The Supreme Court ruled that the central government and ONGC conducted due deliberation before taking a decision on the $8.5 billion Cairn-Vedanta deal. The court ruled this while rejecting a public interest litigation (PIL) challenging the deal on the ground that there was a loss to state-owned ONGC on account of the sale
Tag: stake
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HPCL board clears JV plan for Rs 373 bn project
The board of Hindustan Petroleum Corp (HPCL) cleared a plan to set up a joint venture company with the Rajasthan government to set up a 9 million tonne (mn t) a year refinery in the next four years. The joint venture, in which HPCL will hold 74 percent stake and the Rajasthan government 26 percent, will implement the project at an investment of Rs 37,320 crore. The project involves setting up of an oil refinery and
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Jet Airways sells stake to Etihad for Rs 2,050 cr
To acquire a 24 per cent stake in Jet Airways, the airline in India, Etihad Airways is set to invest $379 million (Rs 2,050 crore. This is part of a $600-million commitment to strengthen the partnership between the two airlines.
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NMDC to decide on partnering with SAIL, RINL
At its board meeting in May, state-run miner NMDC is expected to take a final decision on partnering with either Steel Authority of India (SAIL) or Rashtriya Ispat Nigam (RINL) for its proposed steel project. It may be recalled that SAIL and RINL evinced interest to partner with NMDC on its proposed Rs 15,525-crore steel project at Nagarnar in Chhattisgarh
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Deal between Jet and Etihad may be concluded in a month
According to sources in the union aviation ministry, the deal between Jet Airways and Abu Dhabi-based Etihad Airways may be clinched in a month. The government is expected to assuage the concerns of Etihad Airways on investor protection and help both the companies finalise the deal soon, sources
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Baring PE raises stake in Manappuram Finance
In the last five months, Baring Private Equity Partners India increased its shareholding, in tranches, in the gold loan firm Manappuram Finance by 2.3 per cent. for around Rs 45-50 crore. Following this, the PE firm holds 9.48 per cent stake in the gold loan company, the fund said in a communication to the stock exchange
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Board of OIL clears plan to set up foreign arm
In order to pick up stake in foreign oil and gas assets, pubic sector energy explorer Oil India (OIL) plans to set up an overseas subsidiary. At a meeting on April 10, the board of OIL cleared the decision to set up a subsidiary, which will have a separate board and managing director akin to the corporate structure of ONGC
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Govt yet to decide on GAIL’s plan to buy more stake in Petronet
Union Petroleum Secretary Vivek Rae informed reporters that the government was yet to take a decision on whether to allow GAIL India to raise its shareholding in Petronet LNG. GAIL India, which holds 12.5 per cent stake in Petronet LNG, has shown keen interest in buying an additi
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OVL to issue dollar bonds to finance acquisition
Dinesh K Sarraf, Managing Director of ONGC Videsh (OVL) informed reporters that the firm plans to issue $1 billion worth dollar bonds in order to finance its stake buy in Azerbaijan oil fields. The firm delayed its maiden overseas bond issue, which was initially planned between January and March, in order to complete the acquisition
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Govt sets up panel to study definition of FDI, FII
The government set up a committee to examine and work out the details of the application of the principle followed internationally for defining foreign direct investment (FDI) and foreign institutional investment (FII). The finance ministry is learnt to have set up an eight-member committee under Economic Affairs Secretary Arvind Mayaram for giving clear definitions to