The deal was signed during PM Modi's visit to the UAE last week, said IOC adding that India's trade treaty with the UAE enables it to import LNG without paying a 2.5% import tax.
The drop in sales is a reminder that the recovery path for India’s economy, which technically entered a recession last week, will likely be a bumpy one as Covid rages unabated.
India can sell as much as 26.4% of its holding in Indian Oil — valued at about Rs 330 billion — and still retain indirect control. The govt is looking to raise a record Rs 1.05 trillion given sluggish revenue collection.
Less than a year before the First Constitutional Amendment, Patel wrote to Nehru about Supreme Court rulings that had 'knocked the bottom out' of press control laws.
IAF is fine with accepting the aircraft with 'must-haves', even if some other steps remain pending, which may take at least another year, it is learnt.
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