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News Roundup: ONGC Mittal Energy Eyes Stake in Kazakh Block

14 March, 2009

Nissan Re-Jigs Top Management in India – Nissan Motor Company has appointed Akira Sakurai as the managing director and CEO of Renault Nissan Automotive India (RNAIPL) and has made a few more changes in the management to establish itself as one of the major players in the country. Sakurai is currently the general manager of the vehicle production engineering division and his appointment comes into effect from April 1. Besides, Kiminobu Tokuyama, current managing director and COO of NMIPL, has been appointed to the position of managing director and CEO of the company. Meanwhile, Shohei Kimura, current CEO of Nissan Motor India (NMIPL) and managing director and CEO of RNAIPL will return to Nissan in Japan and is promoted to corporate vice-president, new vehicle production development division. (Business Standard)

OMEL Eyes Stake in Kazakh Block – Petroleum minister Murli Deora has said ONGC Mittal Energy (OMEL) will soon pick up a stake in the Satpayev block located in the pre-Caspian basin of Kazakhstan. OMEL is interested in picking up a 25% stake in the block. OMEL and the national oil company of Kazakhstan, KazMunaiGaz, had agreed to jointly explore oil and gas in the block during Kazakh president Nursultan Nazarbayev’s India visit in January this year. (The Economic Times)

Mahesh Bhupathi Plans to Raise $4 Million for VAS Application – Regardless of the credit crunch, Mahesh Bhupathi is looking at raising $4 million funding for the VAS application that he plans to develop for Globosport, his celebrity management company. He plans to monetise mobile phone and online digital rights for celebrities. The company is in talks with celebrities, private equity funds and venture capitalists for raising the fund. Bhupati expects to raise the fund in the next 2-3 months. The company also plans to sign in about 50 more celebrities post the fundraising. (Business 24-7)

Sanofi Aventis Eyes Merk’s Stake in Merial – Sanofi-Aventis SA may buy Merck & Co’s stake in the world’s third-biggest animal-health company and expand into the diagnostics market to revive growth at the French drug maker. Merck will sell its half of Merial, an animal-health venture with Sanofi, after agreeing to buy Schering-Plough Corp for $41.1 billion according to sources. Merck’s stake in the maker of the Frontline flea and tick repellent may be worth as much as $2.6 billion. (Business Standard)

Swiss Bank Ensd Secrecy on Bank Accounts – Switzerland, in a bid to avoid being blacklisted as an uncooperative tax haven, has said it will ease its banking secrecy norms, and agreed to cooperate with foreign tax authorities seeking information on cases with concrete information. Switzerland, Andorra, and Liechtenstein have become the latest to agree to follow OECD norms for sharing banking information, after rising pressure from the rest of Europe. Meanwhile, the Swiss central bank took the unprecedented step of intervening to push down the value of the Swiss Franc, which has soared in the recent past as investors flocked to a haven. Battling a slowdown in theeconomy, the Swiss central bank felt that an unnaturally high Swiss Franc would tighten monetary conditions. (The Economic Times)

SEBI to Tighten Share Pledging Guidelines – The Securities and Exchange Board of India (SEBI) is planning to tighten disclosure norms relating to shares pledged by promoters. On Friday, SEBI chairman CB Bhave said promoters who have pledged shares in investment companies which, in turn, hold shares of the parent company, would also have to disclose details to stock exchanges. Current SEBI rules require promoters to disclose the quantum of pledged shares in listed entities, but not of pledged shares holding companies, which, in turn, has a stake in the listed company. (The Economic Times)

 


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News Roundup: ONGC Mittal Energy Eyes Stake in Kazakh Block

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