Tata Metaliks has made a JV with Fomento Resources Group

Tata Metaliks has made a JV with Fomento Resources Group for sale of its 3 lakh tonne pig iron making facility at Redi in Maharashtra for a consideration of Rs 180 crore.ata Metaliks today has signed an agreement with Fomento Resources Group who has presence in iron ore mining in Goa, Karnataka and Maharashtra.

UIDAI letter can be used for opening bank A/C now

UIDAI letter can be used for opening bank a/c.The Reserve Bank today asked the commercial banks to accept UIDAI letter as a valid document for opening bank accounts.After further consultations with Government, it has now been decided to accept the letter issued by the UIDAI as an officially valid document for opening bank accounts without the limitations applicable to Small accounts .Although the UIDAI contains details like name and address, the banks will be required to satisfy themselves about the current address of the customer under the KYC norms.Small accounts is a savings bank account in which the deposits in a year does not exceed Rs one lakh and balance at any point of time is not more than Rs 50,000.

IFCI ups stake in Tourism Finance corporation to 41.5% from 39.4%.

IFCI ups stake in Tourism Finance corporation  to 41.5% from 39.4%.

Punj Lloyd Group has bagged Rs 1,195 crore worth contract from Haldia Energy

Punj Lloyd Group has bagged Rs 1,195 crore worth contract from Haldia Energy, a wholly-owned subsidiary of Calcutta Electric Supply Company (CESC) for its 600-MW thermal power project.It is scheduled to be commissioned by 2014.

GAIL India had agreed to buy a 20% stake in shale gas in USA

GAIL India, State-run utility, had agreed to buy a 20% stake in one of Carrizo Oil & Gas Inc's shale gas assets in the United States. GAILwould invest a total of USD 300 million over the next five years.GAIL and Carrizo will form a joint venture in the US firm's lucrative Eagle Ford shale assets.GAIL's investment includes upfront cash payment of USD 63.7 million and a carry amount of USD 31.3 million linked to Carrizo's future drilling and development costs.

Environment ministry has cancelled the environment clearance to Sesa Goa

Environment ministry has cancelled the environment clearance given to Pirna Iron Ore Mines owned by Sesa Goa, a subsidiary of the Vedanta Group.The EIA report is the basis for appraising projects for green clearance.

In August 2009, the ministry had given the nod to the mine spread over 43 hectares across the Pirna and Nadora villages in north Goa, with an extraction limit of 2 lakh tonnes.
The cancellation comes at a time when the Goa government is facing criticism for illegal mining.Sesa Goa is among the four major mining companies in Goa.

Rakesh Jhunjhunwala & RK Damani pick up 14% in Sterling Holidays

Rakesh Jhunjhunwala & RK Damani pick up 14% in Sterling Holidays in last 2 months, both invested Rs 40 cr each