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CURRENTAFFAIRS2016

Current Affairs - October 2016

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Current Affairs Today - Current Affairs 2016

Rosneft-led consortium buys Indias Essar Oil for $13 billion

|

October 16, 2016

Current Affairs - April 2016

The consortium includes Rosneft Oil Company, Netherlandsbased commodities trader Tragura and private investment
group United Capital Partners.

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Russian consortium led energy giant Rosneft Oil Company has

agreed to acquire Indias second biggest private oil rm Essar Oil
in an all-cash deal valued at about US $13 billion.

Current Affairs - May 2016

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The business transaction was announced in the presence of Prime Minister Narendra
Modi and Russian President Vladimir Putin at the 8th BRICS Summit in Goa.
Under this deal
Rosneft bought a 49% stake in Essar Oils renery, port and petrol pumps, while
Tragura Group Pte and United Capital Partners split 49% equity equally.
It includes $10.9 billion for Essar Oils Vadinar renery (Indias second-largest
renery with a capacity of 20 million tonnes) and $2 billion for a port terminal that

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National Current Affairs

helps feed renery.

It also includes Essar Oils debt of $4.5 billion and about $2 billion debt with the Port

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Company and power plant.

What is signicance of the deal?

Business & Economy

This acquisition is the largest ever foreign acquisition in India and also is the single
largest foreign investment in the Indian rening sector

Banking Current Affairs

It is Russias largest outbound or foreign acquisition deal. It signicant milestone for

Science & Techonlogy

Rosneft as it is entering India, one of the most promising and fast-growing world

Environment Current Affairs

markets.
With this, Rosneft becomes third international player after Royal Dutch and Shell and

Bills and Acts

British Petroleum to enter Indian fuel retailing market.

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It also proves the attractiveness of the Indian energy market to foreign investors as

Persons in News
Places in News

India is one of the fastest growing fuel consuming economies in the world
How India and Russia will benet?
It will also help to strengthen the existing ties between Russia, one of worlds largest

Awards & Honours

oil producer and India, one of the worlds fastest growing fuel consumer.

Sports Current Affairs

Russia is keen to deepen its Soviet-era economic ties with India at a time when its
own economy is stagnant and is hit by Western sanctions over the Crimean crisis.

Art & Culture in Current Affairs

About Essar Group

Essar Group is an Indian conglomerate led by Shashi Ruia and Ravi Ruia. It controls
number of world-class assets diversied across the core sectors of Energy, Metals &
Mining, Infrastructure and Services. It also occupies a strategic position in the global oil
market and owns world-class rening and infrastructure assets.
Tags: Business Economy Energy Sector Essar Oil India-Russia National Rosneft
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India, Russia sign 16 agreements across diverse sectors

|

October 15, 2016

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India and Russia have signed 16 agreements across diverse

sectors including in defence, infrastructure, energy, space, ship
building sectors etc.
They were signed following delegation-level talks co-chaired by
Prime Minister Narendra Modi and Russian President Vladimir
Putin during the 17th India-Russia Annual Bilateral Summit in
Goa.
Some of the signed agreements are
Agreement on cooperation in International Information Security.

MoU for expansion of bilateral trade and economic cooperation.

Shareholder agreement for establishing a Joint Venture to manufacture Ka-226T
helicopter in India.
MoU for developing smart cities in Andhra Pradesh and Haryana and for developing
transport logistics systems for such cities.

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MoU between Gazprom and Engineers India Limited (EIL) for the joint study of a gas

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pipeline to India from Russia and other areas of cooperation.

Cooperation Agreement between Rosneft Oil Company and ONGC Videsh Limited
(OVL) in the area of Education and Training.
MoU for setting up an investment fund of $1 billion by the National Investment and
Infrastructure Fund (NIIF) and the Russian Direct Investment Fund (RDIF).
MoU for Cooperation between Russian and Indian Railways in increasing the speed
of trains between Nagpur- Hyderabad/ Secundrabad.
MoU between ROSCOSMOS and ISRO on Mutual Allocation of Ground Measurement
Gathering Stations for NAvIC and GLONASS.
Inter-governmental agreements (IGAs) for the procurement of S-400 Air Defence
System and construction of 1135.6 series of frigates.
MoU between Indias Department of Science and Technology and Russias Federal
Agency for Scientic Organisations.
Tags: Defence Energy Sector India-Russia Infrastructure Narendra Modi National Space
Technology Vladimir Putin

Union Government launches satellite-based illegal Mining Detection

System
|

October 15, 2016

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Union Government has launched Mining Surveillance System

(MSS), a pan-India surveillance network to check illegal mining
using latest satellite technology.
MSS is a satellite-based monitoring system which aims to check
illegal mining activity through automatic remote-sensing
detection technology in order to establish a regime of responsive
mineral administration.
Mining Surveillance System (MSS)
Developed by Indian Bureau of Mines (IBM) in coordination with Bhaskaracharya
Institute for Space Applications and Geo-informatics (BISAG), Gandhinagar.
One of the rst such surveillance systems developed in the world using space
technology. It has been developed under the Digital India Programme.
Why there is need of such system?
There are in total 3843 mining leases of major minerals across India, out of which 1710
are working mines and 2133 are non-working mines. Presently, there is absence of

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Japanese Encephalitis claims 54 lives in Odishas
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17 October: International Day for the Eradication of
Poverty
8th BRICS Summit concludes in Goa
16 October: World Food Day
Saraswati River existed: KS Valdiya committee
Russia, India ink defence deal on S-400 Air Defence
Systems
Rosneft-led consortium buys Indias Essar Oil for
$13 billion
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robust mechanism of monitoring of illegal mining activity. Current system of monitoring

is completely based on local complaints and unconrmed information which is not
transparent and quicker response and action.
How MSS works?
In the MSS, Khasra maps of mining leases have been geo-referenced and are
superimposed on latest satellite remote sensing scenes obtained from CARTOSAT &
USGS.
It has capacity to check any unusual activity such illegal mining at a region of 500
meters around the existing mining lease boundary.
It has been incorporated with automatic software which leverages image processing
technology to generate automatic triggers of unauthorized activities.
These automatic triggers will be studied at a Remote Sensing Control Centre of IBM
and then transmitted to the district level mining ofcials for eld verication.
Besides, a user-friendly mobile app also has been created for these ofcials to
submit compliance reports of their inspections.
The mobile app aims to establish a participative monitoring system in which the
citizens also can use this app and report unusual mining activity.
MSS also has an executive dashboard to work as a decision support system. Using
it ofcials at all levels can track the current status of mapping of the mining leases,
status of inspections and penalty levied etc. for all major mineral mining leases across
the country.
Advantages of remote sensing technology based monitoring system
Transparent as public will be provided an access to the system.
Deterrence Effect as continues monitoring will be from space.
Bias-free and Independent as the system is based on technology evidences and has
no human interference.
Quicker Response and Action as the mining areas will be monitored regularly and
the sensitive areas will be monitored more frequently.
Effective Follow-up as action will be taken on triggers that will be followed-up and
monitored at various levels
Tags: Digital India Governance Mining Sector Mining Surveillance System National
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