Oil and Natural Gas Corporation’s (ONGC) overseas arm - ONGC Videsh (OVL) has finalized an over $3 billion master development plan for the coveted Farzad-B gas field off Iran and is likely to wrap up a deal by September. The new plan, filed with Iranian Offshore Oil Company (IOOC), excludes liquefaction facilities to turn the gas into LNG for ease of shipping to nations like India. The two nations were initially targeting concluding a deal on Farzad-B field development by November 2016 but later mutually agreed to push the timeline to February 2017.
IL&FS Transportation Networks (ITNL) has been issued Provisional Completion Certificate (PCC) for Chenani to Nashri Section project on March 8, 2017. The project is on annuity basis with a concession period of 20 years including construction period of 1825 days. The company will be receiving annuity of Rs 635 crore annually for a period of 15 years which shall be paid in a semi-annual installment of Rs 317.52 crore.
Welspun Enterprises (WEL), formerly Welspun Projects, part of the $2.3 billion Welspun Group, has completed the sale of its stake in Welspun Energy. Pursuant to the shareholders’ approval by way of postal ballot on February 01, 2017, WEL has divested its stake at a consideration of approximately Rs 286 crore. Further consideration is contingent upon occurrence of certain future events. This implies more than 3x returns on WEL’s investment of Rs 91.10 crore in Welspun Energy.Steel Authority of India’s (SAIL) Bhilai Steel Plant crossed a significant milestone with the lighting up of the stoves of the plant’s new furnace which is slated to take its post modernization hot metal capacity to 7.5 million tonne. One of the biggest blast furnaces in the country, Bhilai Steel Plant’s new furnace (BF No. 8) can produce more than 8,000 tonnes of hot metal per day. It will have an annual hot metal production capacity of 2.8 million tonne.
Wipro has become a member of the LoRa Alliance, one of the fastest growing Internet of Things (IoT) alliances with over 400 members. This membership will help the company to accelerate its IoT solution deployments, using Low Power Wide Area Networks (LPWAN) technology for customers across industry sectors such as energy, utilities, natural resources, smart cities, ports, and logistics. The LoRa Alliance is an open, non-profit association, with a mission to standardize the deployment of LPWAN technology across the world to enable IoT, machine-to-machine (M2M), smart city, and industrial applications.
Palred Technologies’ LatestOne.com has launched PTron HBE8 universal stereo earphone on their website. This is in line with PTron’s strategy of continuously innovating and introducing new products to meet rapidly changing customer needs and demands. HBE8 is a new addition to the company’s HBE series of earphones. PTron HBE8 is available in 2 metallic color variants of gold and silver. To ensure it remains affordable to the customers largely comprising of Gen Z, the product is priced attractively at just Rs 299. Prior to this, LatestOne.com has launched PTron HBE7 & HBE9 earphones for its consumers.