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Brazil's Petrobras gets exploration rights in ONGC blocks
New Delhi:
Brazilian oil major — Petroleo Brasileiro S.A. (Petrobras) — has got participating interest in exploration blocks of ONGC in India while the Indian oil explorer will get to participate in oil blocks being explored by Petrobras in Brazil after the two companies reached an agreement on Monday over swapping of interests in offshore blocks in India and Brazil.

ONGC's deepwater blocks, where Petrobras could hold stake include those in the Krishna-Godavari Basin, off Andhra Pradesh coast, and the Mahanadi Basin off Orissa coast. Petrobras has offered 25-30 per cent stake to ONGC in three exploration blocks and, in return, ONGC has offered 15-40 per cent stake in its three deep-water blocks. Preliminary agreement on these deals will be signed shortly.

Earlier, Petrobras had accommodated the Indian company by waiving its right of pre-emption in the offshore block BC-10 in favour of OVL and a 15 per cent interest in the block was transferred to ONGC Videsh. Thereafter, the companies had entered into a MoU to jointly participate in the oil and gas exploration in Brazil, India and third-world countries.
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Indu gets project from DuPont
Hyderabad:
Indu Projects (IPL) has obtained the civil and structural works contract of the DuPont Knowledge Centre to come up in ICICI Knowledge park here. The value of the contract has not been disclosed. As part of the contract IPL would build five blocks by March 2008. DuPont had earlier announced that it would invest over Rs100 crore in its knowledge centre, which would house 400 scientists.
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Rain Calcining acquires US company
Hyderabad:
Rain Calcining has acquired US-based CII Carbon, LLC, and will finance the acquisition through a debt-cum-equity route. Rain/CII Holdings, Inc., a subsidiary of Rain Calcining, had on June 1 entered into a definitive agreement to acquire all of the outstanding equity of CII Carbon, LLC for a cash purchase price of $595 million.

Company officials said about $120 million would be raised through equity, $480 million would be sourced from debt.

The debt would be raised from the 'target' company itself. The entire process is expected to be completed within 15 days to one month.

The acquisition would position the company as the largest producer of Calcined Petroleum Coke, a raw material used in the production of aluminium and titanium dioxide.

Apart from making Rain Calcining the number one company in the world, the acquisition would also make it the world's top low-cost producer.
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Jindal refinery generates huge opposition
Vizianagaram:
Jindal's setting up of an alumina refinery at Boddavara village in the S. Kota mandal of Vizianagaram district generated huge opposition of at a public hearing conducted by the Andhra Pradesh Pollution Control Board on Monday.

The opposition to the setting up of the refinery in Vizianagaram district was on two grounds; the farmers refused to part with their lands and; many individuals and organisations opposed water supply to the refinery by the Greater Visakha Municipal Corporation (GVMC).

The representatives of Telugu Desam Party, BJP, Lok Satta, and both the Communist parties also spoke against the setting up of the refinery at Boddavara.

Besides, Samata, an NGO, the Human Rights Forum, the Andhra Pradesh Rythu Sangham and several other organisations opposed the refinery. Girijans, and their representatives in particular, opposed the setting up of the refinery.
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Volvo Car India to launch new luxury car models
Mumbai:
Volvo Car India, a division of Ford India is gearing up for its forthcoming car launches of the Volvo S80 (luxury sedan) and the Volvo XC90 (sports utility vehicle).

Volvo will introduce these two models with three engine offerings; 2.5 litre (diesel), 3.2-litre (petrol) and 4.4-litre (petrol) that will be available on both the models respectively; they will be available with a semi-automatic gearbox.

The vehicles are currently undergoing homologation process at the Automotive Research Association of India (ARAI) that is likely to be completed by August-September. The company would have launched the vehicles in 2006-end but due to delay in meeting certain homologation requirements from Volvo's end the company is now scheduled to launch it this year-end.

The vehicles will be imported through the CBU (completely built unit) route from Sweden though it does make sense to use Ford India's facility as and when the company decides to assemble its cars in the country. There are also no plans for common platform strategy to be shared between the two companies. The company has identified Mumbai, Delhi and Chandigarh as primary cities where it would have its first set of dealerships present in the country.

The company would expand to Hyderabad, Bangalore, Chennai, Pune, Ahmedabad, Kochi, Kolkata and Jaipur at the end of 2008.
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ACC dispatches rise 19 per cent in May
Mumbai:
Cement major ACC has reported an 18.95 per cent jump in dispatches to 1.82 million tonnes (mt) in May against 1.53 mt during the corresponding period last year. Production rose 15.92 per cent in May to 1.82 mt against 1.57 mt during the corresponding period last year. Cumulative dispatches of ACC between January and May rose 4.67 per cent to 8.50 mt against 8.12 mt in the corresponding period last year, while production was up 4.17 per cent to 8.51 mt against 8.15 mt in the corresponding period last year. ACC shares on the BSE fell 1.56 per cent to Rs838.75 in a weak market on Monday.
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Hyundai Motors May sales rise 3 per cent
New Delhi:
Hyundai Motors India sold 16,643 units of passenger cars in the domestic market in May 2007, up three per cent from 16,102 units sold in last years' corresponding period. During the month under review, the company exported 10,005 units (9,781 units), an increase of 2.3 per cent.

During May, the company sold 23,154 units in the A2 segment, 3,241 in A3, 111 in A4, 116 in A5 and 26 in the SUV segment.
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domain-B : Indian business : News Review : 5 June 2007 : companies