QChennai: AIADMK Govt Opposes Centre’s Hydrocarbon Project & More

1. ‘AIADMK Govt Will Never Allow Hydrocarbon Project’

Reiterating that the AIADMK government had not granted permission to any organisation for hydrocarbon exploration and will not do that in future either, Law Minister CVe Shanmugam on Wednesday, 3 July, said it was the DMK government that signed an MoU with the General Electrical Eastern Energy Corporation Ltd in 2011 to conduct a survey for the project.

“When the AIADMK came to power, our leader Amma (Jayalalithaa) appointed a high-level committee to make recommendations in the wake of protests against the hydrocarbon project and cancelled the MoU based on the report of the committee,” he said while replying to a special calling attention motion moved by the DMK in the Assembly.

(Source: The Hindu)

2. Jet Airways Crisis Makes Dent in Airport Earnings

The Airports Authority of India is now giving away slots that Jet is not able to operate to Indigo and SpiceJet.

The grounding of Jet Airways has chipped away 10-15 percent of Chennai airport’s earnings. The Airports Authority of India is now giving away slots that Jet is not able to operate to Indigo and SpiceJet.

Thanks to the Jet crisis, the aviation sector’s performance has been sluggish this financial year, and Chennai airport is planning strategies to overcome the challenges, says airport director S Sreekumar.

It’s learnt that the airport is losing out on landing and parking charges and other rental revenues from Jet. Operators and fuel suppliers, too, have lost a big customer. Being one of the largest private airlines, Jet had a fleet of 119 aircraft and operated 600 flights a day before the liquidity crisis came to the fore on 31 December.

(Source: The New Indian Express)

3. Investment in Startup Falls 64.8% in Second Quarter

Firms invested $82 million across 9 deals as against $233 million in Q2 of 2018.  

Investments made by Private Equity (PE) and Venture Capital (VC) firms have fallen by 64.8 percent during the second quarter of 2019, when compared to the same period last year in Tamil Nadu.

During the second quarter of 2019, PE and VC firms invested $82 million across nine deals as against $233 million (13 deals) during the same quarter in 2018, according to data from Venture Intelligence, a research service focussing on private company financials, transactions and their valuations.

“There are ample number of investors and networks available in Tamil Nadu who are willing to pump cash into startups. But the challenge is we are not able to get good ideas in which we can invest. Also, there are no startups which have made it big in the last one year in the State. So investors are becoming more cautious,” an investor, who has funded three startups, said on condition of anonymity.

(Source: The Hindu)

4. More Hydrocarbon Wells to Flood Cauvery Basin

Centre awards 3 new blocks to ONGC and IOCL, even as Law Minister says TN govt will never permit project on land or offshore.

The Union government has awarded three new hydrocarbon blocks in the Cauvery basin to ONGC and Indian Oil Corporation Limited. The State-owned oil and gas majors have proposed to drill 20 wells in Nagapattinam, Karaikal and Ramanathapuram. With the petroleum ministry pushing through a slew of reforms, the fragile Cauvery basin is now witnessing a spurt in exploration and production activities.

The key reforms include: the Hydrocarbon Exploration and Licensing Policy (HELP), the Open Acreage Licensing Programme (OALP) and the National Data Repository (NDR). Express accessed the geo-scientific information of the blocks under OALP bid (round 2 & 3). It has been learnt that these three new blocks cover an area of 1,403.41 square kilometres.

(Source: The New Indian Express)

5. Tension in Kancheepuram as Auto Driver Immolates Self

Tension prevailed in Kancheepuram on Wednesday afternoon after an auto-rickshaw driver ended his life by immolating himself in broad daylight following an argument with a policeman. In another incident, a 20-year-old from Andhra Pradesh, who came to visit Athi Varadar, died in a suspicious manner.

Since the Athi Varadar festival was under way in Kancheepuram, the police had made some traffic diversions and had restricted the movement of heavy vehicles in the town. Permits were provided for local vehicles, and the movement of auto-rickshaws was not restricted inside the town for the benefit of the visitors.

On Wednesday, Kumar, a share auto-rickshaw driver, was stopped at the check post in Karukkupettai, between Wallajahbad and Kancheepuram, by a police officer. There was an argument between the two. Following this, Kumar set himself afire and ended his life.

(Source: The Hindu)

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