The Financial Express Home

BP-Amoco mulls tieup with IOC, Gail for mega fuel-supply project

BP-AMOCO plans to enter into a mega Rs 4,000-crore joint venture with the Indian Oil Corporation (IOC) and Gas Authority of India (Gail) to supply fuel to Indian power plants from the Middle-East.

ONGC to invest $1.5 bn in Bombay High

ONGC plans to invest around $1.5 billion in Bombay High to increase the oil recovery from around 28% to around 40%. ONGC chairman and managing director BC Bora told visiting reporters that the investment will be staggered over three years beginning mid-2000.

Fertiliser subsidy may cross estimates by over Rs 600 cr

The fertiliser subsidy bill is likely to overshoot budget estimates by more than Rs 600 crore to about Rs 13,877.70 crore in 1999-2000. The budgeted subsidy was Rs 13,250 crore.

Centre vests more powers in I-T chief commissioners, DG

The Government has empowered chief commissioners and director general (Investigation) in the I-T department to reduce or waive penal interest for late furnishing of return of chargeable interest, non-payment or inadequate payment of advanced interest tax, subject to certain specific conditions.

RBI not against corporate takeovers of banks

The Reserve Bank of India may consider allowing corporate acquisitions of any private sector bank on a case-by-case basis even as the direct entry of large houses into the banking sector by granting them licences is ruled out for the time being.