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News Roundup: Essar Oil to Buy 50% Stake in Kenya Petroleum Refinery

26 March, 2009

Virbac, Sanofi Aventis and Pfizer Eye Vetnex – Virbac, Sanofi Aventis and Pfizer, among other multinational pharma companies, have evinced interest in buying the animal healthcare unit of RFCL, the fine-chemical business owned by ICICI Venture, the country’s largest domestic private equity firm. According to the sources, the deal, if concluded, will be in a range of Rs 150-200 crore. Vetnex, which is RFCL’s animal healthcare business, is estimated to end the year with a revenue of Rs 120 crore. (The Economic Times)

Essar Oil to Acquire 50% Stake in Kenya Petroleum Refinery – Essar Oil is set to acquire a 50% stake in Kenya Petroleum Refinery (KPRL) in Mombasa. The Kenyan government will retain the remaining stake in the 4-million-tonne-a-year refinery. The Mumbai-based company will buy the stake from existing shareholders, Shell Petroleum Company, Chevron Global Energy and BP Africa and will also upgrade Kenya’s only refinery for a combined investment of $400-450 million. BP, Shell and Chevron had decided to sell their cumulative 50% stake in the refinery in January last year, nearly a year after they put their equity interest on the block. Shell and BP hold 17.1% stake each while Chevron holds 15.8% stake. (The Economic Times)

EXL May Acquire a Firm in Europe or US – BPO firm Exl Service Holdings (EXL) said it’s hopeful of closing an acquisition in Eastern Europe or the US soon. It’s currently evaluating 5-10 firms with capabilities in areas such as insurance, utilities, compliance and risk management. The company has cash reserves of about $112 million, of which it will spend about $70-75 million on potential acquisitions. Insurance and utilities are the largest verticals for the BPO company and target companies would be those with proprietary platforms or other capabilities in these areas. (The Economic Times)

Intuit to Invest $45 Million in Annually India – US-based software firm, Intuit Inc, plans to invest over $45 million in India in fiscal 2010 (beginning August), to fuel its expansion and enlarge its product portfolio. The NASDAQ listed company which presently employs 250 people at its Bangalore office, will also ramp up its headcount in the country to 600 by end of next year. Intuit develops market-leading financial and tax preparation software for small-and-mid-sized businesses. (LiveMint.com)

IOC to Merge with BRPL – State refiner Indian Oil Corp has received the government approval for merger of Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself. IOC owns about 74% in BRPL and the merger would be effective today, the company said in a statement to the Bombay Stock Exchange. Shareholders of BRPL will get four shares of IOC for every 37 shares they held. IOC had approved the merger of BRPL, which owns a 2.35 million tons a year oil refinery in Assam, in November 2006. The merger follows the government’s decision to sell its stake in BRPL and Chennai Petroleum Corp Ltd to IOC. (The Economic Times)

Reliance Comm’s Sanjay Behl to Head Big TV’s Operations

Reliance Communications brand and marketing head Sanjay Behl will now also head Big TV’s operations. According to sources, he will look at the overall marketing and operations of Big TV and is also likely to head ADAG’s IPTV operations. He will continue to oversee the brand and marketing portfolio for Reliance Communications in addition to his new responsibilities. The company is expected to issue an offical release on Tuesday. (The Economic Times)


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News Roundup: Essar Oil to Buy 50% Stake in Kenya Petroleum Refinery

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