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Rajasthan Assembly passes resolution against CAA, BJP members oppose

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Leader of Opposition Gulab Chand Kataria questioned the right to challenge the Act in the state assembly

Assembly on Saturday passed a resolution urging the Centre to repeal the Citizenship (Amendment) Act (CAA), amid opposition by the BJP which accused the ruling Congress of pursuing appeasement politics.

It is the second Congress-ruled state to pass such a resolution after Punjab. Earlier, Kerala Assembly too had passed a resolution against the CAA moved jointly by the ruling Left alliance and the opposition Congress-led UDF.

The Assembly passed by voice vote the resolution which also asked the Centre to withdraw the new fields of information that have been sought for updation in Population Register (NPR), 2020.

“It is evident that the CAA violates the provisions of the Constitution. Therefore, the House resolves to urge upon the government of India to repeal the CAA to avoid any discrimination on the basis of religion in granting citizenship and to ensure equality before law for all religious groups of India,” Parliamentary Affairs Minister Shanti Dhariwal said while moving the resolution in the House.

Leader of Opposition Gulab Chand Kataria questioned the right to challenge the Act in the state assembly.

“Granting citizenship is a matter under the Centre and and in such a situation do we have the right to challenge the CAA…. The Congress should stop doing appeasement and vote bank politics,” the BJP leader said.

First Published: Sat, January 25 2020. 16:35 IST

Source: Business Standard

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IMG clears BPCL sale bid docs, to be issued after ministerial group nod

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This will now be put up for approval by ‘Alternative Mechanism’ which is essentially a very small grouping of key Cabinet ministers, sources privy to the development said

An inter-ministerial group has approved sale bid documents for privatisation of India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), and a notice seeking bids will be issued after a small group of ministers approves it, sources said.

An inter-ministerial group or IMG comprising representatives from the ministries of finance, petroleum, law, corporate affairs and department of disinvestment has approved Expression of Interest (EoI) and Preliminary Information Memorandum (PIM) for the company.

This will now be put up for approval by ‘Alternative Mechanism’ which is essentially a very small grouping of key Cabinet ministers, sources privy to the development said.

Once the approval is granted, an EoI seeking interest from potential buyers will be floated, they said, adding the EoI along with PIM was likely to be out in the market within this month.

The government plans to sell its entire 53.29 per cent stake in that will give buyers ready access to 14 per cent of India’s oil refining capacity and about one-fifth of the fuel market share in the world’s fastest-growing energy market.

Sources said a two-stage bidding process will be followed wherein request for proposal or RFP in the first stage will be followed by due diligence-cum-bidding by qualified bidders in the second phase.

has a market capitalisation of about Rs 1.03 lakh crore and the government stake at current prices is worth about Rs 54,000 crore. The successful bidder will also have to make an open offer to other shareholders for acquiring another 26 per cent at the same price.

Privatisation of is essential for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21.

BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India’s total refining capacity of 249.4 million tonnes. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity.

It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants.

The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country.

Sources said the disinvestment process being followed for privatisation of Central Public Sector Enterprises (CPSEs) is based on decision-making through inter-ministerial consultations and involvement of professionals and experts.

After in-principle consent by the administrative ministry of the state-owned company concerned, approval of the proposal to disinvest is taken from the Cabinet Committee on Economic Affairs (CCEA).

CCEA approved BPCL stake sale in November last year. Following this, an inter-ministerial group (IMG) was constituted. IMG appointed advisers for the transaction, including merchant bankers, asset valuers and legal advisers.

The ‘Alternative Mechanism’ approves reserve or base price as well as price bids. Sources said BPCL privatisation process may take six to eight months to complete.

First Published: Sun, February 16 2020. 11:16 IST

Source: Business Standard

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Syed Ali Shah Geelani’s health stable, condition improving: Doctors

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Speculations about the health condition of Geelani had forced authorities to shut down mobile internet for a day earlier this week.

Ailing Chairman of Hurriyat Conference Syed Ali Shah Geelani addressing a press conference at his residence in Srinagar on Monday. PTI Photo

The condition of ailing separatist leader is improving, doctors said on Sunday.

“He (Geelani) is stable, though he continues to suffer from chest infection. In fact, he is recovering and is better than before,” a senior doctor of SKIMS hospital said.

He said a team of doctors visited Geelani on Saturday to assess his condition.

“The patient is taking liquid diet and medicines prescribed by Dr Naveed from Chest Medicine of GMC Srinagar, ” the doctor said.

Speculations about the health condition of Geelani had forced authorities to shut down mobile internet for a day earlier this week.

Security forces have been deployed in strength outside Geelani’s Hyderpora residence to deal with any eventuality.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sun, February 16 2020. 11:02 IST

Source: Business Standard

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Porsche likely to make a foray into pre-owned car business in India

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Globally, the company sells pre-owned cars under its Porsche Approved brand

Luxury sports car maker is planning to enter pre-owned car business in India in the medium term as it looks to enhance customer base in the country, according to a senior company official.

The company, which sells a range of luxury sports cars and sports utility vehicles (SUVs) such as the 718, 911, Macan and Cayenne priced between Rs 69.98 lakh to Rs 1.63 crore, currently has a total of about 3,500 customers in India.

“We are seriously looking at the pre-owned car business. Our car parc is more than 3,500 cars. It’s a sizable number. We are exploring the right format for used car business,” India Director Pavan Shetty told PTI.

Globally, the company sells pre-owned cars under its Approved brand.

When asked how soon will the company start the pre-owned car vertical, he said, “This is a mid-term plan, it cannot be a long-term plan…We don’t have a timeframe right now because there are so many projects going on but we understand the potential of used car business and we should be able to see the light of the day very soon.”

Exuding confidence of doing well in the used car business, Shetty said, “We are one of the few brands that offer warranty up to nine years. A nine-year warranty for a car talks about the quality itself. When you have a duty structure (on imported luxury cars) that we have in India, a lot of people would like to realise their aspiration mid-cycle because the quality is great and the car doesn’t break down.”

He further said the span of warranty that the company offers to its cars gives window for two owners during the period if the first owner decides to upgrade mid-way.

“So, for us, the second one is the foot in the door, who will then automatically graduate to a new car,” Shetty said.

When asked about the sales outlook for 2020, he said it is difficult to put a number at the moment but is looking to build on what it achieved in 2019, which was a challenging one for the auto industry.

“In 2018, we did 348 cars and last year was a bit challenging for the auto segment but we ended up with 350 cars. We are quite pleased with what happened last year and we hope to build on the momentum this year… I think 2020 would also be on the lines of 2019,” Shetty said.

Porsche is looking at launching sports car Panamera, 10th year edition towards the second quarter this year followed by electric car Taycan towards the end of this year, he said.

First Published: Sun, February 16 2020. 10:48 IST

Source: Business Standard

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