New Delhi, Feb. 18: London-listed Essar Energy has entered into an exclusivity agreement with Royal Dutch Shell to buy the latter’s Stanlow refinery in the UK for about $350 million. Stanlow is the UK’s second biggest refinery and processes about 220,000 barrels of oil per day. Essar Energy said the buyout was expected to increase its refinery production by approximately two-thirds.
Mumbai, Feb. 18: Investors must have a demat account to invest in the upcoming bond issue of the State Bank of India. The bonds, which will carry a coupon rate of 9.75 per cent and 9.95 per cent for retail investors, will be allotted in dematerialised form.
New Delhi, Feb. 18: The Telecom Regulatory Authority of India (Trai) will send its proposals on 4G mobile technology to the government by June. “We have floated a pre-consultation paper on 4G last year,” chairman J.S. Sarma said.
Paris, Feb. 18: Finance minister Pranab Mukherjee today welcomed South Africa to the BRIC forum of fastest growing economies — Brazil, Russia, India and China. “South Africa has joined this meeting. Now BRIC is no longer BRIC but it is BRICS. One 'S' has been added to it,' Mukherjee said.
Beijing, Feb. 18: China has raised banks’ required reserves by 50 basis points, showing no let-up in a campaign to stamp out stubbornly high inflation.
New Delhi, Feb. 18: Anil Ambani-led Reliance Infrastructure has sought an Intelligence Bureau probe into alleged hammering of 23 infrastructure stocks by a “powerful stock market operator” for personal gains.
New Delhi, Feb. 18: Problems relating to disparity in wage and seniority among employees of Air India after its merger with Indian Airlines are likely to be resolved by a panel chaired by a retired judge.
