New Delhi, Sept. 24: Iran has put ONGC-discovered Farzad-B gasfield on a list of fields it plans to auction, citing delays by the Indian company in developing it. ONGC Videsh Ltd, the overseas arm of state-owned ONGC, had discovered the gasfield in 2008. The inclusion of the block in the list is seen as an attempt by Iran to put pressure on New Delhi to invest in the project.
New York, Sept. 24: Global asset management giant BlackRock has increased its stake in Nokia by over 5 per cent. BlackRock is the world’s largest asset manager with over $4 trillion in assets under management.
New Delhi, Sept. 24: Reliance Power’s talks to acquire Jaiprakash Power Ventures’ three hydro power projects have been called off following a lack of clarity over the capacity of the Karcham Wangtoo project. The two firms announced the decision in separate press statements but did not give detailed reasons for it.
New Delhi, Sept. 24: French auto major Renault is eyeing a 5 per cent market share in India in 24-36 months as it gears up to enter volume segments with the launch of a multi-purpose vehicle and a sub-Rs 4 lakh car next year.
New Delhi, Sept. 24: The Zuari-UB group combine and Deepak Fertilisers will on October 1 launch competing open offers to buy an additional 26 per cent stake in Vijay Mallya’s Mangalore Chemicals and Fertilisers Ltd (MCFL). Earlier this month, fair trade watchdog CCI had cleared Zuari’s proposal to buy the 26 per cent stake.
Mumbai, Sept. 24: Manish Tiwary, executive director and vice-president (sales and customer development) of Hindustan Unilever Ltd (HUL), has been appointed managing director of Unilever’s Gulf business. Punit Misra, vice-president (customer development for global route to market and traditional trade), will take over Tiwary’s role. The change will be effective from November.
New Delhi, Sept. 24: Two more independent directors, appointed during the previous UPA regime, have quit the SAIL board, bringing down its strength to 14.
Calcutta, Sept. 24: Investments in product design can help medium and small units in Bengal to enhance product competitiveness. Pradyumna Vyas, director at the National Institute of Design, said at a CII event today that the Centre’s design clinic scheme had helped to improve export orders.