Newsmakers: US hikes H1B, L1 visa fee, Piyush Goyal asks Japanese cos to make in India and more

Key business news events for the day

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IOC to invest up to Rs 18,000 cr in six refineriesIndian Oil Corp, the country's biggest refiner, will invest up to Rs 18,000 crore ($2.69 billion) in six of its refineries to upgrade fuel specifications to meet government norms, a senior official said. About RS 4,000 crore would be needed for producing Euro IV compliant fuels and another Rs 13,000-14,000 crore required for upgrading facilities to produce Euro VI compliant fuels at the six directly owned refineries of state-run IOC, said Sanjiv Singh, the company's head of refineries.

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New crop insurance scheme will change farmers' lives: PM Modi Prime Minister Narendra Modi has expressed confidence that the new Crop Insurance Scheme will bring about a major transformation in the lives of farmers, saying it expands the definition of disaster and addresses whatever was lacking in the existing programmes. "Farmer brothers and sisters, at a time when you are celebrating festivals like Lohri, Pongal and Bihu, the government has given you a gift in the form of Prime Minister's Crop Insurance Scheme," he tweeted hours after the Cabinet cleared the proposal.

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US hikes H1B, L1 visa fee; to hit Indian IT companies In a blow to Indian IT firms, the US has notified an additional fee up to $4,000 for certain categories of the popular H-1B and L-1 visas. The US Citizenship and Immigration Service (USCIS) said applicants for certain categories of H-1B visas post December 18, 2015 must submit an additional fee of $4,000. In addition, for those applying for certain L-1A and L-1B must submit an additional $4,500.

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Piyush Goyal asks Japanese firms to invest and make in IndiaUrging Japanese companies to invest and manufacture products in India, Power Minister Piyush Goyal said energy cooperation with Japan will be defining feature of bilateral relationship. Goyal is on a visit to Japan to attend the 8th India-Japan Energy Dialogue from January 12 to 14. This is the first ministerial level visit from India to Japan after Japan's Prime Minister Shinzo Abe visited India in December 2015.

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Power Grid board clears Rs 2,510 cr investment in transmission projects State-run Power Grid Corp said it has approved a cumulative investment of Rs 2,510 crore for various transmission projects, including Rs 1,455.47 crore for strengthening its network in the Southern region. The company's Board of Directors accorded approval for investment in seven transmission project proposals in their meeting held on January 12, Power Grid said in a BSE filing.