This Russian company operates 6,750 petrol pumps across India, now announces MAJOR plan to invest Rs 700000000000, the company is...
Nayara said that while many European countries continue to import Russian energy through various channels, the EU is punishing an Indian company that only processes Russian oil. Rosneft owns a 49.13 per cent stake in Nayara Energy, which was earlier known as Essar Oil Limited.
In a statement on Monday, the company said it is actively exploring all legal options and that it will counter the EU's decision, which it claims undermines India's sovereignty and disregards global norms. Company runs a major oil refinery in Gujarat
Nayara Energy operates a large oil refinery in Vadinar, Gujarat, with a capacity of 20 million tonnes per year. The company also runs over 6,750 petrol pumps across the country.
A private investment group named Kesani Enterprises owns 49.13 per cent of Nayara. Kesani itself is backed by two Russian firms, United Capital Partners (UCP) and Hara Capital Sarl.
Recently, there have also been reports suggesting that Rosneft may be planning to sell its stake in the refinery and exit the project.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
7 minutes ago
- Indian Express
To further tech manufacturing, India rethinks China blockade
Nearly half a decade ago, India adopted a 'China-out' strategy of sorts, in response to the border clashes in 2020, introduced an anti-Beijing foreign investment policy, and kept Chinese firms out of critical sectors like telecommunications. Now, however, necessitated by changing geopolitical dynamics, following US President Donald Trump's unprecedented onslaught on global trade, and India's own manufacturing ambitions, New Delhi is undertaking a serious rethink on the existing strategy, and is strongly considering particularly easing China-based entities' entry into the country, with some riders. The most recent sign of the thaw came in the form of a recommendation made by the government think tank Niti Aayog, earlier this month, to ease India's foreign direct investment (FDI) rules, which involves government scrutiny into investments made by Chinese firms. Earlier, the Economic Survey 2023-24 had sprung a surprise by advocating attracting investments from Chinese companies to boost exports. India had earlier put restrictions on investments from China through Press Note 3 in April 2020 to curb potential opportunistic takeovers of Indian companies during the Covid-19 pandemic by making a government approval mandatory for all investments from countries sharing a land border with India, including China. It continued to be in force in the wake of national security concerns due to border tensions after the Galwan clash. Early signs of a thaw There have been some signs that India is slowly, but surely, allowing Chinese companies to partner with Indian entities. Dixon Technologies, which is a major Indian electronics assembly company, received approval from the IT Ministry to set up a joint venture with China-based Longcheer. The new company will focus on manufacturing and supplying a wide range of electronics, including smartphones, tablets, true wireless stereo (TWS) devices, smartwatches, AI-powered PCs, automotive electronics, and healthcare devices. Dixon will hold 74 per cent in the JV, and the remaining 26 per cent will be with Longcheer. 'We can not continue to avoid China. The truth is, they make things which we need for our assembly operations, and if we want to go deeper into the supply chain, our companies have to work with Chinese companies,' a senior government official said. The IT Ministry, earlier this year, notified a Rs 23,000 crore policy for electronic components manufacturing, and it is widely anticipated that Indian firms would partner with Chinese entities to participate in the scheme, given the expertise they have. Recently, India also resumed issuance of tourist visas to Chinese nationals as part of a broader effort to repair bilateral ties. Earlier this month, External Affairs Minister S Jaishankar travelled to China where he had underlined that 'differences should not become disputes' nor should 'competition ever become conflict' and that while India and China have made good progress in the past nine months towards the normalisation of bilateral relations, they should work to address de-escalation on the border. China out in letter, not in spirit, and some repercussions Of course, while the government managed to keep China out in some sectors like finished smartphones, imports from the country continued, particularly for a number of electronic components, which are crucial for the final assembly process in India, but for which New Delhi has little to no production base. The Indian Express had earlier reported that the financial year 2023-24, India imported electronic components worth over $12 billion from China and $6 billion from Hong Kong, with the two accounting for more than half of total such imports to India – suggesting that the country's growing footprint in electronics manufacturing was not necessarily into reduced reliance on Beijing. In the last five years, electronics imports from China and Hong Kong have far outnumbered imports from other major manufacturing hubs like South Korea, Japan, Taiwan, and all ASEAN countries, combined. China, for its own part, and seeing India's growing manufacturing footprint, also imposed restrictions on its companies, making it harder for them to do business with Indian firms. For instance, India's share in US smartphone imports surged to nearly 36 per cent in the first five months of 2025, from about 11 per cent in 2024. China, which continues to dominate the product category, saw its share drop from 82 per cent to 49 per cent over the same period, this paper had reported earlier. China's actions include pulling workers out of India, and making it more difficult for India-based manufacturing companies to obtain capital goods, which are needed for the assembly process. China has also imposed a blockade on several rare earth metals and magnets, and while the prime target of that restriction is the United States, India has found itself caught in the crosshairs. Soumyarendra Barik is Special Correspondent with The Indian Express and reports on the intersection of technology, policy and society. With over five years of newsroom experience, he has reported on issues of gig workers' rights, privacy, India's prevalent digital divide and a range of other policy interventions that impact big tech companies. He once also tailed a food delivery worker for over 12 hours to quantify the amount of money they make, and the pain they go through while doing so. In his free time, he likes to nerd about watches, Formula 1 and football. ... Read More
Hindustan Times
9 minutes ago
- Hindustan Times
Buy a house in the Caribbean islands, and earn a passport: Here's what you need to know about it
Indian homebuyers planning to settle abroad can now explore the Eastern Caribbean. According to a BBC news report, the authorities are offering citizenship by investment (CBI) schemes, where a property purchase worth at least US Dollars (USD) 200,000 ( ₹1.73 crore approximately) can secure a passport. Real estate trends: Buying a home in the island nation will also get investors a passport that grants the holder visa-free access to up to 150 countries, including Europe's Schengen area, and for all but Dominica, along with the United Kingdom (UK), according to a BBC news report. (Picture for representational purposes only)(Pexels) The news report said that five of the region's island nations – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia – offer such citizenship by investment (CBI) from as little as USD 200,000. The report said that buying a home in the island nation will also get investors a passport that grants the holder visa-free access to up to 150 countries, including Europe's Schengen area, and for all but Dominica, along with the United Kingdom (UK). For the wealthy, the islands' absence of taxes on capital gains and inheritance, and in some cases on income, is another major draw. All five of the region's schemes allow buyers to retain their existing citizenship. For wealthy individuals, these island jurisdictions offer compelling fiscal advantages: no capital gains tax, no inheritance or estate tax, and in several cases—no personal income tax as well, the news report said. Also Read: 5 things NRIs should keep in mind before investing in property in India According to the news report, real estate consultants are not able to handle the demand post-announcement. Nadia Dyson, owner of Luxury Locations, says estate agents in Antigua are struggling to keep up with demand. "Up to 70% of all buyers right now want citizenship, and the vast majority are from the US," Dyson told the BBC. Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Dyson said. Majority of investors from the US According to the BBC news report, US citizens account for the bulk of CBI applications in the Caribbean over the past year. Also Read: Over 2 lakh Indians gave up citizenship in 2024, reveals government data Ukraine, Turkey, Nigeria, and China are among the other countries from which applicants applied for CBI. The overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024, the report said. What to keep in mind while investing overseas? An Indian citizen's investment in real estate overseas, including Caribbean nations, is governed by two key regulations: the Foreign Exchange Management Act, 1999, and the Income Tax Act, 1961. Also Read: Looking to buy real estate in Dubai? Here's all that you should know As per FEMA regulations, a resident individual can remit up to USD 2,50,000 (about ₹2.1 crore) per financial year under the Liberalised Remittance Scheme for the purchase of immovable property. The limit is for an individual; therefore, a family looking to buy a bigger property can remit the funds in larger amounts by utilising their combined individual limits.
NDTV
9 minutes ago
- NDTV
Indian Woman Who Was Told She'll Never Make It To Google Now Works At The Tech Giant. See Viral Post
An Indian woman is making headlines after sharing about a past interview experience where she was mocked by a startup interviewer who claimed she would never make it to global tech giants like Google or Meta. Taking to X, the user who goes by Arpita Das on the microblogging platform, narrated her interview experience, revealing that she eventually did get into Google. "Was grilled by a mid-level startup interviewer in a system design round, he made me design infra, estimate CPU costs, basically everything except physically build the data centre," she wrote in her post. However, she said that the interview took a sharp turn when she struggled to answer a few questions. "When I stumbled, he smirked and said, 'This is why people like you won't make it to big companies like Google, Meta'". But proving the interviewer wrong, Ms Das revealed that she now works at Google. "Not bragging-just wondering why some folks gatekeep based on their own insecurities," she concluded. Take a look at the post below: Was grilled by a mid-level startup interviewer in a system design round - he made me design infra, estimate CPU costs, basically everything except physically build the data center. When I stumbled, he smirked and said, 'This is why people like you won't make it to big companies… — Arpita Das (@Arpitaaa01) July 27, 2025 The post quickly caught the internet's attention. While many praised her success story, others slammed the interviewer. Some users also shared similar experiences. "Great story. Success is the best revenge. Keep going," one user wrote. "I think in later stages you will get the chance to interview that interviewer in future, that's how the world works," joked another. "Today, most interviewers see attitude and eagerness to learn as you can not judge a person on the whole thing in those 10-15 minutes," said a third user. "The person who was reluctant to hire me during the interview was fired after 1.5 years. He thought that, as a woman, I won't be able to do onsite work. However, I ended up performing not only my own duties but also his, and I did so better than he did. He had become redundant," shared one user. "Hiring system is terribly messed up nowadays and I'm pretty sure the startup is in wrong you got exactly what you deserve," commented another. Notably, according to her X bio, Ms Das has previously worked at prominent companies such as Microsoft and Myntra.
