KPCL and BHEL to Form JV to Operate Thermal Power Plants – Karnataka Power Corporation Limited (KPCL) and Bharat Heavy Electricals Limited (BHEL) will set up a joint venture company to build, own and operate thermal power plants with supercritical parameters in Karnataka. The projects identified to be set up by the joint venture company are Edlapur (one set) and Eramarus (two sets) in Raichur district of Karnataka. (The Economic Times)
Nilgiris to Unlock Real Estate Holdings for Rs 100 Crore – The Nilgiri Dairy Farm, the Bangalore-based century old retailing firm, is planning to unlock its real estate holdings in Bangalore which is expected to fetch close to Rs 100 crore. The commercial property has been put on the block to raise cash for expanding the retailing franchise of Nilgiris across South India. According to sources, the company is planning to sell a 12-acre plot in Bommasandra on the outskirts of Bangalore city. (Business Standard)
ONGC Videsh to Buy 40% Stake in Kazakhstan Oil Block – ONGC Videsh may buy a 40% stake in an oil block in Kazakhstan. NGC Videsh, the overseas arm of state-run explorer Oil and Natural Gas Corp., may get the stake in the the Satpayev block of Kazakhstan. Petroleum Secretary R.S. Pandey, along with senior officials of ONGC Videsh, has gone to Kazakhstan to wrap up the deal. The deal is expected to be signed during Kazakh President, Nursultan Nazarbayev’s visit to India this month. ()
ONGC to Invest $600 Million in Imperial Energy – Oil and natural gas corporation (ONGC) will invest $600 million for the development of assets of Imperial Energy, in addition to its acquisition price of $2.1 billion. The $600 million investment will be used towards the development of Imperial’s strategic assets in the western Siberian region of Russia, which is one of the highest oil-producing regions in the world. ONGC is looking at making Imperial’s asset a platform for further expansion in the region. ()
Four Directors Quit EMRI Board – Four directors of the Emergency Management and Research Institute (EMRI), a non-profit organisation founded by former Chairman of Satyam, B Ramalinga Raju and his family, have quit the board. Those who have quit the board include Kiran Karnik, the former Nasscom president, ICICI Bank Managing Director and Chief Executive Officer K V Kamath, former President of India APJ Abdul Kalam and CII’s chief mentor Tarun Das. Kiran Karnik is now a member of the newly formed Satyam Board. (Business Standard) Citigroup Expected to Book a $10 Million Gain on Morgan Stanley Deal – Citigroup is expected to book a gain of $10 billion by selling control of its brokerage to Morgan Stanley. The pretax gain would come from writing up the value of Citigroup’s Smith Barney unit to a new price set by the deal. The gain of $5 billion to $6 billion after taxes would flow into Citigroup’s capital. According to sources, talks on the plan to combine Smith Barney with Morgan Stanley’s brokerage in a $20 billion joint venture have progressed over the weekend and the deal is expected to be announced within this week. (Business Standard)
PNB Sells Pledged Shares of Pyramid Saimira – Punjab National Bank (PNB) has sold shares of Chennai-based entertainment major Pyramid Saimira Theatre, which were pledged with the bank. A total of 17,07,000 shares comprising a 6.037 per cent stake in Pyramid Saimira were sold off through an off-market sale. The shares were sold between December 20 to December 31, 2008. (Business Standard)
Hirco Needs More Time on The Hiranandani Merger – Hirco Plc has said that it needs more time to decide about its proposed merger with Hirco Developments and the Hiranandani Investment Co. Laxey Partners Ltd, which holds a 10.1 percent stake in Hirco, had described the proposed merger as “shocking and ill-conceived” and had advised the share holders to vote against the move at the now postponed EGM. (Reuters)
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