RIL says it has permission to retain entire area of D6 gas block
New Delhi: The Ministry of Petroleum is yet to decide whether Reliance Industries Ltd (RIL) will get to retain the entire 7,305 sq km of the promising deepwater gas block off the Andhra Pradesh coast, though the company claims that the issue of relinquishing a certain portion of the area has already been resolved.

Earlier this week, the company had written to the Ministry that the issue of surrendering some area of KG-DWN-98/3 (D6) has been sorted out, with the block's management committee allowing the company to retain the entire area. The management committee comprising Government nominees and representatives of the contractor is assigned the task of reviewing the operations in the block.

RIL was responding to a communication from the Ministry, which said that the matter was still open and that there could be some modification in the area being held by the company in D6.

RIL was currently implementing phase three of exploration activities and simultaneously undertaking development work in the discovered areas in D6. As per the PSC, a contractor has the option to relinquish a minimum of 25 per cent of the area after phase one (three years), and at the end of the second phase, the contractor has to relinquish all areas except those in which hydrocarbons have been discovered and for which an appraisal programme or a development plan has been drawn up as per the contract.

RIL has been given 13 months and nine day's extension by the management committee, beginning June 7 this year until July 15 next year, to finish its exploration activity in the block. The company had sought extension of exploration licence for the block as its activities in phase one had got delayed due to external factors.
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Dishman Pharma to acquire fine chemicals unit of Netherland- based Solvay
Mumbai: Dishman Pharmaceuticals & Chemicals said Monday that it will acquire the fine chemicals, vitamin D and analogues business from the Netherlands-based Solvay Pharmaceuticals BV for an undisclosed amount.

The company has entered into a Memorandum of Understanding with Solvay Pharmaceuticals for acquisition of the business unit, it informed the BSE, and expects to complete the transaction during the year itself.

As part of this deal all facilities, people and activities located at Solvay's Veenendaal site in the Netherlands and technology, patent and intellectual property rights for fine chemicals, vitamin D and its analogues business would be transferred to the company after completion of due diligence procedures and other approvals.

Dishman Pharma has a pre-existing long-term relationship with Solvay for contract manufacturing of a patented API and intermediates.

Dishman Pharma would retain production of cholesterol and vitamin D analogues at Veenendaal and transfer the vitamin D3 production to its Indian plants, it added.
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Ashok Leyland allots 49.98 lakh shares
Mumbai: Heavy-vehicle maker Ashok Leyland said on Monday, in a release to the BSE that it has allotted 49.98 lakh shares upon conversion of 3,400 notes.

In a release to the BSE, Ashok Leyland said that its committee of directors have approved the allotment of 49,98,000 shares of Re 1 each on conversion of the 3,400 notes. It added that taking into account the above allotment, the total issued and paid-up capital of the company as on July 6, was Rs132.88 crore consisting of 132.88 crore equity shares of Re1 each.

Earlier this month, the company had entered into a joint venture with Finland-based Alteams Group, to manufacture high pressure die casting (HPDC) aluminium products predominantly for the automotive and telecommunications sectors.
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Muthoot Group to launch two 5-star hotels
Chennai: Muthoot Leisure and Hospitality, part of the Kerala-based Muthoot Group, plans to invest Rs500 crore in putting up two 5-star hotels and a resort, according to media reports.

The company plans a 250-room five star business hotel in 2.5 acres of land in Kochi with an investment of Rs200-crore, and a five star beach resort on acres of land in Mararikulam, with an investment of at Rs90 crore.

The group also plans to start a five star business hotel in Coimbatore with an investment of Rs200 crore.

The Muthoot group currently owns one four-star resort-Muthoot Cardamom County-in Thekkadi, and 'Gold Star'-rated luxury houseboats in the backwaters of Kumarakom. That apart, it owns a five-star property in Thiruvananthapuram called The Muthoot Plaza and another five-star resort in Kovalam run by the Taj group-Taj Green Cove.

The Rs14,000-crore Muthoot Group, apart from hospitality, has multiple business interests including banking and finance (the group's flagship business), healthcare, education and real estate.
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