Back11 August | The Mint report
11 August | The Mint report
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New Delhi: A bad agreement could make Delhi airport more expensive for travelers. Mint filed queries under to Right to Information Act and has learnt that the government did not fix a cost for the airport modernization contract it signed with a private consortium.
Costs of the project have already gone up by nearly Rs3,000 crore and current tariff structure means those costs could be passed on to passengers. The government handed over development of the Delhi airport in 2006 to a consortium led by GMR Infrastructure.
Power trading company PTC India could lose its promoters. Four government-run firms are planning to withdraw their total stake of 21% in the company. NTPC, NHPC, Power Grid Corporations, and Power Finance Corporation are concerned that PTC no longer just trades power, but is now competing with them with ventures into mining, finance, and power generation.
The government wants to speed up the process by which Coal India Limited acquires mines overseas. It’s setting up an empowered committee of secretaries that can take decisions on behalf of the cabinet. This means Coal India’s overseas arm will not need time consuming cabinet approval while it seeks to acquire mining rights in Australia, Bangladesh, and Africa.
Dabur is also looking to expand its presence overseas. It’s trying to expand into the Africa and the US, and is also considering acquisitions in South Africa and other countries.
Markets recovered on Tuesday after the previous day’s losses. The Sensex rose 65 points to close at 15,075, while the Nifty went up 34 points, ending trade at 4,471.
India’s stance on climate change is coming under scrutiny. After signing a deal at the Major Economies Forum in Italy last month, it is about enter more climate talks at the G-20 meeting in the US next month. But not everyone is happy. Experts fear these climate change negotiations could sideline legally binding forums at the United Nations that are more sympathetic to developing countries. They say the ongoing talks are a reversal of the country’s opposition to emission targets and could hurt India’s economic growth, at the Major Economies Forum India agreed to act to limit global temperature increase to 2 degree celsius over pre-industrial levels.
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