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RIL using power firms to fight its gas battle: RNRL
Anil Ambani group firm Reliance Natural Resources (RNRL) today hit out at power companies GMR and GVK for raising the bogey of unfair price advantage to it, saying that they had got into gas deals with Mukesh Ambani-led Reliance Industries (RIL) knowing that the agreement was subject to the outcome of the RNRL-RIL case.

Where you sit
Most people in public life know that where you stand depends on where you sit. When Additional Solicitor General Mohan Parasaran began arguing the government’s case in the fight between Mukesh Ambani’s Reliance Industries Limited (RIL) and Anil Ambani’s Reliance Natural Resources Limited (RNRL), he happened to sit on the same side as RNRL’s lawyers. Ram Jethmalani, who is one of RNRL’s lawyers, objected and said, “You should move to the other side (near the RIL lawyers) since this makes it appear that you (the government) are in collusion with me (RNRL).”

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Sensex in red in opening trades
The Sensex has opened down 22 points at 16,826. The index is now down 25 points at 16,825.
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SAIL, NMDC divestment plans before Cabinet soon: Virbhadra

Steel Minister Virbhadra Singh today said the proposals for diluting stake in two state-run companies SAIL and NMDC will soon be taken to the Cabinet for its approval. - RSP posts record hot metal, crude steel output - Steel Ministry set to give shape to long-delayed reforms - SAIL not affected by slowdown - SAIL plan for HP - Subir Roy: A historic opportunity for SAIL">Subir Roy: A historic opportunity for SAIL - Mittal plans 6 mt plant in Karnataka "The proposal for disinvestment in SAIL and NMDC will soon reach the Union Cabinet," Virbhadra Singh told reporters here on the sidelines of ICDA Chromium 2009. The ministry is working closely with the Department of Disinvestment to prepare a draft note likely to be placed before the Cabinet next week. The steel ministry has already forwarded the share sale plan of the two companies to the Disinvestment Department. The ministry has proposed 20 per cent additional disinvestment plan for steel maker SAIL and extra 8.38 per cent equity sale for iron ore miner NMDC. Singh said he is hopeful that the disinvestment process in both navratna firms would be "operationalised" within the current financial year. The government has proposed a two-phased share sale plan for SAIL which will see the government offloading 10 per cent of its equity to the public and the company selling its shares in the same proportion in the capital market. At present, the government holds about 85 per cent in SAIL and with the proposed disinvestment it will come down to about 69 per cent. It has about 98.38 per cent stake in NMDC and the planned share sale will bring the holding down to 90 per cent.


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