ONGC’s $2.475 billion purchase of Videocon Group’s 10 percent stake in a giant Mozambique gas field has come under the Oil Ministry’s scanner following allegations that the PSU may have overpaid about $200 million, charges that the company vehemently denied. ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), had in June 2013 bought 10 percent stake in the Offshore Area 1 from Videocon Group for $2.475 billion. This stake was later divided between OVL and Oil India in 60:40 ratio.
Blue Star has signed an agreement with Oman Marketing and Services Company LLC (OMASCO), for distribution of its Applied Systems Products across Oman. The Applied Systems range of products includes 100% Inverter VRF (Variable Refrigerant Flow) IV Plus Systems, Air Handling Units (AHUs), Fan Coil Units (FCUs) and HVAC Chillers. Besides the Applied Systems product range, Omasco will also be the distributor for Blue Star's Unitary Products in Oman through its numerous retail channel partners. The unitary products array includes Room Air Conditioners, Deep Freezers, and Water Tank Chillers.
Larsen & Toubro (L&T) plans to set up an IT Park and IT SEZ in Bengaluru for a combined investment of Rs 2,080 crore. The conglomerate, which is engaged in technology, engineering, construction, manufacturing and financial services, has over $16 billion in revenues. L&T’s application to set up an IT park and IT SEZ in Yelahanka near the international airport came up before the Karnataka State High Level Clearance Committee (SHLCC) for clearance on Friday. The company’s application is for setting up an IT Park at an investment of Rs 800 crore, creating 9,100 jobs, and an IT SEZ for Rs 1,280 crore. The SEZ will create 9,800 jobs.
Arihant Superstructures’ one of subsidiary - Arihant Vatika Realty has launched an affordable housing project, ‘Arihant Anaika’ located at Taloja Phase II, Near Metro Station, Ghot Village, Navi Mumbai on February 10, 2016. Arihant Superstructures is a real estate company with dominant presence in the affordable housing segment in the Mumbai MMR and the Jodhpur region.
Tata Teleservices (Maharashtra) (TTML) has reported the subscriber figures as on January 31, 2017. The company’s total subscribers stood at 91,25,379 of which Wireline contributed 8,19,965; FWT 6,09,153 and Mobile 77,46,261. In Mumbai service area, the company’s total subscribers stood at 33,05,929 of which Wireline contributed 5,37,148; FWT 4,278 and Mobile 27,64,503, while in Rest of Maharashtra, the company’s total subscribers stood at 58,69,450 of which Wireline contributed 2,82,817; FWT 6,04,875 and Mobile 49,81,758.
Suzlon Energy has divested 49% stake in solar power projects totaling 210 mw and is in advanced talks to sell stake in another 130 mw projects in a deal that the company aims to close before March. The company had divested 49% in six projects totaling 210 mw to raise Rs 176 crore. Further stake sale could potentially fetch the company another Rs 110 crore. The company had announced its foray into the solar power sector in January 2016 by bagging orders worth 210 mw from state utilities in Telangana. Subsequently, the company built a portfolio of solar power projects totaling 515 mw. It has already signed power purchase agreements for 340 mw.