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Govt may import rice to meet shortfall
India may import rice if domestic supplies are inadequate to meet the government’s requirements for the so-called central pool, a minister said.

Options limited for Madhya Pradesh
Will Madhya Pradesh be isolated on goods and service tax (GST) issue? If highly placed government sources, working the new tax system, are to be believed, the state government will have to follow the trend. “Eventually the state will have to implement the system, we cannot linger on. Other states like Chhattisgarh have also agreed to implement it, Gujarat government has welcomed it, Haryana has accepted it ‘in principle’ except for few points. How Madhya Pradesh can stand out?” asked an official. But the state finance minister has a long list to point out flaws in the new tax system, the main being, “The GST will bring even dal-chawal (rice and pulses) under tax net, which are exempted from VAT.”

News of the day

Punjab to set up Rs 150 cr fund to improve industrial infra
The Punjab government today said it will set up a fund of Rs 150 crore to upgrade industrial infrastructure in a bid to give a boost to the state industry.
Management

Essar's Shell acquisition may cost $1.2 billion

Ruias-controlled Essar Oil (EOL) is looking to seal a deal with Royal Dutch Shell at $1-1.2 billion (between Rs 4,670 and 5,600 crore) for acquiring the global petroleum giant’s three refineries in Europe. EOL has presented its valuation of assets to the Shell management and the negotiations are on verge of completion, said banking sources close to the development. - Reaction from double top - India-Africa oil summit opens today - India-Myanmar gas pipleline may take shape in 2-3 yrs - Essar Oil soars on hopes of Shell refinery buy - Essar, Shell extend talks on refineries" sale - Essar, Shell to continue talks beyond exclusivity period A team of Essar Oil is in London, discussing the issues related to integration of assets. Group chief executive Prashant Ruia, son of chairman Shashi Ruia, has already completed the a few rounds of talks with Shell management, said company sources. Essar Group is looking to acquire the assets in an all-cash transaction. “The company has already received financial commitments from global banks to fund the acquisition,” said the sources. Standard Chartered is believed to be the lead arranger of funds. A spokesperson of EOL said, “We are in exclusive discussions with Shell and it is not our policy to comment on our negotiations and timelines.” The Hamburg unit has a capacity to process 110,000 (bpd) of crude oil (5.5 million tonne a year), while Heide has a capacity of 91,000 bpd (4.55 million tonne). Stanlow, Britain’s second-largest refinery, can process 233,000 bpd (11.65 million tonne).


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