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Striking government
It wasn’t just ordinary passengers who suffered the brunt of the recent Air India strike. West Bengal Finance Minister Asim Dasgupta came to Delhi to attend a meeting on Goods and Service Tax (GST) with finance ministry officials. After which, he met Finance Minister Pranab Mukherjee. While Mukherjee’s office had kept an hour for the meeting, Dasgupta was in a hurry and spent just half the time since, with the Air India flight cancelled, he had no option but to leave on the earlier flight of a private airline.

Unitech to raise $575 mn through QIP route
Within less than three months of raising $325 million through Qualified Institutional Placement (QIP), Unitech Ltd, the second largest real estate company in the country, is raising $575 million (Rs 2,770 crore) through the same route. The fund would be used to repay part of the company’s debt, which is currently at Rs 7,500 crore.

News of the day

Rupee down 10 paise at 45.91/$
The rupee today declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.
Management

Andhra to invest Rs 160 crore for exploration

The Andhra Pradesh government, which won four oil blocks in the VIII round of the New Exploration Licensing Policy (Nelp) bidding on Monday, will invest about Rs 160 crore in oil and natural gas related activities over the next five years. - Andhra to form JV to explore gas reserves - Govt extends NELP VIII bid date by two months - Nelp-VIII offers all-time high 70 blocks - Nelp VIII unlikely to attract much foreign interest: RIL - NELP VIII unlikely to attract much foreign interest: RIL - India to launch eighth round of Nelp by April Newly-formed entity AP Gas Infrastructure Corporation (APGIC), a joint venture of Andhra Pradesh Industrial Infrastructure Corporation(APIIC) and power utility AP Generation Corporation (APGenco), paired up with Oil and Natural Gas Corporation to participate in the auction. ONGC is the lead partner of the consortium with a 40 per cent stake followed by British Gas 35 per cent, Oil India 15 per cent and APGIC with 10 per cent. The four blocks include one deep water and three shallow blocks in the Krishna-Godavari (K-G) basin. APIIC chairman BP Acharya said the deep water block would require an investment of Rs 200 crore. The three shallow blocks would need Rs 1,400 crore. APGIC would contribute ten per cent of the investment accounting for Rs 20 crore and Rs 140 crore respectively. Andhra Pradesh is the second state in the country after Gujarat to bid for oil and gas blocks through Nelp. “APGIC will play the role of a facilitator,” he said, adding the consortium members would bring in the required technical expertise to expedite exploration in the K-G basin and optimise gas utilisation in the state and create employment opportunities. The state government had entered exploration and production after protracted discussions at various levels. It is ready to make substantial investments over a five-year period anticipating higher rewards from these activities.


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