India's most famous address will no longer be 7, Race Course Road. The street in Delhi on which Prime Minister Narendra Modi lives has been renamed 'Lok Kalyan Marg'.
The announcement was made at a press conference attended by NDMC Chairman Naresh Kumar, Delhi Chief Minister Arvind Kejriwal and Meenakshi Lekhi, the BJP MP who represents New Delhi constituency in Parliament.
Last year, another street not far from the PM's residence, Aurangzeb Road, was renamed after former president APJ Abdul Kalam, to varied reactions.
The Union Government has extended support to certain new products and the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS).
Decision in this regard was taken by Department of Commerce (DoC) under the Ministry of Commerce & Industry in backdrop of the continued decline in growth of Indian goods exports.
DoC has added 2901 additional products falling under different product categories under the MEIS. With this the total number of items (products) covered under the scheme has been increased from 5,012 to 7,103.
The major products added include several items of traditional medicines, dried onion, processed cereal products, marine products and value added items of plastics, leather articles and suitcases. The total government support extended under the scheme has been enhanced to Rs. 23,500 crore per annum from the present Rs. 22,000 crore.
Besides, products that will get incentives include engineering goods, garments, fabrics, chemicals, glass products, ceramics, leather goods, periodicals, newspapers, silk items, wool products, made ups, tubes and pipes.
Researchers from Pune (Maharashtra) have produced high-quality carbon from sugarcane waste within minutes by using a low power microwave system.
They had used a simple, cost-effective and quick process to convert sugarcane bagasse into anode-grade porous, conducting, activated carbon material for use in Li-ion batteries.
They had carried out initial carbonisation overnight at room temperature by mixing bagasse with concentrated sulphuric acid. The acid treatment had dissolved most of the inorganic impurities present in bagasse except silica.
This helped in forming robust carbon double bond backbone structure. The solid product obtained from acid treatment was washed thoroughly and was oven-dried at 70 degree C. Later it was mixed with potassium hydroxide to form slurry.
The slurry is then heated in a microwave oven for a few minutes. The heating had led to graphitisation and pores were formed when potassium hydroxide reacts with carbon.
India and France has inked the 7.8-billion Euro deal for 36 Rafale fighter jets on 23 September 2016. As per the deal, the aircraft will be equipped with latest missiles and weapon system like Meteor and Scalp.
The 7.8 billion Euro deal is crucial for the Indian Air Force and is expected to give India the dominant status in the air. The deal was signed in New Delhi by Defence Minister Manohar Parrikar and his French counterpart Jean Yves Le Drian.
The features that make the Rafale a strategic weapon is its Beyond Visual Range (BVR) Meteor air-to-air missile with a range in excess of 150 kilometre.
During the Kargil war, India had used a BVR having 50 kilometre range. The delivery of this aircraft will start in 36 months and will be completed in 66 months from the date the contract is inked.
As per reports, the deal comes with a saving of nearly 750 million Euros than the one struck during the previous UPA government, which was scrapped by the Narendra Modi government.
Afghanistan has signed a peace agreement with one of the country's largest militant groups Hezb-e-Islami led by Gulbuddin Hekmatyar on 22 September 2016. This agreement paves the way for Hekmatyar to make a political comeback.
As per the agreement, Hekmatyar will be granted amnesty for his offences and the prisoners of Hezb-e-Islami will be released by the government. The deal also includes provisions for his security at government expense.
The document was signed by the government delegation and a team representing Hekmatyar's Hezb-e Islami militant group at a press conference in Kabul. The government said that the agreement will come into force after it is formally signed by Ghani and Hekmatyar. Till now, no formal date has been set for signing of the deal.
The deal marks a symbolic victory for President Ashraf Ghani, who has struggled to revive peace talks with the more powerful Taliban.
Widely known as butcher of Kabul, Hekmatyar was a prominent anti-Soviet commander in the 1980s. He is accused of killing thousands in the Kabul during the 1992-93 Civil War. His forces also carried out attacks against the US and Afghan forces since 2001
NITI Aayog, the think tank of union government, has devised a short –term and medium-to-long term action plan to help India achieve 50 medals in 2024 summer Olympics.
In its action plan for revitalising sports in India, Niti Aayog said, India still does not have a conducive environment for sports to polish the talent of Indian sports persons and make them at par with their global counterparts.
Short-term vision (4-8 years) : it envisages targeting a group of priority sports, organising sports persons into three groups for each priority sport, harnessing the potential of indigenous and regional sports, selecting world-class coaches as well as a grading system for coaches.
This term will also focus on a sports injury insurance scheme, strengthening and scaling up of existing SAI training centres, facilitating creation of sports academies for individual sports and more. It also looks forward towards creating a digital database for sports, implementing national sports code and sports Bill and promoting revenue generating methods for team leagues of priority sports.
Medium to long term vision (8-15 years) : It will focus on identifying talent at a young age, having sports curriculum in schools, a dedicated training program for coaches, encouraging development of sports infrastructure through private or PPP mode and developing a health and psychological support division.
For Group B and C also, the budgets for the next 4 years should be fixed, with consistent funding allocation for each year. Funding data for all the groups should be publicly made available as soon as it gets finalised.
The Appointments Committee of Cabinet (ACC) has appointed three economists as the external appointees on the Monetary Policy Committee (MPC). They are Pami Dua, Chetan Ghate and Ravindra Dholakia. They will have a fixed four year term and it is non-renewable.
Pami Dua : She is the Director of the Delhi School of Economics (DSE). She is an expert on econometrics and forecasting, has a Ph.D. from the London School of Economics. Her research work spreads across different fields like business cycle analysis, macroeconomics, econometrics, and forecasting. She is also the Chairperson of the Agricultural Economics Research Centre (AERC) at the University of Delhi.
Chetan Ghate : He is a macroeconomist and a professor at the Indian Statistical Institute (ISI), Delhi. His research focus is on economic growth, economic development, fluctuations and monetary and fiscal policy in developing and emerging market economies. He is the only member of the Technical Advisory Committee (TAC) on Monetary Policy who becomes a member of the MPC.
Ravindra Dholakia : He is a faculty member of Economics at the Indian Institute of Management (IIM), Ahmedabad. He has served as an independent director on the boards of several corporations including Gujarat State Financial Services, Union Bank of India, Air India, and Gujarat State Petroleum Corp.
Monetary Policy Committee (MPC) : MPC under the RBI will decide monetary policy by setting interest rates. It aims to bring significant changes in the power the RBI governor while deciding interest rates. The RBI will set interest rates according to the majority view of the six-member MPC, with the Governor having the casting vote in case of a tie.
MPC replaces previous arrangement where RBI Governor along with a Technical Advisory Committee (TAC) taking decisions on monetary policy including setting interest rates. In the previous arrangement TAC was only having advisory functions and the RBI Governor enjoyed veto power over the committee in setting interest rates. Thus, it is expected to bring “value and transparency” to monetary policy decisions taken by central banks which have far-reaching implications on economy, investors, savers and borrowers.
Syrian aid group White Helmets has won the prestigious Right Livelihood Award which is also known as ‘alternative Nobel’ prize. The White Helmets also known as the Syria Civil Defence is a Syrian civil organisation of emergency responders in rebel-held areas.
It has been honoured for their outstanding bravery, compassion and humanitarian engagement in rescuing civilians from the destruction of the Syrian civil war.
The White Helmets will share the prize with Russian activist Svetlana Gannushkina, Egypt’s feminist leader Mozn Hassan and leading independent Turkish newspaper Cumhuriyet.
The Right Livelihood Award : It is an international award that honour and support those offering practical and exemplary answers to the most urgent challenges facing us today. The prize was established in 1980 by German-Swedish philanthropist Jakob von Uexkull.
It is presented annually in early December. An international jury decides the awards in such fields as environmental protection, human rights, sustainable development, health, education, and peace. The award carries prize money of 3.0-million-kronor ($350,000) which is shared among the winners.
Justice Mohan M Shantanagoudar was sworn in as Chief Justice of Kerala High Court as per Article 219 of the Constitution. He was administered oath to office by the Governor Justice (Retd) P. Sathasivam at a function held at Raj Bhavan. Prior to this appointment he was serving as the acting chief justice of the Kerala High Court.
Justice Mohan M Shantanagoudar : He was born on 5 May 1958 in Chikkerur, Haveri District, Karnataka. Initially, he had practiced at the Karnataka High Court as an advocate, later appointed as the Additional Judge in 2003.
He was elevated as a permanent judge of the Karnataka High Court in September 2004. He was appointed as the acting chief justice of the Kerala High Court in August 2016.
Besides, acting Chief Justice of Manipur High Court, Justice Rakesh Ranjan Prasad was sworn-in as Chief Justice of the High Court.
He was administered oath of office by State Governor Dr. Najma Heptulla at Raj Bhavan in Imphal.
Two Indian forest officials have been selected for the 2016 Clark R. Bavin Wildlife Law Enforcement Awards. They are Assistant Conservator Ritesh Sarothiya of Madhya Pradesh State Forest Service and Range officer Sanjay Dutta of Belakoba Forest Range Jalpaiguri in West Bengal.
Both of them have been honoured with this award for their exemplary law enforcement actions to protect wildlife. They will be presented with this award at the 17th Conference of the Parties (CoP) of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) in Johannesburg, South Africa in October 2016.
lark R. Bavin Wildlife Law Enforcement Awards : The US based Species Survival Network, in cooperation with the Animal Welfare Institute (AWI) coordinates the presentation of the awards. The award has been named in memory of Clark R. Bavin, who was the Chief of the United States Fish and Wildlife Service’s Division of Law Enforcement.
Clark R. Bavin had pioneered the highly effective use of covert investigations and ‘sting’ operations to uncover illegal wildlife trade. The award recognises the extraordinary efforts of law enforcement officers and other field-based individuals are willing to make in order to protect wildlife.
The Union Government has appointed Navtej Sarna (59) was appointed as Ambassador to the United States. He will take over from Arun Kumar Singh, who has retired from the service. In his new role he will face the task of engaging with the new administration in United States following the November 2016 Presidential poll.
Navtej Sarna : He is an Indian Foreign Service (IFS) officer of the 1980 batch. In his career spanning 35 years, he has handled several important assignments at the MEA. Prior to this appointment he was serving as India’s High Commissioner to the United Kingdom.
He was appointed to India’s High Commissioner to UK in January 2016. Prior to it, he was serving as Secretary (West) in the Union Ministry of External Affairs (MEA). He was among the longest-serving spokespersons of the MEA from 2002 to 2008.
He also has authored many fiction and non-fiction books and the most recent being ‘Second Thoughts: On Books, Authors and the Writerly Life’ released in 2016. He was also India’s ambassador to Israel from 2008 to 2012. He had served at various Indian missions including in Warsaw, Moscow, Tehran, Geneva, Thimphu and Washington.
Vijaya Bank has launched three innovative information technology (IT) products, coinciding with Hindi Diwas celebrations.
The new IT products, according to Kishore Sansi, Managing Director and CEO of Vijaya Bank, are: VPAYQWIK, Vijaya *99# and V-eConnect+.
VPAYQWIK, a complete mobile payment wallet, is a one-stop destination for shopping, quick mobile recharge, any-time bill payment, instant ticket booking, and a lot more. This wallet, available in English, Hindi and Kannada, can be used by the bank’s customers as well as others who are not. Vijaya *99# is a non-internet-based app. It uses the USSD channel for completing transactions and supports 12 languages: English, Hindi, Bengali, Telugu, Tamil, Marathi, Kannada, Gujarati, Odia, Malayalam, Assamese, and Punjabi.
And, V-eConnect+ is an app that aggregates various e-products of the bank. The app acts as an entry point for customers to know about and use various online products of the bank.
Customers can access seven different mobile apps, three websites, two missed call services, five social banking channels and five other features through this single app, which is available in English, Hindi and Kannada.
The new products were launched in the presence of Executive Directors BS Rama Rao, Y Nageswara Rao and General Managers of the bank. Launch comes close on the heel of the Vijaya-UPI app, which the bank released late last month.
The flagship rural housing scheme Indira Awaas Yojana (IAY), started by former Prime Minister Rajiv Gandhi, has been restructured and renamed as Pradhan Mantri Awaas Yojana (PMAY), which will be launched next month.
The IAY will be subsumed by the PMAY from April 1 next year. Under the new scheme, the government is aiming to construct one crore houses by 2019.
Under IAY, the government has set a target of constructing 38 lakh houses by end of the current financial year (2015-16), out of which 10 lakh have been completed.
Launched by Rajiv Gandhi in 1985, IAY is a centrally sponsored scheme funded on a cost sharing basis between the centre and states in the 60:40 ratio, except in case of North-Eastern states and Union Territories (UTs).
For North-Eastern states, the central government funds 90 per cent of the cost and 100 per cent for the UTs.
Under the new modified PMAY scheme, the sharing pattern between the centre and states is same, but the grant will be transfered directly into the bank account of beneficiaries, who have been selected on the basis of socio-economic caste census of 2011.
Those who are living in plains will receive a grant of Rs 1.20 lakh, with Rs 1.30 lakh for those living in hilly aras.
Tamil Nadu Chief Minister J Jayalalithaa has announced setting up of 'Amma Two-Wheeler Service Training Centres' across the state.
Accordingly, she has directed setting up such centres at 35 locations.In each of the centres, training will be imparted to 30 persons for three months and they will be provided with a monthly assistance of Rs 3,000.
The scheme will be implemented at a cost of Rs 1.65 crore.
Further, the government would set up a Centre of Excellence and five skill development institutes under Public Private Partnership mode with Siemens and Designtech at an estimated cost of Rs 546.84 crore.
Rays Power Infra, a solar energy company, will set up a 100 mw solar power plant in Uttarakhand. The Project's execution began in August, 2016, and is expected to be commissioned by February, 2017. It will be executed by Rays Power Infra on turnkey basis - from land acquisition to commissioning.
The 100 MW project is spread over a sprawling land area at Tehsil - Bhagwanpur in Roorkee District of Uttarakhand. It comes under Uttarakhand Renewable Energy Development Agency's (UREDA) competitive bidding for 2015-16.
Hindustani classical singer Shubha Mudgal will be honoured with the annual 'LalitArpan Samman' this year.
Mudgal, a Padma Shri recipient, was born in Allahabadand is known for her singing in genres of Khayal, Thumri and Dadra. She has also given her voice to many popular Indie-pop numbers.
The 15th edition of LalitArpan festival will also acknowledge artist couple Paramjit and Arpita Singh.
The two-day festival, dedicated to the "Nayikas of Vidyapati"- a Maithili poet and a Sanskrit writer, will witness dance performances by esteemed dancers like Padma awardees Shovana Narayan, Madhavi Mudgal, Jaya Ram Rao and Vanashri Rao among others.
The award is given to those artists who have consistently worked on promoting classic art in different forms. We have been honouring artists including the several upcoming ones since past five years.
Last year, the LalitArpan Samman was conferred upon literary figure Namwar Singh, painter Krishen Khanna, photographer Raghu Rai and Bharatanatyam dancer Yamini Krishnamurthy.
Union Science and Technology Minister Dr. Harsh Vardhan has adopted 'Dheerpur Village' and 'Ghoga' the last village under the North Delhi under the 'Sansad Adarsh Gram Yojana', which is one of the major and flagship schemes of Prime Minister Narendra Modi.
Harsh Vardhan had an intense visit of 'Ghoga' village along with the senior officers of MCD, Delhi Jal Board, BSES, Delhi Police, Delhi Traffic Police and Flood Control, Irrigation and Revenue Department of Delhi Government.
The Minister has given instructions to the senior officers of the irrigation and flood control and revenue department keeping in view the dilapidated condition of the community hall situated in this village populated by around 10,000 people to get this community hall renovated at the earliest.
Apart from this, it has also been ordered to renovate 'Harijan Chopal' building which is also in a very dilapidated condition.
Dr. Harsh Vardhan also directed that the park of the village be developed immediately and arrangements be made for the gym for the youths. Orders were also given to implement the schemes for the village development initiated by the Prime Minister.
Himachal Pradesh has won the 2015-Better Performing Project Award for development of infrastructure in the state.
The award was given for development of infrastructure in the state by tourism department under the ADB Funded Project.
The award was confererd during the Tripartite Portfolio Review meeting and it was received by Commissioner of Tourism Mohan Chauhan and Project Director Manoj Sharma.
The department of tourism has been executing 580 crore tourism infrastructure project in the state under which various sub projects were under execution at almost all the important tourist destinations in the state.
The spokesman said the project will go a long way in improving the overall tourist facilities within the state and attract larger number of tourists to Himachal Pradesh.
Kotak Mahindra Bank has launched 'Kotak Now', the country's first digital account opening process on mobile. The end-to-end paperless, digital process involves verification of KYC documents and signature via a video call with the bank. No physical interaction or biometric verification is required and the account opening requires only a few minutes.
Download the Kotak Now app, upload your KYC documents (PAN card, and either Aadhaar card or passport), and the image of the signature. Then, you are required to put in a few personal details, and the Customer Relationship Number (CRN) and Account Number are generated. The app will automatically select a branch closest to your address for correspondence. The account is activated after a video call with a bank executive. The app can be downloaded from Google Play Store.
About 50% of all transactions in the last few years have moved to digital channels like Net banking and mobile banking. Most services are now being made available on the move to customers via these platforms. However, the account opening experience for Indian consumers was still a challenge, and has thus far required high level of manual effort from their end. Kotak Now is in-line with our mobile-first approach and is a path-breaking step in making banking truly digital .
Kotak Now has been developed with the patented technology of Germany-based WebID Solutions and reduces the time involved in opening a bank account, also ensuring data security. Currently, Kotak Now enables customers to open a Jifi account through this process. Other savings account variants will be introduced in a phased manner.
Misbah-ul-Haq has received the prestigious ICC Test Championship mace for inspiring Pakistan to the top of the ICC Test Team Rankings. This is for the first time a Pakistani cricketer has received the award.
Misbah-ul-Haq Khan Niazi is a Pakistani cricketer and the current Test captain of the national cricket team, and also the One Day International captain until his retirement from ODI cricket after the 2015 Cricket World Cup.
The International Cricket Council (ICC) is the international governing body of cricket. It was founded as the Imperial Cricket Conference in 1909 by representatives from England, Australia and South Africa, renamed the International Cricket Conference in 1965, and took up its current name in 1989.
The ICC has 105 members: 10 Full Members that play Test matches, 39 Associate Members,and 56 Affiliate Members.
Reliance Industries Chairman Mukesh Ambani has grabbed the top most position in the Forbes' '100 Richest Indians' list with a net worth of USD 22.7 billion.
As per the annual India rich list released by the Forbes India, Mukesh Ambani holds the first position followed by India's richest pharmaceutical magnate Dilip Shanghvi at number two with a net worth of USD 16.9 billion.
His wealth fell by USD 1.1 billion along with a drop in the shares of his Sun Pharmaceutical Industries, the world's fifth-largest generics maker.
However, the third spot is bagged by the Hinduja brothers with a net worth of USD 15.2 billion, up from USD 14.8 billion last year.
Tech magnate Azim Premji, who has led Wipro for five decades, slips one spot to number four on the list with a net worth of USD 15 billion.
Construction magnate Pallonji Mistry takes the fifth spot with net worth of USD 13.9 billion. The steel baron Lakshmi Mittal ranks to number six with net worth of USD 12.5 billion.
Taking the seventh spot is the Godrej Family with net worth of USD 12.4 billion Indian tech pioneer Shiv Nadar, cofounder of HCL Group clocked in a net worth of USD 11.4 billion to grab the eighth rank Kumar Mangalam Birla comes in at ninth spot with net worth of USD 8.8 billion Cyrus Poonawalla is the 10th richest Indian with a net worth of USD 8.6 billion.
The Union Cabinet has given its approval to raise Rs. 31,300 crore in FY 2016-17 to augment infrastructure spending. Besides, it has also given approval to service principal and interest against the Extra Budgetary Resources (EBR) of Rs. 16,300 crore by Union Government for infrastructure spending.
The EBR is proposed to finance funds to be raised by Indian Renewable Energy Development Agency (IREDA), Power Finance Corporation (PFC), Inland Waterways Authority of India (IWAI), and National Bank for Agriculture and Rural Development (NABARD).
This implies that interest and principal in respect of the EBR of Rs.16,300 crore will be financed by Union Government by making suitable budget provisions.
It will supplement the efforts of the Union Government to improve infrastructure spending and also improve revenue-capital mix of expenditure for a more sustainable growth.
Infrastructure spending is one of the key parameters for judging the sustainability of growth in a country. It is basically measured interms of the proportion of Capital expenditure to the total expenditure. In line with this approach, Union Finance Minister the Budget Speech 2016-17 had made an announcement to augment infrastructure spending further. For this purpose Union Government will permit mobilisation of additional finances to the through raising of Bonds during 2016-17.
The Union Cabinet has given its approval to enact Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016. The proposal to enact to this bill was forwarded by Union Ministry of Shipping to repeal five archaic admiralty statutes.
Admiralty jurisdiction is related to the powers of the High Courts in respect of claims associated with transport by sea and navigable waterways.
The Bill consolidates the existing laws relating to admiralty proceedings on maritime claims, admiralty jurisdiction of courts, arrest of vessels and related issues.
This legislative proposal will also fulfil a long-standing demand of the maritime legal fraternity. It also repeals five obsolete British statues on admiralty jurisdiction in civil matters. They are (i) Admiralty Court Act, 1840 (ii) Admiralty Court Act, 1861, (iii) Colonial Courts of Admiralty Act, 1890, (iv) Colonial Courts of Admiralty (India) Act, 1891, and (v) Provisions of the Letters Patent, 1865,
Features : Confers admiralty jurisdiction on High Courts located in coastal states of India, thus extending their upto territorial waters. The jurisdiction will be extendable by the Union Government notification upto exclusive economic zone (EEZ) or any other maritime zone or islands constituting part of India.
It applies to every vessel irrespective of place of domicile or residence of owner. It does not apply to naval auxiliary, warships and vessels used for non-commercial purposes. Inland vessels and vessels under construction are excluded from its application. But it empowers Union Government to make it applicable to these vessels also by a notification.
It lists the jurisdiction for adjudicating on a set of maritime claims. A vessel can be arrested in certain circumstances in order to ensure security against a maritime claim.
The Inland Waterways Authority of India (IWAI) has signed a contract with German company DST to design vessels suited to navigate the 1620 km stretch of National Waterway (NW-1).
Under the contract, DST will has been initially tasked to develop low draft vessels for transportation of cars that can carry upto 150-200 vehicles.
The contract has been awarded to DST in par with the objective of providing safe, environment friendly and economical mode of transportation through the waterway. The specially designed vessels will navigate on low drafts.
They will be having high carrying capacity and most importantly, will be environment friendly. DST will develop draft vessels keeping in view the difficult hydro-morphological characteristics of the river in the upper stretches of NW1 between Patna and Varanasi.
The Union Government is developing NW-1 (Ganga-Bhagirathi-Hooghly) under the Jal Marg Vikas Project, with assistance from the World Bank.
This project would enable commercial navigation of vessels with capacity of 1500-2,000 tons. The Phase-I of the project covers the Haldia-Varanasi stretch. The project includes development of fairway, multi-modal terminals at Haldia, Varanasi and Sahibganj, strengthening of river navigation system.
It also includes modern River Information System (RIS), Digital Global Positioning System (DGPS), modern methods of channel marking, night navigation facilities, construction of a new state of the art navigational lock at Farakka.
Adi Godrej, the Chairman of Mumbai-based Godrej Group, was conferred the 10th Annual Clinton Global Citizen Award for leadership in business and philanthropy on 19 September 2016.
The award recognises Godrej's leadership in transforming the intersection of business and philanthropy and making the Godrej Group a global example of what can be achieved through inclusive, sustainable business strategies.
The award was presented by Hikmet Ersek, CEO and President of Western Union, in the presence of former US President Bill Clinton.
Some of the other awardees for the year 2016 include Jon Bon Jovi for the Jon Bon Jovi Soul Foundation in the US, President Juan Manuel Santos of Colombia and Hawa Abdi of Somalia.
Adi Godrej : Adi Burjorji Godrej is an Indian industrialist and businessman.He is the Chairman of the Godrej Group.
As of 2015, he is the 405th richest person in the world with a net worth of 4.0 billion US dollars.He received his undergraduate degree from HL college and his MBA from the MIT Sloan School of Management, where he was a member of the Pi Lambda Phi fraternity and a member of Tau Beta Pi.
Clinton Global Citizen Awards : The Clinton Global Citizen Awards was established in 2007. It embodies the former US President's call to action by honouring outstanding individuals who exemplify global citizenship through their vision and leadership.
Past recipients of the award include Mexican businessman and philanthropist Carlos Slim, Irish billionaire Denis O'Brien, Moroccan entrepreneur Mohammad Abbad Andaloussi, Afghan women's rights activist Suraya Pakzad, Pakistani labour rights activist Syeda Ghulam Fatima among others.
Indian Oil Corporation Limited (IOCL) and GAIL (India) Limited has signed a Memorandum of Understanding (MoU) with Dhamra LNG Terminal Private Limited (DLTPL) for taking equity in the 5 MMTPA capacity LNG Receiving on 21 September 2016, Storage and Regasification Terminal.
The Dhamra LNG terminal is being built by Adani Enterprises Ltd at Dhamra Port, Odisha.
Highlights of the MoU : As per the MoU, DLTPL shall be an equal Joint Venture of Indian Oil and GAIL on one hand and Adani Group on the other. Indian Oil and GAIL will acquire 39 percent and 11 percent equity respectively in DLTPL, with the balance 50 percent stake being held by Adani group.
Indian Oil and Adani group will each divest 1 percent of their respective stake to a credible financial institution which will then have 2 percent stake in the terminal.
Apart from equity, Indian Oil and GAIL intend to book regasification capacity of 3.0 and 1.5 MMTPA respectively in the terminal.
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