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Business Briefs

PSUs eye iron ore assets

New Delhi, Dec. 25: Three state-run firms — Rashtriya Ispat Nigam, NMDC and MOIL — under the steel ministry are looking to acquire iron ore assets in Brazil, the world’s second largest exporter of the raw material. NMDC has already started due diligence in a couple of mines in the Amapa province. The steel ministry has initiated talks with the Brazilian authority for identifying potential targets for the other two for acquisition, a source said.

Petronet stake

New Delhi, Dec. 25: Qatar Petroleum has expressed interest in buying a 5.2 per cent stake in Petronet LNG Ltd, a potential conflict of interest proposition as it will give the gas supplier a vantage position in India’s largest fuel importer.

Gems export

New Delhi, Dec. 25: India’s gems and jewellery exports declined 3.7 per cent to $2.78 billion in November after declining about 20 per cent in October. Exports stood at $2.89 billion in November last year.

Services FDI

New Delhi, Dec. 25: India’s foreign direct investment (FDI) inflows into the services sector increased 5 per cent to $3.6 billion during the April-October period, according to the latest data of the industry ministry.

Rajarhat hotel

Calcutta, Dec. 25: Shristi Hotels — an arm of Shristi Infrastructure Development Corporation Limited — aims to operationalise the Rs 600-crore Rajarhat hotel branded as Westin Hotels in the fourth quarter of the next fiscal.