Punj Lloyd wins contract from Saudi Aramco

Punj Lloyd Ltd said Dayim Punj Lloyd, a group company in Saudi Arabia, has won a contract from Saudi Aramco, Saudi Arabia's state oil company. No financial details of the contract were provided.

The contract is for engineering, procurement and construction of offsite pipelines for Saudi Aramco's Yanbu' Export Refinery Project (now named Red Sea Refining Company). The project is being set up on the Western coast of Saudi Arabia along the Red Sea.

The order will be completed around 36 months, said the company in a statement.
On Friday, Punj Lloyd shares ended 1.25% up at Rs117 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.9% to 19,594 points.

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Reliance Broadcast Network’s Big Street secures 40% market share of Delhi Metro OOH Inventory with Line V acquisition

Reliance Broadcast Network Ltd (RBNL) said, its OOH vertical, Big Street has secured 40% market share of Delhi Metro OOH Inventory with Line V acquisition. The contract is for five years.

The DMRC mandate to RBNL includes OOH media inventory spread across nine underground stations covering areas such as Udyog Bhawan, Race Course, Jorbagh, Green Mark, Haus Khas, Malviya Nagar and Saket.

On Friday, RBNL shares ended 2.3% down at Rs107 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.9% to 19,594 points.
 

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GoM reaches consensus on go ahead to the new mining bill

New Delhi: A ministerial panel, headed by finance minister Pranab Mukherjee, today reached a consensus to give a go ahead to the draft mining bill, which seeks that miners share 26% of profits with local people who get affected by their projects, reports PTI.

"It is largely approved. One more sitting of GoM (Group of Ministers) remains after which it will go to the Cabinet.

Whatever we have suggested has by and large been approved. We will work on it," mines minister B K Handique told media after the meet.

"GOM approved the new mining bill," another minister said on the condition of anonymity.

Senior officials present at the meeting said the mines ministry would work on the final draft and place it before the GoM soon. The dates of the next meeting could not be immediately ascertained.

The new bill has proposed that a fund — District Mineral Foundation — be created and the beneficiaries be paid out from it.

Besides, it proposes that in case of a mine being non-functional or in losses the firms should compensate the people affected by land acquisition, by paying them an amount equal to the royalty given to state governments.

The royalty paid by mining companies to state governments runs into hundreds of crores of rupees.

The new bill seeks to expedite the grant of mineral concessions in a transparent manner and attracting big investments in the sector.

Mr Handique said the ministry plans to introduce the bill in the winter session of Parliament to replace the existing Mines and Mineral Development and Regulation Act (MMDR Act), 1957.

The new legislation is being framed amid United Progressive Alliance (UPA) chief Sonia Gandhi voicing concerns over land acquisition norms and favouring the Haryana model — where farmers are provided lucrative compensation in addition to annuity for 33 years.

In the earlier draft of MMDR Act, the provision was made for companies to either share 26% equity or profits with the locals and tribals. However, the equity sharing proviso was opposed fiercely by the industry, especially the lobby group Federation of Indian Chambers of Commerce and Industry (FICCI).

Besides Mr Mukherjee, the GoM includes home minister P Chidambaram, steel minister Virbhadra Singh, law minister V Moily, mines minister B K Handique, commerce minister Anand Sharma, tribal affairs minister K Bhuria, Planning Commission deputy chairman Montek Singh Ahluwalia, coal minister Sriprakash Jaiswal and environment minister Jairam Ramesh.

The GoM, constituted in June to examine the bill, has so far met thrice including on 20th July and 30th July.

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COMMENTS

Java

6 years ago

I hope the bill will clearly and unambiguously define the meaning of
"local people who get affected by their projects", else this will result in non-payment and/or perpetual litigation.

Java

6 years ago

And shouldn't this be the policy also for people displaced by dams, or they don't count because they haven't taken to arms and don't have Naxal violence backing them?

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