1. Gas sale norms: In India, private players such as Reliance Industries Limited and GSPC can sell the natural gas they have discovered only to the “priority sectors” decided by the Empowered Group of Minister headed by External Affairs Minister, Pranab Mukherjee. The sale would be on the basis of formula for determining the price as approved by the government. Typical priority sectors are: fertilizer units, LPG plants, existing gas-based power plants, etc.
2. Sad ending: Subsequent to the RIL’s move to drag Rel.Communication into an arbitration process over the first right of refusal, Anil Ambani’s Rel. Communications withdrawn from the negotiations it had commenced in end-May to acquire a stake in South African telecom giant, MTN. Sad ending to a potentially very good deal.
3. Fitch downgraded India: Indian Finance Minister is not worried about lowering of India’s credit outlook by global rating agency, Fitch. He said economic fundamentals are strong, but some are facing difficulties. The minister also sees GDP growing at 8% and inflation will moderate by the year-end.
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