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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