Govt clears REC divestment

NEW DELHI: The government on Thursday cleared the 20 per cent follow-on offer of Rural Electrification Corporation that is expected to fetch about Rs 3,300 crore at the ruling market prices. The government recently offloaded its shares in energy PSUs — Oil India Limited (OIL) and NHPC — and proposes to divest equity in another power major NTPC and Sutluj Jal Vidyut Nigam (SJVN). The offer by REC would comprise five per cent stake dilution which will ride “piggyback” on issuance of 15 per cent fresh equity in REC, Home Minister P Chidambaram said.

SFIO begins probe into Sesa Goa

MUMBAI: The government has ordered the SFIO to probe into mismanagement and financial irregularities in Vedanta Group-owned Sesa Goa and its subsidiary Sesa Industries (SIL), the company said on Thursday. “The scope of (SFIO) investigation include looking into the state of affairs of the company and its subsidiary Sesa Industries Ltd, in respect of mismanagement, malpractices, financial and other irregularities,” Sesa Goa said.

Spanish firm to study common rates for gas

NEW DELHI: The government has appointed Spanish speciality consultancy firm, Mercados Energy Markets International, to examine possibility of a uniform domestic price of natural gas, which is now sold at rates ranging from $1 to $5.73 per mmBtu depending on source. The idea, a brainchild of petroleum secretary R S Pandey, aims to bring about uniformity in rates with a view to put all customers at par.

Sun accuses Taro of misusing fund

... contd.