Govt auditor raps OVL

New Delhi, March 24: Government auditor CAG has rapped ONGC Videsh Ltd (OVL) for its buyout of Imperial Energy saying reserves were inflated and unrealistic projections of output made to justify its most expensive acquisition. OVL, the overseas arm of Oil and Natural Gas Corp, in January 2009 acquired Russia-focused Imperial Energy for $2.12 billion (Rs 10,320 crore).

Swiss watches

Basel (Switzerland), March 24: India today invited leading Swiss watch brands, including Rolex, Raymond Weil, Tissot and Tag Heuer, to set up manufacturing bases in the country.

Balrampur buy

New Delhi, March 24: Balrampur Chini Mills Limited has bought back as on date 3,441,536 equity shares through the BSE and the NSE for approximately Rs 24 crore.

SEZ proposals

New Delhi, March 24: The inter-ministerial panel headed by commerce secretary Rahul Khullar will decide on the proposals to set up five SEZs, including B. Raheja Builders and Sterling Port, here tomorrow.

Harley price

New Delhi, March 24: Bike maker Harley Davidson will not hike prices of its two models to be assembled in India despite an increase in import duty for completely knocked down parts.