Mcleod Russel India said its UK-based group firm has acquired a 75 per cent stake in Olyana Holdings...
Mcleod Russel India said its UK-based group firm has acquired a 75 per cent stake in Olyana Holdings… LLC for $2.75 million (nearly Rs 13 crore). Borelli Tea Holdings Ltd, a wholly-owned subsidiary of the company, has signed a shareholders agreement to acquire 75 per cent stake in the US-based tea producer Olyana Holdings, Mcleod Russel said in a filing to the Bombay Stock Exchange.
The balance25 per cent would be held by George W Rubagumya. Meanwhile, Olyana has signed a share sale agreement with the government of Rwanda for acquisition of 60 per cent share in Gisovu Tea Company, it said. Gisovu has the same line of business as of Mcleod Russel India. Olyana's acquisition of controlling stake in Gisovu Tea
Company is a long term basis with an objective of developing its plantation, manufacturing and marketing activities to be globally competitive.
(Source: Newsletter, HDFC Securities Ltd.)
Cairn India is gearing up to start commercial production at its oil field in Barmer in Rajasthan...
This is going to be a big day for Cairn because they are going to operationalise the Rajasthan oilfields today. At the peak of its operations, it will be producing nearly 205,000 barrels per day and a plateau production of 175,000 barrels per day. It is going to be a good cashflow earner for Cairn India. The entire operations would begin by year-end when the pipeline also come onstream.
The pipeline will be over 700 kilometres, which will take crude from Rajasthan to the refineries in the Gujarat coast. It also means that there will be a lot of revenue generation, which the government of India will also be earning. The government has said that it will be earning roughly around Rs 46,000 crore of profit during the life of the basin. It also means good revenue generation for the state of Rajasthan as well because the state will be earning nearly Rs 8 crore a day. That means nearly Rs 3,000 crore of revenue generation will happen on the back of this crude, which will be produced from the Mangala basin.
(Source:www.moneycontrol.com)
Chanda Kochhar’s, short term strategies for ICICI Bank...
Managing Director of ICICI Bank, India’s second largest bank, has been voted by Forbes magazine as one of the 100 most powerful women. In an exclusive interview to CNBC-TV18, Kochhar unveils the future plans she has for the bank and expresses her views about the Indian economy.
Kochhar said the economic recovery in India was stronger as compared to other economies. She sees a return of confidence among Indian retail consumers. "Capacity utilisation has been increasing across industries and the domestic demand is steadily increasing." She expects corporates to revisit their earlier investment plans.
Kochhar said ICICI's FY10 plan was a bit ambitious prima facie. She aims to remain focussed on housing and car loans while reducing focus on smaller personal loans. ICICI Bank's current account, saving account ratio (CASA) stands at 30% and Kochhar is targeting a CASA of 33% by year-end.
(Source:www.moneycontrol.com)
Reliance Industries has dropped out of the grand alliance...
Reliance Industries has dropped out of the grand alliance…with Oil and Natural Gas Corp (ONGC) and Indian Oil Corp (IOC) for jointly bidding for a $ 16-18 billion oilfield in Venezuela. ONGC Videsh Ltd, the overseas arm of the state explorer, Reliance, IOC and Oil India Ltd had in April this year come together to consider jointl y bidding for a 40 per cent stake in a field in the vast Orinoco heavy crude oil belt. Venezuela has delayed bidding for the project and this could be one of the reasons why Reliance has lost interest.
( Source: Newsletter, HDFC Securities Ltd.)
ABB India has won Rs 128.3-crore order from PGCIL for a 400-kV gas...
ABB India has won Rs 128.3-crore order from PGCIL for a 400-kV gas insulated switchgear sub-station to strengthen the power transmission network in the country's western grid. The scope of the project includes designing, engineering and commissioning of the sub-station, ABB further said. The substation will strengthen transmission grid and help improve reliability and quality of electricity supply, ABB India Vice-Chairman and MD Biplab Majumdar said.
(Source: Newsletter, HDFC Securities Ltd.)
IVRCL Infrastructures & Projects Ltd has bagged water projects totalling Rs 583 crore. The orders include drinking water supply project in Mumbai and laying of circulating water supply systems to Busawath Thermal Power Station and for Vallur Thermal Power project.
(Source: Newsletter, HDFC Securities Ltd.)
BGR Energy Systems has bagged order worth Rs 1,633.71 crore for the construction of thermal power project. The company has been awarded the balance of plant contract, or construction of all aspects of the plant including designing, engineering and manufacturing, for 2x500 MW Marwa Thermal Power Project, Chhattisgarh.
(Source: Newsletter, HDFC Securities Ltd.)