Foreign stake in power projects to be cleared through automatic window
All power-sector proposals inviting foreign equity will from now be cleared under the automatic route and not through the Foreign Investment Promotion Board. The FIPB, in a meeting held on Saturday, noted this in the context of two major proposals in the power sector: GVK Power (Krishnapatnam) Ltd and GVK Industries. Both the proposals will now be taken up under the proposed guidelines.

BPCL may offer ONGC stake in UP refinery
The state-run Bharat Petroleum Corporation Ltd (BPCL) is exploring the option of teaming up with the Oil and Natural Gas Corporation (ONGC) for the Uttar Pradesh refinery, consequent to Shell's probable withdrawal from the project. Shell's chances of participating in the plan "could be safely ruled out" as it has already indicated that it will be tying up with Saudi Aramco instead in a 25:25 downstream venture.

Minister puts Bangalore airport plan on thaw
The Centre has put plans of constructing greenfield international airports at Bangalore and Mumbai on the backburner. Union minister for civil aviation Ananth Kumar said that the government is instead in favour of upgrading facilities at existing airports. The minister, however, said the Rs 3,900-crore Tata-Raytheon international airport at Bangalore has not been shelved.

CORPORATE
McKinsey report not to be sole guide for Tata group recast
SEBI silence leaves FIs undecided on Indal stake

ECONOMY
Power sector awaits manna from Sinha
Chidambaram against another VDIS scheme

EXPRESSIONS
Tasks before the finance minister
Tinkering with fares

MARKETS
SEBI unmoved by chambers' plea on quarterly disclosure
Edible oil may ease, medium-term outlook hazy

LEISURE
Making life easier for small promoters
Aggression thaws scepticism