Reliance & BP begin gas production from R Cluster, Asia’s deepest offshore field

Reliance Industries Ltd (RIL) and BP announced the start of gas production from the R Cluster, an ultra-deep-water gas field in block KG-D6, off the east coast of India. The two companies are developing three deepwater gas projects in block KG-D6 — R Cluster, Satellites Cluster, and MJ. These three projects are expected to meet 15% of India’s gas demand by 2023. The peak gas production from the three fields is expected to be around 30 mmscmd (1 billion cubic feet/day) by 2023- which is about 25% of India’s domestic production. This will help reduce the country’s dependence on imported gas.

RIL is the operator of KG-D6 with a 66.67% participating interest and BP holds a 33.33% stake. BP plc is a multinational oil and gas company headquartered in London, England. It is one of the world’s seven oil and gas ‘supermajors’.

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Domestic air traffic declines 51% YoY in November

A total of 63.54 lakh domestic passengers travelled by air in November, which is 51% lower than the corresponding period in 2019. IndiGo carried 34.23 lakh passengers in November, thus securing a 53.9% share of the total domestic market. SpiceJet flew 8.4 lakh passengers, which is a 13.2% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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Govt proposes ethanol-blended gasoline as automobile fuel to curb pollution

The Union Ministry of Road Transport & Highways has proposed the adoption of E20 fuel- a blend of 20% of ethanol with gasoline- as automobile fuel. This is part of India’s attempts to reduce harmful emissions from vehicles and curb pollution. The ministry has also proposed the adoption of mass emission standards for E20 fuel and has sought comments from relevant stakeholders for the same.

In other news, Union Food Minister Piyush Goyal announced that the government cannot reduce the minimum price at which sugar mills buy canes from farmers. He has asked the sugar industry to be more efficient, profitable, and diversify its product portfolio with less dependence on the central subsidy.

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Steel Ministry finalises plan on PLI for specialty steel: Report

According to a report from CNBC-TV18, the Steel Ministry has finalised a plan for specialty steel manufacturing under the Production Linked Incentive (PLI) scheme. The ministry has proposed a three incentive slab of 3%, 6%, and 9% for each grade of specialty steel. The PLI for each company will be subject to a ceiling of Rs 200 crore and the outlay for specialty steel is marked Rs 6,322 crore for a five-year period.

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Borosil Renewables raises Rs 200 crore through QIP

Borosil Renewables Ltd (BRL) said that it has raised Rs 200 crore by issuing 1.58 crore at Rs 126.55 per share, through a qualified institutional placement (QIP). The issue opened on December 14 and closed on December 17. Post the QIP issue, the holding of promoter and promoter group will be 61.92%. The funds raised will be utilised by BRL to more than double its solar glass production capacity- from 450 tonnes per day (TPD) to 950 TPD.

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HG Infra receives LoA from NHAI for Rs 1,198 crore project

HG Infra Engineering Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a project in Rajasthan worth Rs 1,198.93 crore. The company will construct an eight-lane carriageway on an engineering, procurement, and construction (EPC) mode. The length of the project is 45.64 kilometers. The project will be completed within 2 years.

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KNR Constructions’ board approves issue of bonus shares

The Board of Directors of KNR Constructions Ltd has approved the issue of bonus shares in the ratio 1:1.  This means that a shareholder will get one bonus share for each existing share held by them. KNR Constructions is a multi-domain infrastructure development company and has conducted technically complex and high-value projects across segments such as national highways, flyovers, bridges & viaducts, etc.

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Ansal Properties to raise Rs 100 crore, to focus on completion of existing projects

Ansal Properties and Infrastructure Ltd said it will raise Rs 35 crore through the issue of warrants to non-promoters, as part of its plan to raise Rs 100 crore in the next few months.  The company’s board has approved the issue and allotment of around 5 crore Warrants to Non-Promoter (Public) investors, which would eventually be converted into equity shares. Ansal Properties will utilise the funds to pay off its debts and fast-track the completion of its current projects. 

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Strides Pharma gets USFDA approval for general Oxybutynin Chloride tablets

Strides Pharma Science Ltd said that its Singapore-based arm has received approval from the US Food and Drug Administration for generic Oxybutynin Chloride tablets. The tablets are used to treat symptoms of overactive bladder and urinary incontinence (loss of bladder control). The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc in the US.

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RITES secures project management consultancy work worth Rs 62 crore

RITES Limited has secured an order to provide Project Management Consultancy services for the development of a greenfield port at Machilipatnam in Andhra Pradesh. The contract is worth Rs 62 crore. Rail India Technical and Economic Service (RITES) Ltd is a Gurugram-based engineering consultancy firm that specializes in the field of transport infrastructure.