Deccan Gold Mines Ltd said that the Ministry of Mines, Government of India, has rejected the recommendation of the Government of Karnataka to reserve an area of 16,109 hectares in the Hutti Belt, Karnataka in favour of Hutti Gold Mines Limited, a State Government PSU and has instead directed the State Government to consider the pending Prospecting Licence applications of Deccan Exploration Services Private Limited (DESPL), a wholly owned subsidiary of DGML. It may be noted that DESPL had lodged Prospecting Licence (PL) applications for gold in the Hutti Beit after successfully carrying out exploration under Reconnaissance Permit.

In its order, the Central Government has held that the action of the State Government goes against the principles enshrined in the National Mineral Policy, 2008 which states that in order to make regulatory environment conducive to private investment, the procedures for grant of concessions shall be transparent and seamless transition shall be guaranteed to the concessionaires. In the light of the above positive development, DESPL has now written to the Government of Karnataka urging the Director of Mines and Geology as well as the State Government to take up processing of its long pending PL applications for gold and recommend them for the approval of the Ministry of Mines, Government of India.

Glenmark Pharmaceuticals Ltd has said that the GBR 500 deal signed by Glenmark in May 2011 with Sanofi has received clearance from the Hart-Scott-Rodino Antitrust Improvements Act, USA. Following the clearance, the deal has now become effective and Glenmark has also received the first upfront payment of $ 25 million.

Grasim Industries Ltd , which had, on June 2, informed the temporary suspension of production at its staple fibre plant at Nagda in full and that of chlor-alkali plant at Nagda partially due to water shortage, has now said that with the onset of monsoon and the arrival of water in the Nagda reservoir, the staple fibre plant at Nagda and the chlor-alkali plant at Nagda have been restarted in a gradual manner and the production is expected to be restored to full capacity by June 30.

Pipavav Shipyard Ltd has announced change in its name from Pipavav Shipyard Limited to Pipavav Defence and Offshore Engineering Company Limited to signify the company's intention to become an integrated defence, oil & gas sector company. The company is in the process of bidding for two significant contracts for the Indian Army using its existing infrastructure capabilities and is in discussion with two international defence majors to set up production facilities at Pipavav for the Indian Armed forces. Private sector is allowed to bid for defence contracts in India, subject to their building capacities and capabilities.

Related Topics
comment COMMENT NOW