Iran seeks $1 bn for LNG supply to India NEW DELHI: Iran has sought at least $1 billion as advance from India for supplying 5 MT of LNG a year from 2012. Iran LNG Co,a subsidiary of state-run National Iranian Oil Company,has asked ONGC and partner Hinduja Group to pay the advance so that it can complete a $4.35 billion plant that will liquefy the gas produced from fields in the Persian Gulf. SAIL-NMDC to invest Rs 260cr in Arki mine NEW DELHI: SAIL and NMDC on Monday inked a MoU to invest Rs 260 crore for the development of the Arki limestone mines in Himachal Pradesh. The companies hope to operationalise the mines within the next three years. Steel minister Virbhadra Singh said both navratna companies would also form a JV company in the near future. Supply constraints driving up food prices NEW DELHI: Expressing concerns about the increase in rate of price rise,the government on Monday blamed supply constraints for the sharp rise in prices of certain food items. In particular commodities,there has been,not only in India but globally,supply constraints which is reflecting in this (price rise), cabinet secretary K M Chandrasekhar said. Foreign cos skip 3G pre-bid conference NEW DELHI: Foreign telecom companies on Monday stayed away from a meeting to discuss the blueprint for 3G mobile spectrum auction,while domestic players were riddled with doubts regarding regulation and availability of airwaves. DoT on December 8 issued the final blueprint of the auction,but the absence of foreign players at the pre-bid conference was conspicuous. Revenue collection to fall short by Rs 15K cr CHANDIGARH: The government's revenue collection from central excise,service tax and customs is likely to fall short by Rs 15,000 crore from the target of Rs 2,68,000 crore set for the current fiscal due to continuation of the stimulus package,the CBEC said. The government had reduced the rate of excise duty to 8 per cent from 14 per cent and service tax by 2 per cent as part of the stimulus package given to the industry last year. Michelin to set up Rs 4K cr facility in TN CHENNAI: France-based tyre manufacturer Michelin Group on Monday signed an MOU with the Tamil Nadu government for setting up a Rs 4.000 crore manufacturing facility in Tiruvallur near Chennai. The facility is expected create direct employment for 1,500 people. Bharat Forge to pump Rs 50K cr into power NEW DELHI: Bharat Forge is planning to invest up to Rs 50,000 crore in the power sector and is targeting generation capacity of up to 10,000 MW over the next 10 years. The company plans to set up power plants in Gujarat,Maharashtra,Andhra Pradesh and Tamil Nadu. PTI
