Bid document – Mingkem http://mingkem.com/ Sat, 16 Oct 2021 09:02:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://mingkem.com/wp-content/uploads/2021/10/icon-7-120x120.png Bid document – Mingkem http://mingkem.com/ 32 32 Exclusive: Boeing to face independent ethics inquiry into lunar lander offer – document https://mingkem.com/exclusive-boeing-to-face-independent-ethics-inquiry-into-lunar-lander-offer-document/ https://mingkem.com/exclusive-boeing-to-face-independent-ethics-inquiry-into-lunar-lander-offer-document/#respond Wed, 09 Sep 2020 07:00:00 +0000 https://mingkem.com/exclusive-boeing-to-face-independent-ethics-inquiry-into-lunar-lander-offer-document/ WASHINGTON (Reuters) – Boeing Co TO PROHIBIT undergoes an independent review of its compliance and ethics practices, according to an agreement reached with NASA and the U.S. Air Force and seen by Reuters, as part of the broader fallout from its behavior during the tender to supply lunar landing vehicles. FILE PHOTO: The Boeing logo […]]]>

WASHINGTON (Reuters) – Boeing Co TO PROHIBIT undergoes an independent review of its compliance and ethics practices, according to an agreement reached with NASA and the U.S. Air Force and seen by Reuters, as part of the broader fallout from its behavior during the tender to supply lunar landing vehicles.

FILE PHOTO: The Boeing logo is displayed on a screen, at the New York Stock Exchange (NYSE) in New York, United States, August 7, 2019. REUTERS / Brendan McDermid

The deal, signed in August, comes as federal prosecutors continue a criminal investigation into whether former NASA human exploration chief Doug Loverro misguided Boeing space director Jim Chilton during the tendering process.

By accepting “compliance program enhancements”, the aerospace heavyweight avoids more severe consequences for NASA and the Air Force – its space division’s main customers – such as suspension or banning of tenders. on future space contracts.

The deal calls for Boeing to pay a “third-party expert” to assess its ethics and compliance programs and review training procedures for executives who liaise with government officials, citing “concerns about the integrity of purchases “during the NASA Human Landing System competition.

Since Loverro stepped down in May, Boeing has fired a company lawyer and a group of mid-level employees, three people familiar with the shares told Reuters.

Boeing also revised its internal procurement integrity law procedures and released new training materials to employees, according to the agreement.

“We have not met our own high expectations, and those of our customers, in purchasing (human landing systems),” Boeing spokesman Damien Mills told Reuters on Wednesday.

“We appreciate the productive dialogue we have had with the agencies and believe the agreement will help ensure that we meet these expectations in the future,” Mills added.

Boeing’s space activity was already under NASA surveillance for its botched 2019 test flight of its Starliner space capsule.

NASA did not return requests for comment. A lawyer for Loverro declined to comment. The Air Force did not immediately respond to a request for comment.

The deal requires Boeing to meet with NASA and Air Force officials quarterly through 2022 to provide updates on its efforts to improve ethics and compliance.

Deal and criminal investigation stem from NASA’s most ambitious space exploration venture to return humans to the moon by 2024 under an accelerated timetable set by the Trump administration in 2019 .

In April, NASA bypassed Boeing and awarded contracts worth a combined $ 1 billion to Elon Musk’s SpaceX, Amazon.com Inc. AMZN.O Blue Origin, founder of Jeff Bezos, and Dynetics, a subsidiary of Leidos Inc, to build moon landing vehicles capable of transporting astronauts to the moon by 2024.

Reporting by Joey Roulette in Washington; Additional reporting by Eric M. Johnson in Seattle; Editing by Greg Mitchell and Lincoln Feast


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Team India kit sponsorship: Puma buys offer document, Adidas could also enter fray https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray/ https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray/#respond Sat, 08 Aug 2020 07:00:00 +0000 https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray/ German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray. However, it was not possible to confirm whether Nike would make a new offer after refusing BCCI’s reduced offer of its 370 crore rupees (plus […]]]>

German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray.

However, it was not possible to confirm whether Nike would make a new offer after refusing BCCI’s reduced offer of its 370 crore rupees (plus a 30 crore royalty), which it paid from 2016 to 2020. .

“I can confirm to you that Puma bought the ITT (Invitation to Tender) document worth Rs 1 lakh. Although buying an offer document does not mean you are bidding, Puma has shown a real interest in submitting an offer, ”said a senior BCCI official. PTI under conditions of anonymity.

It is learned that Adidas has also expressed interest, but it is still not known if he will bid for the sponsorship rights. Although some believe that the German giant could bid independently for commodity products, which will be the subject of a separate tender.

The sale of exclusive merchandise depends on the number of exclusive stores in a business as well as outlets (stores that sell your business products).

While Puma has over 350 exclusive stores, Adidas has over 450 outlets, making these two companies the most sought after.

An industry insider explained the sponsorship issue in these turbulent economic times.

“Don’t be surprised if the new rights holder pays around 200 crore for a five-year contract, which will be significantly less than what Nike paid in the previous tenure,” explained the industry veteran.

“Look, BCCI offered Nike the first right of refusal and that too a reduced offer which they declined. That could mean two things. Either they are not interested or they can submit an even smaller offer than the one offered. by the BCCI ”, he declared.

As for Puma, he has had an increased interest in the Indian market over the years, especially through IPL, but now he also has Indian captain Virat Kohli as a brand ambassador along with KL Rahul.

“Puma has been part of IPL for a few years now and with Virat on their list, it would only strengthen their presence in the Indian market,” he added.

The BCCI in its new offer has maintained a base price of Rs 61 lakh per game compared to Rs 88 lakh during the last cycle.


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Team India kit sponsorship: Puma buys offer document, Adidas could also enter fray https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray-2/ https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray-2/#respond Sat, 08 Aug 2020 07:00:00 +0000 https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray-2/ Image source: GETTY IMAGES Team India kit sponsorship: Puma buys offer document, Adidas could also enter fray German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray. However, it could not be confirmed whether Nike […]]]>
Image source: GETTY IMAGES

Team India kit sponsorship: Puma buys offer document, Adidas could also enter fray

German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray.

However, it could not be confirmed whether Nike would make a new offer after refusing the BCCI’s reduced offer of their Rs 370 crore (plus 30 crore royalties), which they paid from 2016 to 2020.

“I can confirm to you that Puma has purchased the ITT (Invitation to Tender) document worth Rs 1 lakh. While purchasing an offer document does not mean one is making an offer, Puma has shown a real interest in submitting an offer, “said a senior BCCI official. PTI on condition of anonymity.

It is learned that Adidas has also expressed interest, but it is still not known if he will bid for the sponsorship rights. Although some believe that the German giant could bid independently for commodity products, which will be the subject of a separate tender.

The sale of exclusive merchandise depends on the number of exclusive stores in a business as well as outlets (stores that sell your business products).

While Puma has over 350 exclusive stores, Adidas has over 450 outlets, making these two companies the most sought after.

A seasoned industry insider explained the whole sponsorship issue in these turbulent economic times.

“Don’t be surprised if the new rights holder pays around 200 crore for a five-year contract, which will be significantly less than what Nike paid in the previous tenure,” explained the industry veteran.

“Look, BCCI offered Nike the first right of refusal and that too a reduced offer which they declined. That could mean two things. Either they are not interested or they can submit an even smaller offer than the one offered. by BCCI, “he said.

As for Puma, he has had an increased interest in the Indian market over the years, especially through IPL, but now he also has Indian captain Virat Kohli as a brand ambassador along with KL Rahul.

“Puma has been part of IPL for a few years now and with Virat on their list, it would only strengthen their presence in the Indian market,” he added.

The BCCI in its new offer has maintained a base price of Rs 61 lakh per game compared to Rs 88 lakh during the last cycle.


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Team India kit sponsorship: Puma buys offer document, Adidas could also enter fray https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray-3/ https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray-3/#respond Sat, 08 Aug 2020 07:00:00 +0000 https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-also-enter-fray-3/ German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray. However, it could not be confirmed whether Nike would make a new offer after declining BCCI’s reduced offer of their Rs 370 crore (plus 30 […]]]>

German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray.

However, it could not be confirmed whether Nike would make a new offer after declining BCCI’s reduced offer of their Rs 370 crore (plus 30 crore in royalties), which they paid from 2016 to 2020.

“I can confirm to you that Puma has purchased the ITT (Invitation to Tender) document worth Rs a lakh. While purchasing an offer document does not mean one is making an offer, Puma has shown a real interest in submitting an offer, “said a senior BCCI official. PTI on condition of anonymity.

It is learned that Adidas has also expressed interest, but it is still not known if he will bid for the sponsorship rights. Although some believe that the German giant could bid independently for commodity products, which will be the subject of a separate tender.

The sale of exclusive products depends on the number of exclusive stores of a company as well as the outlets (stores that sell your company’s products).

READ: BCCI launches tender for kit sponsor rights and official merchandising partner

While Puma has over 350 exclusive stores, Adidas has over 450 outlets, making these two companies the most sought after.

A seasoned industry insider explained the whole sponsorship issue in these turbulent economic times. “Don’t be surprised if the new rights holder pays around 200 crore for a five-year contract, which will be significantly less than what Nike paid in the previous tenure,” explained the industry veteran.

“Look, BCCI offered Nike the first right of refusal and that too a reduced offer which they declined. That could mean two things. Either they are not interested or they can submit an even smaller offer than the one offered. by BCCI, “he said.

As for Puma, he has had an increased interest in the Indian market over the years, especially through IPL, but now he also has Indian captain Virat Kohli as a brand ambassador along with KL Rahul.

“Puma has been part of IPL for a few years now and with Virat on their list, it would only strengthen their presence in the Indian market,” he added. The BCCI in its new offer has maintained a base price of Rs 61 lakh per game compared to Rs 88 lakh during the last cycle.


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Team India kit sponsorship: Puma buys offer document, Adidas could enter fray https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-enter-fray/ https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-enter-fray/#respond Sat, 08 Aug 2020 07:00:00 +0000 https://mingkem.com/team-india-kit-sponsorship-puma-buys-offer-document-adidas-could-enter-fray/ German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray. However, it could not be confirmed whether Nike would make a new offer after refusing BCCI’s reduced offer of their Rs 370 crore (plus 30 […]]]>

German leader in sportswear and footwear Puma could be the leader in securing the sponsorship rights for the Indian cricket team kit, while rival Adidas could also enter the fray.

However, it could not be confirmed whether Nike would make a new offer after refusing BCCI’s reduced offer of their Rs 370 crore (plus 30 crore in royalties), which they paid from 2016 to 2020.

“I can confirm to you that Puma has purchased the ITT (Invitation to Tender) document worth Rs 1 lakh. While purchasing an offer document does not mean one is making an offer, Puma has shown a real interest in submitting an offer, “said a senior BCCI official. PTI on condition of anonymity.

It is learned that Adidas has also expressed interest, but it is still not known if he will bid for the sponsorship rights. Although some believe that the German giant could bid independently for commodity products, which will be the subject of a separate tender.

The sale of exclusive products depends on the number of exclusive stores of a company as well as the outlets (stores that sell your company’s products).

While Puma has over 350 exclusive stores, Adidas has over 450 outlets, making these two companies the most sought after.

A seasoned industry insider explained the whole sponsorship issue in these turbulent economic times.

“Don’t be surprised if the new rights holder pays around 200 crore for a five-year contract, which will be significantly less than what Nike paid in the previous tenure,” explained the industry veteran.

“Look, BCCI offered Nike the first right of refusal and that too a reduced offer which they declined. That could mean two things. Either they are not interested or they can submit an offer which is even smaller than that proposed by BCCI, “he said. noted.

As for Puma, he has had an increased interest in the Indian market over the years, especially through IPL, but now he also has Indian captain Virat Kohli as a brand ambassador along with KL Rahul.

“Puma has been part of IPL for a few years now and with Virat on their list, it would only strengthen their presence in the Indian market,” he added.

The BCCI in its new offer has maintained a base price of Rs 61 lakh per game compared to Rs 88 lakh during the last cycle.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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Lockdown Postpones Commercial Coal Mine Auction to July, Government Finalizes Offer Document, Energy News, ET EnergyWorld https://mingkem.com/lockdown-postpones-commercial-coal-mine-auction-to-july-government-finalizes-offer-document-energy-news-et-energyworld/ https://mingkem.com/lockdown-postpones-commercial-coal-mine-auction-to-july-government-finalizes-offer-document-energy-news-et-energyworld/#respond Sun, 10 May 2020 05:33:23 +0000 https://mingkem.com/lockdown-postpones-commercial-coal-mine-auction-to-july-government-finalizes-offer-document-energy-news-et-energyworld/ New Delhi: After more than five years of waiting, the government could finally open the doors of the regulated coal sector to commercial mining by the private sector comprising both Indian and foreign miners in July. Government sources said that draft rules, bidding documents and agreements for commercial mining have been prepared and finalized and […]]]>
New Delhi: After more than five years of waiting, the government could finally open the doors of the regulated coal sector to commercial mining by the private sector comprising both Indian and foreign miners in July.

Government sources said that draft rules, bidding documents and agreements for commercial mining have been prepared and finalized and would be approved by Cabinet shortly before the start of operations. auction. In the first phase, a total of about 80 large and small mines would be auctioned for commercial mining.

The government was looking to start the auction in April, but the lockdown due to the Covid-19 outbreak has delayed the process. The government is also reaching out to potential investors, including multinational corporations, to ensure the success of its reform initiative. Indian missions abroad have also been activated to identify and embark investors for possible participation in the auction.

The decision to allow commercial coal mining would allow national mining companies like Essel Mining, Sesa Goa, JSW Energy, Vedanta, Adani and global giants like Rio Tinto, BHP Billiton, PesBody, Glencore and Vale to mine and to sell and help increase production from the country’s enormous reserves, the fifth largest in the world. It will also provide an additional source of fuel for power producers, some of whom often face low stocks of coal in their factories.

In order to address the concerns of potential bidders, the Coal Ministry conducted pre-bid consultations with stakeholders in Kolkata and Mumbai in February. Based on the suggestions received, the government has now agreed to relax the bidding conditions that would form part of the document that would be submitted for cabinet approval.

The source said the government plans to allow a composite route for potential bidders of a commercial coal mine and simultaneously offer prospecting and a mining lease to bidders to ensure certainty of investments made by bidders. It would also prevent companies from making aggressive offers that put the company in a difficult financial position at the production stage.

The tender dossier can also offer more flexibility to potential companies in terms of revenue sharing commitment. The draft auction guidelines proposed a floor price of 4% of the revenue share for the auction and bids should be accepted in multiples of 1% of the revenue share until the percentage of the revenue share is revenue share reaches 10%. multiples of 0.50% of the revenue share. This can be reduced to facilitate bidding and true price discovery.

In addition, the tender dossier may provide an incentive for companies that also offer to undertake gasification of coal from mines they have won. The revenue share for coal gasification would be kept low with the active participation of companies.

The success of the first tender for commercial mines should be weighed against the lack of investor interest in some of the recent coal auctions for end-user factories. In addition, the current slowdown in demand for electricity and disruptions in economic activity may also lead to a decline in interest in commercial mining rights. The government is working overtime to see through the success of its initiative.

“It is difficult to get an investment commitment from investors, even for commercial mining. However, the location of the mines and the quality and supply of coal could affect investment decisions,” a coal ministry official said, adding that the size of the commercial mining road Inder coal blocks would be substantially large.

Commercial mining auctions could see all 15 large coal blocks with an annual production potential of 5-10 million tonnes auctioned in phases. The reserves of five of these mines could exceed 500 million tons. These could bring in between 5,000 and 6,000 crore rupees to the state government. However, in total, 80 blocks would be put under the hammer in phases which would also include smaller mines.

If the pilot auctions are successful, all future blocks could be considered offered for commercial mining with permission, even for captive use by end-use factories.

Now, electricity, steel and cement companies can mine coal but for their own consumption after obtaining blocks at auction. The state-owned Coal India (CIL) dominates commercial mining in India.

The government issued an ordinance in January that lifted end-use restrictions and opened up the coal sector to commercial mining. A law relating to the opening of coal mines has already been adopted by Parliament.

The auction methodology should require bidders to submit upfront payment and bank guarantees. Although the government will not regulate the prices, marketing or sale of coal, the minimum production of commercial coal mines will be specified. Bank guarantees will be linked to the production schedule. Foreign companies bidding for mines should register in India.

Sources said the price of coal to be sold by new entrants to the mining sector could be determined based on a formula that would set prices by taking the average of the weighted average prices of the global benchmarks as well as the prices in. force of Coal India. This would be similar to the gas sector where prices are not determined by the market but set by the government on the basis of world indices.

Opening up the coal sector is a long overdue reform initiative that successive governments have failed to push forward due to strong opposition from CIL unions.


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Lockdown postpones auction of commercial coal mines to July, government finalizes tender document https://mingkem.com/lockdown-postpones-auction-of-commercial-coal-mines-to-july-government-finalizes-tender-document/ https://mingkem.com/lockdown-postpones-auction-of-commercial-coal-mines-to-july-government-finalizes-tender-document/#respond Sat, 09 May 2020 07:00:00 +0000 https://mingkem.com/lockdown-postpones-auction-of-commercial-coal-mines-to-july-government-finalizes-tender-document/ Image source: PTI Lockdown postpones auction of commercial coal mines to July, government finalizes tender document After more than five years of waiting, the government could finally open the doors of the regulated coal sector to commercial mining by the private sector comprising both Indian and foreign miners in July. Government sources said that draft […]]]>
Image source: PTI

Lockdown postpones auction of commercial coal mines to July, government finalizes tender document

After more than five years of waiting, the government could finally open the doors of the regulated coal sector to commercial mining by the private sector comprising both Indian and foreign miners in July. Government sources said that draft rules, bidding documents and agreements for commercial mining have been prepared and finalized and would be approved by Cabinet shortly before the start of operations. auction. In the first phase, a total of about 80 large and small mines would be auctioned for commercial mining.

The government was looking to start the auction in April, but the lockdown due to the Covid-19 outbreak has delayed the process. The government is also reaching out to potential investors, including multinational corporations, to ensure the success of its reform initiative. Indian missions abroad have also been activated to identify and embark investors for possible participation in the auction.

The decision to allow commercial coal mining would allow national mining companies like Essel Mining, Sesa Goa, JSW Energy, Vedanta, Adani and global giants like Rio Tinto, BHP Billiton, PesBody, Glencore and Vale to mine and to sell and help increase production from the country’s enormous reserves, the fifth largest in the world. It will also provide an additional source of fuel for power producers, some of whom often face low stocks of coal in their factories.

In order to address the concerns of potential bidders, the Coal Ministry conducted pre-bid consultations with stakeholders in Kolkata and Mumbai in February. Based on the suggestions received, the government has now agreed to relax the bidding conditions that would form part of the document that would be submitted for cabinet approval.

The source said the government plans to allow a composite route for potential bidders of a commercial coal mine and simultaneously offer prospecting and a mining lease to bidders to ensure certainty of investments made by bidders. It would also prevent companies from making aggressive offers that put the company in a difficult financial position at the production stage.

The tender dossier can also offer more flexibility to potential companies in terms of revenue sharing commitment. The draft auction guidelines proposed a floor price of 4% of the revenue share for the auction and bids should be accepted in multiples of 1% of the revenue share until the percentage of the revenue share is revenue share reaches 10% and thereafter, bids would be accepted in multiples of 0.50% of revenue share. This can be reduced to facilitate bidding and true price discovery.

In addition, the tender dossier may provide an incentive for companies that also offer to undertake gasification of coal from mines they have won. The revenue share for coal gasification would be kept low with the active participation of companies.

The success of the first tender for commercial mines should be weighed against the lack of investor interest in some of the recent coal auctions for end-user factories. In addition, the current slowdown in demand for electricity and disruptions in economic activity may also lead to a decline in interest in commercial mining rights. The government is working overtime to see through the success of its initiative.

“It is difficult to get an investment commitment from investors, even for commercial mining. However, the location of the mines and the quality and supply of coal could affect investment decisions,” a coal ministry official said, adding that the size of the commercial mining road Inder coal blocks would be substantially large.

Overall, commercial mining auctions could see 15 large blocks of coal with an annual production potential of 5-10 million tonnes auctioned in phases. The reserves of five of these mines could exceed 500 million tons. These could bring in between 5,000 and 6,000 crore rupees to the state government. However, in total, 80 blocks would be put under the hammer in phases which would also include smaller mines.

If the pilot auctions are successful, all future blocks could be considered offered for commercial mining with permission, even for captive use by end-use factories.

Now, electricity, steel and cement companies can mine coal but for their own consumption after obtaining blocks at auction. The state-owned Coal India (CIL) dominates commercial mining in India.

The government issued an ordinance in January that lifted end-use restrictions and opened up the coal sector to commercial mining. A law relating to the opening of coal mines has already been adopted by Parliament.

The auction methodology should require bidders to submit upfront payment and bank guarantees. Although the government will not regulate the prices, marketing or sale of coal, the minimum production of commercial coal mines will be specified. Bank guarantees will be linked to the production schedule. Foreign companies bidding for mines should register in India.

Sources said the price of coal to be sold by new entrants to the mining sector could be determined based on a formula that would set prices by taking the average of the weighted average prices of the global benchmarks as well as the prices in. force of Coal India. This would be similar to the gas sector where prices are not determined by the market but set by the government on the basis of world indices.

Opening up the coal sector is a long overdue reform initiative that successive governments have failed to push forward due to strong opposition from CIL unions.

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Error in NHS tender document delays Edinburgh hospital by £ 150million https://mingkem.com/error-in-nhs-tender-document-delays-edinburgh-hospital-by-150million/ https://mingkem.com/error-in-nhs-tender-document-delays-edinburgh-hospital-by-150million/#respond Thu, 12 Sep 2019 07:00:00 +0000 https://mingkem.com/error-in-nhs-tender-document-delays-edinburgh-hospital-by-150million/ The opening has been postponed to 2020 due to ventilation issues in the intensive care facility, which could cost an additional £ 90million to correct. An independent review of the project’s governance by KPMG found that the main ventilation issue in the intensive care unit stemmed from an error in a document produced by NHS […]]]>

The opening has been postponed to 2020 due to ventilation issues in the intensive care facility, which could cost an additional £ 90million to correct.

An independent review of the project’s governance by KPMG found that the main ventilation issue in the intensive care unit stemmed from an error in a document produced by NHS Lothian at the tender stage in 2012.

The documents provided to the bidders indicated that the one-bed cabins and four-bed rooms in the intensive care unit required a ventilation system with four air changes per hour. But the relevant guidelines require 12 changes per hour for this type of service.

The bidding race for the PFI-type nonprofit distribution contract was won by the IHS Lothian consortium led by Multiplex with a target date for opening in July this year.

But a few days before the opening, serious problems with the ventilation system were discovered during tests carried out by an independent contractor.

The Scottish Government has said it will now parachute a senior program manager to take responsibility for the daily delivery of the Royal Hospital for Children and Young People until the site is fully occupied.

A new national body – Program for Government – will also be created to oversee the design, planning, construction and maintenance of major infrastructure developments at NHS Scotland.

The KPMG report attributes this to human error and confusion in the interpretation of standards and guidelines. He also found that opportunities to identify and correct this error had been missed.

Scottish Health Secretary Jeane Freeman said: “I am of course bitterly disappointed that a mistake made in 2012 was not pointed out sooner.

“This is a strategically important publicly funded project that was not carried out by NHS Lothian to standards and guidelines.

“The delay we now face will be borne by NHS Lothian staff, by patients and their families and the extra cost will be on public purses. “


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Sale of Pawan Hans: Government to issue new offer document, to indemnify buyers from possible liability https://mingkem.com/sale-of-pawan-hans-government-to-issue-new-offer-document-to-indemnify-buyers-from-possible-liability/ https://mingkem.com/sale-of-pawan-hans-government-to-issue-new-offer-document-to-indemnify-buyers-from-possible-liability/#respond Mon, 20 May 2019 07:00:00 +0000 https://mingkem.com/sale-of-pawan-hans-government-to-issue-new-offer-document-to-indemnify-buyers-from-possible-liability/ After a failed attempt to sell Pawan Hans, the government will likely issue a new offer document by the end of the month and indemnify potential buyers against possible liability of around Rs 500 crore in the helicopter services company . The government decided to make the offer document more attractive after discussions with investors […]]]>

After a failed attempt to sell Pawan Hans, the government will likely issue a new offer document by the end of the month and indemnify potential buyers against possible liability of around Rs 500 crore in the helicopter services company .

The government decided to make the offer document more attractive after discussions with investors over their concerns, as Pawan Hans’ sale process failed to attract any suitors when the auction ended on March 6.

“The new preliminary information memorandum (PIM) would be published by the end of May. It has been decided to indemnify investors for the contingent liability of Rs 500 crore which relates to a contested tax claim, ”an official source told PTI.

The government owns a 51 percent stake in helicopter service provider Pawan Hans, and the remaining 49 percent is owned by the Oil and Natural Gas Corporation (ONGC). A total of 100 percent of the capital of Pawan Hans, which owns a fleet of 46 helicopters, has been put on the block.

Another source said that, according to the deal’s advisers, a sale of 100% of the shares could earn the government around Rs 1,000 crore.

In April last year, the government issued the information memorandum for the sale of 51 percent of the strategic stake in Pawan Hans and solicited expressions of interest (EoI) from interested bidders by June 18. . Subsequently, the CGSB board decided in July to combine its 49% stake in the Centre’s sale offer.

Following this, in August, the government invited new entity EoIs saying that in addition to its 51% stake, bidders will also have the option to purchase CGSB’s 49% stake in the company. . The deadline for submitting EoIs was September 12th. However, the total number of bidders has not been made public in order to maintain the confidentiality of the tendering process.

In February this year, the government shared the final share purchase agreement with Pawan Hans’ shortlisted bidders and asked them to submit their financial bids by March 6.

The government plans to raise Rs 90,000 crore from the divestment in the current fiscal year, compared to approximately Rs 84,972 crore mopped up in previous years.


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Bank auctions: check the offer document, unpaid contributions and debts https://mingkem.com/bank-auctions-check-the-offer-document-unpaid-contributions-and-debts/ https://mingkem.com/bank-auctions-check-the-offer-document-unpaid-contributions-and-debts/#respond Fri, 25 Dec 2015 08:00:00 +0000 https://mingkem.com/bank-auctions-check-the-offer-document-unpaid-contributions-and-debts/ Distressed properties are those where the owner took out a loan against a property to acquire the asset and was unable to repay debts. Due to the owner’s delay in EMI payments for 4-5 consecutive cycles, the property has been foreclosed by the bank as collateral and will be sold to collect interest and principal […]]]>

Distressed properties are those where the owner took out a loan against a property to acquire the asset and was unable to repay debts. Due to the owner’s delay in EMI payments for 4-5 consecutive cycles, the property has been foreclosed by the bank as collateral and will be sold to collect interest and principal owed to the bank. These properties are sold at bank auctions and can be purchased for prices often well below market value.

Distressed properties are rare, as less than 5 percent of Indian borrowers default for periods long enough to warrant a bank auction. The possibilities of obtaining these properties at disposable prices are also limited, as the base auction price is determined by the amount of the loan outstanding – the further the owner is in the loan term, the higher the base price. is low. Homeowners who only have a few cycles left to repay would rather restructure the loan than be in default.

Banks will invariably run an ad in all major local newspapers when they intend to auction a property or set of properties, so this is the best source of information. A bank’s annual report will always mention an allowance for bad debt, and schedules / schedules will indicate if and when distressed properties will be auctioned.

One can also contact a real estate consultant with expertise in the location and inquire specifically about the opportunities of distressed assets. The consultant can also represent investors in discussions with the original owner, or directly with the bank.

When a bank puts property up for auction, one should read the offering document carefully to understand the status of unpaid dues. The offering document is like an IPO prospectus, where all the facts covering legal title and liability for pending contributions are indicated. On the basis of the tender documents, we can form an opinion on the status of unpaid contributions. Most of the time, the property is sold as is and until the date of the auction, contributions are paid.
Bank auction

Of the two possible processes, this one is longer, the bank publishes an advertisement, sets a date for the auction, launches a tender, gathers the bids and finally decides who to sell the property to. It can be even more tedious if the buyer himself wants a loan to purchase the property through the same bank or a different bank. The process also takes longer as the bank has to do a thorough due diligence research on the incoming buyer and then establish contracts to transfer the property with the go ahead from the owner and an NOC company.

The bank will obtain a notice of compliance from the company or condominium before proceeding with the auction. Many companies and their members have a right of first refusal, or their members can match the highest bid to buy the property. Upon obtaining AC, the company will highlight any liability that the new owner will have to bear, and whether a neighbor has been impacted. Banks and their legal advisers will capture these aspects in the tender documents, and the tenderer can refer to them to assess liability.

Direct from the current owner

In this case, the owner and the new buyer would agree on the business terms, exchange a token deposit, and then complete the banking process to continue the purchase before signing the agreement and therefore taking possession. The entire banking process of releasing the property, granting the NOC and acquiring the NOC company, as well as repaying the bank loan, can take up to 2-3 months. The price available here is usually higher than it would be in a bank auction, since the seller will try to recoup as much of their initial investment as possible.

Precautions buyers should take to avoid risk:

Buyers should read the offering document carefully to understand the status of unpaid dues or other liabilities, and should be aware of what they are getting into, and aim for a win-win situation for the bank and the owner. original so that there is limited scope for a legal challenge. They should focus on understanding the history of the property being discussed and also getting all the historical documents for the title due diligence.

Risks and Opportunities

RISK

# It is difficult to know all of the distressed assets available, which alone represent a smaller portion of all the properties on the market

# In an auction, there is no way of knowing what the highest bid will be, so there is no guarantee of securing the property

# The original owner can sue the bank, resulting in legal delays for the buyer

OPPORTUNITIES

# Properties offered at lower cost than existing market prices

# Potential to secure a property in a prime location

# Usually there is less need for legal due diligence, as the bank will have inspected the documents before granting a loan

# No risk of non-delivery by the manufacturer

The author is President and Country Head, JLL India


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