Latest news with #Gujarat
Reuters
14 hours ago
- Business
- Reuters
Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources
NEW DELHI, July 23 (Reuters) - Russia-backed Indian refiner Nayara Energy, sanctioned by the European Union, did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday. This is the first case of the private refiner skipping the award of a tender since the European bloc released its 18th package of sanctions last week, which included Nayara Energy, part-owned by Rosneft ( opens new tab. Nayara, which operates a 400,000 barrels-per-day refinery in western Gujarat state, had revised the terms and sought advance payment or a letter of credit for sale of the 33,000–35,000 metric ton cargo scheduled for August 14-18 loading. The tender closed on Monday. Nayara did not immediately respond to Reuters' emails seeking comment. A tanker chartered by energy major BP left a port run by Nayara Energy without loading, a sign fresh European Union curbs on Russia are beginning to bite. Nayara has condemned the EU's decision to impose sanctions on the company as "unjust and unilateral".
Zawya
18 hours ago
- Business
- Zawya
Garner by IHG signs its third deal in India
IHG Hotels & Resorts, one of the leading hotel companies, has signed a franchise agreement for Garner Kutch in Gujarat, marking the brand's third signing in India within months of its IMEA launch. Scheduled to open in the first quarter of 2026, the hotel reinforces IHG's strategy to expand its portfolio in emerging secondary and tertiary markets, where demand for high-quality, world-class accommodations is rapidly increasing. As IHG's newest midscale conversion brand, Garner is designed to offer value-conscious travellers high-quality stays focused on comfort, reliability, and convenience. The brand emphasises relaxed service, flexible spaces, and a locally inspired experience helping guests feel at home while on the road. Garner builds on IHG's strength in the essentials category and is well-positioned to meet India's growing demand for trusted midscale hotels, especially through the franchising model. Located in Kutch, Gujarat's largest district by area, Garner Kutch will be operated by Royal Buildspace LLP, and will be sourced and managed by Rosastays (Rosaoul Hotelco), one of the IHG's preferred third-party operators for Garner in India. Rosastays will also manage and operate Garner Etawah and Garner Kathua, scheduled to open in 2026 and 2027 respectively. The hotel will feature 40 well-appointed rooms, an all-day dining restaurant, swimming pool, fitness centre, spa, and spaces for meetings and social gatherings. Set in a rapidly developing region, Garner Kutch will cater to business travellers, professionals, and tourists visiting for both work and leisure. Commenting on the signing, Sudeep Jain, Managing Director, South West Asia, IHG Hotels & Resorts, said: " The rapid uptake of Garner in India—with three signings in quick succession—demonstrates strong owner confidence in our midscale conversion proposition. Kutch's dynamic growth trajectory aligns perfectly with Garner's ability to deliver asset-light, high-return opportunities for partners like Royal Buildspace. Together with Rosastays, we're unlocking India's underserved markets, where demand for trusted brands is accelerating.' 'At Rosastays, our focus is on operational excellence and delivering high-quality, experience-driven stays that align with the evolving expectations of today's travellers. Garner Kutch offers a compelling value proposition for guests seeking dependable, comfortable, and locally relevant hospitality. This marks our third partnership with IHG, under the Garner brand, reinforcing our shared commitment to elevating midscale hospitality in India's high-potential leisure markets through efficient operations, brand consistency, and memorable guest experiences.' shared Deepika Arora, Director, Rosastays. Deepak Chandnani, Partner, Royal Buildspace, added: " Garner's owner-centric model and distinctly different character combined with IHG's global expertise make it the ideal choice for the market in Kutch. We are proud to bring this innovative offering to a market poised for long-term hospitality growth. We look forward to offering a unique and reliable stay experience to travellers visiting this vibrant part of Gujarat." -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
a day ago
- Khaleej Times
Ahmedabad airport receives bomb threat, security force sweeps premises: Indian media
The Sardar Vallabhbhai Patel International Airport in the Indian city of Ahmedabad received a bomb threat on Tuesday, July 22. The Crime Branch received a threatening email, ANI reported, citing Sharad Singhal, Joint Commissioner of Police. Security forces conducted a search immediately, and nothing suspicious has been found so far, police added. A spokesperson from the airport said, "Following the receipt of a threatening email on 22 July 2025, Sardar Vallabhbhai Patel International Airport, Ahmedabad, activated the Bomb Threat Assessment Committee, and the threat was assessed as non-specific." "CISF's Bomb Detection and Disposal Squad conducted comprehensive checks in line with standard security protocols. After a thorough sweep of the premises, no suspicious object or activity was found. Airport operations have continued without disruption," the spokesperson added. On June 29, a similar hoax threat email was received by the Ahmedabad airport, followed by another such threat after nine days. The email mentioned that an IED bomb was hidden in the bathroom pipeline, according to the Indian media. The Sardar Vallabhbhai Patel International Airport came into spotlight last month after the devastating Air India plane crash. The Boeing 787 aircraft crashed moments after taking off from this airport, killing 241 out of 242 passengers onboard, along with additional casualties on the ground.
Reuters
a day ago
- Business
- Reuters
Indian refiners' June crude processing drops 4.2% from a month earlier
July 22 (Reuters) - Indian refiners' crude throughput declined by 4.2% month-on-month in June to 5.41 million barrels per day (22.13 million metric tons), according to provisional government data released on Tuesday. Refinery throughput in May was at 5.47 million barrels per day (23.11 million metric tons). On a year-on-year basis, refinery throughput fell 0.3%. India's fuel consumption fell 4.7% in June from the previous month to 20.31 million metric tons, oil ministry data showed. India is the world's third-biggest oil importer and consumer. "Looking at the last years, refinery runs every year declined from May into June, likely driven by seasonally declining domestic oil demand due to the monsoon," said Giovanni Staunovo, an analyst at UBS. Meanwhile, Oil Minister Hardeep Singh Puri said India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions. U.S. President Donald Trump threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal over the conflict in Ukraine, potentially complicating Moscow's oil sales to China, India and Turkey. India's monthly oil imports from Russia in June surged 17.4% to about 2 million barrels per day, data provided by trade sources showed. India's state-run Oil and Natural Gas Corporation ( opens new tab is exploring building a 200,000-240,000 barrel-per-day refinery at Jamnagar in the western Indian state of Gujarat, a company source said last week. REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons): Source: Ministry of Petroleum and Natural Gas IOC: Indian Oil Corp ( opens new tab BPCL: Bharat Petroleum Corp Ltd ( opens new tab HPCL: Hindustan Petroleum Corp Ltd ( opens new tab CPCL: Chennai Petroleum Corp Ltd ( opens new tab MRPL: Mangalore Refinery and Petrochemicals Ltd ( opens new tab Reliance Industries Ltd ( opens new tab Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.
Entrepreneur
a day ago
- Business
- Entrepreneur
GVFL Invests in Magma as Part of Extended Series A Round
This funding round also includes notable investors such as Capria Ventures, General Catalyst, and Accion Venture Lab. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. GVFL Ltd has announced a strategic investment in Magma, an Ahmedabad-based industrial solutions provider, as part of the company's extended Series A round. This funding round also includes notable investors such as Capria Ventures, General Catalyst, and Accion Venture Lab. Founded in 2022 by Neal Thakker, Magma offers a range of services to factories, including raw material supply, green energy solutions, waste management, and logistics. The startup claims to have reached an annualised revenue run rate of INR 300 crore and has served over 350 industrial clients. Already operating profitably, Magma now aims to hit a revenue run rate of INR 1,000 crore in the next two years through geographic and vertical expansion. Mihir Joshi, Managing Director at GVFL, said, "We are delighted to support Magma in its mission to digitise and streamline factory operations for Indian manufacturers. The team brings strong execution capabilities and a sharp understanding of on-ground challenges in the sector. At GVFL, we look to back entrepreneurs building scalable solutions for traditional industries." Neal Thakker, Founder and CEO of Magma, added, "GVFL's entry into our cap table felt intuitive. Their deep presence in Gujarat's industrial landscape and alignment with the Government of Gujarat makes them an incredibly strategic partner," he noted. "As we scale nationally, having a local growth partner that understands the pulse of traditional industries adds tremendous value." Magma currently operates in 10 Indian states and supports sectors such as ceramics, chemicals, packaging, plastics, and polymers. It has raised more than USD 8 million to date and positions itself as a key player in building sustainable and technology-driven supply chains for Indian manufacturers.
