Briefly Business: India plans fund to insure refiners using Iran oil

India plans fund to insure refiners using Iran oil

NEW DELHI: India plans to set up a special fund to provide insurance to refineries that process oil imported from Iran. The fund will be created by contributions from both insurance companies and oil industry, said petroleum secretary Vivek Rae.

FinMin asks CIL to pay R750 crore for evasion

NEW DELHI: Public sector miner Coal India (CIL) and its seven subsidiaries were detected evading excise duty for two years and made to cough up about Rs 750 crore in duty, revenue officials said. A probe carried out last month found evidence of evasion, officials said.

IMG to examine delays in steel projects today

NEW DELHI: Concerned over delays in steel projects including those of Posco and ArcelorMittal's proposed plants in Orissa, costing $12 billion each, an inter-ministerial group (IMG) on Monday is likely to come out with suggestions to fast-track them.

Suzlon to sell $650 mn bonds overseas

Mumbai: Suzlon Energy, is hitting the overseas bond markets to raise $650 million to prepay its foreign exchange debts, making it the first company under debt restructuring to do so.

Power output falls short by 8% in Feb

new delhi: Power generation in February month fell short of target by 6,000 million units mainly due to drop in thermal and hydro power production.

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