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News Roundup: OVL, Cairn to jointly bid for Sri Lankan oil, gas blocks

07 November, 2013

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), and Cairn India Ltd., are likely to bid jointly for oil and gas blocks in Sri Lanka. Sri Lanka is offering 13 offshore exploration blocks in the Cauvery and Mannar basins, located to the North and West of the island nation. OVL-Cairn combine are likely to bid for three of them together, sources with direct knowledge of the development said. Sources said OVL wants to hold at least 51% in the consortium it intends to form with Cairn for bidding in the 2nd Licensing Round of Sri Lanka. Of interest of OVL are three blocks M4, M5 and M6 in the Mannar basin. Cairn already has a block in Mannar basin where it has made two gas discoveries. (Economic Times)

NephroPlus is in talks for $10-m funding: NephroPlus, a Hyderabad-based company that has set up a chain of 18 dialysis centres in the country, is in talks with various venture funds to raise $10 million (Rs 61 crore) to fund its expansion plans. The company has opened its first centre in Maharashtra at Pune’s Jehangir Hospital. Over the next year, NephroPlus proposes to set up 8-10 dialysis centres in Maharashtra, mostly in the smaller towns. (Business Line)

GIC Re may float ‘catastrophe bonds’ in US:National re-insurer General Insurance Corporation (GIC Re) is exploring the possibility of issuing catastrophe bonds (Cat bonds) in the US market. The company expects to trim risks from large catastrophic losses in India and raise funds at a lower rate. The firm is in the process of hiring a consultant to take the project forward. The state-owned reinsurer would be the first Indian company to float catastrophe bonds in the international market. Also, to hedge itself against any currency fluctuations, GIC Re is planning to structure the bond issue partly in the Indian rupee and in US dollars. (Business Line)

Central Bank plans to raise Rs 2,000 crore tier II capital:Central Bank of India is planning to raise tier II capital of Rs 2,000 crore ($327 million) in addition to Rs 1,800 crore ($294 million) infusion from the government, said ED RK Goyal. The company already have communication from the Government of India and is taking various steps so that the money reaches in account at the earliest. Currently, the government holds 85% stake in the company and with Rs 1,800 crore investment government’s share will go up to 89%. (Money Control)

Kuwait, Qatar & UAE eye ONGC petchem project: Kuwait National Petroleum Company, Qatar Petroleum and Emirates National Oil Company are among a clutch of oil companies in Western Asia which have evinced interest in a 26% stake in ONGC’s soon-to-be-commissioned Rs 6,000-crore($981 million) petrochemicals complex in Mangalore, according to sources privy to the development. The state-run exploration company plans to hold 46% in the petrochemicals venture ONGC Mangalore Petrochemicals (OMPL). Another 3% is to be held by ONGC’s subsidiary Mangalore Refinery and Petrochemicals (MRPL). The plan is to offer a 25% stake in OMPL to the public and find a partner/s for the remaining 26% stake. Earlier this year, ONGC had mandated ICICI Securities and Deloitte Touche Tohmatsu to find investors for the aromatic complex designed to produce 0.9 million tonnes per annum (mtpa) of paraxylene and 0.3 mtpa of benzene. (Financial Express)

Courtesy: VCCEdge


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News Roundup: OVL, Cairn to jointly bid for Sri Lankan oil, gas blocks

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