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Business Briefs

ONGC Videsh buy

New Delhi, Dec. 26: ONGC Videsh (OVL) will buy a 40 per cent stake in the San Cristobal oilfield in Venezuela. OVL will make total investment of $355.7 million comprising a signature bonus of $173.1 million for the stake, a company official said. Venezuelan national oil company Petroleos de Venezuela will hold the remaining 60 per cent through a subsidiary. The ONGC will be required to sanction a loan of $355.74 million for the project that covers 160.16 square kilometres located in the Orinoco oil belt.

XL Telecom

Mumbai, Dec. 26: Hyderabad-based XL Telecom & Energy will enter into power generation in Spain with an investment of Rs 1,000 crore. The company has targeted a capacity of 28MW in the first year. XL Telecom will set up a series of solar farms for power generation in Spain through its wholly owned subsidiary Saptashva Solar, the company said in a filing to the BSE.


New Delhi, Dec. 26: The government will have to select three key financial sector regulators in the next year, as Sebi chairman M. Damodaran, IRDA chief C.S. Rao and RBI governor Y.V. Reddy are slated to retire during the course of 2008. The first among the three to leave office will be Sebi chairman Damodaran, whose three-year stint comes to an end in February 2008.

Escorts loss

Mumbai, Dec. 26: Agricultural machinery products maker Escorts today posted a net loss of Rs 5.51 crore for the year ended September 30 compared with a net loss of Rs 47.41 crore a year ago.

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