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News Roundup: OVL group shortlisted in ConocoPhillips sale

16 October, 2012

OVL group shortlisted in ConocoPhillips sale: A consortium of government oil companies led by ONGC Videsh Ltd (OVL), the foreign arm of Oil and Natural Gas Corp Ltd, is among the three groups shortlisted by US energy giant ConocoPhillips for a proposed stake sale in six Canadian oil sands assets. (Business Standard)

Russia invites ONGC to buy stake in Magadan 2 field: Russia has invited Oil and Natural Gas Corp Ltd (ONGC) to consider buying a stake in the Magadan 2 field operated by Rosneft in the northern part of the Sea of Okhotsk, its deputy energy minister said on Sunday. India, which imports about 80 per cent of its oil needs, is on the hunt for supplies to power its near-$2-trillion economy, while Russia is keen to tap its vast offshore reserves. (Business Standard)

Shriram Properties to settle Rs 600Cr debt with German firm: Shriram Properties, the Bangalore-based realty arm of the highly diversified $9 billion Shriram Group, is understood to be close to settling Rs 600 crore debt, which it had raised from Germany-based Hypo Real Estate Group during late 2007. It is understood that Shriram Properties will be using proceeds from selling one of its IT SEZ in Chennai, for Rs 500 crore to Singapore-based Ascendas, to settle the debt from Hypo Real Estate. (Business Standard)

ONGC eyes stake in Canada’s Athabasca oil sands: Indian state-run exploration company Oil and Natural Gas Corp plans to approach Marathon Oil about buying half of its 20 per cent stake in the Athabasca Oil Sands Project in Canada, two sources with knowledge of the matter said on Monday. (Business Standard)

ICVL to conduct due diligence on overseas coal assets: International Coal Ventures Ltd (ICVL), a special purpose vehicle (SPV) floated by five Indian PSUs to acquire coal assets abroad, will soon conduct due diligence on 1-2 identified properties. The SPV has identified some coal assets in US, Australia and Mozambique for a possible acquisition. (Business Standard)

Mitsui in talks to invest Rs 250Cr in Claris: Diversified Japanese conglomerate Mitsui is in talks to invest Rs 250 crore in Ahmedabad-based Claris Lifesciences, one of India’s largest sterile injectables pharmaceutical companies that has presence in 91 countries. (The Economic Times)

Element Capital close to clinching $100M deal: Amid tough market condition, Sharik Currimbhoy-owned real estate investment advisory firm Element Capital is close to clinching a $100 million real estate project, said a person privy to the development. The firm recently attracted capital commitment worth Rs 780 crore from foreign investors to co-invest in pre-leased office assets across the country. (The Economic Times)

Courtesy: VCCEdge


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News Roundup: OVL group shortlisted in ConocoPhillips sale

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