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United Spirits to be world's number two player
United Spirits Ltd (USL), owned by Vijay Mallya-controlled UB Group, is set to become the world’s second-largest spirits firm by volumes, dislodging Paris-headquartered Pernod Ricard.

IIFCL to sign $700 mn loan agreement with ADB
India Infrastructure Finance Company (IIFCL) will sign a loan agreement of $700 million with the Asian Development Bank (ADB) next month, a top company official said here today.

News of the day

China threatens to ban import of Indian seafood
Beijing has threatened to ban import of seafood and other food products from India if New Delhi continues to restrict import of milk products from China, the government informed the Lok Sabha today.
International Business

PSU oil firms lose Rs 4 a litre on petrol sales

State-run Indian Oil Corporation (IOC) today said it is losing more than Rs 4 a litre on selling petrol and over Rs 2 per litre on diesel. - Govt okays shifting of Cairn oil field delivery point - Analysts" corner - RIL pulls out of India bid for Venezuela oilfield - SC notice to Maharashtra govt on IOC"s plea - RIL drops out of consortium for bidding for Venezuelan fields - IOC gains on LPG outlet increase plans IOC and sister PSUs Bharat Petroleum and Hindustan Petroleum are losing Rs 4.60 on sale of every litre of petrol and Rs 2.33 per litre of diesel currently, IOC Director (Marketing) G C Dagga told reporters here. Besides, they lose Rs 15.46 per litre on kerosene and Rs 158.78 per domestic LPG cylinder as the government has not allowed them to revise retail prices. The three firms together lose about Rs 200 crore per day on sale of the four fuels. Dagga said IOC may not import petrol and diesel during the current financial year and instead will meet the shortfall by procuring from local refineries like Reliance Industries (RIL). ""I don"t foresee any requirement for imports this year (2009-10),"" he said. The company has been buying petrol and diesel from RIL, Essar Oil and Mangalore Refinery and Petrochemicals.


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