The Mint Report for 28 December 2009

The Mint Report for 28 December 2009

NTPC could find a business opportunity in Egypt. The Egyptian government has invited the company to set up power projects in its country. Its proposal says the government will provide land and guarantee a long-term purchase of NTPC power. NTPC in turn, has said it is ready to set up projects if it’s also allowed to source Egyptian gas for its domestic capacity. Egypt has more than 1% of the world’s proven gas reserves, while NTPC’s domestic operations, are suffering because of fuel shortages.

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A new study is recommending radical reforms in India’s oil market. The study from IIM Ahmedabad says oil pricing in the country should be completely deregulated and that both public and private firms should allowed to charge market prices. It also says excise duty should be turned into a value added tax in order to allow for input credit for many intermediate users of petroleum products.

India’s 3G spectrum auction may get delayed again. The auction process is now likely to start in the last week of February or the first week of March. Last week the government said the auction would take place as per schedule in January. But that appeared unlikely because the department of telecommunications had not finalized its Notice Inviting Applications.

Bharti Airtel says it has launched wholesale data services in West Asia. The company says it has added more than 17 gigabytes per second of capacity to the region.

Honda Siel says it has entered into an agreement with Axis Bank for vehicle financing. Under the new understanding, Axis Bank will become one of the preferred channel financiers for Honda Siel.

The Delhi government wants vehicle owners from outside the city to pay for coming into Delhi. Chief minister Sheila Dikshit says her government is seriously considering a cess for vehicles entering the city. The potential move is part of an effort to cut down pollution and modernize the Delhi’s traffic management system.

The Drugs Controller General of India is unhappy with Glaxo’s new promotional campaign. It has sent a notice to GlaxoSmithKline on ads promoting its cervical cancer vaccine Cervarix. According to the notice, the campaign violates Indian laws and must be withdrawn.