Ioc

IOC withholds Olympic Solidarity fund for IOA amid internal conflict

The infighting in the IOA has prompted the International Olympic Committee to withhold the Indian body's share of the Olympic Solidarity grants meant for athlete development programmes, triggering a fresh war of words between its embattled President P T Usha and treasurer Sahdev Yadav. The IOC took the decision in its Executive Board meeting on October 8 and communicated it to the Indian Olympic Association (IOA) in a letter on Friday. "There are obvious ongoing internal disputes and governance issues facing the IOA, including a number of reciprocal allegations which have been raised within the Executive Council," said the letter sent to Usha and Executive Council members by James MacLeod, NOC Relations and Olympic Solidarity Director. "This situation creates a lot of uncertainty and needs clarification and therefore, until further notice, the IOC and Olympic Solidarity will not make any payments to the IOA, except for direct payments to athletes benefiting from Olympic ...

After board meeting, Indian Oil withdraws Rs 22,000 crore rights issue

The decision came after a communication from the Ministry of Petroleum and Natural Gas, which said that no funds had been earmarked for capital support to Oil Marketing Companies in the 2024-25 Budget

12 EC members write to IOC accusing IOA chief PT Usha for 'autocracy'

The feud between Indian Olympic Association (IOA) president PT Usha and revolting Executive Council members took another ugly turn after a dozen of them shot off a letter to senior IOC official Jerome Poivey accusing the legendary athlete of running the organization in an "autocratic" manner. During Thursday's meeting, there was a bitter confrontation during the IOA meeting where the embattled Usha outrightly rejected their appeal of removing Raghuram Iyer from CEO's post. In a letter to Poivey, the head of Institutional Relations and Governance at the International Olympic Committee (IOC), who attended the stormy IOA Executive Council meeting via video-conference, the 12 EC members said they want the the national body to be governed "democratically". Usha, on her part, has already said that the appointment of Iyer was done by strictly adhering to the IOA constitution in an EC meeting on January 5, which was video-graphed, and there was no reason to backtrack from that decision. Th

Hosting 2036 Olympics India's dream, preparations on, PM Modi says

Asserting that India has the ability to stage large-scale global events, Prime Minister Narendra Modi on Thursday said the country is leaving no stone unturned in its efforts to host the Olympics in 2036. Along with India, several other nations such as Saudi Arabia, Qatar and Turkey are positioning themselves as strong contenders to host the sporting spectacle. The International Olympic Committee (IOC) is expected to decide the host only next year after holding its elections. "It is the dream of India to host the 2036 Olympics, we are making preparations for that," Modi said in his address to the nation from the ramparts of Red Fort on the 78th Independence Day. The Prime Minister said India's successful hosting of the G20 Summit last September in New Delhi and other cities showcased the existing infrastructure in the nation. "India organising the G20 Summit on a large scale has proven that India has the capability to organise large-scale events," he said. India's audacious plan h

GAIL head Sandeep Gupta in the race for Indian Oil Corp's new chairman

Nearly a dozen candidates on Sunday appeared for interview before a search-cum-selection panel that is looking to appoint the new chairman of Indian Oil Corporation (IOC), the nation's largest oil firm, sources said. While 10 out of the nearly 60 candidates who applied were called for interviews, GAIL chairman and managing director Sandeep Gupta is being considered a wildcard. Gupta had not applied but was called for the interview, three sources aware of the matter said. "They had invited 10 of the candidates who had applied. Gupta was the 11th person to be interviewed," one of them said. Gupta, 58, was director (finance) in IOC before he was appointed the CMD of gas utility GAIL in October 2022. Those interviewed on Sunday included two directors on IOC board - Satish Kumar Vaduguri (Director-Marketing) and Arvind Kumar (Director-Refineries). Five executive directors of the company too were interviewed. Bharat Petroleum Corporation Ltd (BPCL) director (marketing) Sukhmal Kumar J

Human touch in Vinesh case, but where do you draw line: IOC President Bach

International Olympic Committee (IOC) president Thomas Bach on Friday said he has a "certain understanding" for Vinesh Phogat, who has challenged her disqualification from Olympic finals in the Court of Arbitration for Sport (CAS), but also wondered where would one draw the line after allowing small concessions in certain situations. The 29-year-old was disqualified for being 100gm overweight ahead of her 50kg category gold medal bout on Wednesday. She then appealed against her disqualification in CAS, demanding that she be awarded a joint silver medal before eventually announcing her retirement from the sport. "I must say, I have a certain understanding for the wrestler; it's clearly a human touch," said Bach, during an IOC media conference here. "Now, it's (appeal) in CAS. We will, at the end, follow the CAS decision. But, again, the international (wrestling) federation, they have to apply their interpretation, their rules. This is their responsibility," he added. Asked if two ..

Imene Khelif boxing row: Hormones not linked to performance - Dutee Chand

Imene Khelif row: On Thursday, a major controversy erupted at the Paris Olympics when Angela Carini of Italy quit after just 46 seconds against Imane Khelif of Algeria in a boxing match

Indian Oil Q1FY25 results: PAT plunges 81% to Rs 2,643 cr on low margins

IOC's average gross refining margin - the profit from making refined products from one barrel of oil - fell to $6.39 per barrel from $8.34 per barrel a year ago

2 female boxers meet Olympics rules after gender test issue at WC: IOC

Two female boxers at the Paris Olympics who were disqualified at the 2023 world championships after being judged to have failed gender eligibility tests have complied with all rules to fight at the games, the IOC said Monday. Lin Yu-ting of Taiwan and Imane Khelif of Algeria are competing at their second Summer Games. Both finished outside the medals at the Tokyo Olympics held in 2021. All athletes participating in the boxing tournament of the Olympic Games Paris 2024 comply with the competition's eligibility and entry regulations, as well as all applicable medical regulations, the International Olympic Committee said in a statement. The 28-year-old Lin is a two-time worlds gold medalist and the 25-year-old Khelif won a silver at the 2022 tournament. Both were removed from their competitions in New Delhi last year at the world championships, run by the International Boxing Association which has been banished from Olympic boxing since before the Tokyo Games. The different status of

Olympics: South Korean athletes introduced as North Koreans, IOC apologises

The International Olympic Committee attributed the mistake to a 'human error' and expressed deep regret over the incident

Paris Olympics 2024: Nita Ambani, PT Usha, others inaugurate India House

Speaking during the inauguration ceremony, Nita Ambani welcomed the world to the 'India House' to experience the beauty, diversity and rich heritage of India

Tamil Nadu's Tiruppur weaves its way into the Paris Olympics legacy

Back Bay India from India's textile hub weaves the Olympic spirit into official IOC stores and volunteer uniforms

IOC's green hydrogen tender: Only two bids after first cancellation

Indian Oil Corporation's second attempt to secure bids for India's first green hydrogen plant at Panipat has received only two bids, amid allegations of favouritism and restrictive pre-bid conditions

Chennai refinery expansion cost goes up over Rs 3,600 crore, says IOC

State-owned Indian Oil Corporation (IOC) on Thursday said it will raise its stake in the joint venture building a 9 million tonnes refinery at Chennai to 75 per cent after the cost to the project escalated by over 12 per cent. Originally, IOC and its subsidiary Chennai Petroleum Corporation Ltd (CPCL) were to hold a 25 per cent stake in the joint venture that was to build a new unit adjacent to the existing refinery of CPCL. The remaining 50 per cent equity was to come from financial investors. In a stock exchange filing, IOC said its board at its meeting on Thursday "accorded approval for the revision in cost of the project from Rs 29,361 crore to Rs 33,023 crore". The cost increased Rs 3,662 crore or 12.5 per cent. "The Board has also accorded approval for revision in the capital structure of the joint venture with 75 per cent equity from IndianOil and 25 per cent equity from CPCL," it said. The company however did not give reasons for the cost escalation. IOC said its board ha

Paris Olympics opening ceremony to be held during sunset on July 26

The opening ceremony of the Paris Olympics along the river Seine will be held during sunset, organizers said Friday. It's the first time an Olympic opening ceremony will be held outside a stadium setting, in line with the Paris organizers' motto: Games Wide Open. About 10,500 athletes will parade through the heart of the French capital on boats on the Seine along a 6-kilometer (3.7-mile) route. Organizers said the open-air event will start on July 26 at 7:30 pm (Paris time). They said the ceremony will offer an unprecedented experience, using the natural light of the setting sun with all its nuances to illuminate the river promenade of all the world's best athletes along the Seine, in the heart of the capital. This week, the French government said tourists won't be given free access to watch the opening ceremony over security concerns. Free access will be invitation-only instead. Organizers had planned a grandiose opening ceremony on July 26 for as many as 6,00,000 people, most ..

It makes sense for IOC to give 2036 Olympics to India, says Anurag Thakur

Sports Minister Anurag Thakur said on Sunday "it makes more sense for the IOC" to give India the hosting rights for the 2036 Olympic Games as the country is growing by leaps and bounds in every sphere including sports. Thakur, while speaking at the News9 Global Summit, said India's recent performance at mega international events, such as the 2020 Tokyo Olympics and the 2022 Hangzhou Asian Games, gives him hope that the country could become a top-10 sporting nation by 2036 and be in the top-5 by 2047. "We had the largest population to see the Olympic sports last time (in 2020 Tokyo) and this time, it makes more sense for the IOC to give 2036 Olympics to none other than Bharat, our India," said Thakur. Prime Minister Narendra Modi has already expressed the country's desire to host the Olympics in 2036 during the IOC session in Mumbai last year, and when asked if India was ready to hold the mega event and which city could play host, Thakur said, "PM Modi made it very clear during the I

SC allows IOC-ArcelorMittal Nippon Steel to resolve dispute via arbitration

The dispute is related to Essar Steel India Limited (ESIL), which was acquired by AMNS through the insolvency resolution process in 2019

HPCL, BPCL, IOCL: Here's why Morgan Stanley thinks OMC stocks can flare up

The S&P BSE Oil & Gas index has been an outperformer, surging nearly 20 per cent in CY24 as compared to the S&P BSE Sensex that has lost around 1 per cent during this period, shows data

North East LPG cylinder transporters of IOC go on indefinite strike

LPG cylinder transporters of Indian Oil Corporation on Wednesday went on an indefinite strike for the second time in less than two months, alleging pending dues and low rates in recently floated tenders. An IOC official, however, termed the strike as illegal. The decision to go for the shutdown was taken after a meeting called by the Food, Public Distribution & Consumer Affairs Department of Assam between IOC and the North East Packed LPG Transporter Association (NEPLTA) failed to yield any solution to the prolonged stalemate. "The government called us yesterday to talk about our demands. We reiterated our old issues, mostly related to pending dues and low rates in the tenders. However, the IOC was reluctant to talk about those," NEPLTA chief adviser Kumud Nath told PTI. The association had also written to the chief secretary on January 5, raising the same issues and urged him to take necessary steps, he said. "The government had called yesterday's meeting, accordingly, to find ..

IOC Q3 net profit jumps to Rs 9,030 cr on improved marketing margins

The profit in the year-ago quarter was significantly impacted due to under-recoveries arising from higher input costs in the form of crude oil prices