Saturday, January 8, 2011

Business News

  • India’s fuel exports increase by 57%
  • DOT collects Rs. 93 cr. Fine from operators
India’s fuel exports increase by 57%
Fuel exports from India's west coast climbed 57% in December as Reliance Industries Ltd boosted shipments from the world's largest refining complex to the US, Africa and the United Arab Emirates.
At least 2.2 million tonnes (mt) of oil products left India last month, up from 1.4 mt in November, according to data from Clarkson Research Services Ltd, a unit of the world's biggest shipbroker. Reliance, controlled by billionaire Mukesh Ambani, shipped at least 425,000 tonnes of gasoline and 168,000 tonnes of diesel in December, according to the data.
Reliance exports its products as it can't compete with staterun refiners, which are compensated by the government for selling fuels below cost in India
DOT collects Rs. 93 cr. Fine from operators
The Union government has collected `93 crore penalty from new telecom operators for missing the network rollout deadline, even as some operators have approached the appellate tribunal TDSAT seeking a stay on it.
“We have received `93 crore from new operators. The total demand is `219 crore”, telecom minister Kapil Sibal said here.
Uninor has paid the penalty but under protest and has approached TDSAT seeking stay on such drive by the department of telecom saying the delay was from the government side