Global oil majors see surge in Indian demand for natural gas

Source: LiveMint.com, Oct 14, 2019

NEW DELHI: Global oil and gas majors are looking to India, the world’s third biggest oil importer, to buy some of their excess liquefied natural gas (LNG) as the South Asian nation improves its gas infrastructure and strives to reduce emissions.

Spot LNG prices have more than halved since last year due to oversupply as producers battle for market share.

The Indian market looks set to grow, however.

The country is investing $60 billion in gas infrastructure, including setting up cross country pipelines and LNG import terminals to connect gas-starved regions to supply hubs.

Oil Minister Dharmendra Pradhan has said that by the end of Prime Minister Narendra Modi’s current term in 2024, India will be ready with a cross country natural gas grid. Read the rest of this entry »

Reliance to swap diesel for Venezuelan crude oil

Source: The Hindu Business Line, Oct 14, 2019

New Delhi: Reliance Industries will pay for Venezuelan crude oil via exports of diesel in a barter arrangement as it resumed taking supplies from the US sanctions-hit Latin American nation after a gap of four months.

Although US oil sanctions imposed on Venezuela in January 2019 have no direct secondary component, oil companies such as Reliance Industries (RIL) that have a significant US presence have curtailed their commercial ties with the OPEC nation.

Reliance had, in March, capped oil purchases from the Latin American nation and halted selling diluents. “RIL has been supplying permitted products like diesel to Venezuela and, hence, is able to recommence crude sourcing. These are actions compliant to US-sanctions as crude sourcing against the supply of permitted products is allowed,” a company spokesperson said. Read the rest of this entry »

Ratan Tata to invest in EV start-up Tork Motors

Source: The Hindu Business Line, Oct 14, 2019

Mumbai: Ratan Tata, Chairman Emeritus of Tata Sons, has agreed to invest an undisclosed amount in Pune-based electric vehicle start-up Tork Motors.

In past, the company has raised funds from Bharat Forge and Bhavish Aggarwal, Founder of Ola cabs.

Powered by lithium ion batteries, Tork T6X, the electric motorcycle, is engineered to travel at a top speed of 100 kmph, and runs 100 km on a single charge. The battery can be charged up-to 80 per cent in an hour.

Speaking about the investment, Ratan Tata, said, “In last few years, there has been a sea of changes in the attitude towards electric vehicles. This industry is changing rapidly and I place good value on the sound logic and the approach of the team at Tork Motors.”

WPI inflation eases to 0.33% in September on cheaper non-food articles

Source: Business Standard, Oct 14, 2019

New Delhi: Wholesale prices based inflation eased to 0.33 per cent in September, as against 1.08 per cent in August due to fall in prices of non-food articles, government data showed on Monday.

The annual rate of inflation, based on monthly wholesale price index (WPI), was at 5.22 per cent in September 2018.

The rate of price rise for the food articles was at 7.47 per cent during the month, while that for non-food articles stood at 2.18 per cent, showed the data released by the Ministry of Commerce and Industry.

New group insolvency framework in the works

Source: The Economic Times, Oct 14, 2019

A working group under the insolvency regulator has recommended a group insolvency framework to allow for consolidated insolvency proceedings for multiple companies which are part of the same group.

A report, authored by a working group led by former Sebi chairman UK Sinha, noted that consolidated or coordinated insolvency proceedings may allow for more efficient resolution for companies with inter-corporate liabilities and operational linkages.

The need for a group insolvency framework has come to the fore in the case of defaults by the Videocon Group, in which the insolvency proceedings of 13 group firms have been consolidated into one proceeding by the Mumbai bench of the National Company Law Tribunal. Meanwhile, 169 group entities of Infrastructure Leasing and Financial Services group are also undergoing debt resolution proceedings outside the Insolvency and Bankruptcy Code (IBC). Read the rest of this entry »

Retail inflation spikes to 3.99% on costlier food

Source: The Economic Times, Oct 14, 2019

New Delhi: Retail inflation inched closer to the Reserve Bank of India’s medium-term target of 4% in September for the first time in 14 months on higher food prices, although economists maintain that the economic slowdown will prompt a sixth consecutive interest rate cut in December.

Wholesale inflation eased to its lowest level in more than three years. Retail inflation accelerated to 3.99% last month, data released by the statistics office showed on Monday, compared with 3.28% in August. Inflation as measured by the Consumer Price Index was 3.7% in September 2018. Read the rest of this entry »

Foreign companies may be protected from retro changes

Source: ETRetail.com, Oct 14, 2019

New Delhi: After cutting corporate tax rates, India is now examining if it can provide some assurance to foreign investors that there will be no retrospective policy action.

It is also proposing to create a special mechanism under which investors looking to set up a base in the country would be handheld till the stage of groundbreaking.

“Most foreign investors are wary of any retrospective policy change … This issue is under serious consideration as a part of the policy to promote investments,” said Guruprasad Mohapatra, the secretary at the Department of Promotion of Industry and Internal Trade. Read the rest of this entry »