New Delhi, Dec. 31: ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil & Natural Gas Corp, has completed the acquisition of an additional 12 per cent stake in a Brazilian oilfield for $561 million after blocking a Chinese entry. The firm had, along with Royal Dutch Shell, exercised a pre-emption right to block China’s Sinochem Group from buying their partner Brazilian national oil firm Petrobras’ 35 per cent interest in the BC-10 oilfield.
New Delhi, Dec. 31: Four foreign direct investment proposals, including that of Mahle Holding India and HBO India, totalling Rs 502 crore, have been cleared by the government. The other two proposals that have been cleared are Air Works India (Engineering), Mumbai and Malca Amit Global, Hong Kong.
New Delhi, Dec. 31: The State Bank of India (SBI) has got shareholders’ approval for raising up to Rs 11,500 crore by way of qualified institutional placement or public offer.
New Delhi, Dec. 31: London-listed Vedanta Resources is looking to appoint a new chief executive as the present incumbent M.S. Mehta has agreed to continue for only three months.
New Delhi, Dec. 31: All passengers coming to India will have to fill in a new detailed customs form on their arrival from tomorrow. It will help authorities check duty frauds and cases of under-valuation as well as keep a record of gold jewellery and bullion being brought into the country.
New Delhi, Dec. 31: India is likely to impose anti-dumping duty of up to $0.78 per kg on a Chinese chemical used in photography and medical applications so as to protect domestic players from cheap imports.
New Delhi, Dec. 31: The Cabinet Committee on Investment at its next meeting may take up three hydro power projects that have been held up on account of environmental and forest clearances.
