New Delhi: The government on Friday said Reliance Industries Ltd (RIL) had accepted the letter of intent (LoI) placed on it by NTPC Ltd for supplying gas to the power firm’s plants in Gujarat but refused to sign the gas sales and purchase agreement agreed upon.
“The LoI was issued to Reliance on 16 June 2004, which was duly acknowledged and confirmed by Reliance,” minister of state for power Jairam Ramesh told the Lok Sabha.
Tata Power may not bid for large projects
Mumbai: Tata Power Ltd, India’s biggest private electricity generator, may not bid for projects that can generate 4,000MW of electricity.
“In this current scenario, raising funds is difficult,” Banmali Agrawala, executive director, said in Mumbai on Friday. “For us, the threshold for return is much higher.” Tata Power withdrew from the bidding process for a 4,000MW project at Tilaiya in Jharkhand. Reliance Power Ltd, a unit of Reliance Infrastructure Ltd, emerged as the lowest bidder for the project.
Oil bonds to come up for redemption in March
New Delhi: The first batch of government bonds given to state-run oil companies, with a face value of Rs13,350 crore, will come up for redemption next month.
The bonds issued to Indian Oil Corp. Ltd, the nation’s largest refiner, and its rivals are scheduled to be paid in March, the finance ministry said in a statement in New Delhi on Friday.
State-run explorers, including Oil & Natural Gas Corp. Ltd (ONGC), were given bonds to cover the discount they offered refiners on crude oil sales.
Bonds worth Rs349 crore issued to ONGC and Oil India Ltd in March 2004 are due to be redeemed on March 23, according to the statement. The interest payable on these bonds is 5%.