisation efforts would start from 2016.Leveraging the over 20,000 premium domain words (like @Cars.biz, @Bollywood.biz and @Gates.biz), Email.Biz charges $9 per user a year for premium mail IDs, while the service is free to create and use IDs using @email.biz."At present, we are offering the service in Engl

Email.Biz eyes 10 million users

A bus fell on the edge of a Himalayan river in Himachal Pradesh's tribal Kinnaur district killing 23 and injuring 20. Police said the toll could rise."Twenty-three people have been killed and 20 injured," a spokesman of the state government said.

23 die in bus accident

Business Standard

The efforts to fight corruption have received a setback in Uttarakhand after the state government issued an ordinance to scrap the mandatory 180 days limit for appointing the Lok Ayukta under the new Act.Senior government officials said the government is likely to amend the Lok Ayukta Act to dilute some of its strong provisions. However, they did not give any details. However, Uttarakhand Chief Minister Harish Rawat said the government has initiated the process to appoint the Lok Ayukta. "We have initiated the process to appoint the Lok Ayukta," said the chief minister in response to a question on whether the ordinance had been brought to delay the process of appointing Lok Ayukta.Since the mandatory 180 day limit where the post of the Lok Ayukta should be filled under the new Lok Ayukta Act was lapsing on August 26, the government this week brought the ordinance to annul the limit, the chief minister said. However, he did not give any time frame for its appointment. Earlier, senior BJ

Uttarakhand annuls 180 day limit for Lok Ayukta appointment of lokayukta

Harish Rawat

Says state must also leverage the benefits from Amritsar-Kolkata Industrial Corridor which is expected to boost the manufacturing and agriculture sectors

PHD Chamber asks CM to focus on MSMEs

The Andhra Pradesh government has urged the Centre to provide financial assistance to the tune of Rs 15,718 crore to support its round-the-clock Power For All (PFA) Programme

Andhra seeks Rs 15,718-crore central aid for 24X7 power

Tamil Nadu is expected to be among four states that would majorly benefit from a central project to run ethanol-run buses. Launching India's first ethanol-run bus in the city on a pilot basis, Union Minister Nitin Gadkari has said that a Bill to make provision for running vehicles on bio-fuels and hybrid electric would be tabled in the Parliament in the next session.Gadkari also said that the country can reduce petrol, diesel and gas imports by at least Rs 2 lakh crore annually by using alternative fuels. During the launch at the weekend, the Union Minister for Road Transport, Highways and Shipping said the Centre would provide 200-500 ethanol-run buses to Nagpur Municipal Corporation (NMC) under the 'Green Bus' project."The country imports petrol, diesel and gas worth over Rs 6 lakh crore every year. India can reduce the imports by at least Rs 2 lakh crore by using alternative fuels. Ethanol-run bus project is the first such initiative in this direction."Four states--Uttar Pradesh, Ma

Tamil Nadu could be beneficiary of ethanol-run bus plan

Chief minister J Jayalalithaa today announced a slew of projects worth more than Rs 2,000 crore which would bring new amenities and infrastructure upgradation in the industrial and textile city of Coimbatore.The projects announced include 2,912 houses for homeless poor at a cost of Rs 443.55 crore, under-ground drainage and storm water drains in extended areas of city corporation at an estimated cost of Rs 1,555 crore and a Rs 125 crore new integrated bus terminus.She had ordered these projects in continuation of various infrastructure schemes undertaken in the last three years keeping in view the growing population of Coimbatore, the second big city in the state after Chennai, Jayalalithaa said in a release here."A project to recycle building waste (refuse) into useful articles will be implemented for the first time in Tamil Nadu at an estimated cost of Rs.12.80 crore," she said.New buildings for 12 health centres at a cost of Rs 7.04 cr, development of 20 health centres and setting u

TN gives big infra push to Coimbatore

TTK Healthcare, which is strengthening its food division business, expects to begin production at its upcoming Jaipur food unit by the end of the current fiscal.Without directly referring to the investment in the plant, the company had earlier announced its plans to set up an around Rs 40 crore ready-to-fry snack pellet facility.In the company's recent annual general meeting, shareholders were informed the Jaipur facility would see trial production during the last quarter of the current financial year. The facility is coming up on a piece of leased land."Though there was some initial delay, work is now in full swing and the project would be completed by the end of Q3 and the production would commence during the following quarter of the current year. The new plant will have the capability to produce differentiated and value-added products," according to the company's annual report.The company was also in the process of setting up a sales and distribution network for handling the enhance

TTK Healthcare's Jaipur food facility to begin this year

Lack of clarity on land, infrastructure delay the project

Duggarajupatnam port project hits roadblock

Betting big on the Mumbai's residential redevelopment market, Pune-based realty player Kolte-Patil Developers is expecting nearly 20-30 per cent of its revenues from this market in the next three years, a top company official said.The company has already entered into agreements for three redevelopment projects in Mumbai's western suburbs that has total area of over six lakh sqft and is eyeing a few more in areas such as Dadar-Chembur belt, Worli, Mulund, Khar, Bandra and Santacruz."With a strong vision to expand in Mumbai, we are looking at the huge scope available in the redevelopment segment. This strategy has proved to be very effective, and we are confident that this will reap rewards across markets," Group Chief Executive Sujay Kalele told PTI here.He said the company is also in advance stages of entering into an agreement for a fourth redevelopment project.However, he did not disclose further details.He said there are around 52,000 buildings that can come up for redevelopment in

Kolte-Patil Developers eyes 30% revenue from Mumbai market

Claiming that the Congress was "allergic" to it, a Gujarat minister has said the previous UPA government had a "discriminatory" attitude towards the state which hampered its growth prospects and prevented it from performing better than it had done.Gujarat's Finance Minister Saurabh Patel said clearances to a large number of programmes and proposals besides other dues of the state were denied to it during the Manmohan Singh government and things have started to change since the Narendra Modi dispensation took over three months ago."I can tell you, there were environment issues which we were not getting permission from the Centre from ages....Look at everything, the revenues, oil royalty. What happened? Rs  10,000 crore they did not give us," said he.Patel, who earlier served in the Modi Cabinet in Gujarat, said the state was getting oil royalty at the rate which the Atal Bihari Vajpayee government had formulated, resulting in big revenues for the state.Suggesting that that decision had

Congress was allergic to Gujarat: Saurabh Patel

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