Mismanagement by state-run energy firms cost India Rs 169 crore: CAG

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In a report tabled in the parliament, the Comptroller and Auditor General (CAG) noted that BHEL suffered a loss of 3.83 million euros (Rs 28.35 crore) as Turkey-based Electrik Uretim AS Genel Mudurlugu (EUAS) encashed BHEL’s performance bank guarantee after the state-run firm failed to submit the requisite documents on time. EUAS also terminated BHEL’s […]

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Cairn India’s Rajasthan oil block licence stuck in cost dispute with the Indian government

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Billionaire Anil Agarwal-led Cairn India’s Rajasthan oil block licence extension is stuck in a dispute over cost and the firm is literally surviving on monthly extensions by the government. The government had in October 2018 agreed to extend by 10 years the contract for Barmer fields in Rajasthan after the expiry of the initial 25-year […]

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