RIL to engage in arbitration to seek clarity, PSC protection: Sources -Govt may opt to hold on to inducting BP as co-owner, KG-D6 -BP's role uncertain till it becomes co-owner, KG-D6 basin, arbitration complete -Arbitration likely to take at least 1-2 years -RIL says begun arbitration proceedings against GoI on KG-D6 spend -Asked Oil Ministry to confirm move on KG-D6 cost recovery -Not received response from Oil Ministry on KG-D6 cost recovery
BP says -Company aware of arbitration proceedings initiated by RIL -Fully committed to partnership with RIL in India -Teams will look at options to hike production from KG-D6, other projects
RIL Sources -Harish salve to represent RIL at arbitration against Government of India
Escorts FY11 -Net sales at Rs 3,210.1 crore versus Rs 2,745.7 crore (YoY) -Net profit at Rs 120.1 crore versus Rs 137.5 crore (YoY)
Commerce and Industry Minister Anand Sharma on FDI in retail -30% sourcing from Indian SMEs mandatory in retail FDI policy -30% mandatory sourcing already exists in solar mission, tele -Not obligatory for states to have FDI funded retail stores -Let states decide on allowing FDI funded retail stores -Haryana CM had written to PM supporting retail FDI -Punjab CM has also expressed support for FDI in retail -'This is a calibrated opening of retail sector' -Farmers, consumers & SMEs stand to gain from retail FDI -Have written to opposition & allies regarding retail FDI -Need bipartisan understanding on issue
Other stocks and sectors that are in news today: -All party meet to break parliament logjam on FDI in retail today -Petrol price to cut by Rs 1.5/litre from tomorrow (BPCL, IOC and HPCL in focus) -SAIL lead consortium bags 3 iron ore blocks in Afghanistan -F&O Ban: Gitanjali Gems and Ruchi Soya -Shahid Balwa (one of the promoters of Mumbai-based DB Group) bail plea today
