Reports indicate that the bidding for the stake sale of Videocon and the US-based Anadarko Petroleum in a Mozambique gas field was closed recently. Both the companies intend to sell 10 percent stake each in the gas field and several international firms are learnt to have shown interest in the stake
Tag: stake
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SEEPCO, ONGC may close $2 bn oil and gas deal
Sterling Energy and Exploration Production Company (SEEPCO) may sell its 25-30 percent stake in four hydrocarbon blocks in Nigeria to ONGC Videsh, the overseas arm of Oil & Natural Gas Corp (ONGC). The value of the deal, which is not yet finalised, is expected to be $2 billion. Both the companies entered into a confidentiality agreement for the deal and OVL is reportedly conducting due
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JSPL to invest in NewCo
According to an agreement with the Australian firm Apollo Minerals, Jindal Steel and Power (JSPL) would invest A$10 million in NewCo, which is a new company to be formed from the demerger of Apollo's business. Apollo Minerals is a diverse iron ore, base and precious metals exploration company. As part of the demerger, all iron ore assets will be transferred to New
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AirAsia doesnĂât face FDI hurdles: Ajit Singh
Union Aviation Minister Ajit Singh has said that India allows foreign airlines to invest as much as 49 per cent stake in local airline firms regardless of whether the investment is made before a joint venture is formed or after. Singh was instrumental in permitting foreign carriers to invest in local airlines by amending the existing foreign direct investment rules, as part of efforts to help local airlines get much-needed funds.
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Global oil firms in race for stake in Mozambique block
Global oil and gas explorers like PetroChina, Exxon Mobil Corp, Royal Dutch Shell PLC are reportedly in the race for a 20 per cent stake in a Mozambique gas field co-owned by Anadarko Petroleum Corp and Videocon Chairman Venugopal Dhoot. An information memorandum on the sale was sent to potential bidders in early February and the first round bids are due on March 14, reports
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PE arm of HDFC may make first closing of realty fund
According to media reports, HDFC Property Fund may make first closing of its fourth real estate fund in March by raising $200 million from institutional and retail investors. The fourth real estate fund was launched late last year with a target size of $500 million and has promised to d
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Govt sticks to its disinvestment drive
The central government, which has so far managed to get over Rs 21,000 crore through selling part of its stake in five state-run firms, expressed commitment to divest stake in some more firms before the end of 2012-13. Now, with just 37 days left for the fiscal year to end, it has come out with a final list. the finance ministry anno
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ONGC yet to decide on selling stake in Cambay block
State-run explorer Oil and Natural Gas Corporation (ONGC) is yet to decide on selling its stake in the Mehsana block in the eastern flank of the Cambay basin of Gujarat to its partner Essar Energy. It is learnt that Essar, which owns 70 per cent stake in the block, wants to take full control of it. The government is learnt to have awarded the block prior to the
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Report on Petronet LNG deal expect in some weeks
According to media reports, a two-member team
appointed by the Petroleum Minister Veerappa Moily, to probe the alleged irregularities in the gas supply deal between Petronet LNG (PLL) and Qatar-based Ras Laffan, would submit its report in some weeks. The team was appointed by the Moily in January as the earlier inquiry ordered by former minister Jaipal Redd
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IOC seeks clarity before raising stake in HPL
Indian Oil Corporation (IOC), which holds nearly nine per cent stake in Haldia Petrochemicals (HPL), would decide on raising its stake once clarity emerges, RS Butola, Chairman of IOC informed. The firm is expecting clarity on the first right of refusal by another promoter, The Chatterjee Group (TCG), on the stake