RInfra wins case against DMRC in Delhi HC

NEW DELHI: Reliance Infrastructure won a case against the Delhi Metro Rail Corporation (DMRC) in the Delhi High Court on Tuesday. “The Delhi High Court has upheld the arbitration award of Rs 2,950 crore as compensation along with interest to Delhi Airport Metro Express Private Limited, a subsidiary of Reliance Infrastructure Limited, by a three-member Arbitration Tribunal,” the company said on Tuesday. Reliance Infrastructure stands to get Rs 5,060 crore from the award. PTI

Airtel buys India leg of GBI submarine cable

New Delhi: Telecom service provider Airtel and Gulf Bridge International (GBI) — a global cloud provider for the Middle-East and Europe — on Tuesday announced a strategic agreement to unlock the capacity on GBI’s India-Middle East-Europe submarine cable system. Under the agreement, Airtel will acquire the ownership of the India leg of GBI’s India-Middle East-Europe submarine cable. Airtel will also pick up a significant capacity on Middle East-Europe leg of GBI’s cable system. TNS

Samsung unveils Galaxy S9, S9+ at Rs 57,900 

New Delhi: Electronics major Samsung on Tuesday unveiled its flagship smartphones — Galaxy S9 and S9+ — in the Indian market priced at Rs 57,900 onwards. The Korean giant had introduced the latest generation of its premium Galaxy S range a couple of days ago in Barcelona, Spain. Galaxy S9 and Galaxy S9+ will be offered at a price of Rs 57,900 and Rs 64,900, respectively for 64GB variants and Rs 65,900 and Rs 72,900, respectively for 256GB variants. The handsets will be available from March 16. PTI

EBRD shareholders’ nod for India membership

New Delhi: The shareholders of the European Bank for Reconstruction and Development (EBRD) have agreed to India becoming the Bank’s 69th member, setting the stage for an increase in joint investment with Indian companies in the EBRD’s regions. The Indian government applied for EBRD membership on December 18, 2017, saying the step would benefit both the Bank and India. India will take a shareholding in the EBRD but it will not be a recipient of EBRD financing, an EBRD statement said. TNS

MPs’ panel pitches for capping airfares

New Delhi: A Parliamentary panel on Tuesday sought capping of airfares as it expressed concerns over higher ticket prices around festivals and observed developed nations’ pricing mechanisms might not be suitable for India.  The civil aviation ministry “though aware of the rampant exploitation, is not showing any pro-active role in regulating the airfares,” the panel said in a report tabled in Parliament. The Parliamentary Standing Committee on Transport, Tourism and Culture noted it feels the ministry has “not given serious thought” to its earlier recommendations. PTI

ONGC arm to develop Susangerd oilfield in Iran 

New Delhi: ONGC Videsh Ltd (OVL), the overseas arm of ONGC, has signed a pact with Iran’s IDRO Oil to jointly bid for a $1-billion contract for the development of Susangerd oilfield in southern Iran. The onland Susangerd field in the Khuzestan province is one of the newest finds, which Iran hopes will produce around 30,000 barrels per day of oil in two development phases. OVL signed an MoU to collaborate with IDRO Oil, which is a subsidiary of state-run Iranian Development and Renovation Organisation, in developing Susangerd field, sources said. PTI